Schedule of investments
Delaware Hedged U.S. Equity Opportunities FundÂ
December 31, 2022 (Unaudited)
 |  | Number of shares | Value (US $) |
Common Stocks — 96.22% | |||
Communication Services — 5.64% | |||
Alphabet Class A †|  |  10,325 | $   910,975 |
Alphabet Class C †|  |   2,865 |     254,211 |
AT&T  |  |   2,869 |      52,818 |
Cable One  |  |     325 |     231,355 |
Cargurus †|  |   2,667 |      37,365 |
Charter Communications Class A †|  |     304 |     103,086 |
Match Group †|  |   2,636 |     109,368 |
Meta Platforms Class A †|  |   5,332 |     641,653 |
Netflix †|  |     666 |     196,390 |
Omnicom Group  |  |     262 |      21,371 |
Roku Class A †|  |   1,024 |      41,677 |
Take-Two Interactive Software †|  |     517 |      53,835 |
T-Mobile US †|  |   1,932 |     270,480 |
Verizon Communications  |  |   3,060 |     120,564 |
Walt Disney †|  |   1,409 |     122,414 |
ZoomInfo Technologies †|  |   2,362 |     71,120 |
 |  3,238,682 | ||
Consumer Discretionary — 11.62% | |||
Airbnb Class A †|  |   3,119 |     266,674 |
Amazon.com †|  |   8,825 |     741,300 |
Aramark  |  |   1,744 |      72,097 |
CarMax †|  |   3,719 |     226,450 |
Chewy Class A †|  |   2,976 |     110,350 |
Choice Hotels International  |  |   1,695 |     190,925 |
Compass Group  |  |   5,912 |     137,050 |
Denny's †|  |  10,548 |      97,147 |
Dollar General  |  |     291 |      71,659 |
Dollar Tree †|  |   1,489 |     210,604 |
Domino's Pizza  |  |     402 |     139,253 |
DraftKings Class A †|  |   4,619 |      52,610 |
Etsy †|  |   1,052 |     126,009 |
Garmin  |  |     201 |      18,550 |
Genuine Parts  |  |     181 |      31,405 |
Las Vegas Sands †|  |   7,222 |     347,161 |
Lennar Class A  |  |   3,295 |     298,197 |
Lululemon Athletica  †|  |     420 |     134,560 |
McDonald's  |  |   2,087 |     549,987 |
Monro  |  |   2,214 |     100,073 |
NIKE Class B  |  |   5,617 |     657,245 |
NVR †|  |     109 |     502,771 |
Ross Stores  |  |   1,901 |     220,649 |
Steven Madden  |  |   6,960 |     222,442 |
Tesla †|  |   1,001 |     123,303 |
Thor Industries  |  |   1,124 |      84,851 |
TJX  |  |   8,801 |     700,560 |
Ulta Beauty †|  |     288 |     135,092 |
 |  | Number of shares | Value (US $) |
Common Stocks (continued) | |||
Consumer Discretionary (continued) | |||
Visteon †|  |     826 | $   108,066 |
 |  6,677,040 | ||
Consumer Staples — 5.70% | |||
Campbell Soup  |  |     270 |      15,323 |
Church & Dwight  |  |     195 |      15,719 |
Clorox  |  |      88 |      12,349 |
Coca-Cola  |  |   3,615 |     229,950 |
Colgate-Palmolive  |  |   6,384 |     502,995 |
Conagra Brands  |  |     577 |      22,330 |
Costco Wholesale  |  |     184 |      83,996 |
General Mills  |  |     773 |      64,816 |
Hershey  |  |     190 |      43,998 |
Hormel Foods  |  |     390 |      17,765 |
J M Smucker  |  |     138 |      21,868 |
Kellogg  |  |     331 |      23,580 |
Keurig Dr Pepper  |  |   6,406 |     228,438 |
McCormick & Co.  |  |     325 |      26,939 |
Monster Beverage †|  |     882 |      89,549 |
PepsiCo  |  |   2,937 |     530,598 |
Philip Morris International  |  |   2,414 |     244,321 |
Procter & Gamble  |  |   3,844 |     582,597 |
