NPORT-EX 2 ADJ1DelawareSmCapValFd.htm
Schedule of investments
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
NQ-021 [8/21] 10/21 (1868498)    1
Schedule of investments
Delaware Small Cap Value Fund (Unaudited)
    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
2    NQ-021 [8/21] 10/21 (1868498)
(Unaudited)
    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
NQ-021 [8/21] 10/21 (1868498)    3
Schedule of investments
Delaware Small Cap Value Fund (Unaudited)
    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.
4    NQ-021 [8/21] 10/21 (1868498)
(Unaudited)
Summary of abbreviations:
GS – Goldman Sachs
NQ-021 [8/21] 10/21 (1868498)    5