NPORT-EX 2 ADJ1DEL022822.htm
Schedule of investments
Delaware Small Cap Value Fund February 28, 2022 (Unaudited)
    Number of
shares 		Value (US $)
Common Stock — 98.26%♦
Basic Industry — 8.42%
Arconic †    1,893,700 $   58,136,590
Ashland Global Holdings       429,200     39,606,576
Avient     1,029,700     53,945,983
Berry Global Group †    1,605,310     97,362,051
HB Fuller       885,500     60,541,635
Huntsman     2,208,000     89,291,520
Louisiana-Pacific     2,078,800    149,569,660
Summit Materials Class A †    1,164,400    36,352,568
    584,806,583
Consumer Discretionary — 10.44%
Acushnet Holdings       763,200     33,428,160
Adient †    1,345,700     60,220,075
Barnes Group     1,177,200     54,680,940
Cable One        19,580     28,055,203
Choice Hotels International       286,800     41,399,580
Cracker Barrel Old Country Store       382,000     51,291,140
Denny's †    1,182,200     18,702,404
Group 1 Automotive       316,500     57,580,845
KB Home     1,352,000     52,200,720
Leggett & Platt       278,900     10,341,612
Meritage Homes †      615,900     60,715,422
Nexstar Media Group Class A       280,700     51,943,535
PROG Holdings †      841,700     25,789,688
Steven Madden       968,925     41,334,340
Texas Roadhouse       387,550     36,782,371
UniFirst       330,400     59,885,000
Wolverine World Wide     1,775,480    40,889,304
    725,240,339
Consumer Staples — 3.19%
J & J Snack Foods       377,500     61,804,300
Performance Food Group †    1,221,522     68,454,093
Scotts Miracle-Gro       195,300     27,353,718
Spectrum Brands Holdings       692,050    64,208,399
    221,820,510
Energy — 7.69%
CNX Resources †    5,222,600     85,337,284
Delek US Holdings †    1,431,000     24,656,130
Devon Energy     2,391,802    142,431,809
Dril-Quip †      656,000     18,919,040
Helix Energy Solutions Group †    3,841,600     15,558,480
NQ-021 [2/22] 4/22 (2112896)    1
Schedule of investments
Delaware Small Cap Value Fund (Unaudited)
    Number of
shares 		Value (US $)
Common Stock♦ (continued)
Energy (continued)
Magnolia Oil & Gas Class A     3,785,000 $   84,594,750
Murphy Oil     1,303,000     45,175,010
Patterson-UTI Energy     4,730,700     68,264,001
Renewable Energy Group †      793,985    48,830,078
    533,766,582
Financial Services — 29.05%
American Equity Investment Life Holding     2,665,300    100,455,157
Bank of NT Butterfield & Son     1,126,300     43,249,920
East West Bancorp     2,331,323    204,130,642
Essent Group     1,154,900     51,023,482
First Financial Bancorp     2,600,900     63,930,122
First Interstate BancSystem Class A     2,254,822     91,545,773
FNB     8,297,100    111,430,053
Hancock Whitney     2,703,800    150,547,584
Hanover Insurance Group       638,000     89,007,380
Kemper       642,700     34,345,888
NBT Bancorp       380,497     14,599,670
Prosperity Bancshares       710,000     52,866,600
S&T Bancorp       856,356     26,624,108
Sandy Spring Bancorp       801,400     37,737,926
Selective Insurance Group     1,147,606     95,469,343
Stewart Information Services       637,241     43,255,919
Stifel Financial     2,185,450    160,630,575
Synovus Financial     1,797,400     94,633,110
Umpqua Holdings     5,304,400    113,248,940
Valley National Bancorp     6,934,700     96,877,759
Webster Financial     3,257,660    196,143,709
Western Alliance Bancorp     1,556,800   145,934,432
  2,017,688,092
Healthcare — 3.92%
Avanos Medical †    1,146,648     40,579,873
Integer Holdings †      716,600     60,101,242
Integra LifeSciences
Holdings † 		     976,600     65,490,796
NuVasive †      542,484     29,359,234
Select Medical Holdings     1,476,600     34,183,290
Service Corp. International       697,100    42,418,535
    272,132,970
2    NQ-021 [2/22] 4/22 (2112896)
(Unaudited)
    Number of
shares 		Value (US $)
Common Stock♦ (continued)
Industrials — 11.86%
Altra Industrial Motion     1,528,643 $   64,921,468
Atkore †    1,031,100    104,873,181
CACI International Class A †      135,500     37,911,545
Deluxe       505,400     15,722,994
H&E Equipment Services       870,200     36,339,552
ITT     1,312,600    115,338,162
KBR     1,219,372     60,529,626
MasTec †    1,747,259    137,614,119
Primoris Services     1,348,100     35,549,397
Regal Rexnord       330,539     53,001,929
WESCO International †      933,500    113,634,955
Zurn Water Solutions     1,482,500    48,210,900
    823,647,828
Real Estate Investment Trusts — 8.07%
Brandywine Realty Trust     4,329,337     57,710,062
Independence Realty Trust     1,357,100     34,293,917
Kite Realty Group Trust     2,735,914     59,998,594
Life Storage       503,500     63,738,065
LXP Industrial Trust     4,373,500     67,614,310
National Health Investors       914,900     48,773,319
Outfront Media     3,122,000     83,357,400
RPT Realty     2,707,889     35,067,163
Spirit Realty Capital     1,680,300     77,915,511
Summit Hotel Properties †    3,199,900    31,647,011
    560,115,352
Technology — 10.31%
Cirrus Logic †      679,000     58,984,730
Concentrix       301,900     60,346,791
Diodes †      509,000     45,601,310
Flex †    4,671,010     77,024,955
NCR †    1,111,158     45,024,122
NetScout Systems †    1,216,506     37,869,832
ON Semiconductor †    1,020,800     63,912,288
TD SYNNEX       431,600     43,949,828
Teradyne       454,400     53,582,848
Tower Semiconductor †    2,180,200    102,142,370
TTM Technologies †    4,101,302     51,553,366
Viavi Solutions †    3,533,000     57,941,200
Vishay Intertechnology       957,000    18,364,830
    716,298,470
NQ-021 [2/22] 4/22 (2112896)    3
Schedule of investments
Delaware Small Cap Value Fund (Unaudited)
    Number of
shares 		Value (US $)
Common Stock♦ (continued)
Transportation — 2.21%
Kirby †      723,900 $   47,162,085
Saia †      113,350     32,557,520
SkyWest †      326,100      9,166,671
Werner Enterprises     1,481,800    64,399,028
    153,285,304
Utilities — 3.10%
ALLETE       820,000     51,610,800
Black Hills       845,600     59,183,544
South Jersey Industries     1,632,000     55,373,760
Southwest Gas Holdings       692,400    49,118,856
    215,286,960
Total Common Stock (cost $4,241,796,234) 6,824,088,990
Short-Term Investments — 1.70%
Money Market Mutual Funds — 1.70%
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.03%)   29,606,552     29,606,552
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%)   29,606,551     29,606,551
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.03%)   29,606,551     29,606,551
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%)   29,606,551    29,606,551
Total Short-Term Investments (cost $118,426,205)   118,426,205
Total Value of Securities—99.96%
(cost $4,360,222,439) 		    6,942,515,195
Receivables and Other Assets Net of Liabilities—0.04%         2,575,405
Net Assets Applicable to 87,680,589 Shares Outstanding—100.00%     $6,945,090,600
♦ Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
† Non-income producing security.
Summary of abbreviations:
GS – Goldman Sachs
4    NQ-021 [2/22] 4/22 (2112896)