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11927.73 21686.4 13069.88 17409.33 17064.14 14215.95 13964.07842 18573.22518 12808.84 18426.49 13064.62 17691.69986 18907.59 17082.87 23109.38 17791.28 15740.35 12194.37 25157.51 23792.98871 13915.55735 13953.84 14812.96 13728.00885 10000.02 17180.55 12026.61124 14053.49 13772.95 14449.46 12499.77 13024.37 33631 11892.96 16557 13971.57 10000 10000 13585 23925.73 12555.88 13761.98 20576.0254 18269.76 13107.75 13254.23 18457.72 9424.58 13465.49 10000.01 11152.26 13634.91096 25373.39 11774.27 19590.34 16877.41 14074.62 18069.47 20283.35 18839.08 16864.21 13559.9 10515.15 13887.21 13050.8 12013.57 11776.82 10013.59 17552.77 13385.5221 0000809821 false N-1A DELAWARE GROUP EQUITY FUNDS V N-CSR 2024-11-30 Macquarie Small Cap Core Fund (formerly, Delaware Small Cap Core Fund) Class A DCCAX This annual shareholder report contains important information about Macquarie Small Cap Core Fund (Fund) for the period of <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2023,</span> to November 30, 2024. annual shareholder report You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET. macquarie.com/mam/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;"><b>What were the </b> <b>Fund's</b> <b> costs for the </b> <b>last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class A</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>123</td> <td style="break-inside: avoid-page; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">1.06<span>%</span></td> </tr> </table> 123 0.0106 <div style="font-family: 'arial'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 10pt; margin-top: 14pt;">Management's discussion of<span style="white-space: nowrap;"> </span>Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Performance highlights</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">Macquarie Small Cap Core Fund (Class A) returned 32.74% (excluding sales charge) for the 12 months ended <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2024.</span> During the same period, the Russell 3000^® Index, the Fund's broad-based securities market index, returned 34.49%, while the Russell 2000^® Index, the Fund's narrowly based securities market index, returned 36.43%.</div> <div style="font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top contributors to performance:</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Stock selection was strongest within the consumer services sector. Brinker International Inc., operator of Chili’s and Maggiano’s restaurants, contributed the most.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Holdings in the financials sector outperformed. Within the sector, stocks owned in the insurance and asset management industries were the largest contributors.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Holdings in the consumer discretionary sector outperformed over the period.</div> <div style="font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top detractors from performance:</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">The technology sector detracted the most from performance. A lack of exposure to Super Micro Computer Inc. detracted meaningfully from relative performance.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Holdings in the transportation sector underperformed. Ship freight, airlines, and trucking industries all detracted from performance.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Stock selection in the consumer staples sector underperformed.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 10pt;" title="oef:FactorsAffectingPerfTextBlock">Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">For the period November 30, 2014, through November 30, 2024</div> <div style="margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g875111chartimages_9263213.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 0 3pt 0;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2024</strong>)</td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Macquarie Small Cap Core Fund (Class A) – including sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">25.10</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">9.04</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">8.74</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Macquarie Small Cap Core Fund (Class A) – excluding sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">32.74</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">10.34</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">9.39</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">34.49</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">15.23</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">12.89</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Russell 2000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">36.43</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">9.90</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">9.05</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Macquarie Small Cap Core Fund (Class A) – including sales charge 0.2510 0.0904 0.0874 Macquarie Small Cap Core Fund (Class A) – excluding sales charge 0.3274 0.1034 0.0939 Russell 3000 Index 0.3449 0.1523 0.1289 Russell 2000 Index 0.3643 0.0990 0.0905 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In connection with new regulatory requirements, effective the date of this report, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2000 Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2024)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>8,216,093,473</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;">134</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>46,582,448</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;">23<span>%</span></td> </tr> </table> 8216093473 134 46582448 0.23 <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2024)</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Sector allocation</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Finance</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">18.51<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">16.08<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Technology</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">12.59<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Capital Goods</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">11.93<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Real Estate Investment Trusts</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">7.22<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Basic Materials</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">6.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Business Services</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.69<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.35<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.34<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">2.97<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Top 10 equity holdings</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Brinker International</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.73<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Applied Industrial Technologies</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Prestige Consumer Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.50<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Summit Materials Class A</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.47<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Q2 Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Boise Cascade</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">ExlService Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.35<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Steven Madden</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.32<span>%</span></td> </tr> </table> 0.1851 0.1608 0.1259 0.1193 0.0722 0.0643 0.0469 0.0435 0.0434 0.0297 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Top 10 equity holdings</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Brinker International</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.73<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Applied Industrial Technologies</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Prestige Consumer Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.50<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Summit Materials Class A</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.47<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Q2 Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Boise Cascade</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">ExlService Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.35<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Steven Madden</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.32<span>%</span></td> </tr> </table> 0.0173 0.0169 0.0150 0.0147 0.0144 0.0144 0.0140 0.0140 0.0135 0.0132 <div style="font-family: 'arial'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 10pt; margin-top: 0px;" title="oef:MaterialFundChngTextBlock">Material Fund changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">On December 31, 2024, Delaware Small Cap Core Fund will be renamed Macquarie Small Cap Core Fund.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">On December 31, 2024, Delaware Small Cap Core Fund will be renamed Macquarie Small Cap Core Fund.</div> 2024-12-31 <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> macquarie.com/mam/literature 800 523-1918 Macquarie Small Cap Core Fund (formerly, Delaware Small Cap Core Fund) Class C DCCCX This annual shareholder report contains important information about Macquarie Small Cap Core Fund (Fund) for the period of <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2023,</span> to November 30, 2024. annual shareholder report You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET. macquarie.com/mam/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;"><b>What were the </b> <b>Fund's</b> <b> costs for the </b> <b>last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class C</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>210</td> <td style="break-inside: avoid-page; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">1.81<span>%</span></td> </tr> </table> 210 0.0181 <div style="font-family: 'arial'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 10pt; margin-top: 14pt;">Management's discussion of<span style="white-space: nowrap;"> </span>Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Performance highlights</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">Macquarie Small Cap Core Fund (Class C) returned 31.71% (excluding sales charge) for the 12 months ended <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2024.</span> During the same period, the Russell 3000^® Index, the Fund's broad-based securities market index, returned 34.49%, while the Russell 2000^® Index, the Fund's narrowly based securities market index, returned 36.43%.</div> <div style="font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top contributors to performance:</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Stock selection was strongest within the consumer services sector. Brinker International Inc., operator of Chili’s and Maggiano’s restaurants, contributed the most.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Holdings in the financials sector outperformed. Within the sector, stocks owned in the insurance and asset management industries were the largest contributors.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Holdings in the consumer discretionary sector outperformed over the period.</div> <div style="font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top detractors from performance:</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">The technology sector detracted the most from performance. A lack of exposure to Super Micro Computer Inc. detracted meaningfully from relative performance.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Holdings in the transportation sector underperformed. Ship freight, airlines, and trucking industries all detracted from performance.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Stock selection in the consumer staples sector underperformed.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 10pt;" title="oef:FactorsAffectingPerfTextBlock">Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index and an additional narrowly based securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">For the period November 30, 2014, through November 30, 2024</div> <div style="margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g875111chartimages_9263215.