Schedule of investments

Delaware Hedged U.S. Equity Opportunities Fund December 31, 2019 (Unaudited)

	Number of shares		Value (US $)
Common Stock – 95.36%
Communication Services - 4.77%
Activision Blizzard	2,662	$	158,176
Alphabet Class A †	90		120,545
AT&T	22,063		862,222
Charter Communications Class A †	351		170,263
Cinemark Holdings	12,870		435,649
Comcast Class A	9,745		438,233
Electronic Arts †	1,511		162,448
Facebook Class A †	1,005		206,276
Ocean Outdoor 144A #†	3,783		27,238
Pinterest Class A †	19,510		363,666
Roku †	2,847		381,213
Spotify Technology †	2,522		377,165
T-Mobile US †	3,708		290,781
Verizon Communications	4,926		302,456
ViacomCBS Class B	2,834		118,943
Walt Disney	2,505		362,298
			4,777,572
Consumer Discretionary - 12.37%
Alibaba Group Holding ADR †	1,195		253,459
Amazon. com †	578		1,068,052
Autoliv	418		35,283
Burlington Stores †	718		163,726
CarMax †	3,137		275,021
Carter’s	2,697		294,890
Choice Hotels International	3,789		391,896
Compass Group	13,780		344,981
Dollar Tree †	1,635		153,772
Expedia Group	1,995		215,739
Five Below †	851		108,809
Floor & Decor Holdings Class A †	3,652		185,558
General Motors	5,386		197,128
Genuine Parts	2,804		297,869
Grand Canyon Education †	1,630		156,138
Home Depot	4,476		977,469
Lennar Class A	7,543		420,824
Lowe’s	1,199		143,592
Marriott International Class A	1,026		155,367
Marriott Vacations Worldwide	1,738		223,785
McDonald’s	5,366		1,060,375
NIKE Class B	9,078		919,692
Norwegian Cruise Line Holdings †	2,439		142,462

NQ-QQV [12/19] 2/20 (1081418) 1

Schedule of investments

Delaware Hedged U.S. Equity Opportunities Fund (Unaudited)

	Number of shares		Value (US $)
Common Stock (continued)
Consumer Discretionary (continued)
NVR †	144	$	548,411
Peloton Interactive Class A †	3,444		97,810
Planet Fitness Class A †	2,293		171,241
Ross Stores	5,180		603,056
Royal Caribbean Cruises	2,239		298,929
Steven Madden	10,027		431,261
TJX	13,247		808,862
Tractor Supply	2,520		235,469
Under Armour Class A †	8,558		184,853
Vail Resorts	588		141,020
Veoneer †	388		6,061
Wayfair Class A †	1,407		127,151
Whirlpool	293		43,226
Wyndham Destinations	983		50,811
Wyndham Hotels & Resorts	7,390		464,166
			12,398,214
Consumer Staples - 5.83%
Altria Group	11,488		573,366
Archer-Daniels-Midland	2,903		134,554
Bunge	424		24,401
Coca-Cola	19,387		1,073,070
Colgate-Palmolive	11,835		814,721
Diageo	18,227		772,712
JM Smucker	591		61,541
Kellogg	1,507		104,224
Kroger	9,281		269,056
Lamb Weston Holdings	1,619		139,283
Monster Beverage †	4,183		265,830
PepsiCo	6,277		857,878
Philip Morris International	4,803		408,687
US Foods Holding †	8,238		345,090
			5,844,413
Energy - 2.00%
Apergy †	428		14,458
Canadian Natural Resources	8,154		263,782
Chevron	2,353		283,560
Cimarex Energy	1,616		84,824
Concho Resources	2,354		206,140
Diamondback Energy	5,246		487,144
Enbridge	2,731		108,612
Halliburton	4,366		106,836
Marathon Petroleum	620		37,355

2 NQ-QQV [12/19] 2/20 (1081418)

(Unaudited)

