| Delaware Small Cap Value Fund | August 31, 2021 (Unaudited) |
| Number of shares | Value (US $) | ||
| Common Stocks — 99.78%♦ | |||
| Basic Industry — 8.41% | |||
| Arconic † | 1,345,200 | $ 46,395,948 | |
| Ashland Global Holdings | 429,200 | 39,104,412 | |
| Avient | 1,029,700 | 53,637,073 | |
| Berry Global Group † | 1,625,110 | 109,158,639 | |
| HB Fuller | 891,800 | 60,258,926 | |
| Huntsman | 2,208,000 | 58,357,440 | |
| Louisiana-Pacific | 2,306,200 | 146,305,328 | |
| Summit Materials Class A † | 1,164,400 | 39,205,348 | |
| 552,423,114 | |||
| Business Services — 2.16% | |||
| Deluxe | 505,400 | 19,382,090 | |
| PAE † | 1,968,600 | 13,169,934 | |
| WESCO International † | 933,500 | 109,238,170 | |
| 141,790,194 | |||
| Capital Spending — 10.26% | |||
| Altra Industrial Motion | 1,528,643 | 89,517,334 | |
| Atkore † | 1,031,100 | 95,655,147 | |
| H&E Equipment Services | 870,200 | 29,630,310 | |
| ITT | 1,321,300 | 126,408,771 | |
| KBR | 1,219,372 | 47,482,346 | |
| MasTec † | 1,752,759 | 160,272,283 | |
| Primoris Services | 1,348,100 | 34,646,170 | |
| Rexnord | 1,491,200 | 90,605,312 | |
| 674,217,673 | |||
| Consumer Cyclical — 4.14% | |||
| Adient † | 1,546,100 | 60,823,574 | |
| Barnes Group | 936,300 | 44,633,421 | |
| KB Home | 1,352,000 | 58,176,560 | |
| Leggett & Platt | 823,800 | 39,863,682 | |
| Meritage Homes † | 615,900 | 68,697,486 | |
| 272,194,723 | |||
| Consumer Services — 9.06% | |||
| Acushnet Holdings | 801,600 | 40,047,936 | |
| American Eagle Outfitters | 1,175,500 | 35,876,260 | |
| Cable One | 19,580 | 41,109,972 | |
| Choice Hotels International | 451,300 | 53,867,168 | |
| Cracker Barrel Old Country Store | 382,000 | 54,847,560 | |
| Denny's † | 1,182,200 | 19,553,588 | |
| Group 1 Automotive | 316,500 | 52,361,760 | |
| Number of shares | Value (US $) | ||
| Common Stocks♦ (continued) | |||
| Consumer Services (continued) | |||
| PROG Holdings | 999,400 | $ 47,291,608 | |
| Steven Madden | 968,925 | 39,212,395 | |
| TEGNA | 2,941,000 | 52,114,520 | |
| Texas Roadhouse | 391,850 | 37,225,750 | |
| UniFirst | 300,100 | 68,743,907 | |
| Wolverine World Wide | 1,479,180 | 53,043,395 | |
| 595,295,819 | |||
| Consumer Staples — 3.28% | |||
| Core-Mark Holding † | 944,700 | 43,456,200 | |
| J & J Snack Foods | 328,800 | 53,844,288 | |
| Performance Food Group † | 805,854 | 40,469,988 | |
| Scotts Miracle-Gro | 150,900 | 23,665,647 | |
| Spectrum Brands Holdings | 692,050 | 54,021,423 | |
| 215,457,546 | |||
| Energy — 4.81% | |||
| CNX Resources † | 5,222,600 | 59,328,736 | |
| Delek US Holdings | 1,431,000 | 24,484,410 | |
| Devon Energy | 2,942,902 | 86,962,754 | |
| Dril-Quip † | 656,000 | 15,940,800 | |
| Helix Energy Solutions Group † | 3,841,600 | 14,444,416 | |
| Magnolia Oil & Gas Class A | 3,648,100 | 57,202,208 | |
| Patterson-UTI Energy | 3,563,100 | 27,649,656 | |
| Renewable Energy Group † | 618,185 | 29,932,518 | |
| 315,945,498 | |||
| Financial Services — 27.88% | |||
| American Equity Investment Life Holding | 2,400,100 | 76,059,169 | |
| Bank of NT Butterfield & Son | 1,126,300 | 37,517,053 | |
| East West Bancorp | 2,764,223 | 202,728,115 | |
| Essent Group | 720,900 | 33,939,972 | |
| First Financial Bancorp | 2,640,900 | 62,087,559 | |
| First Interstate BancSystem Class A | 931,600 | 41,046,296 | |
| FNB | 7,859,500 | 91,798,960 | |
| Great Western Bancorp | 2,198,750 | 68,073,300 | |
| Hancock Whitney | 2,722,000 | 125,103,120 | |
| Hanover Insurance Group | 625,500 | 88,389,405 | |
| Kemper | 572,100 | 39,246,060 | |
| NBT Bancorp | 632,100 | 22,667,106 | |
| Prosperity Bancshares | 710,000 | 49,614,800 | |
| S&T Bancorp | 856,356 | 25,519,409 | |