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 0 3pt 0;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2024</strong>)</td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Macquarie Small Cap Core Fund (Class C) – including sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">30.71</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">9.51</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">8.57</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Macquarie Small Cap Core Fund (Class C) – excluding sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">31.71</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">9.51</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">8.57</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">34.49</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">15.23</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">12.89</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Russell 2000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">36.43</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">9.90</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">9.05</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Macquarie Small Cap Core Fund (Class C) – including sales charge 0.3071 0.0951 0.0857 Macquarie Small Cap Core Fund (Class C) – excluding sales charge 0.3171 0.0951 0.0857 Russell 3000 Index 0.3449 0.1523 0.1289 Russell 2000 Index 0.3643 0.0990 0.0905 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In connection with new regulatory requirements, effective the date of this report, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2000 Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2024)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>8,216,093,473</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;">134</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>46,582,448</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;">23<span>%</span></td> </tr> </table> 8216093473 134 46582448 0.23 <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2024)</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Sector allocation</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Finance</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">18.51<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">16.08<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Technology</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">12.59<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Capital Goods</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">11.93<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Real Estate Investment Trusts</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">7.22<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Basic Materials</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">6.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Business Services</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.69<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.35<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.34<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">2.97<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Top 10 equity holdings</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Brinker International</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.73<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Applied Industrial Technologies</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Prestige Consumer Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.50<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Summit Materials Class A</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.47<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Q2 Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Boise Cascade</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">ExlService Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.35<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Steven Madden</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.32<span>%</span></td> </tr> </table> 0.1851 0.1608 0.1259 0.1193 0.0722 0.0643 0.0469 0.0435 0.0434 0.0297 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Top 10 equity holdings</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Brinker International</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.73<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Applied Industrial Technologies</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Prestige Consumer Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.50<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Summit Materials Class A</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.47<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Q2 Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Boise Cascade</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">ExlService Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.35<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Steven Madden</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.32<span>%</span></td> </tr> </table> 0.0173 0.0169 0.0150 0.0147 0.0144 0.0144 0.0140 0.0140 0.0135 0.0132 <div style="font-family: 'arial'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 10pt; margin-top: 0px;" title="oef:MaterialFundChngTextBlock">Material Fund changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">On December 31, 2024, Delaware Small Cap Core Fund will be renamed Macquarie Small Cap Core Fund.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">On December 31, 2024, Delaware Small Cap Core Fund will be renamed Macquarie Small Cap Core Fund.</div> 2024-12-31 <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> macquarie.com/mam/literature 800 523-1918 Macquarie Small Cap Core Fund (formerly, Delaware Small Cap Core Fund) Class R DCCRX This annual shareholder report contains important information about Macquarie Small Cap Core Fund (Fund) for the period of <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2023,</span> to November 30, 2024. annual shareholder report You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET. macquarie.com/mam/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;"><b>What were the </b> <b>Fund's</b> <b> costs for the </b> <b>last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class R</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>152</td> <td style="break-inside: avoid-page; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">1.31<span>%</span></td> </tr> </table> 152 0.0131 <div style="font-family: 'arial'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 10pt; margin-top: 14pt;">Management's discussion of<span style="white-space: nowrap;"> </span>Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Performance highlights</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">Macquarie Small Cap Core Fund (Class R) returned 32.41% (excluding sales charge) for the 12 months ended <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2024.</span> During the same period, the Russell 3000^® Index, the Fund's broad-based securities market index, returned 34.49%, while the Russell 2000^® Index, the Fund's narrowly based securities market index, returned 36.43%.</div> <div style="font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top contributors to performance:</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Stock selection was strongest within the consumer services sector. Brinker International Inc., operator of Chili’s and Maggiano’s restaurants, contributed the most.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Holdings in the financials sector outperformed. Within the sector, stocks owned in the insurance and asset management industries were the largest contributors.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Holdings in the consumer discretionary sector outperformed over the period.</div> <div style="font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top detractors from performance:</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">The technology sector detracted the most from performance. A lack of exposure to Super Micro Computer Inc. detracted meaningfully from relative performance.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Holdings in the transportation sector underperformed. Ship freight, airlines, and trucking industries all detracted from performance.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Stock selection in the consumer staples sector underperformed.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 10pt;" title="oef:FactorsAffectingPerfTextBlock">Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index and an additional narrowly based securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">For the period November 30, 2014, through November 30, 2024</div> <div style="margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g875111chartimages_9263216.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 0 3pt 0;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2024</strong>)</td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Macquarie Small Cap Core Fund (Class R) – including sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">32.41</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">10.06</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">9.12</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Macquarie Small Cap Core Fund (Class R) – excluding sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">32.41</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">10.06</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">9.12</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">34.49</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">15.23</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">12.89</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Russell 2000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">36.43</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">9.90</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">9.05</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Macquarie Small Cap Core Fund (Class R) – including sales charge 0.3241 0.1006 0.0912 Macquarie Small Cap Core Fund (Class R) – excluding sales charge 0.3241 0.1006 0.0912 Russell 3000 Index 0.3449 0.1523 0.1289 Russell 2000 Index 0.3643 0.0990 0.0905 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In connection with new regulatory requirements, effective the date of this report, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2000 Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2024)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>8,216,093,473</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;">134</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>46,582,448</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;">23<span>%</span></td> </tr> </table> 8216093473 134 46582448 0.23 <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2024)</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Sector allocation</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Finance</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">18.51<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">16.08<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Technology</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">12.59<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Capital Goods</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">11.93<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Real Estate Investment Trusts</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">7.22<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Basic Materials</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">6.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Business Services</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.69<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.35<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.34<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">2.97<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Top 10 equity holdings</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Brinker International</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.73<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Applied Industrial Technologies</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Prestige Consumer Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.50<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Summit Materials Class A</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.47<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Q2 Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Boise Cascade</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">ExlService Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.35<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Steven Madden</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.32<span>%</span></td> </tr> </table> 0.1851 0.1608 0.1259 0.1193 0.0722 0.0643 0.0469 0.0435 0.0434 0.0297 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Top 10 equity holdings</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Brinker International</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.73<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Applied Industrial Technologies</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Prestige Consumer Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.50<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Summit Materials Class A</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.47<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Q2 Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Boise Cascade</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">ExlService Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.35<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Steven Madden</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.32<span>%</span></td> </tr> </table> 0.0173 0.0169 0.0150 0.0147 0.0144 0.0144 0.0140 0.0140 0.0135 0.0132 <div style="font-family: 'arial'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 10pt; margin-top: 0px;" title="oef:MaterialFundChngTextBlock">Material Fund changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">On December 31, 2024, Delaware Small Cap Core Fund will be renamed Macquarie Small Cap Core Fund.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">On December 31, 2024, Delaware Small Cap Core Fund will be renamed Macquarie Small Cap Core Fund.