	Number of shares		Value (US $)
Common Stock (continued)
Energy (continued)
Noble Energy	12,768	$	317,157
Tenaris ADR	4,162		94,228
			2,004,096
Financials - 13.86%
Aflac	11,289		597,188
Alleghany †	192		153,517
Allstate	2,088		234,796
American Express	7,473		930,314
Assurant	2,563		335,958
Athene Holding Class A †	4,460		209,754
Atlantic Union Bankshares	3,052		114,603
AXA Equitable Holdings	4,880		120,926
Bank of America	9,058		319,023
Bank OZK	4,451		135,778
Berkshire Hathaway Class B †	1,509		341,788
Blackstone Group Class A	2,829		158,254
Charles Schwab	7,471		355,321
Chubb (Switzerland)	5,790		901,271
Citigroup	4,050		323,555
CNO Financial Group	31,077		563,426
Comerica	5,138		368,651
Credit Acceptance †	713		315,381
FactSet Research Systems	493		132,272
Fidelity National Financial	5,919		268,427
First Citizens BancShares Class A	205		109,103
First Republic Bank	1,807		212,232
IBERIABANK	4,309		322,442
Kemper	4,593		355,957
KeyCorp	15,028		304,167
Lincoln National	6,017		355,063
London Stock Exchange Group	1,168		119,903
M&T Bank	3,244		550,669
Markel †	510		583,017
Marsh & McLennan	5,386		600,054
MetLife	7,055		359,593
Moody’s	590		140,072
People’s United Financial	11,046		186,677
PNC Financial Services Group	3,750		598,613
Raymond James Financial	3,796		339,590
Reinsurance Group of America	2,028		330,686
SLM	16,472		146,766

NQ-QQV [12/19] 2/20 (1081418) 3

Schedule of investments

Delaware Hedged U.S. Equity Opportunities Fund (Unaudited)

	Number of shares		Value (US $)
Common Stock (continued)
Financials (continued)
TD Ameritrade Holding	2,618	$	130,115
Travelers	2,347		321,422
Unum Group	5,904		172,161
Voya Financial	2,356		143,669
White Mountains Insurance Group	170		189,637
Zions Bancorp	8,615		447,291
			13,899,102
Healthcare - 16.23%
ABIOMED †	919		156,772
Acadia Healthcare †	7,553		250,911
Agilent Technologies	2,909		248,167
Alnylam Pharmaceuticals †	3,179		366,125
AstraZeneca ADR	5,629		280,662
Baxter International	7,297		610,175
Becton Dickinson and Co.	2,767		752,541
Bristol-Myers Squibb	2,494		160,090
Centene †	4,145		260,596
CVS Health	6,853		509,109
Danaher	3,312		508,326
DENTSPLY SIRONA	1,348		76,283
DexCom †	1,401		306,455
Elanco Animal Health †	7,050		207,622
Eli Lilly & Co.	1,039		136,556
Encompass Health	6,388		442,497
Exact Sciences †	1,792		165,724
Galapagos ADR †	881		182,217
Gilead Sciences	2,012		130,740
Haemonetics †	2,118		243,358
Hill-Rom Holdings	3,041		345,245
Humana	522		191,323
Insulet †	2,871		491,515
Intuitive Surgical †	452		267,200
Ionis Pharmaceuticals †	4,607		278,309
Johnson & Johnson	12,625		1,841,609
Koninklijke Philips	3,985		194,468
Laboratory Corp. of America Holdings †	1,201		203,173
McKesson	916		126,701
Medtronic	9,220		1,046,009
Merck & Co.	8,847		804,635
Mettler-Toledo International †	330		261,782
Pfizer	20,695		810,830

4 NQ-QQV [12/19] 2/20 (1081418)

(Unaudited)