| Sandy Spring Bancorp | 801,400 | 34,916,998 | |
| Number of shares | Value (US $) | ||
| Common Stocks♦ (continued) | |||
| Financial Services (continued) | |||
| Selective Insurance Group | 1,175,806 | $ 98,262,107 | |
| Sterling Bancorp | 2,088,900 | 47,814,921 | |
| Stifel Financial | 2,338,250 | 161,573,075 | |
| Synovus Financial | 1,673,700 | 72,136,470 | |
| Umpqua Holdings | 5,062,000 | 98,557,140 | |
| Valley National Bancorp | 6,529,400 | 85,143,376 | |
| Webster Financial | 2,305,500 | 116,473,860 | |
| Western Alliance Bancorp | 1,565,700 | 152,749,692 | |
| 1,831,417,963 | |||
| Healthcare — 4.79% | |||
| Avanos Medical † | 1,195,521 | 39,452,193 | |
| Integer Holdings † | 716,600 | 70,792,914 | |
| Integra LifeSciences Holdings † | 976,600 | 73,469,618 | |
| NuVasive † | 483,862 | 30,067,184 | |
| Select Medical Holdings | 1,281,800 | 44,311,826 | |
| Service Corp. International | 894,800 | 56,157,648 | |
| 314,251,383 | |||
| Real Estate Investment Trusts — 8.72% | |||
| Brandywine Realty Trust | 4,329,337 | 60,091,197 | |
| Broadstone Net Lease | 1,674,000 | 45,867,600 | |
| Independence Realty Trust | 1,843,700 | 37,758,976 | |
| Kite Realty Group Trust | 1,768,914 | 35,838,198 | |
| Lexington Realty Trust | 4,870,800 | 65,901,924 | |
| Life Storage | 602,600 | 74,987,544 | |
| National Health Investors | 639,500 | 38,254,890 | |
| Outfront Media † | 3,122,000 | 77,300,720 | |
| RPT Realty | 2,707,889 | 35,040,084 | |
| Spirit Realty Capital | 1,385,500 | 71,727,335 | |
| Summit Hotel Properties † | 3,199,900 | 29,823,068 | |
| 572,591,536 | |||
| Technology — 10.46% | |||
| Cirrus Logic † | 679,000 | 56,811,930 | |
| Concentrix † | 301,900 | 52,346,441 | |
| Diodes † | 467,400 | 45,258,342 | |
| Flex † | 4,738,710 | 88,045,232 | |
| NCR † | 679,958 | 28,884,616 | |
| NetScout Systems † | 1,216,506 | 33,356,594 | |
| ON Semiconductor † | 1,880,300 | 83,410,108 | |
| SYNNEX | 301,100 | 38,260,777 | |
| Number of shares | Value (US $) | ||
| Common Stocks♦ (continued) | |||
| Technology (continued) | |||
| Teradyne | 579,900 | $ 70,423,056 | |
| Tower Semiconductor † | 2,180,200 | 64,097,880 | |
| TTM Technologies † | 3,749,402 | 52,491,628 | |
| Viavi Solutions † | 3,238,200 | 52,750,278 | |
| Vishay Intertechnology | 957,000 | 21,025,290 | |
| 687,162,172 | |||
| Transportation — 2.63% | |||
| Kirby † | 734,000 | 39,335,060 | |
| Saia † | 143,750 | 34,518,687 | |
| SkyWest † | 625,300 | 29,170,245 | |
| Werner Enterprises | 1,481,800 | 69,881,688 | |
| 172,905,680 | |||
| Utilities — 3.18% | |||
| ALLETE | 820,000 | 55,284,400 | |
| Black Hills | 845,600 | 59,471,048 | |
| South Jersey Industries | 1,632,000 | 40,489,920 | |
| Southwest Gas Holdings | 763,000 | 53,646,530 | |
| 208,891,898 | |||
| Total Common Stocks (cost $4,158,554,763) | 6,554,545,199 | ||
| Short-Term Investments — 0.30% | |||
| Money Market Mutual Funds — 0.30% | |||
| BlackRock FedFund – Institutional Shares (seven-day effective yield 0.03%) | 4,839,472 | 4,839,472 | |
| Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 4,839,471 | 4,839,471 | |
| GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.03%) | 4,839,472 | 4,839,472 | |
| Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%) | 4,839,471 | 4,839,471 | |
| Total Short-Term Investments (cost $19,357,886) | 19,357,886 | ||
| Total Value of Securities—100.08% (cost $4,177,912,649) | 6,573,903,085 | ||
| Liabilities Net of Receivables and Other Assets—(0.08%) | (5,057,521) | ||
| Net Assets Applicable to 84,196,362 Shares Outstanding—100.00% | $6,568,845,564 | ||
| ♦ | 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 |