</div> 2024-12-31 <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> macquarie.com/mam/literature 800 523-1918 Macquarie Small Cap Core Fund (formerly, Delaware Small Cap Core Fund) Institutional Class DCCIX This annual shareholder report contains important information about Macquarie Small Cap Core Fund (Fund) for the period of <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2023,</span> to November 30, 2024. annual shareholder report You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET. macquarie.com/mam/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;"><b>What were the </b> <b>Fund's</b> <b> costs for the </b> <b>last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Institutional Class</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>94</td> <td style="break-inside: avoid-page; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">0.81<span>%</span></td> </tr> </table> 94 0.0081 <div style="font-family: 'arial'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 10pt; margin-top: 14pt;">Management's discussion of<span style="white-space: nowrap;"> </span>Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Performance highlights</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">Macquarie Small Cap Core Fund (Institutional Class) returned 33.06% (excluding sales charge) for the 12 months ended <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2024.</span> During the same period, the Russell 3000^® Index, the Fund's broad-based securities market index, returned 34.49%, while the Russell 2000^® Index, the Fund's narrowly based securities market index, returned 36.43%.</div> <div style="font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top contributors to performance:</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Stock selection was strongest within the consumer services sector. Brinker International Inc., operator of Chili’s and Maggiano’s restaurants, contributed the most.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Holdings in the financials sector outperformed. Within the sector, stocks owned in the insurance and asset management industries were the largest contributors.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Holdings in the consumer discretionary sector outperformed over the period.</div> <div style="font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top detractors from performance:</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">The technology sector detracted the most from performance. A lack of exposure to Super Micro Computer Inc. detracted meaningfully from relative performance.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Holdings in the transportation sector underperformed. Ship freight, airlines, and trucking industries all detracted from performance.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Stock selection in the consumer staples sector underperformed.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 10pt;" title="oef:FactorsAffectingPerfTextBlock">Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index and an additional narrowly based securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">For the period November 30, 2014, through November 30, 2024</div> <div style="margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g875111chartimages_9263218.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 0 3pt 0;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2024</strong>)</td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>10 year</strong></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Macquarie Small Cap Core Fund (Institutional Class) – including sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">33.06</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">10.62</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">9.66</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Macquarie Small Cap Core Fund (Institutional Class) – excluding sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">33.06</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">10.62</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">9.66</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">34.49</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">15.23</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">12.89</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Russell 2000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">36.43</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">9.90</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">9.05</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> Macquarie Small Cap Core Fund (Institutional Class) – including sales charge 0.3306 0.1062 0.0966 Macquarie Small Cap Core Fund (Institutional Class) – excluding sales charge 0.3306 0.1062 0.0966 Russell 3000 Index 0.3449 0.1523 0.1289 Russell 2000 Index 0.3643 0.0990 0.0905 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In connection with new regulatory requirements, effective the date of this report, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2000 Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2024)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>8,216,093,473</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;">134</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>46,582,448</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;">23<span>%</span></td> </tr> </table> 8216093473 134 46582448 0.23 <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2024)</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Sector allocation</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Finance</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">18.51<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">16.08<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Technology</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">12.59<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Capital Goods</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">11.93<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Real Estate Investment Trusts</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">7.22<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Basic Materials</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">6.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Business Services</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.69<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.35<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.34<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">2.97<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Top 10 equity holdings</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Brinker International</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.73<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Applied Industrial Technologies</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Prestige Consumer Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.50<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Summit Materials Class A</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.47<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Q2 Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Boise Cascade</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">ExlService Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.35<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Steven Madden</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.32<span>%</span></td> </tr> </table> 0.1851 0.1608 0.1259 0.1193 0.0722 0.0643 0.0469 0.0435 0.0434 0.0297 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Top 10 equity holdings</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Brinker International</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.73<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Applied Industrial Technologies</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Prestige Consumer Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.50<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Summit Materials Class A</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.47<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Q2 Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Boise Cascade</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">ExlService Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.35<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Steven Madden</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.32<span>%</span></td> </tr> </table> 0.0173 0.0169 0.0150 0.0147 0.0144 0.0144 0.0140 0.0140 0.0135 0.0132 <div style="font-family: 'arial'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 10pt; margin-top: 0px;" title="oef:MaterialFundChngTextBlock">Material Fund changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">On December 31, 2024, Delaware Small Cap Core Fund will be renamed Macquarie Small Cap Core Fund.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">On December 31, 2024, Delaware Small Cap Core Fund will be renamed Macquarie Small Cap Core Fund.</div> 2024-12-31 <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> macquarie.com/mam/literature 800 523-1918 Macquarie Small Cap Core Fund (formerly, Delaware Small Cap Core Fund) Class R6 DCZRX This annual shareholder report contains important information about Macquarie Small Cap Core Fund (Fund) for the period of <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">December 1, 2023,</span> to November 30, 2024. annual shareholder report You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET. macquarie.com/mam/literature 800 523-1918 <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; font-weight: bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;"><b>What were the </b> <b>Fund's</b> <b> costs for the </b> <b>last 12 months</b> <b>?</b></div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 10pt;"><i>(Based on a hypothetical $10,000 investment)</i></div> <table style="break-inside: avoid-page; table-layout: auto; width: 100%; border-collapse: collapse;"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-align: center; padding: 6pt 6pt 0 6pt;">Class</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; height: 20pt; border-bottom-color: initial;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">Class R6</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;"><span style="float: none;">$</span>79</td> <td style="break-inside: avoid-page; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; vertical-align: bottom; padding: 6pt 6pt 0 6pt;">0.68<span>%</span></td> </tr> </table> 79 0.0068 <div style="font-family: 'arial'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 10pt; margin-top: 14pt;">Management's discussion of<span style="white-space: nowrap;"> </span>Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Performance highlights</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">Macquarie Small Cap Core Fund (Class R6) returned 33.22% (excluding sales charge) for the 12 months ended <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">November 30, 2024.</span> During the same period, the Russell 3000^® Index, the Fund's broad-based securities market index, returned 34.49%, while the Russell 2000^® Index, the Fund's narrowly based securities market index, returned 36.43%.</div> <div style="font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top contributors to performance:</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Stock selection was strongest within the consumer services sector. Brinker International Inc., operator of Chili’s and Maggiano’s restaurants, contributed the most.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Holdings in the financials sector outperformed. Within the sector, stocks owned in the insurance and asset management industries were the largest contributors.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Holdings in the consumer discretionary sector outperformed over the period.</div> <div style="font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-top: 15pt; margin-bottom: 3pt;">Top detractors from performance:</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">The technology sector detracted the most from performance. A lack of exposure to Super Micro Computer Inc. detracted meaningfully from relative performance.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Holdings in the transportation sector underperformed. Ship freight, airlines, and trucking industries all detracted from performance.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 0px; margin-left: 26pt;">Stock selection in the consumer staples sector underperformed.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company.</div> <div style="break-before: always; margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 10pt;" title="oef:FactorsAffectingPerfTextBlock">Fund performance</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Class for the life of the Class. It also assumes a $10,000 initial investment at the Class's inception date in a <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">broad-based</span> securities market index and an additional narrowly based securities market index for the same period.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; font-weight: bold; margin-bottom: 3pt;">Growth of $10,000 investment</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">For the period May 2, 2016 (Class R6's inception), through November 30, 2024</div> <div style="margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g875111chartimages_9263217.