	Number of shares		Value (US $)
Common Stock (continued)
Healthcare (continued)
Regeneron Pharmaceuticals †	300	$	112,644
Seattle Genetics †	2,142		244,745
Stryker	3,635		763,132
Teleflex	760		286,094
Thermo Fisher Scientific	1,173		381,073
UnitedHealth Group	3,976		1,168,864
Veeva Systems Class A †	1,569		220,696
WellCare Health Plans †	709		234,119
			16,269,092
Industrials - 14.65%
AMERCO	765		287,502
AO Smith	3,132		149,208
Canadian National Railway	10,108		914,394
Cintas	1,804		485,420
Clean Harbors †	3,802		326,021
Copart †	3,519		320,018
CoStar Group †	364		217,781
Cummins	722		129,209
Deere & Co.	1,157		200,462
Delta Air Lines	2,940		171,931
Dover	3,171		365,489
Equifax	1,956		274,075
Expeditors International of Washington	3,204		249,976
Fastenal	5,216		192,731
Fortive	3,126		238,795
Fortune Brands Home & Security	2,524		164,918
Gardner Denver Holdings †	10,195		373,953
General Dynamics	4,996		881,045
Herman Miller	2,989		124,492
Huntington Ingalls Industries	270		67,738
IDEX	2,575		442,900
Ingersoll-Rand	5,830		774,924
JB Hunt Transport Services	900		105,102
JELD-WEN Holding †	12,135		284,080
Kennametal	9,673		356,837
L3Harris Technologies	4,336		857,964
Lennox International	1,696		413,773
Lockheed Martin	1,041		405,345
PACCAR	4,170		329,847
Pentair	2,008		92,107
Raytheon	751		165,025

NQ-QQV [12/19] 2/20 (1081418) 5

Schedule of investments

Delaware Hedged U.S. Equity Opportunities Fund (Unaudited)

	Number of shares		Value (US $)
Common Stock (continued)
Industrials (continued)
Republic Services	6,751	$	605,092
Rockwell Automation	2,086		422,770
Sanwa Holdings	11,643		130,468
Southwest Airlines	4,636		250,251
Spirit Airlines †	2,617		105,491
SPX FLOW †	7,198		351,766
Steelcase Class A	6,982		142,852
TransUnion	3,581		306,569
Uber Technologies †	14,073		418,531
Union Pacific	3,943		712,855
Waste Connections	2,348		213,175
Westinghouse Air Brake Technologies	4,515		351,267
Xylem	4,017		316,499
			14,690,648
Information Technology - 13.49%
Accenture Class A	2,473		520,740
Advanced Micro Devices †	9,707		445,163
Alteryx Class A †	1,200		120,084
Amdocs	7,247		523,161
Apple	1,811		531,800
Black Knight †	4,189		270,107
Broadcom	523		165,278
CDW	1,883		268,968
Coherent †	2,303		383,104
Constellation Software	382		371,001
Fair Isaac †	549		205,699
Fleetcor Technologies †	957		275,348
Genpact	12,063		508,697
Global Payments	1,599		291,913
GoDaddy Class A †	7,638		518,773
Guidewire Software †	2,439		267,729
Ichor Holdings †	5,480		182,320
Intel	5,888		352,397
International Business Machines	1,764		236,447
KLA	1,088		193,849
Lumentum Holdings †	7,778		616,795
Marvell Technology Group	7,740		205,574
Maxim Integrated Products	3,111		191,358
Micron Technology †	2,418		130,040
Microsoft	5,525		871,293
MKS Instruments	3,024		332,670
Motorola Solutions	779		125,528

6 NQ-QQV [12/19] 2/20 (1081418)

(Unaudited)

