| Delaware Small Cap Value Fund | February 28, 2021 (Unaudited) |
| Number of shares | Value (US $) | ||
| Common Stock — 99.22%♦ | |||
| Basic Industry — 7.44% | |||
| Arconic † | 1,270,900 | $27,858,128 | |
| Ashland Global Holdings | 405,200 | 34,085,424 | |
| Avient | 765,300 | 33,076,266 | |
| Berry Global Group † | 1,726,810 | 95,665,274 | |
| HB Fuller | 842,500 | 47,238,975 | |
| Huntsman | 1,757,100 | 47,968,830 | |
| Louisiana-Pacific | 2,177,600 | 103,675,536 | |
| Summit Materials Class A † | 1,096,000 | 30,370,160 | |
| 419,938,593 | |||
| Business Services — 1.79% | |||
| Deluxe | 478,300 | 18,907,199 | |
| PAE † | 1,363,800 | 11,142,246 | |
| WESCO International † | 883,200 | 70,903,296 | |
| 100,952,741 | |||
| Capital Spending — 10.44% | |||
| Altra Industrial Motion | 1,559,943 | 90,351,899 | |
| Atkore † | 1,245,100 | 84,231,015 | |
| H&E Equipment Services | 822,200 | 25,430,646 | |
| ITT | 1,247,600 | 103,525,848 | |
| KBR | 1,151,052 | 35,682,612 | |
| MasTec † | 1,656,559 | 143,706,493 | |
| Primoris Services | 1,268,100 | 42,443,307 | |
| Rexnord | 1,408,100 | 63,294,095 | |
| 588,665,915 | |||
| Consumer Cyclical — 4.18% | |||
| Adient † | 1,426,200 | 52,883,496 | |
| Barnes Group | 884,500 | 46,303,575 | |
| KB Home | 1,277,700 | 51,593,526 | |
| Knoll | 1,354,669 | 22,094,651 | |
| Meritage Homes † | 582,200 | 49,085,282 | |
| Standard Motor Products | 333,940 | 14,028,820 | |
| 235,989,350 | |||
| Consumer Services — 10.39% | |||
| Aaron's † | 321,100 | 7,051,356 | |
| Acushnet Holdings | 641,000 | 27,063,020 | |
| American Eagle Outfitters | 1,342,600 | 34,504,820 | |
| Asbury Automotive Group † | 362,800 | 61,476,460 | |
| Cable One | 18,480 | 35,386,428 | |
| Choice Hotels International | 529,000 | 55,476,230 | |
| Cracker Barrel Old Country Store | 360,500 | 55,830,635 | |
| Number of shares | Value (US $) | ||
| Common Stock♦ (continued) | |||
| Consumer Services (continued) | |||
| Denny's † | 1,113,900 | $19,548,945 | |
| PROG Holdings | 642,200 | 32,110,000 | |
| Steven Madden | 1,355,125 | 50,126,074 | |
| TEGNA | 2,773,800 | 50,566,374 | |
| Texas Roadhouse | 435,200 | 39,550,976 | |
| UniFirst | 282,500 | 68,446,925 | |
| Wolverine World Wide | 1,397,841 | 48,854,543 | |
| 585,992,786 | |||
| Consumer Staples — 3.50% | |||
| Core-Mark Holding | 890,100 | 28,999,458 | |
| J & J Snack Foods | 310,200 | 49,247,352 | |
| Performance Food Group † | 760,654 | 41,257,873 | |
| Scotts Miracle-Gro | 143,100 | 30,501,765 | |
| Spectrum Brands Holdings | 610,450 | 47,340,398 | |
| 197,346,846 | |||
| Energy — 3.65% | |||
| CNX Resources † | 4,179,200 | 52,699,712 | |
| Delek US Holdings | 1,302,400 | 31,986,944 | |
| Devon Energy | 2,742,460 | 59,072,588 | |
| Dril-Quip † | 619,400 | 21,034,824 | |
| Helix Energy Solutions Group † | 3,611,900 | 17,698,310 | |
| Patterson-UTI Energy | 3,169,400 | 23,453,560 | |
| 205,945,938 | |||
| Financial Services — 29.19% | |||
| American Equity Investment Life Holding | 2,267,700 | 62,656,551 | |
| Bank of NT Butterfield & Son | 1,065,200 | 38,869,148 | |
| East West Bancorp | 2,784,823 | 200,952,828 | |
| First Financial Bancorp | 2,494,800 | 55,958,364 | |
| First Interstate BancSystem Class A | 1,047,200 | 47,563,824 | |
| First Midwest Bancorp | 940,600 | 18,605,068 | |
| FNB | 7,420,600 | 87,785,698 | |
| Great Western Bancorp | 2,076,250 | 55,705,787 | |
| Hancock Whitney | 2,573,400 | 97,145,850 | |
| Hanover Insurance Group | 592,900 | 68,391,015 | |
| Kemper | 539,800 | 40,819,676 | |
| NBT Bancorp | 599,200 | 21,709,016 | |
| Prosperity Bancshares | 670,100 | 49,232,247 | |
