NPORT-EX 2 AFIP0DEL063023.htm
Schedule of investments
Delaware Hedged U.S. Equity Opportunities Fund 
June 30, 2023 (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks — 97.87%
Communication Services — 6.39%
Activision Blizzard †       945 $    79,663
Alphabet Class A †    12,384   1,482,365
Alphabet Class C †     1,888     228,391
AT&T      2,701      43,081
Cable One        283     185,954
Cargurus †     3,483      78,820
Charter Communications Class A †       291     106,905
Electronic Arts      1,016     131,775
Liberty Media Class C †     1,531     115,254
Match Group †     3,206     134,171
Meta Platforms Class A †     2,812     806,988
Netflix †       282     124,218
Omnicom Group        240      22,836
Roku †     1,569     100,353
T-Mobile US †       103      14,307
Verizon Communications      2,711     100,822
ZoomInfo Technologies †     2,262     57,432
   3,813,335
Consumer Discretionary — 10.90%
Airbnb Class A †     2,988     382,942
Amazon.com †     8,310   1,083,292
Aramark      2,384     102,631
Booking Holdings †        46     124,215
CarMax †     2,653     222,056
Chewy Class A †     3,731     147,263
Choice Hotels International      1,388     163,118
Compass Group      4,877     136,571
Deckers Outdoor †       322     169,907
Denny's †    10,369     127,746
Etsy †       624      52,797
Garmin        183      19,085
Genuine Parts        167      28,262
Hasbro        155      10,039
Las Vegas Sands †     2,904     168,432
Lennar Class A      1,003     125,686
Lululemon Athletica  †       106      40,121
McDonald's      1,957     583,988
Monro      2,302      93,530
NIKE Class B      4,760     525,361
NVR †        89     565,205
Ross Stores      1,949     218,541
Steven Madden      8,144     266,227
Tesla †       951     248,943
TJX      7,059     598,533
Visteon †       986     141,600
Wyndham Hotels & Resorts      2,304    157,985
   6,504,076
    Number of
shares 		Value (US $)
Common Stocks (continued)
Consumer Staples — 6.32%
Campbell Soup        250 $    11,428
Church & Dwight        185      18,543
Clorox         83      13,200
Coca-Cola      3,415     205,651
Colgate-Palmolive      6,030     464,551
Conagra Brands        549      18,512
Costco Wholesale         75      40,379
Dollar General        253      42,954
Dollar Tree †     1,612     231,322
General Mills        708      54,304
Hershey        175      43,697
Hormel Foods        356      14,318
J M Smucker        126      18,606
Kellogg        305      20,557
Keurig Dr Pepper      5,024     157,100
Lamb Weston Holdings      1,163     133,687
McCormick & Co.        294      25,646
Monster Beverage †     1,690      97,074
PepsiCo      2,775     513,985
Philip Morris International      2,156     210,469
Procter & Gamble      3,639     552,182
Sysco      2,299     170,586
Tyson Foods Class A      3,928     200,485
Unilever      4,406     229,439
US Foods Holding †     4,573     201,212
Walmart        527     82,834
   3,772,721
Energy — 2.90%
Canadian Natural Resources      4,437     249,626
Cheniere Energy        389      59,268
Chevron        369      58,062
ConocoPhillips      1,346     139,459
Diamondback Energy      2,311     303,573
Exxon Mobil        932      99,957
Halliburton      6,579     217,041
Marathon Oil      6,261     144,128
Schlumberger      7,173     352,338
Targa Resources      1,450    110,345
   1,733,797
Financials — 15.30%
Aegon     38,633     195,869
Allstate      2,275     248,066
American Express      2,921     508,838
American International Group      1,573      90,510
Arthur J Gallagher & Co.        250      54,893
Berkshire Hathaway Class B †     1,443     492,063
Block †     4,297     286,051
Brown & Brown        285      19,619
Cboe Global Markets         82      11,317
NQ- FIP [0623] 0823 (3054875)    1
Schedule of investments
Delaware Hedged U.S. Equity Opportunities Fund   (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks (continued)
Financials (continued)
Charles Schwab      6,527 $   369,950
Chubb      3,696     711,702
CME Group Class A        400      74,116