Unilever  |  |   4,617 |     233,428 |
US Foods Holding †|  |   6,014 |     204,596 |
Walmart  |  |     563 |     79,828 |
 |  3,274,983 | ||
Energy — 3.29% | |||
Canadian Natural Resources  |  |   4,645 |     257,937 |
Cenovus Energy  |  |   6,312 |     122,516 |
Cheniere Energy  |  |     406 |      60,884 |
Chevron  |  |     372 |      66,770 |
ConocoPhillips  |  |   1,131 |     133,458 |
Diamondback Energy  |  |   2,002 |     273,833 |
EOG Resources  |  |     604 |      78,230 |
Exxon Mobil  |  |   1,001 |     110,410 |
Halliburton  |  |   7,440 |     292,764 |
Marathon Oil  |  |   5,611 |     151,890 |
Schlumberger  |  |   6,426 |    343,534 |
 |  1,892,226 | ||
Financials — 14.55% | |||
Aegon  |  |  41,400 |     208,656 |
Allstate  |  |   2,173 |     294,659 |
American Express  |  |   2,343 |     346,178 |
American International Group  |  |   3,212 |     203,127 |
Apollo Global Management  |  |   2,598 |     165,726 |
Arthur J Gallagher & Co.  |  |     269 |      50,717 |
Berkshire Hathaway Class B †|  |   1,122 |     346,586 |
Brown & Brown  |  |     305 |      17,376 |
Cadence Bank  |  |   6,553 |     161,597 |
Cboe Global Markets  |  |      88 |      11,041 |
NQ-FIP [12/22] 2/23 (2742142)Â Â Â Â 1
Schedule of investments
Delaware Hedged U.S. Equity Opportunities Fund   (Unaudited)
 |  | Number of shares | Value (US $) |
Common Stocks (continued) | |||
Financials (continued) | |||
Charles Schwab  |  |   9,347 | $   778,231 |
Chubb  |  |   3,973 |     876,444 |
CME Group  |  |     792 |     133,183 |
Credit Acceptance †|  |     499 |     236,726 |
Equitable Holdings  |  |   5,333 |     153,057 |
First Citizens BancShares Class A  |  |     148 |     112,237 |
First Republic Bank  |  |   1,029 |     125,425 |
Globe Life  |  |   1,736 |     209,275 |
Goldman Sachs Group  |  |     196 |      67,303 |
Hanover Insurance Group  |  |     857 |     115,806 |
Intercontinental Exchange  |  |     718 |      73,660 |
Kemper  |  |   4,493 |     221,056 |
M&T Bank  |  |   3,014 |     437,211 |
Markel †|  |     260 |     342,547 |
MarketAxess Holdings  |  |      44 |      12,271 |
Marsh & McLennan  |  |   3,654 |     604,664 |
MetLife  |  |   3,555 |     257,275 |
Moody's  |  |     279 |      77,735 |
Progressive  |  |   1,939 |     251,508 |
Raymond James Financial  |  |   1,609 |     171,922 |
Royal Bank of Canada  |  |   2,100 |     197,437 |
S&P Global  |  |     757 |     253,550 |
SEI Investments  |  |     150 |       8,745 |
Tradeweb Markets Class A  |  |   2,451 |     159,143 |
Travelers  |  |     233 |      43,685 |
US Bancorp  |  |   1,877 |      81,856 |
Voya Financial  |  |   5,848 |     359,594 |
Western Alliance Bancorp  |  |   2,640 |     157,238 |
Willis Towers Watson  |  |     142 |     34,730 |
 |  8,359,177 | ||
Healthcare — 13.39% | |||
Abbott Laboratories  |  |     450 |      49,405 |
Agilent Technologies  |  |   1,472 |     220,285 |
Alnylam Pharmaceuticals †|  |     427 |     101,477 |
Apellis Pharmaceuticals †|  |   1,414 |      73,118 |
AstraZeneca ADR  |  |   3,462 |     234,724 |
Avantor †|  |   6,448 |     135,988 |
Baxter International  |  |   4,334 |     220,904 |
Becton Dickinson and Co.  |  |     489 |     124,353 |