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="border-bottom-style: solid; border-bottom-width: 1pt; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-indent: 0; width: 60%; line-height: 12pt; text-align: left; padding: 6pt 0 3pt 0;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2024</strong>)</td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: center; line-height: 12pt; padding: 6pt 0 3pt 0;"><strong>Since inception</strong><strong><br/>(5/2/16)</strong></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Macquarie Small Cap Core Fund (Class R6) – including sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">33.22</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">10.75</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">11.46</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Macquarie Small Cap Core Fund (Class R6) – excluding sales charge</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">33.22</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">10.75</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">11.46</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">34.49</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">15.23</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">14.81</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="border-bottom-width: 1pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-size: 10pt; font-family: 'Arial'; text-indent: 0; width: 75%; padding: 6pt 0 3pt 0;">Russell 2000 Index</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">36.43</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">9.90</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 3pt 0;">10.72</td> <td style="break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; width: 18pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 2016-05-02 Macquarie Small Cap Core Fund (Class R6) – including sales charge 0.3322 0.1075 0.1146 Macquarie Small Cap Core Fund (Class R6) – excluding sales charge 0.3322 0.1075 0.1146 Russell 3000 Index 0.3449 0.1523 0.1481 Russell 2000 Index 0.3643 0.0990 0.1072 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In connection with new regulatory requirements, effective the date of this report, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2000 Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe. <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2024)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>8,216,093,473</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;">134</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Total advisory fees paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;"><span style="float: none;">$</span>46,582,448</td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 10pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%; padding: 6pt 0 6pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; padding: 6pt 0 6pt 0;">23<span>%</span></td> </tr> </table> 8216093473 134 46582448 0.23 <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;"><b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2024)</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; margin-bottom: 10pt; line-height: 110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Sector allocation</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Finance</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">18.51<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">16.08<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Technology</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">12.59<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Capital Goods</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">11.93<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Real Estate Investment Trusts</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">7.22<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Basic Materials</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">6.43<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Business Services</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.69<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.35<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">4.34<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 10pt; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;">2.97<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; text-align: left; vertical-align: bottom; text-indent: -6pt; padding: 1pt 3pt 1pt 6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; vertical-align: bottom; padding: 1pt 3pt 1pt 3pt;"><strong></strong></td> </tr> </table> <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Top 10 equity holdings</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Brinker International</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.73<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Applied Industrial Technologies</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Prestige Consumer Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.50<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Summit Materials Class A</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.47<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Q2 Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Boise Cascade</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">ExlService Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.35<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Steven Madden</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.32<span>%</span></td> </tr> </table> 0.1851 0.1608 0.1259 0.1193 0.0722 0.0643 0.0469 0.0435 0.0434 0.0297 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; text-transform: none; letter-spacing: normal; font-size: 10pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; margin-top: 5pt;">Top 10 equity holdings</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Brinker International</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.73<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Applied Industrial Technologies</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.69<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Prestige Consumer Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.50<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Summit Materials Class A</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.47<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Federal Signal</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Q2 Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.44<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Semtech</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Boise Cascade</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.40<span>%</span></td> </tr> <tr style="border-bottom-width: initial; border-bottom-style: none; break-inside: avoid-page; border-bottom-color: initial; height: auto;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">ExlService Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.35<span>%</span></td> </tr> <tr style="border-bottom-width: 0.5pt; border-bottom-style: solid; break-inside: avoid-page; height: auto; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; text-indent: -6pt; padding: 1pt 1pt 1pt 6pt;">Steven Madden</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: #000000; font-size: 10pt; vertical-align: bottom; padding: 1pt;">1.32<span>%</span></td> </tr> </table> 0.0173 0.0169 0.0150 0.0147 0.0144 0.0144 0.0140 0.0140 0.0135 0.0132 <div style="font-family: 'arial'; color: #000000; font-size: 12pt; font-weight: bold; margin-bottom: 10pt; margin-top: 0px;" title="oef:MaterialFundChngTextBlock">Material Fund changes</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">On December 31, 2024, Delaware Small Cap Core Fund will be renamed Macquarie Small Cap Core Fund.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">On December 31, 2024, Delaware Small Cap Core Fund will be renamed Macquarie Small Cap Core Fund.</div> 2024-12-31 <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 10pt; line-height: 110%; margin-bottom: 5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space: nowrap; font-family: inherit; font-size: inherit; line-height: inherit; padding: inherit; margin: inherit;">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> macquarie.com/mam/literature 800 523-1918 Macquarie Small Cap Value Fund(formerly, Delaware Small Cap Value Fund) Class A DEVLX This annual shareholder report contains important information about Macquarie Small Cap Value Fund (Fund) for the period of <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">December 1, 2023,</span> to November 30, 2024. annual shareholder report You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET. macquarie.com/mam/literature 800 523-1918 <div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;font-weight:bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-bottom:3pt;"> <b>What were the </b> <b>Fund's</b> <b> costs for the </b> <b>last 12 months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div> <table style="break-inside:avoid-page;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center;">Class</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center; vertical-align: bottom;">Class A</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center; vertical-align: bottom;"><span style="float:none">$</span>128</td> <td style="break-inside: avoid-page; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center; vertical-align: bottom;">1.10<span>%</span></td> </tr> </table> 128 0.0110 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:10pt;margin-top:14pt;">Management's discussion of<span style="white-space:nowrap"> </span>Fund performance</div> </div> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-bottom:3pt;">Performance highlights</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">Macquarie Small Cap Value Fund (Class A) returned 33.14% (excluding sales charge) for the 12 months ended <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">November 30, 2024.</span> During the same period, the Russell 3000^® Index, the Fund's broad-based securities market index, returned 34.49%, while the Russell 2000^® Value Index, the Fund's narrowly based securities market index, returned 32.55%.</div> </div> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-top:15pt;margin-bottom:3pt;">Top contributors to performance:</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;">Stock selection was the most significant contributor to the Fund’s outperformance over the period. </div> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the financial services sector outperformed. Within the sector, stocks owned in the capital markets, banks, and insurance industries were the largest contributors.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Strong stock selection and a relative underweight allocation in the healthcare sector contributed.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the consumer discretionary sector outperformed over the period. The Fund’s positions in the hotels, restaurants, and leisure industry contributed.</div> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-top:15pt;margin-bottom:3pt;">Top detractors from performance:</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the basic industry sector lagged the stronger performance of the sector in the benchmark.</div> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the energy sector underperformed. Companies in the energy equipment and services industry detracted. The energy sector was the only sector in the Fund to decline for the period as the price of oil fell due to excess supply.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Stock selection in the industrials sector detracted from performance as holdings in the electrical equipment and machinery industries underperformed.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;"> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company.</div> </div> <div style="break-before:always;margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:10pt;" title="oef:FactorsAffectingPerfTextBlock">Fund performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">broad-based</span> securities market index and an additional narrowly based securities market index for the same period and the deduction of the maximum applicable sales charge for Class A shares.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-bottom:3pt;">Growth of $10,000 investment</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">For the period November 30, 2014, through November 30, 2024</div><div style="margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="g875111chartimages_9263204.