NPORT-EX 2 AFIP0DEL123123.htm
Schedule of investments
Delaware Hedged U.S. Equity Opportunities Fund 
December 31, 2023 (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks — 96.20%
Communication Services — 6.43%
Alphabet Class A †     9,184 $ 1,282,913
Alphabet Class C †     1,960     276,223
Cable One        129      71,800
Cargurus †     3,679      88,885
Charter Communications Class A †       262     101,834
Electronic Arts        937     128,191
Liberty Media-Liberty Formula One Class C †     1,492      94,190
Meta Platforms Class A †     2,275     805,259
Netflix †       435     211,793
Omnicom Group        175      15,139
Pinterest Class A †     2,441      90,415
Roku †       210      19,248
Spotify Technology †       633     118,947
T-Mobile US      1,759     282,020
Verizon Communications      1,486     56,022
   3,642,879
Consumer Discretionary — 10.34%
Amazon.com †     8,310   1,262,621
CarMax †     1,183      90,783
Chewy Class A †     1,214      28,687
Choice Hotels International      1,033     117,039
Compass Group      3,998     109,361
Deckers Outdoor †       269     179,808
Denny's †    10,367     112,793
DraftKings Class A †     3,770     132,893
Floor & Decor Holdings Class A †       407      45,405
Garmin        135      17,353
Gentex      4,969     162,288
Genuine Parts        124      17,174
Goodyear Tire & Rubber †     6,742      96,545
Hasbro        115       5,872
Las Vegas Sands      3,340     164,361
Lululemon Athletica  †        49      25,053
McDonald's      1,745     517,410
Mobileye Global Class A †     2,196      95,131
NIKE Class B      4,763     517,119
NVR †        60     420,027
O'Reilly Automotive †        80      76,006
Ross Stores      1,320     182,675
Steven Madden      7,932     333,144
Tesla †       989     245,747
TJX      6,094     571,678
Wyndham Hotels & Resorts      3,766     302,824
Yum! Brands        248     32,404
   5,862,201
    Number of
shares 		Value (US $)
Common Stocks (continued)
Consumer Staples — 6.09%
Campbell Soup        172 $     7,436
Church & Dwight        219      20,709
Coca-Cola      2,968     174,904
Colgate-Palmolive      5,831     464,789
Conagra Brands        423      12,123
Costco Wholesale         54      35,644
Dollar Tree †     1,667     236,797
elf Beauty †       612      88,336
General Mills        518      33,743
Hershey        133      24,797
Hormel Foods        267       8,573
J M Smucker         93      11,753
Kellanova        242      13,530
Kenvue     13,783     296,748
Kraft Heinz        760      28,105
McCormick & Co.        221      15,121
Mondelez International Class A        808      58,523
Monster Beverage †     1,647      94,884
PepsiCo      2,517     427,487
Philip Morris International      1,759     165,487
Procter & Gamble      3,300     483,582
Sysco      2,273     166,224
Tyson Foods Class A      3,278     176,192
Unilever      3,965     192,052
US Foods Holding †     3,250     147,583
Walmart        414     65,267
   3,450,389
Energy — 2.83%
Canadian Natural Resources      3,321     217,592
Cheniere Energy        379      64,699
Chevron        311      46,389
ConocoPhillips      1,220     141,605
Diamondback Energy      1,874     290,620
Enbridge      4,121     148,350
Exxon Mobil        803      80,284
Halliburton      3,937     142,323
Marathon Oil      4,933     119,181
Schlumberger      5,974     310,887
Targa Resources        450      39,092
Williams        106      3,692
   1,604,714
Financials — 15.36%
Aegon     28,238     162,651
Allstate      1,959     274,221
American Express      2,567     480,902
American International Group      1,187      80,419
Arthur J Gallagher & Co.        190      42,727
Berkshire Hathaway Class B †     1,294     461,518
NQ- FIP [1223] 0224 (3377166)    1

 