Boston Scientific †|  |   3,850 |     178,139 |
Bristol-Myers Squibb  |  |   1,318 |      94,830 |
Centene †|  |   2,991 |     245,292 |
Danaher  |  |   2,544 |     675,228 |
DENTSPLY SIRONA  |  |   4,066 |     129,461 |
Dexcom †|  |   1,098 |     124,338 |
Eli Lilly & Co.  |  |     953 |     348,646 |
Encompass Health  |  |   4,438 |     265,437 |
Exact Sciences †|  |   2,925 |     144,817 |
 |  | Number of shares | Value (US $) |
Common Stocks (continued) | |||
Healthcare (continued) | |||
Humana  |  |     394 | $   201,803 |
Insulet †|  |   1,167 |     343,553 |
Integra LifeSciences Holdings †|  |   2,873 |     161,089 |
Intuitive Surgical †|  |     567 |     150,453 |
Jazz Pharmaceuticals †|  |     834 |     132,865 |
Johnson & Johnson  |  |   3,037 |     536,486 |
Medtronic  |  |   3,666 |     284,922 |
Merck & Co.  |  |   1,040 |     115,388 |
Molina Healthcare †|  |     515 |     170,063 |
Novartis  |  |   1,204 |     108,844 |
Pfizer  |  |   9,742 |     499,180 |
PTC Therapeutics †|  |   2,383 |      90,959 |
Regeneron Pharmaceuticals †|  |     160 |     115,438 |
Seagen †|  |   1,559 |     200,347 |
Stryker  |  |   1,968 |     481,156 |
Syneos Health †|  |   2,791 |     102,374 |
Teleflex  |  |     731 |     182,480 |
Thermo Fisher Scientific  |  |     174 |      95,820 |
United Therapeutics †|  |     276 |      76,753 |
Veeva Systems Class A †|  |   1,266 |     204,307 |
Vertex Pharmaceuticals †|  |     267 |     77,104 |
 |  7,697,826 | ||
Healthcare Services — 1.02% | |||
UnitedHealth Group  |  |   1,103 |    584,788 |
 |    584,788 | ||
Industrials — 12.90% | |||
3M  |  |     721 |      86,462 |
AerCap Holdings †|  |   3,034 |     176,943 |
Airbus  |  |   1,307 |     155,326 |
Axon Enterprise †|  |     563 |      93,419 |
Builders FirstSource †|  |   2,153 |     139,687 |
Canadian National Railway  |  |   1,883 |     223,679 |
Cintas  |  |     549 |     247,939 |
Clean Harbors †|  |   1,300 |     148,356 |
Copart †|  |   5,277 |     321,317 |
CoStar Group †|  |   1,593 |     123,107 |
Esab  |  |   2,318 |     108,761 |
Expeditors International of Washington  |  |   2,741 |     284,845 |
Fastenal  |  |   2,775 |     131,313 |
Ferguson  |  |   1,184 |     150,332 |
Fortive  |  |   1,869 |     120,083 |
Fortune Brands Innovations  |  |   1,838 |     104,968 |
General Dynamics  |  |      34 |       8,436 |
Graco  |  |   1,495 |     100,554 |
Honeywell International  |  |   2,987 |     640,114 |
IDEX  |  |   1,162 |     265,319 |
JB Hunt Transport Services  |  |     770 |     134,257 |
Â
2Â Â Â Â NQ-FIP [12/22] 2/23 (2742142)
(Unaudited)
 |  | Number of shares | Value (US $) |
Common Stocks (continued) | |||
Industrials (continued) | |||
John Bean Technologies  |  |   1,302 | $   118,912 |
Johnson Controls International  |  |   2,322 |     148,608 |
Knight-Swift Transportation Holdings  |  |   4,073 |     213,466 |
Leidos Holdings  |  |   3,249 |     341,762 |
Lennox International  |  |     771 |     184,446 |
Lockheed Martin  |  |     265 |     128,920 |
Middleby †|  |   1,720 |     230,308 |
Nordson  |  |     303 |      72,029 |
Northrop Grumman  |  |     840 |     458,312 |
PACCAR  |  |   3,867 |     382,717 |