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-indent: 0; width: 60%; line-height: 12pt; text-align: left;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2024</strong>)</td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-align: center; line-height: 12pt;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-align: center; line-height: 12pt;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-align: center; line-height: 12pt;"><strong>10 year</strong></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Macquarie Small Cap Value Fund (Class A) – including sales charge</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">25.48</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">8.30</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">7.68</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Macquarie Small Cap Value Fund (Class A) – excluding sales charge</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">33.14</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">9.60</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">8.32</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Russell 3000 Index</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">34.49</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">15.23</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">12.89</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Russell 2000 Value Index</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">32.55</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">9.93</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">8.37</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> </table> Macquarie Small Cap Value Fund (Class A) – including sales charge 0.2548 0.0830 0.0768 Macquarie Small Cap Value Fund (Class A) – excluding sales charge 0.3314 0.0960 0.0832 Russell 3000 Index 0.3449 0.1523 0.1289 Russell 2000 Value Index 0.3255 0.0993 0.0837 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In connection with new regulatory requirements, effective the date of this report, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2000 Value Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;"> <b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;"><span style="float:none">$</span>4,867,274,091</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;">106</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Total advisory fees paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;"><span style="float:none">$</span>30,121,937</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;">19<span>%</span></td> </tr> </table> 4867274091 106 30121937 0.19 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;"> <b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2024)</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Sector allocation</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Financial Services</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">29.68<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">16.13<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">11.14<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Real Estate Investment Trusts</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">8.49<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Basic Industry</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">7.68<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Technology</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">6.80<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">6.59<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">3.91<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">3.45<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">2.73<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Transportation</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">2.30<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;"><strong></strong></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;"><strong></strong></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;"><strong></strong></td> </tr> </table><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Top 10 equity holdings</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">East West Bancorp</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.12<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Webster Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.03<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.90<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.87<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Synovus Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.83<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">FNB</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.76<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">MasTec</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.70<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">ITT</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.67<span>%</span></td> </tr> </table><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.</div> 0.2968 0.1613 0.1114 0.0849 0.0768 0.0680 0.0659 0.0391 0.0345 0.0273 0.0230 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Top 10 equity holdings</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">East West Bancorp</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.12<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Webster Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.03<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.90<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.87<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Synovus Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.83<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">FNB</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.76<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">MasTec</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.70<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">ITT</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.67<span>%</span></td> </tr> </table> 0.0212 0.0203 0.0190 0.0187 0.0183 0.0177 0.0177 0.0176 0.0170 0.0167 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:10pt;margin-top:0px;" title="oef:MaterialFundChngTextBlock">Material Fund changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">On December 31, 2024, Delaware Small Cap Value Fund will be renamed Macquarie Small Cap Value Fund.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">On December 31, 2024, Delaware Small Cap Value Fund will be renamed Macquarie Small Cap Value Fund.</div> 2024-12-31 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> macquarie.com/mam/literature 800 523-1918 Macquarie Small Cap Value Fund(formerly, Delaware Small Cap Value Fund) Class C DEVCX This annual shareholder report contains important information about Macquarie Small Cap Value Fund (Fund) for the period of <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">December 1, 2023,</span> to November 30, 2024. annual shareholder report You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET. macquarie.com/mam/literature 800 523-1918 <div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;font-weight:bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-bottom:3pt;"> <b>What were the </b> <b>Fund's</b> <b> costs for the </b> <b>last 12 months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div> <table style="break-inside:avoid-page;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center;">Class</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center; vertical-align: bottom;">Class C</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center; vertical-align: bottom;"><span style="float:none">$</span>215</td> <td style="break-inside: avoid-page; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center; vertical-align: bottom;">1.85<span>%</span></td> </tr> </table> 215 0.0185 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:10pt;margin-top:14pt;">Management's discussion of<span style="white-space:nowrap"> </span>Fund performance</div> </div> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-bottom:3pt;">Performance highlights</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">Macquarie Small Cap Value Fund (Class C) returned 32.15% (excluding sales charge) for the 12 months ended <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">November 30, 2024.</span> During the same period, the Russell 3000^® Index, the Fund's broad-based securities market index, returned 34.49%, while the Russell 2000^® Value Index, the Fund's narrowly based securities market index, returned 32.55%.</div> </div> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-top:15pt;margin-bottom:3pt;">Top contributors to performance:</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;">Stock selection was the most significant contributor to the Fund’s outperformance over the period. </div> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the financial services sector outperformed. Within the sector, stocks owned in the capital markets, banks, and insurance industries were the largest contributors.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Strong stock selection and a relative underweight allocation in the healthcare sector contributed.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the consumer discretionary sector outperformed over the period. The Fund’s positions in the hotels, restaurants, and leisure industry contributed.</div> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-top:15pt;margin-bottom:3pt;">Top detractors from performance:</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the basic industry sector lagged the stronger performance of the sector in the benchmark.</div> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the energy sector underperformed. Companies in the energy equipment and services industry detracted. The energy sector was the only sector in the Fund to decline for the period as the price of oil fell due to excess supply.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Stock selection in the industrials sector detracted from performance as holdings in the electrical equipment and machinery industries underperformed.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;"> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company.</div> </div> <div style="break-before:always;margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:10pt;" title="oef:FactorsAffectingPerfTextBlock">Fund performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">broad-based</span> securities market index and an additional narrowly based securities market index for the same period.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-bottom:3pt;">Growth of $10,000 investment</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">For the period November 30, 2014, through November 30, 2024</div><div style="margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="g875111chartimages_9263206.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-indent: 0; width: 60%; line-height: 12pt; text-align: left;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2024</strong>)</td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-align: center; line-height: 12pt;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-align: center; line-height: 12pt;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-align: center; line-height: 12pt;"><strong>10 year</strong></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Macquarie Small Cap Value Fund (Class C) – including sales charge</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">31.15</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">8.78</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">7.51</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Macquarie Small Cap Value Fund (Class C) – excluding sales charge</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">32.15</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">8.78</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">7.51</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Russell 3000 Index</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">34.49</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">15.23</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">12.89</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Russell 2000 Value Index</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">32.55</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">9.93</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">8.37</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> </table> Macquarie Small Cap Value Fund (Class C) – including sales charge 0.3115 0.0878 0.0751 Macquarie Small Cap Value Fund (Class C) – excluding sales charge 0.3215 0.0878 0.0751 Russell 3000 Index 0.3449 0.1523 0.1289 Russell 2000 Value Index 0.3255 0.0993 0.0837 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In connection with new regulatory requirements, effective the date of this report, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2000 Value Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;"> <b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;"><span style="float:none">$</span>4,867,274,091</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;">106</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Total advisory fees paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;"><span style="float:none">$</span>30,121,937</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;">19<span>%</span></td> </tr> </table> 4867274091 106 30121937 0.19 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;"> <b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2024)</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Sector allocation</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Financial Services</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">29.68<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">16.13<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">11.14<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Real Estate Investment Trusts</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">8.49<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Basic Industry</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">7.68<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Technology</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">6.80<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">6.59<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">3.91<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">3.45<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">2.73<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Transportation</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">2.30<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;"><strong></strong></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;"><strong></strong></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;"><strong></strong></td> </tr> </table><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Top 10 equity holdings</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">East West Bancorp</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.12<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Webster Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.03<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.90<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.87<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Synovus Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.83<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">FNB</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.76<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">MasTec</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.70<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">ITT</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.67<span>%</span></td> </tr> </table><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.