| S&T Bancorp | 808,156 | 23,339,545 | |
| Sandy Spring Bancorp | 756,400 | 28,425,512 | |
| Selective Insurance Group | 1,114,706 | 75,610,508 | |
| Sterling Bancorp | 1,627,100 | 35,519,593 | |
| Number of shares | Value (US $) | ||
| Common Stock♦ (continued) | |||
| Financial Services (continued) | |||
| Stifel Financial | 2,209,650 | $134,965,422 | |
| Synovus Financial | 1,579,800 | 66,841,338 | |
| Umpqua Holdings | 4,788,500 | 81,739,695 | |
| Valley National Bancorp | 6,160,400 | 75,464,900 | |
| Webster Financial | 2,179,000 | 120,520,490 | |
| WesBanco | 730,300 | 23,574,084 | |
| Western Alliance Bancorp | 1,480,200 | 135,453,102 | |
| 1,646,849,261 | |||
| Healthcare — 3.23% | |||
| Avanos Medical † | 955,700 | 43,943,086 | |
| Integer Holdings † | 596,800 | 52,631,792 | |
| Integra LifeSciences Holdings † | 799,600 | 54,644,664 | |
| Service Corp. International | 652,400 | 31,158,624 | |
| 182,378,166 | |||
| Real Estate Investment Trusts — 7.79% | |||
| Brandywine Realty Trust | 4,090,137 | 50,022,375 | |
| Independence Realty Trust | 1,740,700 | 24,439,428 | |
| Kite Realty Group Trust | 1,669,057 | 31,995,823 | |
| Lexington Realty Trust | 4,601,100 | 49,323,792 | |
| Life Storage | 570,900 | 47,898,510 | |
| National Health Investors | 516,600 | 35,268,282 | |
| Outfront Media | 2,957,900 | 59,986,212 | |
| RPT Realty | 2,553,689 | 28,013,968 | |
| Spirit Realty Capital | 1,309,900 | 56,351,898 | |
| STAG Industrial | 781,881 | 24,668,346 | |
| Summit Hotel Properties | 3,017,700 | 31,233,195 | |
| 439,201,829 | |||
| Technology — 11.49% | |||
| Cirrus Logic † | 589,100 | 48,176,598 | |
| Coherent † | 182,804 | 44,227,600 | |
| Concentrix † | 284,700 | 35,163,297 | |
| Diodes † | 441,500 | 34,666,580 | |
| Flex † | 4,663,869 | 84,835,777 | |
| NCR † | 436,207 | 15,162,555 | |
| NetScout Systems † | 1,150,506 | 32,467,279 | |
| ON Semiconductor † | 1,866,300 | 75,155,901 | |
| SYNNEX | 284,700 | 25,383,852 | |
| Teradyne | 575,200 | 73,976,472 | |
| Tower Semiconductor † | 2,061,800 | 60,596,302 | |
| TTM Technologies † | 3,361,402 | 47,462,996 | |
| Number of shares | Value (US $) | ||
| Common Stock♦ (continued) | |||
| Technology (continued) | |||
| Viavi Solutions † | 3,063,100 | $49,576,274 | |
| Vishay Intertechnology | 905,100 | 21,604,737 | |
| 648,456,220 | |||
| Transportation — 2.95% | |||
| Kirby † | 693,000 | 43,354,080 | |
| Saia † | 163,750 | 32,836,788 | |
| SkyWest | 533,400 | 30,067,758 | |
| Werner Enterprises | 1,399,300 | 60,057,956 | |
| 166,316,582 | |||
| Utilities — 3.18% | |||
| ALLETE | 775,100 | 48,156,963 | |
| Black Hills | 799,100 | 47,274,756 | |
| South Jersey Industries | 1,540,900 | 38,691,999 | |
| Southwest Gas Holdings | 721,800 | 45,004,230 | |
| 179,127,948 | |||
| Total Common Stock (cost $3,642,612,219) | 5,597,162,175 | ||
| Short-Term Investments — 0.64% | |||
| Money Market Mutual Funds — 0.64% | |||
| BlackRock FedFund – Institutional Shares (seven-day effective yield 0.01%) | 9,084,665 | 9,084,665 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 9,084,665 | 9,084,665 | |
| GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.03%) | 9,084,665 | 9,084,665 | |
| Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.00%) | 9,084,664 | 9,084,664 | |
| Total Short-Term Investments (cost $36,338,659) | 36,338,659 | ||
| Total Value of Securities—99.86% (cost $3,678,950,878) | 5,633,500,834 | ||
| Receivables and Other Assets Net of Liabilities—0.14% | 7,616,382 | ||
| Net Assets Applicable to 79,188,162 Shares Outstanding—100.00% | $5,641,117,216 | ||
| ♦ | 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 |