Rollins  |  |     283 |      10,341 |
Spirit AeroSystems Holdings Class A  |  |   4,736 |     140,186 |
Techtronic Industries  |  |  14,000 |     156,224 |
U-Haul Holding  |  |   2,856 |     157,023 |
Union Pacific  |  |   1,493 |     309,155 |
United Parcel Service Class B  |  |     390 |      67,798 |
Waste Connections  |  |     330 |      43,745 |
Westinghouse Air Brake Technologies  |  |   4,866 |    485,675 |
 |  7,414,844 | ||
Information Technology — 17.46% | |||
Accenture Class A  |  |   1,713 |     457,097 |
Amphenol Class A  |  |     781 |      59,465 |
ANSYS †|  |     112 |      27,058 |
Apple  |  |   8,234 |   1,069,844 |
Arista Networks †|  |   1,681 |     203,989 |
Automatic Data Processing  |  |     406 |      96,977 |
Black Knight †|  |   2,278 |     140,667 |
Block †|  |   2,898 |     182,110 |
CDW  |  |     759 |     135,542 |
Cisco Systems  |  |   2,249 |     107,142 |
Cognizant Technology Solutions Class A  |  |     682 |      39,004 |
Coherent †|  |   2,273 |      79,782 |
Constellation Software  |  |     250 |     390,318 |
Datadog Class A †|  |   1,032 |      75,852 |
Dynatrace †|  |   3,290 |     126,007 |
EPAM Systems †|  |      37 |      12,126 |
F5 †|  |   2,596 |     372,552 |
Fidelity National Information Services  |  |   2,329 |     158,023 |
First Solar †|  |     963 |     144,248 |
Fleetcor Technologies †|  |     776 |     142,536 |
Flex †|  |   7,930 |     170,178 |
Genpact  |  |   5,700 |     264,024 |
GoDaddy Class A †|  |   2,049 |     153,306 |
Guidewire Software †|  |     974 |      60,934 |
 |  | Number of shares | Value (US $) |
Common Stocks (continued) | |||
Information Technology (continued) | |||
Intel  |  |   2,837 | $    74,982 |
International Business Machines  |  |     279 |      39,308 |
Jack Henry & Associates  |  |      94 |      16,503 |
Lumentum Holdings †|  |   3,657 |     190,786 |
Mastercard Class A  |  |   1,032 |     358,857 |
Micron Technology  |  |   3,759 |     187,875 |
Microsoft  |  |   6,640 |   1,592,405 |
MKS Instruments  |  |   1,766 |     149,633 |
MongoDB †|  |     445 |      87,594 |
National Instruments  |  |   4,038 |     149,002 |
NVIDIA  |  |   1,279 |     186,913 |
NXP Semiconductors  |  |   1,241 |     196,115 |
Okta †|  |   1,080 |      73,796 |
Paychex  |  |     420 |      48,535 |
Paycom Software †|  |     502 |     155,776 |
QUALCOMM  |  |   1,827 |     200,860 |
Roper Technologies  |  |     138 |      59,628 |
Samsung Electronics GDR  |  |      74 |      74,000 |
Shopify Class A †|  |   1,692 |      58,729 |
SolarEdge Technologies †|  |     323 |      91,496 |
Synaptics †|  |     910 |      86,596 |
Synopsys †|  |      94 |      30,013 |
Topicus.com †|  |     386 |      20,267 |
Tyler Technologies †|  |      53 |      17,088 |
Visa Class A  |  |   2,982 |     619,540 |
VMware Class A †|  |   1,067 |     130,985 |
Western Union  |  |     490 |       6,747 |
WEX †|  |     851 |     139,266 |
Workday Class A †|  |   1,455 |     243,465 |
Zebra Technologies Class A †|  |     306 |     78,462 |
 | 10,034,003 | ||
Materials — 5.15% | |||
Albemarle  |  |     492 |     106,695 |
Ball  |  |   2,366 |     120,997 |
Celanese  |  |   1,379 |     140,989 |