</div> 0.2968 0.1613 0.1114 0.0849 0.0768 0.0680 0.0659 0.0391 0.0345 0.0273 0.0230 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Top 10 equity holdings</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">East West Bancorp</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.12<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Webster Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.03<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.90<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.87<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Synovus Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.83<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">FNB</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.76<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">MasTec</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.70<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">ITT</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.67<span>%</span></td> </tr> </table> 0.0212 0.0203 0.0190 0.0187 0.0183 0.0177 0.0177 0.0176 0.0170 0.0167 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:10pt;margin-top:0px;" title="oef:MaterialFundChngTextBlock">Material Fund changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">On December 31, 2024, Delaware Small Cap Value Fund will be renamed Macquarie Small Cap Value Fund.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">On December 31, 2024, Delaware Small Cap Value Fund will be renamed Macquarie Small Cap Value Fund.</div> 2024-12-31 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> macquarie.com/mam/literature 800 523-1918 Macquarie Small Cap Value Fund(formerly, Delaware Small Cap Value Fund) Class R DVLRX This annual shareholder report contains important information about Macquarie Small Cap Value Fund (Fund) for the period of <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">December 1, 2023,</span> to November 30, 2024. annual shareholder report You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET. macquarie.com/mam/literature 800 523-1918 <div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;font-weight:bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-bottom:3pt;"> <b>What were the </b> <b>Fund's</b> <b> costs for the </b> <b>last 12 months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div> <table style="break-inside:avoid-page;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center;">Class</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center; vertical-align: bottom;">Class R</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center; vertical-align: bottom;"><span style="float:none">$</span>157</td> <td style="break-inside: avoid-page; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center; vertical-align: bottom;">1.35<span>%</span></td> </tr> </table> 157 0.0135 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:10pt;margin-top:14pt;">Management's discussion of<span style="white-space:nowrap"> </span>Fund performance</div> </div> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-bottom:3pt;">Performance highlights</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">Macquarie Small Cap Value Fund (Class R) returned 32.81% (excluding sales charge) for the 12 months ended <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">November 30, 2024.</span> During the same period, the Russell 3000^® Index, the Fund's broad-based securities market index, returned 34.49%, while the Russell 2000^® Value Index, the Fund's narrowly based securities market index, returned 32.55%.</div> </div> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-top:15pt;margin-bottom:3pt;">Top contributors to performance:</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;">Stock selection was the most significant contributor to the Fund’s outperformance over the period. </div> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the financial services sector outperformed. Within the sector, stocks owned in the capital markets, banks, and insurance industries were the largest contributors.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Strong stock selection and a relative underweight allocation in the healthcare sector contributed.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the consumer discretionary sector outperformed over the period. The Fund’s positions in the hotels, restaurants, and leisure industry contributed.</div> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-top:15pt;margin-bottom:3pt;">Top detractors from performance:</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the basic industry sector lagged the stronger performance of the sector in the benchmark.</div> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the energy sector underperformed. Companies in the energy equipment and services industry detracted. The energy sector was the only sector in the Fund to decline for the period as the price of oil fell due to excess supply.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Stock selection in the industrials sector detracted from performance as holdings in the electrical equipment and machinery industries underperformed.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;"> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company.</div> </div> <div style="break-before:always;margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:10pt;" title="oef:FactorsAffectingPerfTextBlock">Fund performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">broad-based</span> securities market index and an additional narrowly based securities market index for the same period.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-bottom:3pt;">Growth of $10,000 investment</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">For the period November 30, 2014, through November 30, 2024</div><div style="margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="g875111chartimages_9263207.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-indent: 0; width: 60%; line-height: 12pt; text-align: left;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2024</strong>)</td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-align: center; line-height: 12pt;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-align: center; line-height: 12pt;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-align: center; line-height: 12pt;"><strong>10 year</strong></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Macquarie Small Cap Value Fund (Class R) – including sales charge</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">32.81</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">9.33</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">8.05</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Macquarie Small Cap Value Fund (Class R) – excluding sales charge</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">32.81</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">9.33</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">8.05</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Russell 3000 Index</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">34.49</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">15.23</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">12.89</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Russell 2000 Value Index</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">32.55</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">9.93</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">8.37</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> </table> Macquarie Small Cap Value Fund (Class R) – including sales charge 0.3281 0.0933 0.0805 Macquarie Small Cap Value Fund (Class R) – excluding sales charge 0.3281 0.0933 0.0805 Russell 3000 Index 0.3449 0.1523 0.1289 Russell 2000 Value Index 0.3255 0.0993 0.0837 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In connection with new regulatory requirements, effective the date of this report, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2000 Value Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;"> <b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;"><span style="float:none">$</span>4,867,274,091</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;">106</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Total advisory fees paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;"><span style="float:none">$</span>30,121,937</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;">19<span>%</span></td> </tr> </table> 4867274091 106 30121937 0.19 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;"> <b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2024)</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Sector allocation</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Financial Services</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">29.68<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">16.13<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">11.14<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Real Estate Investment Trusts</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">8.49<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Basic Industry</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">7.68<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Technology</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">6.80<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">6.59<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">3.91<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">3.45<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">2.73<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Transportation</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">2.30<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;"><strong></strong></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;"><strong></strong></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;"><strong></strong></td> </tr> </table><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Top 10 equity holdings</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">East West Bancorp</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.12<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Webster Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.03<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.90<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.87<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Synovus Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.83<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">FNB</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.76<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">MasTec</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.70<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">ITT</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.67<span>%</span></td> </tr> </table><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.</div> 0.2968 0.1613 0.1114 0.0849 0.0768 0.0680 0.0659 0.0391 0.0345 0.0273 0.0230 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Top 10 equity holdings</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">East West Bancorp</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.12<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Webster Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.03<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.90<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.87<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Synovus Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.83<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">FNB</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.76<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">MasTec</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.70<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">ITT</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.67<span>%</span></td> </tr> </table> 0.0212 0.0203 0.0190 0.0187 0.0183 0.0177 0.0177 0.0176 0.0170 0.0167 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:10pt;margin-top:0px;" title="oef:MaterialFundChngTextBlock">Material Fund changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">On December 31, 2024, Delaware Small Cap Value Fund will be renamed Macquarie Small Cap Value Fund.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">On December 31, 2024, Delaware Small Cap Value Fund will be renamed Macquarie Small Cap Value Fund.