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 |