Credit Acceptance †       477     242,283
Equitable Holdings      6,290     170,836
Everest Re Group        406     138,795
First Citizens BancShares Class A        121     155,298
FleetCor Technologies †       741     186,050
Globe Life      1,495     163,882
Intercontinental Exchange        664      75,085
Jack Henry & Associates         86      14,390
Kemper      4,284     206,746
M&T Bank      4,972     615,335
Markel Group †       213     294,617
MarketAxess Holdings         42      10,980
Marsh & McLennan      3,452     649,252
Mastercard Class A        149      58,602
MetLife      3,571     201,869
Moody's        231      80,323
New York Community Bancorp     34,899     392,265
Progressive      1,588     210,204
Raymond James Financial      2,281     236,699
S&P Global        639     256,169
SEI Investments        135       8,049
SouthState      2,423     159,433
Tradeweb Markets Class A      3,655     250,294
Travelers        219      38,032
US Bancorp      1,681      55,540
Visa Class A      2,819     669,456
Voya Financial      5,073     363,785
WEX †       755     137,463
Willis Towers Watson        129     30,380
   9,135,106
Healthcare — 13.82%
Abbott Laboratories        427      46,552
Agilent Technologies        350      42,087
agilon health †     3,431      59,494
Align Technology †       539     190,612
Alnylam Pharmaceuticals †       288      54,703
Apellis Pharmaceuticals †       632      57,575
AstraZeneca ADR      3,450     246,916
Avantor †     6,153     126,383
Becton Dickinson and Co.         71      18,745
Bristol-Myers Squibb      1,238      79,170
Centene †     3,437     231,826
Danaher      2,656     637,440
DENTSPLY SIRONA      3,880     155,278
Dexcom †     1,877     241,213
    Number of
shares 		Value (US $)
Common Stocks (continued)
Healthcare (continued)
Eli Lilly & Co.        818 $   383,626
Encompass Health      3,334     225,745
Exact Sciences †     3,204     300,856
Hologic †       955      77,326
Humana        464     207,468
Insulet †       925     266,714
Integra LifeSciences
Holdings † 		    3,367     138,485
Intuitive Surgical †       542     185,331
Jazz Pharmaceuticals †       913     113,185
Johnson & Johnson      2,871     475,208
Medtronic      3,463     305,090
Merck & Co.        968     111,698
Molina Healthcare †       688     207,253
Novartis      1,659     167,259
Pfizer     13,235     485,460
PTC Therapeutics †     2,617     106,433
Quest Diagnostics      1,501     210,981
Shockwave Medical †       286      81,627
Stryker      1,652     504,009
Teleflex        512     123,919
Thermo Fisher Scientific        128      66,784
United Therapeutics †       791     174,613
UnitedHealth Group      1,594     766,140
Veeva Systems Class A †     1,323     261,597
Vertex Pharmaceuticals †       330    116,130
   8,250,931
Industrials — 13.37%
3M        659      65,959
AerCap Holdings †     5,633     357,808
Airbus      1,854     268,055
Automatic Data Processing        384      84,399
Axon Enterprise †     1,013     197,657
Builders FirstSource †     1,141     155,176
Canadian National Railway      1,542     186,728
Cintas        449     223,189
Clean Harbors †       494      81,228
Copart †     5,533     504,665
Expeditors International of Washington      2,258     273,512
Fastenal      2,342     138,155
Ferguson        940     147,871
Fortive      1,536     114,847
Fortune Brands Innovations      2,788     200,597
General Dynamics        209      44,966
Genpact      5,920     222,414
Graco      1,305     112,687
Honeywell International      2,823     585,772
IDEX        951     204,712
 
2    NQ- FIP [0623] 0823 (3054875)
(Unaudited)
    Number of
shares 		Value (US $)
Common Stocks (continued)
Industrials (continued)
JB Hunt Transport Services        725 $   131,247
John Bean Technologies      1,326     160,844
Johnson Controls International      1,700     115,838
Knight-Swift Transportation Holdings      3,889     216,073
Leidos Holdings      4,581     405,327
Lennox International        632     206,076
Lockheed Martin        250     115,095