</div> 2024-12-31 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> macquarie.com/mam/literature 800 523-1918 Macquarie Small Cap Value Fund(formerly, Delaware Small Cap Value Fund) Institutional Class DEVIX This annual shareholder report contains important information about Macquarie Small Cap Value Fund (Fund) for the period of <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">December 1, 2023,</span> to November 30, 2024. annual shareholder report You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET. macquarie.com/mam/literature 800 523-1918 <div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;font-weight:bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-bottom:3pt;"> <b>What were the </b> <b>Fund's</b> <b> costs for the </b> <b>last 12 months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div> <table style="break-inside:avoid-page;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center;">Class</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center; vertical-align: bottom;">Institutional Class</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center; vertical-align: bottom;"><span style="float:none">$</span>99</td> <td style="break-inside: avoid-page; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center; vertical-align: bottom;">0.85<span>%</span></td> </tr> </table> 99 0.0085 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:10pt;margin-top:14pt;">Management's discussion of<span style="white-space:nowrap"> </span>Fund performance</div> </div> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-bottom:3pt;">Performance highlights</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">Macquarie Small Cap Value Fund (Institutional Class) returned 33.48% (excluding sales charge) for the 12 months ended <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">November 30, 2024.</span> During the same period, the Russell 3000^® Index, the Fund's broad-based securities market index, returned 34.49%, while the Russell 2000^® Value Index, the Fund's narrowly based securities market index, returned 32.55%.</div> </div> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-top:15pt;margin-bottom:3pt;">Top contributors to performance:</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;">Stock selection was the most significant contributor to the Fund’s outperformance over the period. </div> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the financial services sector outperformed. Within the sector, stocks owned in the capital markets, banks, and insurance industries were the largest contributors.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Strong stock selection and a relative underweight allocation in the healthcare sector contributed.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the consumer discretionary sector outperformed over the period. The Fund’s positions in the hotels, restaurants, and leisure industry contributed.</div> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-top:15pt;margin-bottom:3pt;">Top detractors from performance:</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the basic industry sector lagged the stronger performance of the sector in the benchmark.</div> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the energy sector underperformed. Companies in the energy equipment and services industry detracted. The energy sector was the only sector in the Fund to decline for the period as the price of oil fell due to excess supply.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Stock selection in the industrials sector detracted from performance as holdings in the electrical equipment and machinery industries underperformed.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;"> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company.</div> </div> <div style="break-before:always;margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:10pt;" title="oef:FactorsAffectingPerfTextBlock">Fund performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Class. It also assumes a $10,000 initial investment at the beginning of the first full fiscal year in a <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">broad-based</span> securities market index and an additional narrowly based securities market index for the same period.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-bottom:3pt;">Growth of $10,000 investment</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">For the period November 30, 2014, through November 30, 2024</div><div style="margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="g875111chartimages_9263208.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-indent: 0; width: 60%; line-height: 12pt; text-align: left;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2024</strong>)</td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-align: center; line-height: 12pt;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-align: center; line-height: 12pt;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-align: center; line-height: 12pt;"><strong>10 year</strong></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Macquarie Small Cap Value Fund (Institutional Class) – including sales charge</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">33.48</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">9.87</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">8.59</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Macquarie Small Cap Value Fund (Institutional Class) – excluding sales charge</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">33.48</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">9.87</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">8.59</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Russell 3000 Index</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">34.49</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">15.23</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">12.89</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Russell 2000 Value Index</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">32.55</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">9.93</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">8.37</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> </table> Macquarie Small Cap Value Fund (Institutional Class) – including sales charge 0.3348 0.0987 0.0859 Macquarie Small Cap Value Fund (Institutional Class) – excluding sales charge 0.3348 0.0987 0.0859 Russell 3000 Index 0.3449 0.1523 0.1289 Russell 2000 Value Index 0.3255 0.0993 0.0837 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In connection with new regulatory requirements, effective the date of this report, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2000 Value Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;"> <b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;"><span style="float:none">$</span>4,867,274,091</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;">106</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Total advisory fees paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;"><span style="float:none">$</span>30,121,937</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;">19<span>%</span></td> </tr> </table> 4867274091 106 30121937 0.19 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;"> <b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2024)</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Sector allocation</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Financial Services</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">29.68<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">16.13<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">11.14<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Real Estate Investment Trusts</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">8.49<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Basic Industry</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">7.68<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Technology</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">6.80<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">6.59<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">3.91<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">3.45<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">2.73<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Transportation</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">2.30<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;"><strong></strong></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;"><strong></strong></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;"><strong></strong></td> </tr> </table><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Top 10 equity holdings</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">East West Bancorp</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.12<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Webster Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.03<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.90<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.87<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Synovus Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.83<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">FNB</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.76<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">MasTec</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.70<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">ITT</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.67<span>%</span></td> </tr> </table><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.</div> 0.2968 0.1613 0.1114 0.0849 0.0768 0.0680 0.0659 0.0391 0.0345 0.0273 0.0230 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Top 10 equity holdings</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">East West Bancorp</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.12<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Webster Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.03<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.90<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.87<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Synovus Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.83<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">FNB</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.76<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">MasTec</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.70<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">ITT</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.67<span>%</span></td> </tr> </table> 0.0212 0.0203 0.0190 0.0187 0.0183 0.0177 0.0177 0.0176 0.0170 0.0167 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:10pt;margin-top:0px;" title="oef:MaterialFundChngTextBlock">Material Fund changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">On December 31, 2024, Delaware Small Cap Value Fund will be renamed Macquarie Small Cap Value Fund.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">On December 31, 2024, Delaware Small Cap Value Fund will be renamed Macquarie Small Cap Value Fund.</div> 2024-12-31 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> macquarie.com/mam/literature 800 523-1918 Macquarie Small Cap Value Fund(formerly, Delaware Small Cap Value Fund) Class R6 DVZRX This annual shareholder report contains important information about Macquarie Small Cap Value Fund (Fund) for the period of <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">December 1, 2023,</span> to November 30, 2024. annual shareholder report You can find additional information about the Fund at macquarie.com/mam/literature. You can also request this information by contacting us at 800 523-1918, weekdays from 8:30am to 6:00pm ET. macquarie.com/mam/literature 800 523-1918 <div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;font-weight:bold;">This report describes changes to the Fund that occurred during the reporting period except as otherwise noted in the Material Fund changes section.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-bottom:3pt;"> <b>What were the </b> <b>Fund's</b> <b> costs for the </b> <b>last 12 months</b> <b>?</b> </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;"> <i>(Based on a hypothetical $10,000 investment)</i> </div> <table style="break-inside:avoid-page;table-layout:auto;width:100%;border-collapse:collapse"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; vertical-align: bottom; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center;">Class</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: center; vertical-align: bottom; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center; vertical-align: bottom;">Class R6</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center; vertical-align: bottom;"><span style="float:none">$</span>82</td> <td style="break-inside: avoid-page; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 6pt; padding-bottom: 0; padding-left: 6pt; text-align: center; vertical-align: bottom;">0.70<span>%</span></td> </tr> </table> 82 0.0070 <div style="margin-bottom:14pt;"> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:10pt;margin-top:14pt;">Management's discussion of<span style="white-space:nowrap"> </span>Fund performance</div> </div> <div style="break-inside:avoid;"> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-bottom:3pt;">Performance highlights</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">Macquarie Small Cap Value Fund (Class R6) returned 33.67% (excluding sales charge) for the 12 months ended <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">November 30, 2024.</span> During the same period, the Russell 3000^® Index, the Fund's broad-based securities market index, returned 34.49%, while the Russell 2000^® Value Index, the Fund's narrowly based securities market index, returned 32.55%.