| Delaware Small Cap Value Fund | August 31, 2020 (Unaudited) |
| Number of shares | Value (US $) | ||
| Common Stock — 97.51%♦ | |||
| Basic Industry — 7.85% | |||
| Arconic † | 1,093,824 | $24,337,584 | |
| Ashland Global Holdings | 398,300 | 29,350,727 | |
| Berry Global Group † | 1,834,410 | 94,545,491 | |
| HB Fuller | 1,154,000 | 55,588,180 | |
| Huntsman | 1,558,100 | 33,686,122 | |
| Louisiana-Pacific | 2,419,800 | 79,708,212 | |
| 317,216,316 | |||
| Business Services — 1.62% | |||
| Deluxe | 470,200 | 13,353,680 | |
| PAE † | 1,147,100 | 10,134,628 | |
| WESCO International † | 897,600 | 42,052,560 | |
| 65,540,868 | |||
| Capital Spending — 9.04% | |||
| Altra Industrial Motion | 1,743,343 | 68,077,544 | |
| Atkore International Group † | 1,249,200 | 33,391,116 | |
| H&E Equipment Services | 929,700 | 18,835,722 | |
| ITT | 1,521,500 | 95,565,415 | |
| MasTec † | 1,935,259 | 89,428,319 | |
| Primoris Services | 1,246,500 | 23,758,290 | |
| Rexnord | 1,259,200 | 36,466,432 | |
| 365,522,838 | |||
| Consumer Cyclical — 4.39% | |||
| Barnes Group | 878,300 | 34,780,680 | |
| KB Home | 1,305,300 | 46,677,528 | |
| Knoll | 1,695,669 | 21,823,260 | |
| Meritage Homes † | 615,400 | 59,096,862 | |
| Standard Motor Products | 328,340 | 14,919,770 | |
| 177,298,100 | |||
| Consumer Services — 9.58% | |||
| Aaron's | 464,965 | 25,986,894 | |
| Acushnet Holdings | 594,300 | 20,972,847 | |
| Asbury Automotive Group † | 356,700 | 37,735,293 | |
| Cable One | 20,380 | 37,505,925 | |
| Choice Hotels International | 520,000 | 51,630,800 | |
| Cracker Barrel Old Country Store | 329,500 | 44,057,445 | |
| Steven Madden | 1,230,525 | 26,037,909 | |
| TEGNA | 2,484,400 | 31,104,688 | |
| Texas Roadhouse | 501,500 | 31,589,485 | |
| Number of shares | Value (US $) | ||
| Common Stock♦ (continued) | |||
| Consumer Services (continued) | |||
| UniFirst | 258,200 | $49,734,484 | |
| Wolverine World Wide | 1,241,041 | 31,001,204 | |
| 387,356,974 | |||
| Consumer Staples — 4.07% | |||
| Core-Mark Holding | 875,000 | 29,242,500 | |
| J & J Snack Foods | 304,900 | 41,451,155 | |
| Performance Food Group † | 747,754 | 27,300,499 | |
| Scotts Miracle-Gro | 206,500 | 34,801,445 | |
| Spectrum Brands Holdings | 533,850 | 31,817,460 | |
| 164,613,059 | |||
| Energy — 3.26% | |||
| CNX Resources † | 3,451,600 | 37,829,536 | |
| Delek US Holdings | 1,280,300 | 20,139,119 | |
| Dril-Quip † | 608,900 | 20,172,857 | |
| Helix Energy Solutions Group † | 3,550,500 | 12,710,790 | |
| Patterson-UTI Energy | 3,115,500 | 11,994,675 | |
| WPX Energy † | 5,219,400 | 29,019,864 | |
| 131,866,841 | |||
| Financial Services — 25.07% | |||
| American Equity Investment Life Holding | 2,421,800 | 57,905,238 | |
| Bank of NT Butterfield & Son | 1,047,100 | 26,386,920 | |
| East West Bancorp | 2,931,123 | 107,806,704 | |
| First Financial Bancorp | 2,452,400 | 33,646,928 | |
| First Hawaiian | 1,826,900 | 30,198,657 | |
| First Interstate BancSystem Class A | 1,029,400 | 33,764,320 | |
| First Midwest Bancorp | 2,737,000 | 34,103,020 | |
| FNB | 6,899,300 | 51,744,750 | |
| Great Western Bancorp | 2,070,550 | 28,842,762 | |
| Hancock Whitney | 2,529,600 | 50,617,296 | |
| Hanover Insurance Group | 585,500 | 60,007,895 | |
| Kemper | 530,600 | 41,206,396 | |
| NBT Bancorp | 661,124 | 20,144,448 | |
| Prosperity Bancshares | 658,700 | 35,912,324 | |
| S&T Bancorp | 794,456 | 16,044,039 | |
| Sandy Spring Bancorp | 605,700 | 14,488,344 | |
| Selective Insurance Group | 1,113,706 | 66,610,756 | |