CRH  |  |   4,273 |     170,421 |
Ecolab  |  |   2,969 |     432,168 |
Element Solutions  |  |   7,405 |     134,697 |
FMC  |  |   3,366 |     420,077 |
Linde  |  |   1,558 |     508,188 |
Nutrien  |  |     884 |      64,559 |
PPG Industries  |  |   1,307 |     164,342 |
Reliance Steel & Aluminum  |  |     968 |     195,962 |
Rio Tinto ADR  |  |   2,759 |     196,441 |
Sherwin-Williams  |  |     762 |     180,845 |
Valvoline  |  |   3,737 |    122,013 |
 |  2,958,394 |
Â
NQ-FIP [12/22] 2/23 (2742142)Â Â Â Â 3
Schedule of investments
Delaware Hedged U.S. Equity Opportunities Fund   (Unaudited)
 |  | Number of shares | Value (US $) |
Common Stocks (continued) | |||
Real Estate — 2.89% | |||
American Tower  |  |   2,864 | $   606,767 |
Americold Realty Trust  |  |   5,029 |     142,371 |
AvalonBay Communities  |  |     372 |      60,085 |
Equinix  |  |     237 |     155,242 |
Extra Space Storage  |  |     550 |      80,949 |
Gaming and Leisure Properties  |  |   3,308 |     172,314 |
Innovative Industrial Properties  |  |     646 |      65,472 |
Public Storage  |  |     543 |     152,143 |
Ryman Hospitality Properties  |  |   1,434 |     117,273 |
Welltower  |  |   1,632 |    106,978 |
 |  1,659,594 | ||
Technology — 0.45% | |||
Salesforce †|  |   1,971 |    261,335 |
 |    261,335 | ||
Utilities — 2.16% | |||
AES  |  |   6,571 |     188,982 |
American Electric Power  |  |      64 |       6,077 |
Avangrid  |  |   1,205 |      51,791 |
Consolidated Edison  |  |     459 |      43,747 |
Dominion Energy  |  |     777 |      47,646 |
Duke Energy  |  |   2,450 |     252,326 |
Exelon  |  |   7,587 |     327,986 |
Iberdrola  |  |  16,690 |     195,273 |
UGI  |  |   2,417 |      89,598 |
WEC Energy Group  |  |     407 |     38,160 |
 |  1,241,586 | ||
Total Common Stocks (cost $55,294,071) | 55,294,478 | ||
 | |||
Exchange-Traded Fund — 0.40% | |||
iShares Russell 1000 Growth ETF |  |   1,082 |    231,808 |
Total Exchange-Traded Fund (cost $253,554) |    231,808 |
 |  | Number of contracts |  |
Options Purchased — 0.82% | |||
Options on Indices — 0.82% | |||
S&P 500 Index, strike price $3,600, expiration date 2/28/23, notional amount $2,520,000 |  |       7 |     34,020 |
 |  | Number of contracts | Value (US $) |
Options Purchased (continued) | |||
S&P 500 Index, strike price $3,650, expiration date 3/17/23, notional amount $6,935,000 |  |      19 | $   148,960 |
S&P 500 Index, strike price $3,700, expiration date 12/30/22, notional amount $2,590,000 |  |       7 |          35 |
S&P 500 Index, strike price $3,750, expiration date 4/21/23, notional amount $4,125,000 |  |      11 |     150,645 |
S&P 500 Index, strike price $3,775, expiration date 1/31/23, notional amount $8,682,500 |  |      23 |    137,080 |
Total Options Purchased (cost $624,858) |    470,740 |
 |  | Number of shares |  |
Short-Term Investments — 1.99% | |||
Money Market Mutual Funds — 1.99% | |||
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.03%) |  | 286,810 |    286,810 |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.06%) |  | 286,811 |     286,811 |
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 4.23%) |  | 286,811 |     286,811 |