	Number of shares		Value (US $)
Common Stock (continued)
Information Technology (continued)
PayPal Holdings †	2,883	$	311,854
Samsung Electronics GDR	218		211,460
ServiceNow †	2,123		599,365
Slack Technologies Class A †	14,262		320,610
Splunk †	2,913		436,280
TE Connectivity	6,831		654,683
VeriSign †	1,444		278,230
Visa Class A	2,169		407,555
Western Digital	4,092		259,719
WEX †	957		200,453
Workday Class A †	2,515		413,592
Zebra Technologies Class A †	734		187,493
Zoom Video Communications Class A †	2,052		139,618
			13,526,748
Materials - 4.03%
Ball	3,427		221,624
Cabot	7,392		351,268
Carpenter Technology	5,519		274,736
Celanese	4,795		590,360
CRH	3,170		127,733
Eastman Chemical	2,937		232,787
FMC	6,560		654,819
Linde	3,365		716,409
Nucor	4,045		227,653
Nutrien	1,668		79,858
Reliance Steel & Aluminum	2,123		254,250
Sherwin-Williams	529		308,693
			4,040,190
Real Estate - 5.74%
Acadia Realty Trust	3,242		84,065
Alexandria Real Estate Equities	1,241		200,521
American Tower	3,583		823,445
Americold Realty Trust	5,569		195,249
AvalonBay Communities	2,063		432,611
Boston Properties	1,443		198,932
Columbia Property Trust	5,259		109,966
Equinix	702		409,757
Federal Realty Investment Trust	425		54,710
Gaming and Leisure Properties	10,054		432,825
Highwoods Properties	9,029		441,608
Host Hotels & Resorts	10,640		197,372
Kimco Realty	7,142		147,911

NQ-QQV [12/19] 2/20 (1081418) 7

Schedule of investments

Delaware Hedged U.S. Equity Opportunities Fund (Unaudited)

	Number of shares		Value (US $)
Common Stock (continued)
Real Estate (continued)
Life Storage	3,356	$	363,388
Mid-America Apartment Communities	552		72,787
Public Storage	4,300		915,728
Simon Property Group	834		124,233
SL Green Realty	392		36,017
UDR	2,752		128,518
Welltower	4,729		386,738
			5,756,381
Utilities - 2.39%
CMS Energy	2,517		158,168
Dominion Energy	2,556		211,688
Duke Energy	1,315		119,941
Eversource Energy	2,204		187,494
Exelon	5,615		255,988
Iberdrola ADR	3,657		151,071
Pinnacle West Capital	1,006		90,470
Southern	10,217		650,823
UGI	12,568		567,571
			2,393,214
Total Common Stock (cost $78,145,281)			95,599,670
	Number of contracts
Options Purchased – 0.65%
Futures Put Options - 0.65%
S&P 500 Index strike price $2,700, expiration date 6/19/20,
notional amount $10,800,000	40		102,600
S&P 500 Index strike price $2,775, expiration date 9/18/20,
notional amount $10,822,500	39		217,425
S&P 500 Index strike price $2,850, expiration date 3/20/20,
notional amount $10,545,000	37		51,430
S&P 500 Index strike price $2,875, expiration date
12/18/20, notional amount $8,337,500	29		282,605
Total Options Purchased (cost $1,415,572)			654,060
	Number of shares
Short-Term Investments – 3.65%
Money Market Mutual Funds - 3.65%
BlackRock FedFund – Institutional Shares (seven-day
effective yield 1.52%)	731,825		731,825
Fidelity Investments Money Market Government
Portfolio – Class I (seven-day effective yield 1.49%)	731,825		731,825

8 NQ-QQV [12/19] 2/20 (1081418)

(Unaudited)

	Number of shares			Value (US $)
Short-Term Investments (continued)
GS Financial Square Government Fund – Institutional
Shares (seven-day effective yield 1.51%)	731,825		$	731,825
Morgan Stanley Government Portfolio – Institutional Share
Class (seven-day effective yield 1.48%)	731,825			731,825
State Street Institutional US Government Money Market
Fund – Investor Class (seven-day effective yield 1.45%)	731,824			731,824
Total Short-Term Investments (cost $3,659,124)				3,659,124
Total Value of Securities Before Options Written – 99.66%
(cost $83,219,977)				99,912,854
	Number of contracts
Options Written – (0.33%)
Futures Put Options - (0.33%)
S&P 500 Index strike price $2,475, expiration date 6/19/20,
notional amount ($9,900,000)	(40	)		(49,400)
S&P 500 Index strike price $2,550, expiration date 9/18/20,
notional amount ($9,945,000)	(39	)		(120,705)
S&P 500 Index strike price $2,625, expiration date
12/18/20, notional amount ($7,612,500)	(29	)		(163,270)
Total Options Written (premium received $699,104)				(333,375)
Receivables and Other Assets Net of Liabilities – 0.67% ★				675,662
Net Assets Applicable to 9,131,647 Shares Outstanding – 100.00%			$	100,255,141

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.
	At Dec. 31, 2019, the aggregate value of Rule 144A securities was $27,238, which represents 0.03%
	of the Fund’s net assets.
★  Includes $635,910 cash collateral held at broker for certain open derivatives as of Dec. 31, 2019.
†	Non-income producing security.

