NPORT-EX 2 AFIPDEL123122.htm
Schedule of investments
Delaware Hedged U.S. Equity Opportunities Fund 
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)    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
 
2    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
 
NQ-FIP [12/22] 2/23 (2742142)    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
    
 
4    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
    
† Non-income producing security.
The following foreign currency exchange contracts and futures contracts were outstanding at December 31, 2022:
Foreign Currency Exchange Contracts            
Counterparty   Currency to
Receive (Deliver) 		  In Exchange For   Settlement
Date 		  Unrealized
Appreciation 		  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   $7,093   $(6,207)
Futures Contracts
Exchange-Traded
Contracts to Buy (Sell)   Notional
Amount 		  Notional
Cost
(Proceeds) 		  Expiration
Date 		  Value/
Unrealized
Appreciation 		  Value/
Unrealized
Depreciation 		  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   $(8,873,741)       $193,217   $(1,588)   $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)    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
6    NQ-FIP [12/22] 2/23 (2742142)