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 4.11%) |  | 286,811 |    286,811 |
Total Short-Term Investments (cost $1,147,243) |  1,147,243 | ||
Total Value of Securities Before Options Written—99.43% (cost $57,319,726) | 57,144,269 |
   Â
Â
4Â Â Â Â NQ-FIP [12/22] 2/23 (2742142)
(Unaudited)
 |  | Number of contracts | Value (US $) |
Options Written — (0.15%) | |||
Options on Indices — (0.15%) | |||
S&P 500 Index, strike price $3,300, expiration date 3/17/23, notional amount $(6,270,000) |  |     (19) | $   (39,425) |
S&P 500 Index, strike price $3,350, expiration date 4/21/23, notional amount $(3,685,000) |  |     (11) |    (48,840) |
Total Options Written (premium received $200,763) |    (88,265) | ||
Receivables and Other Assets Net of Liabilities—0.72% |  |  |    413,703 |
Net Assets Applicable to 7,509,412 Shares Outstanding—100.00% |  |  | $57,469,707 |
   Â
†| Non-income producing security. |
The following foreign currency exchange contracts and futures contracts were outstanding at December 31, 2022:
Foreign Currency Exchange Contracts | Â | Â | Â | Â | Â | Â | ||||||
Counterparty | Â | Currency to Receive (Deliver) | Â | In Exchange For | Â | Settlement Date | Â | Unrealized Appreciation | Â | Unrealized Depreciation | ||
BNP |  | GBP | (459,000) |  | USD | 563,041 |  | 3/15/23 |  | $7,093 |  | $— |
MSCI |  | CAD | (1,295,000) |  | USD | 950,789 |  | 3/15/23 |  | — |  | (6,207) |
SSB |  | CAD | 1,018 |  | USD | (751) |  | 1/4/23 |  | — |  | — |
Total Foreign Currency Exchange Contracts | Â | $7,093 | Â | $(6,207) |
Futures Contracts Exchange-Traded | |||||||||||||
Contracts to Buy (Sell) | Â | Notional Amount | Â | Notional Cost (Proceeds) | Â | Expiration Date | Â | Value/ Unrealized Appreciation | Â | Value/ Unrealized Depreciation | Â | Variation Margin Due from (Due to) Brokers | |
(12) | E-Mini S&P 500 Index |  | $(2,316,600) |  | $(2,381,196) |  | 3/17/23 |  | $64,597 |  | $— |  | $6,450 |
(15) | E-Mini S&P MidCap 400 Index |  | (3,663,900) |  | (3,729,787) |  | 3/17/23 |  | 65,888 |  | — |  | 20,100 |
(14) | EURO STOXX 50 Index |  | (567,232) |  | (590,966) |  | 3/17/23 |  | 23,734 |  | — |  | 10,236 |
(10) | FTSE 100 Index |  | (902,602) |  | (901,015) |  | 3/17/23 |  | — |  | (1,588) |  | 4,342 |
(2) | MSCI EAFE Index |  | (194,940) |  | (198,331) |  | 3/17/23 |  | 3,391 |  | — |  | 2,010 |
(6) | S&P/TSX 60 Index |  | (1,036,839) |  | (1,072,446) |  | 3/16/23 |  | 35,607 |  | — |  | 7,714 |
Total Futures Contracts | Â | $(8,873,741) | Â | Â | Â | $193,217 | Â | $(1,588) | Â | $50,852 |
Summary of abbreviations:  |
ADR – American Depositary Receipt |
BNP – BNP Paribas |
EAFE – Europe, Australasia, and Far East |
NQ-FIP [12/22] 2/23 (2742142)Â Â Â Â 5
Schedule of investments
Delaware Hedged U.S. Equity Opportunities Fund   (Unaudited)
Summary of abbreviations:  (continued) |
ETF – Exchange-Traded Fund |
FTSE – Financial Times Stock Exchange |
GDR – Global Depositary Receipt |
MSCI – Morgan Stanley Capital International |
S&P – Standard & Poor’s Financial Services LLC |
SSB – State Street Bank |
Summary of currencies:  |
CAD – Canadian Dollar |
GBP – British Pound Sterling |
USD – US Dollar |
6Â Â Â Â NQ-FIP [12/22] 2/23 (2742142)