Schedule of investments
Delaware Hedged U.S. Equity Opportunities Fund   (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks (continued)
Financials (continued)
Block †     2,529 $   195,618
Brown & Brown        213      15,146
Cadence Bank      5,126     151,678
Cboe Global Markets         92      16,428
Charles Schwab      4,962     341,386
Chubb      3,739     845,014
CME Group        317      66,760
Credit Acceptance †       390     207,765
Equitable Holdings      4,782     159,241
First Citizens BancShares Class A         99     140,478
Fiserv †        29       3,852
FleetCor Technologies †       570     161,088
Globe Life      1,348     164,079
Hanover Insurance Group      1,170     142,061
Intercontinental Exchange        503      64,600
Jack Henry & Associates         64      10,458
Kemper      4,593     223,541
KKR & Co.      1,060      87,821
M&T Bank      4,126     565,592
Markel Group †       174     247,063
MarketAxess Holdings         32       9,371
Marsh & McLennan      2,771     525,021
Mastercard Class A         88      37,533
MetLife      2,581     170,682
Moody's        187      73,035
Morgan Stanley      2,651     247,206
New York Community Bancorp     33,709     344,843
Progressive      1,298     206,745
Raymond James Financial      2,006     223,669
S&P Global        146      64,316
SEI Investments         99       6,291
SouthState      2,199     185,706
Tradeweb Markets Class A      2,826     256,827
Travelers        171      32,574
Visa Class A      2,368     616,509
Voya Financial      4,426     322,921
WEX †       239      46,497
Willis Towers Watson         92     22,190
   8,704,043
Healthcare — 12.51%
Abbott Laboratories        336      36,984
Agilent Technologies      1,552     215,775
Align Technology †       525     143,850
Alnylam Pharmaceuticals †        79      15,121
Apellis Pharmaceuticals †       833      49,863
AstraZeneca ADR      3,785     254,920
Becton Dickinson and Co.         56      13,655
Bristol-Myers Squibb        827      42,433
    Number of
shares 		Value (US $)
Common Stocks (continued)
Healthcare (continued)
Cencora        150 $    30,807
Centene †     3,160     234,504
Danaher      2,576     595,932
DENTSPLY SIRONA      8,173     290,877
Dexcom †     1,107     137,368
Eli Lilly & Co.        694     404,547
Encompass Health      1,228      81,932
Exact Sciences †     2,879     212,988
Humana        459     210,135
IDEXX Laboratories †       104      57,725
Inari Medical †       219      14,218
Insulet †       610     132,358
Integra LifeSciences
Holdings † 		    3,459     150,639
Intuitive Surgical †       466     157,210
Jazz Pharmaceuticals †       367      45,141
Johnson & Johnson      2,619     410,502
Medtronic      3,267     269,135
Merck & Co.        767      83,618
Mettler-Toledo International †        43      52,157
Novartis      1,577     159,134
Pfizer     11,246     323,772
PTC Therapeutics †     1,582      43,600
Quest Diagnostics      1,558     214,817
Sarepta Therapeutics †       333      32,111
Shockwave Medical †       581     110,715
Stryker      1,400     419,244
Teleflex        456     113,699
Thermo Fisher Scientific         55      29,193
Ultragenyx Pharmaceutical †       901      43,086
United Therapeutics †       672     147,766
UnitedHealth Group      1,782     938,170
Veeva Systems Class A †       216      41,584
Vertex Pharmaceuticals †       322    131,019
   7,092,304
Industrials — 14.08%
3M        374      40,886
AerCap Holdings †     4,357     323,812
Airbus        768     118,510
AMETEK        129      21,271
Automatic Data Processing        221      51,486
Axon Enterprise †       671     173,339
Builders FirstSource †       956     159,595
Canadian National Railway      1,260     158,374
Ceridian HCM Holding †       310      20,807
CH Robinson Worldwide        102       8,812
Cintas        367     221,176
Copart †     7,637     374,213
Delta Air Lines      2,566     103,230
 
2    NQ- FIP [1223] 0224 (3377166)

 