Lumine Group †       625       8,572
Middleby †     1,103     163,056
Nordson         61      15,139
Northrop Grumman        794     361,905
PACCAR      3,685     308,250
Paychex        387      43,294
Paycom Software        455     146,164
Rollins        265      11,350
Techtronic Industries     14,000     153,099
Uber Technologies †     3,846     166,032
U-Haul Holding      2,339     118,517
Union Pacific      1,017     208,099
United Parcel Service Class B        371      66,502
Vicor †     1,033      55,782
Waste Connections        307      43,880
Westinghouse Air Brake Technologies      3,608     395,689
WW Grainger         14      11,040
Zurn Elkay Water Solutions      6,760    181,776
   7,979,043
Information Technology — 18.73%
Accenture Class A      1,848     570,256
Advanced Micro Devices †     1,147     130,655
Amphenol Class A        710      60,315
ANSYS †       279      92,145
Apple      6,420   1,245,287
Black Knight †     2,192     130,928
Broadcom        249     215,990
Cadence Design Systems †        93      21,810
CDW        643     117,991
Cisco Systems      2,135     110,465
Cognizant Technology Solutions Class A        610      39,821
Constellation Software        205     424,741
Datadog Class A †     1,506     148,160
DocuSign †     2,161     110,406
Dynatrace †     2,796     143,910
EPAM Systems †        34       7,642
F5 †     1,167     170,685
First Solar †       898     170,701
Flex †    14,875     411,145
    Number of
shares 		Value (US $)
Common Stocks (continued)
Information Technology (continued)
GoDaddy Class A †     1,750 $   131,478
IBM        326      43,622
Intel      2,706      90,489
Intuit         34      15,578
Lumentum Holdings †     2,968     168,375
Micron Technology      3,266     206,117
Microsoft      6,161   2,098,067
MKS Instruments      2,006     216,849
MongoDB †       394     161,930
Monolithic Power Systems        113      61,046
NVIDIA      2,264     957,717
NXP Semiconductors      1,184     242,341
Okta †     1,034      71,708
QUALCOMM      2,005     238,675
Roper Technologies        127      61,062
Salesforce †     2,122     448,294
Samsung Electronics GDR         70      79,816
Seagate Technology Holdings      2,669     165,131
ServiceNow †       329     184,888
Shopify Class A †     4,411     284,951
SolarEdge Technologies †       309      83,136
Synaptics †     1,299     110,909
Synopsys †       184      80,115
Texas Instruments      1,274     229,345
Topicus.com †       320      26,245
Tyler Technologies †        49      20,407
Workday Class A †     1,354     305,855
Zebra Technologies Class A †       240     70,999
  11,178,198
Materials — 4.73%
Albemarle        416      92,805
Ball      1,945     113,218
Celanese      1,254     145,213
CRH      3,290     181,984
Ecolab      2,805     523,665
Element Solutions      6,065     116,448
FMC      2,485     259,285
Ingevity †     1,991     115,797
Linde      1,472     560,950
PPG Industries      1,246     184,782
Reliance Steel & Aluminum        618     167,843
Rio Tinto ADR      3,115     198,862
Sherwin-Williams        624    165,684
   2,826,536
Real Estate — 3.32%
American Tower      2,976     577,165
AvalonBay Communities        554     104,856
Brixmor Property Group      7,355     161,810
CoStar Group †     1,688     150,232
 
NQ- FIP [0623] 0823 (3054875)    3
Schedule of investments
Delaware Hedged U.S. Equity Opportunities Fund   (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks (continued)
Real Estate (continued)
Equinix        227 $   177,954
Extra Space Storage      1,428     212,558
Gaming and Leisure Properties      2,683     130,018
Innovative Industrial Properties        620      45,266
Public Storage        469     136,892
UDR      4,262     183,096
Welltower      1,228     99,333
   1,979,180
Utilities — 2.09%
AES      6,638     137,606
American Electric Power         61       5,136
Atmos Energy        921     107,149
Avangrid      1,157      43,596
Consolidated Edison         85       7,684
Dominion Energy        359      18,593