</div> </div> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-top:15pt;margin-bottom:3pt;">Top contributors to performance:</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;">Stock selection was the most significant contributor to the Fund’s outperformance over the period. </div> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the financial services sector outperformed. Within the sector, stocks owned in the capital markets, banks, and insurance industries were the largest contributors.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Strong stock selection and a relative underweight allocation in the healthcare sector contributed.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the consumer discretionary sector outperformed over the period. The Fund’s positions in the hotels, restaurants, and leisure industry contributed.</div> <div style="break-inside:avoid;"> <div style="font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-top:15pt;margin-bottom:3pt;">Top detractors from performance:</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the basic industry sector lagged the stronger performance of the sector in the benchmark.</div> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Holdings in the energy sector underperformed. Companies in the energy equipment and services industry detracted. The energy sector was the only sector in the Fund to decline for the period as the price of oil fell due to excess supply.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:0px;margin-left:26pt;"> Stock selection in the industrials sector detracted from performance as holdings in the electrical equipment and machinery industries underperformed.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;"> </div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">Frank Russell Company is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company.</div> </div> <div style="break-before:always;margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:10pt;" title="oef:FactorsAffectingPerfTextBlock">Fund performance</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years (or period) of the Class for the life of the Class. It also assumes a $10,000 initial investment at the Class's inception date in a <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">broad-based</span> securities market index and an additional narrowly based securities market index for the same period.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;font-weight:bold;margin-bottom:3pt;">Growth of $10,000 investment</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">For the period May 2, 2016 (Class R6's inception), through November 30, 2024</div><div style="margin-bottom:20pt;"> <img alt="Fund Performance - Growth of 10K" src="g875111chartimages_9263205.jpg" style="display: block; margin-left: auto; margin-right: auto; width: 468pt;"/> </div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page" title="oef:AvgAnnlRtrTableTextBlock"> <tr style="border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-indent: 0; width: 60%; line-height: 12pt; text-align: left;"><strong>Average annual total returns </strong>(<strong>as of </strong><strong>November 30, 2024</strong>)</td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-align: center; line-height: 12pt;"><strong>1 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-align: center; line-height: 12pt;"><strong>5 year</strong></td> <td colspan="2" style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; text-align: center; line-height: 12pt;"><strong>Since inception</strong><strong><br/> (5/2/16)</strong></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Macquarie Small Cap Value Fund (Class R6) – including sales charge</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">33.67</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">10.05</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">10.16</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Macquarie Small Cap Value Fund (Class R6) – excluding sales charge</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">33.67</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">10.05</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">10.16</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Russell 3000 Index</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">34.49</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">15.23</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">14.81</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> <tr style="border-bottom-width:1pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-right: 0; padding-bottom: 3pt; padding-left: 0; font-family: 'Arial'; text-indent: 0; width: 75%;">Russell 2000 Value Index</td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">32.55</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">9.93</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> <td style="padding-right: 0; break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; padding-left: 0;">9.87</td> <td style="padding-left: 0; padding-right: 0; break-inside: avoid-page; vertical-align: middle; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 3pt; text-align: left; width: 18pt;"><span>%</span></td> </tr> </table> 2016-05-02 Macquarie Small Cap Value Fund (Class R6) – including sales charge 0.3367 0.1005 0.1016 Macquarie Small Cap Value Fund (Class R6) – excluding sales charge 0.3367 0.1005 0.1016 Russell 3000 Index 0.3449 0.1523 0.1481 Russell 2000 Value Index 0.3255 0.0993 0.0987 Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future. Visit macquarie.com/mam/performance for the most recent performance information. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. In connection with new regulatory requirements, effective the date of this report, the Fund changed its broad-based securities market benchmark index to the Russell 3000 Index. Although the Russell 3000 Index can be considered broadly representative of the overall securities market applicable to the Fund, the Fund will continue to show the performance of the Russell 2000 Value Index for comparative purposes because Delaware Management Company, the Fund's manager, believes it is more representative of the Fund's investment universe. <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;"> <b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> statistics </b>(as of November 30, 2024)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;"><span style="float:none">$</span>4,867,274,091</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;">106</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Total advisory fees paid</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;"><span style="float:none">$</span>30,121,937</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-left: 0; padding-right: 0; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt; text-align: left; font-family: 'Arial'; font-weight: normal; width: 75%;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; white-space: nowrap; padding-left: 0; padding-right: 0; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 6pt; padding-bottom: 6pt;">19<span>%</span></td> </tr> </table> 4867274091 106 30121937 0.19 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;"> <b style="font-size: 12pt;">Fund</b> <b style="font-size: 12pt;"> holdings</b> (as of November 30, 2024)</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">The tables below show the investment makeup of the Fund, with each category representing a percentage of the total net assets of the Fund.</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Sector allocation</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Financial Services</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">29.68<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">16.13<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">11.14<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Real Estate Investment Trusts</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">8.49<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Basic Industry</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">7.68<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Technology</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">6.80<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">6.59<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Utilities</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">3.91<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Healthcare</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">3.45<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Consumer Staples</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">2.73<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Transportation</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;">2.30<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;"><strong></strong></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;"><strong></strong></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; text-align: left; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;"><strong></strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 1pt; padding-right: 3pt; padding-bottom: 1pt; padding-left: 3pt; vertical-align: bottom;"><strong></strong></td> </tr> </table><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Top 10 equity holdings</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">East West Bancorp</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.12<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Webster Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.03<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.90<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.87<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Synovus Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.83<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">FNB</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.76<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">MasTec</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.70<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">ITT</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.67<span>%</span></td> </tr> </table><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;margin-bottom:10pt;line-height:110%;">Categorizations used for financial reporting purposes may differ from categorizations used for regulatory compliance purposes.</div> 0.2968 0.1613 0.1114 0.0849 0.0768 0.0680 0.0659 0.0391 0.0345 0.0273 0.0230 <div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';color:rgb(0, 0, 0);text-transform:none;letter-spacing:normal;font-size:10pt;border-bottom-color:rgb(0, 0, 0);text-align:center;padding-bottom:5pt;margin-bottom:5pt;margin-top:5pt;">Top 10 equity holdings</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid-page"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">East West Bancorp</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.12<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Webster Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">2.03<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Stifel Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.90<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Hancock Whitney</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.87<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Synovus Financial</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.83<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Axis Capital Holdings</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">FNB</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.77<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">Columbia Banking System</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.76<span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">MasTec</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.70<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:auto;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 6pt; vertical-align: bottom; text-indent: -6pt;">ITT</td> <td style="break-inside: avoid-page; text-align: right; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 10pt; padding-top: 1pt; padding-right: 1pt; padding-bottom: 1pt; padding-left: 1pt; vertical-align: bottom;">1.67<span>%</span></td> </tr> </table> 0.0212 0.0203 0.0190 0.0187 0.0183 0.0177 0.0177 0.0176 0.0170 0.0167 <div style="font-family:'arial';color:rgb(0, 0, 0);font-size:12pt;font-weight:bold;margin-bottom:10pt;margin-top:0px;" title="oef:MaterialFundChngTextBlock">Material Fund changes</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">On December 31, 2024, Delaware Small Cap Value Fund will be renamed Macquarie Small Cap Value Fund.</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">On December 31, 2024, Delaware Small Cap Value Fund will be renamed Macquarie Small Cap Value Fund.</div> 2024-12-31 <div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:10pt;line-height:110%;margin-bottom:5pt;">This is a summary of certain changes to the Fund that occurred during the reporting period except as otherwise noted. For more complete information, you may review the Fund's next prospectus, which we expect to be available by April 1, 2025, at <span style="white-space:nowrap;font-family:inherit;font-size:inherit;line-height:inherit;margin-top:inherit;margin-right:inherit;margin-bottom:inherit;margin-left:inherit;padding-top:inherit;padding-right:inherit;padding-bottom:inherit;padding-left:inherit">macquarie.com/mam/literature</span> or upon request at 800 523-1918, weekdays from 8:30am to 6:00pm ET.</div> macquarie.com/mam/literature 800 523-1918