| Stifel Financial | 1,462,200 | 74,148,162 | |
| Umpqua Holdings | 4,707,000 | 53,094,960 | |
| Valley National Bancorp | 5,617,889 | 42,190,346 | |
| Webster Financial | 2,142,000 | 58,905,000 | |
| Number of shares | Value (US $) | ||
| Common Stock♦ (continued) | |||
| Financial Services (continued) | |||
| WesBanco | 1,077,200 | $23,935,384 | |
| Western Alliance Bancorp | 1,455,100 | 51,365,030 | |
| 1,013,069,679 | |||
| Healthcare — 3.82% | |||
| Avanos Medical † | 1,036,200 | 33,572,880 | |
| Catalent † | 295,500 | 27,333,750 | |
| Integer Holdings † | 473,424 | 32,789,346 | |
| Integra LifeSciences Holdings † | 654,900 | 31,297,671 | |
| Service Corp. International | 641,300 | 29,275,345 | |
| 154,268,992 | |||
| Real Estate Investment Trusts — 9.25% | |||
| Brandywine Realty Trust | 4,020,537 | 44,748,577 | |
| Independence Realty Trust | 1,711,100 | 20,036,981 | |
| Kite Realty Group Trust | 1,224,473 | 13,763,076 | |
| Lexington Realty Trust | 4,522,900 | 51,425,373 | |
| Life Storage | 466,500 | 49,183,095 | |
| National Health Investors | 507,800 | 31,610,550 | |
| Outfront Media | 2,957,700 | 50,073,861 | |
| RPT Realty | 2,510,289 | 14,710,294 | |
| Spirit Realty Capital | 1,287,600 | 45,722,676 | |
| STAG Industrial | 768,581 | 24,825,166 | |
| Summit Hotel Properties | 2,966,400 | 17,472,096 | |
| Washington Real Estate Investment Trust | 466,323 | 10,231,127 | |
| 373,802,872 | |||
| Technology — 11.39% | |||
| Cirrus Logic † | 635,600 | 38,511,004 | |
| Coherent † | 224,800 | 25,325,968 | |
| Diodes † | 434,000 | 21,205,240 | |
| Flex † | 4,828,169 | 52,433,915 | |
| NCR † | 563,007 | 11,507,863 | |
| NetScout Systems † | 1,131,006 | 26,171,479 | |
| ON Semiconductor † | 2,129,600 | 45,509,552 | |
| SYNNEX | 294,700 | 37,471,105 | |
| Teradyne | 806,700 | 68,545,299 | |
| Tower Semiconductor † | 2,026,700 | 39,439,582 | |
| TTM Technologies † | 3,304,202 | 37,866,155 | |
| Viavi Solutions † | 3,011,000 | 40,151,685 | |
| Vishay Intertechnology | 1,000,500 | 15,997,995 | |
| 460,136,842 | |||
| Number of shares | Value (US $) | ||
| Common Stock♦ (continued) | |||
| Transportation — 3.62% | |||
| Kirby † | 681,300 | $28,914,372 | |
| Saia † | 318,850 | 42,789,670 | |
| SkyWest | 524,400 | 17,646,060 | |
| Werner Enterprises | 1,238,500 | 56,983,385 | |
| 146,333,487 | |||
| Utilities — 4.55% | |||
| ALLETE | 561,200 | 30,282,352 | |
| Black Hills | 785,500 | 44,050,840 | |
| PNM Resources | 977,000 | 42,675,360 | |
| South Jersey Industries | 1,007,400 | 22,313,910 | |
| Southwest Gas Holdings | 709,600 | 44,612,552 | |
| 183,935,014 | |||
| Total Common Stock (cost $3,537,399,682) | 3,940,961,882 | ||
| Short-Term Investments — 2.38% | |||
| Money Market Mutual Funds — 2.38% | |||
| BlackRock FedFund – Institutional Shares (seven-day effective yield 0.01%) | 24,027,243 | 24,027,243 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 24,027,243 | 24,027,243 | |
| GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.02%) | 24,027,243 | 24,027,243 | |
| Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 24,027,243 | 24,027,243 | |
| Total Short-Term Investments (cost $96,108,972) | 96,108,972 | ||
| Total Value of Securities—99.89% (cost $3,633,508,654) | 4,037,070,854 | ||
| Receivables and Other Assets Net of Liabilities—0.11% | 4,434,905 | ||
| Net Assets Applicable to 79,585,294 Shares Outstanding—100.00% | $4,041,505,759 | ||
| ♦ | 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 |