(Unaudited)
    Number of
shares 		Value (US $)
Common Stocks (continued)
Industrials (continued)
Dover        944 $   145,197
Emerson Electric      1,186     115,433
Expeditors International of Washington      1,821     231,631
Fastenal      1,848     119,695
FedEx        357      90,310
Fortive      1,249      91,964
Fortune Brands Innovations      2,072     157,762
General Dynamics        693     179,951
Genpact      3,722     129,191
Graco      1,311     113,742
Honeywell International      2,557     536,228
IDEX        777     168,694
JB Hunt Transport Services        233      46,539
John Bean Technologies      1,036     103,030
Knight-Swift Transportation Holdings      6,672     384,641
Leidos Holdings      3,197     346,043
Lennox International        488     218,390
Lockheed Martin        432     195,800
Lumine Group †       493      11,125
Middleby †     1,815     267,114
Nordson         45      11,887
Northrop Grumman      1,183     553,810
PACCAR      2,966     289,630
Paychex        308      36,686
Rollins        208       9,083
RTX      2,668     224,486
Snap-on         34       9,821
Techtronic Industries     14,485     172,611
Toro        800      76,792
Uber Technologies †     2,651     163,222
U-Haul Holding      1,904     134,118
Union Pacific        916     224,988
United Parcel Service Class B      2,015     316,818
Waste Connections        103      15,375
Westinghouse Air Brake Technologies      2,229     282,860
WW Grainger         38     31,490
   7,981,668
Information Technology — 19.22%
Accenture Class A      1,511     530,225
Adobe †       303     180,770
Amphenol Class A        526      52,142
ANSYS †       196      71,124
Apple      6,601   1,270,891
Arista Networks †       119      28,026
ARM Holdings ADR †     2,046     153,747
Broadcom        298     332,643
    Number of
shares 		Value (US $)
Common Stocks (continued)
Information Technology (continued)
Cadence Design Systems †       106 $    28,871
CDW        310      70,469
Cisco Systems      1,645      83,105
Cognizant Technology Solutions Class A        448      33,837
Constellation Software        167     414,052
Datadog Class A †       429      52,072
Dynatrace †       843      46,104
F5 †       842     150,701
First Solar †       138      23,775
Flex †     9,792     298,264
HP        495      14,895
HubSpot †        94      54,571
International Business Machines        430      70,327
Intuit         65      40,627
Lumentum Holdings †     2,734     143,316
Micron Technology      4,550     388,297
Microsoft      5,646   2,123,122
MKS Instruments      1,884     193,807
MongoDB †       324     132,467
Monolithic Power Systems         70      44,155
NVIDIA      2,125   1,052,342
NXP Semiconductors      1,114     255,864
Oracle      1,822     192,093
QUALCOMM      1,819     263,082
Rambus †       498      33,989
Roper Technologies         94      51,246
Rubicon Technologies †       134         248
Salesforce †     1,078     283,665
Samsung Electronics GDR         66      78,540
Seagate Technology Holdings      2,402     205,059
ServiceNow †       321     226,783
Shopify Class A †     3,121     243,126
Silicon Motion Technology ADR      2,073     127,013
Snowflake Class A †       666     132,534
Synopsys †       145      74,662
Texas Instruments      1,864     317,737
Topicus.com †       261      17,578
Tyler Technologies †        37      15,470
Workday Class A †       895     247,074
Zebra Technologies Class A †       174     47,559
  10,892,066
Materials — 4.24%
Ball      1,578      90,767
Celanese        929     144,339
CRH      2,000     137,917
Element Solutions      4,937     114,242
 
NQ- FIP [1223] 0224 (3377166)    3

 

Schedule of investments
Delaware Hedged U.S. Equity Opportunities Fund   (Unaudited)
    Number of
shares 		Value (US $)
Common Stocks (continued)
Materials (continued)
FMC      4,264 $   268,845
Huntsman      5,359     134,672
Ingevity †     2,829     133,585
Linde      1,351     554,869
LyondellBasell Industries Class A        177      16,829
PPG Industries      1,122     167,795
Reliance Steel & Aluminum        559     156,341
Rio Tinto ADR      3,186     237,230
Sherwin-Williams        509     158,757
Vulcan Materials        397     90,123
   2,406,311
Real Estate — 3.27%
American Tower      3,672     792,711
AvalonBay Communities        585     109,524
Brixmor Property Group      8,100     188,487
CBRE Group Class A †       160      14,894
CoStar Group †     1,111      97,090
Equinix        202     162,689
Extra Space Storage        702     112,552
Gaming and Leisure Properties      2,775     136,946
Public Storage        230      70,150
UDR      3,862     147,876
Welltower        221     19,928
   1,852,847
Utilities — 1.83%
AES      4,517      86,952
Atmos Energy        790      91,561
Duke Energy      1,983     192,430
Edison International      2,848     203,604
Exelon      7,380     264,942
Iberdrola     15,034    197,004
   1,036,493
Total Common Stocks
(cost $46,457,799) 		54,525,915
 