Duke Energy      2,202     197,607
Edison International      2,844     197,516
Exelon      7,042     286,891
Iberdrola     16,196     211,500
WEC Energy Group        379     33,443
   1,246,721
Total Common Stocks
(cost $52,723,752) 		58,419,644
    Number of
contracts 		 
Options Purchased — 0.15%
Options on Indices — 0.15%
S&P 500 Index, strike price $3,725, expiration date
7/21/23, notional amount $5,215,000 		       14      1,785
S&P 500 Index, strike price $3,800, expiration date
8/18/23, notional amount $5,320,000 		       14      6,860
S&P 500 Index, strike price $3,825, expiration date
9/29/23, notional amount $5,737,500 		       15     23,550
    Number of
contracts 		Value (US $)
Options Purchased (continued)
S&P 500 Index, strike price $4,000, expiration date
11/17/23, notional amount $5,600,000 		       14 $    57,960
Total Options Purchased
(cost $431,390) 		    90,155
    Number of
shares 		 
Short-Term Investments — 1.69%
Money Market Mutual Funds — 1.69%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 4.99%)   252,160    252,160
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 4.99%)   252,162    252,162
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.14%)   252,163    252,163
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.03%)   252,163    252,163
Total Short-Term Investments
(cost $1,008,648) 		 1,008,648
Total Value of Securities Before
Options Written—99.71%
(cost $54,163,790) 		59,518,447
    Number of
contracts 		 
Options Written — (0.06%)
Options on Indices — (0.06%)
S&P 500 Index, strike price $3,425, expiration date
9/29/23, notional amount $(5,137,500) 		      (15)    (10,050)
 
4    NQ- FIP [0623] 0823 (3054875)
(Unaudited)
    Number of
contracts 		Value (US $)
Options Written (continued)
Options on Indices (continued)
S&P 500 Index, strike price $3,600, expiration date
11/17/23, notional amount $(5,040,000) 		      (14) $   (26,740)
Total Options Written
(premium received $104,602) 		   (36,790)
Receivables and Other Assets Net of Liabilities—0.35%       208,334★
Net Assets Applicable to 7,204,051 Shares Outstanding—100.00%     $59,689,991
† Non-income producing security.
★ Includes $654,202 cash collateral held at broker for futures contracts as of June 30, 2023.
 
NQ- FIP [0623] 0823 (3054875)    5
Schedule of investments
Delaware Hedged U.S. Equity Opportunities Fund   (Unaudited)
The following foreign currency exchange contracts and futures contracts were outstanding at June 30, 2023:
Foreign Currency Exchange Contracts        
Counterparty   Currency to
Receive (Deliver) 		  In Exchange For   Settlement
Date 		  Unrealized
Depreciation
BB   CAD (1,295,000)   USD 969,297   9/20/23   $(9,522)
MSCI   GBP (459,000)   USD 571,638   9/20/23   (11,406)
Total Foreign Currency Exchange Contracts   $(20,928)
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
(22) E-Mini S&P 500 Index   $(4,937,075)   $(4,776,450)   9/15/23   $—   $(160,625)   $(57,750)
(13) E-Mini S&P MidCap 400 Index   (3,437,330)   (3,338,105)   9/15/23   —   (99,225)   (21,450)
(24) EURO STOXX 50 Index   (1,159,378)   (1,136,415)   9/15/23   —   (22,963)   (12,351)
(8) FTSE 100 Index   (766,216)   (770,927)   9/15/23   4,711   —   (5,972)
(1) MSCI EAFE Index   (107,775)   (106,975)   9/15/23   —   (800)   (1,265)
(5) S&P/TSX 60 Index   (919,872)   (906,358)   9/14/23   —   (13,514)   (11,550)
Total Futures Contracts   $(11,035,230)       $4,711   $(297,127)   $(110,338)
The use of foreign currency exchange contracts and futures contracts involves elements of market risk and risks in excess of the amounts disclosed in the schedule of investments. 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
BB – Barclays Bank
EAFE – Europe, Australasia, and Far East
FTSE – Financial Times Stock Exchange
GDR – Global Depositary Receipt
MSCI – Morgan Stanley Capital International
Summary of abbreviations:  (continued)
S&P – Standard & Poor’s Financial Services LLC
Summary of currencies: 
CAD – Canadian Dollar
GBP – British Pound Sterling
USD – US Dollar
 
6    NQ- FIP [0623] 0823 (3054875)