The following foreign currency exchange contracts and futures contracts were outstanding at
Dec. 31, 2019:

Foreign Currency Exchange Contracts

	Currency to				Settlement		Unrealized		Unrealized
Counterparty	Receive (Deliver)		In Exchange For		Date		Appreciation		Depreciation
CITI	JPY	16,000,000	USD	(146,728)	3/18/20	$	1,185	$	—
HSBC	GBP	(1,271,000)	USD	1,674,215	3/18/20		—		(12,986)
RBC	CAD	(1,590,000)	USD	1,206,665	3/18/20		—		(18,113)
RBC	JPY	(16,000,000)	USD	148,163	3/18/20		250		—
Total Foreign Currency Exchange Contracts						$	1,435	$	(31,099)

NQ-QQV [12/19] 2/20 (1081418) 9

Schedule of investments

Delaware Hedged U.S. Equity Opportunities Fund (Unaudited)

Futures Contracts
																Variation
																Margin
							Notional				Value/		Value/			Due from
				Notional			Cost		Expiration		Unrealized		Unrealized			(Due to)
Contracts to Buy (Sell)				Amount			(Proceeds)		Date		Appreciation		Depreciation			Brokers
		E-mini
		Russell 2000
(1	)	Index	$	(83,530	)	$	(81,838	)	3/20/20	$	—	$	(1,692	)	$	(110	)
		E-mini S&P
(22	)	500 Index		(3,554,210	)		(3,477,982	)	3/20/20		—		(76,228	)		(8,470	)
		E-mini S&P
		MidCap 400
(53	)	Index		(10,943,440	)		(10,753,790	)	3/20/20		—		(189,650	)		(10,070	)
		FTSE 100
(15	)	Index		(1,489,977	)		(1,479,321	)	3/20/20		—		(10,656	)		7,158
		MSCI EAFE
(7	)	Index		(712,775	)		(714,117	)	3/20/20		1,342		—			(3,570	)
		MSCI
		Emerging
		Markets
(9	)	Index		(504,090	)		(488,208	)	3/20/20		—		(15,882	)		(1,395	)
		S&P/TSX 60
(11	)	Index		(1,715,206	)		(1,714,525	)	3/19/20		—		(681	)		2,860
Total Futures
Contracts						$	(18,709,781	)		$	1,342	$	(294,789	)	$	(13,597	)

The use of foreign currency exchange contracts and futures contracts involve elements of market risk
and risks in excess of the amounts disclosed in these financial statements. The foreign currency
exchange contracts and notional amounts presented above represent the Fund’s total exposure in such
contracts, whereas only the net unrealized appreciation (depreciation) and variation margin are reflected
in the Fund’s net assets.

Summary of abbreviations: 

ADR – American Depositary Receipt 

CAD – Canadian Dollar 

CITI – Citibank, N. A. 

EAFE – Europe Australasia Far East 

FTSE – Financial Times Stock Exchange 

GBP – British Pound Sterling 

GDR – Global Depositary Receipt 

GS – Goldman Sachs 

HSBC – HSBC Bank USA, National Association 

JPY – Japanese Yen 

LLC – Limited Liability Company 

10 NQ-QQV [12/19] 2/20 (1081418)

(Unaudited)

MSCI – Morgan Stanley Capital International 

Summary of abbreviations: (continued) 

RBC – Royal Bank of Canada 

S&P – Standard & Poor’s Financial Services LLC 

TSX – Toronto Stock Exchange 

USD – US Dollar 

NQ-QQV [12/19] 2/20 (1081418) 11