Exchange-Traded Fund — 0.22%
iShares Russell 1000 Growth ETF       416    126,119
Total Exchange-Traded Fund
(cost $126,094) 		   126,119
 
Warrants — 0.00%
Constellation Software  =, † CAD     197          0
Total Warrants
(cost $0) 		         0
    
    Number of
contracts 		Value (US $)
Options Purchased — 0.08%
Equity Put Options — 0.02%
S&P 500 Index, strike price $4,025, expiration date
3/15/24, notional amount $5,232,500 		       13 $    10,140
S&P 500 Index, strike price $4,125, expiration date
1/19/24, notional amount $5,362,500 		       13       1,430
Options on Indices — 0.06%
S&P 500 Index, strike price $4,050, expiration date
2/16/24, notional amount $2,430,000 		        6       2,070
S&P 500 Index, strike price $4,075, expiration date
5/17/24, notional amount $5,297,500 		       13      32,175
S&P 500 Index, strike price $4,450, expiration date
12/29/23, notional amount $5,340,000 		       12         60
Total Options Purchased
(cost $354,333) 		    45,875
    Number of
shares 		 
Short-Term Investments — 2.74%
Money Market Mutual Funds — 2.74%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.26%)   388,692    388,692
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.25%)   388,691    388,691
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.37%)   388,691    388,691
 
4    NQ- FIP [1223] 0224 (3377166)

 

(Unaudited)
    Number of
shares 		Value (US $)
Short-Term Investments (continued)
Money Market Mutual Funds (continued)
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.27%)   388,691 $   388,691
Total Short-Term Investments
(cost $1,554,765) 		 1,554,765
Total Value of Securities Before
Options Written—99.24%
(cost $48,492,991) 		56,252,674
    Number of
contracts 		 
Options Written — (0.03%)
Equity Put Options — (0.01%)
S&P 500 Index, strike price $3,625, expiration date
3/15/24, notional amount $(4,712,500) 		      (13)     (4,485)
    Number of
contracts 		Value (US $)
Options Written (continued)
Options on Indices — (0.02%)
S&P 500 Index, strike price $3,675, expiration date
5/17/24, notional amount $(4,777,500) 		      (13) $   (15,600)
Total Options Written
(premium received $86,196) 		   (20,085)
Receivables and Other Assets Net of Liabilities—0.79%        448,475
Net Assets Applicable to 6,461,092 Shares Outstanding—100.00%     $56,681,064
† Non-income producing security.
= The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security.
 
The following forward foreign currency exchange contracts and futures contracts were outstanding at December 31, 2023:
Forward Foreign Currency Exchange Contracts            
Counterparty   Currency to
Receive (Deliver) 		  In Exchange For   Settlement
Date 		  Unrealized
Appreciation 		  Unrealized
Depreciation
MS   GBP (459,000)   USD 585,729   3/20/24   $430   $—
RBC   CAD (1,295,000)   USD 955,956   3/20/24   —   (22,464)
Total Forward Foreign Currency Exchange Contracts   $430   $(22,464)
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
(24) EURO STOXX 50   $(1,203,659)   $(1,213,603)   3/15/24   $9,944   $—   $508
(8) FTSE 100 Index   (790,946)   (771,558)   3/15/24   —   (19,388)   (1,143)
(5) S&P/TSX 60   (958,756)   (929,276)   3/14/24   —   (29,480)   (1,236)
(10) E-Mini S&P 400 Index   (2,809,500)   (2,660,696)   3/15/24   —   (148,804)   26,200
(16) E-Mini S&P 500 Index   (3,856,000)   (3,727,977)   3/15/24   —   (128,023)   9,800
Total Futures Contracts   $(9,303,110)       $9,944   $(325,695)   $34,129
The use of forward 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 forward 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.
NQ- FIP [1223] 0224 (3377166)    5

 

Schedule of investments
Delaware Hedged U.S. Equity Opportunities Fund   (Unaudited)
Summary of abbreviations: 
ADR – American Depositary Receipt
ETF – Exchange-Traded Fund
FTSE – Financial Times Stock Exchange
GDR – Global Depositary Receipt
MS – Morgan Stanley
RBC – Royal Bank of Canada
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 [1223] 0224 (3377166)