Schedule of investments
Delaware Hedged U.S. Equity Opportunities Fund
December 31, 2021 (Unaudited)
Number of shares | Value (US $) | ||
Common Stock — 95.06% | |||
Communication Services — 8.53% | |||
Activision Blizzard | 2,541 | $ 169,053 | |
Alphabet Class A † | 588 | 1,703,459 | |
Alphabet Class C † | 151 | 436,932 | |
AT&T | 3,116 | 76,654 | |
Cable One | 267 | 470,841 | |
Charter Communications Class A † | 182 | 118,659 | |
Electronic Arts | 2,758 | 363,780 | |
Match Group † | 2,121 | 280,502 | |
Meta Platforms Class A † | 2,893 | 973,061 | |
Pinterest Class A † | 1,804 | 65,575 | |
Roku † | 1,087 | 248,053 | |
Snap Class A † | 2,937 | 138,127 | |
Spotify Technology † | 1,360 | 318,281 | |
T-Mobile US † | 2,286 | 265,130 | |
Twitter † | 2,409 | 104,117 | |
Verizon Communications | 1,583 | 82,253 | |
Walt Disney † | 1,170 | 181,221 | |
ZoomInfo Technologies Class A † | 2,110 | 135,462 | |
6,131,160 | |||
Consumer Discretionary — 13.58% | |||
Airbnb Class A † | 3,535 | 588,542 | |
Alibaba Group Holding ADR † | 585 | 69,492 | |
Amazon.com † | 369 | 1,230,372 | |
Arrival † | 6,418 | 47,622 | |
Booking Holdings † | 96 | 230,326 | |
CarMax † | 1,834 | 238,842 | |
Chewy Class A † | 1,814 | 106,972 | |
Choice Hotels International | 1,557 | 242,876 | |
Compass Group † | 14,220 | 317,776 | |
Denny's † | 9,264 | 148,224 | |
Dollar General | 459 | 108,246 | |
Dollar Tree † | 1,976 | 277,668 | |
DraftKings Class A † | 4,900 | 134,603 | |
Etsy † | 622 | 136,181 | |
Five Below † | 1,091 | 225,717 | |
Garmin | 1,644 | 223,863 | |
General Motors † | 1,986 | 116,439 | |
Genuine Parts | 851 | 119,310 | |
Las Vegas Sands † | 4,746 | 178,639 | |
Lennar Class A | 1,453 | 168,780 | |
Lululemon Athletica † | 467 | 182,807 | |
McDonald's | 2,658 | 712,530 | |
MercadoLibre † | 79 | 106,524 | |
NIKE Class B | 3,927 | 654,513 | |
NVR † | 94 | 555,434 | |
Penn National Gaming † | 2,928 | 151,817 | |
Ross Stores | 2,292 | 261,930 | |
Six Flags Entertainment † | 6,145 | 261,654 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Consumer Discretionary (continued) | |||
Steven Madden | 3,460 | $ 160,786 | |
Tesla † | 504 | 532,617 | |
Thor Industries | 1,396 | 144,863 | |
TJX | 11,051 | 838,992 | |
Ulta Beauty † | 703 | 289,875 | |
9,764,832 | |||
Consumer Staples — 6.70% | |||
Clorox | 95 | 16,564 | |
Coca-Cola | 9,228 | 546,390 | |
Colgate-Palmolive | 9,258 | 790,078 | |
Constellation Brands Class A | 663 | 166,393 | |
Costco Wholesale | 238 | 135,113 | |
Diageo | 6,912 | 377,598 | |
General Mills | 1,173 | 79,037 | |
Hormel Foods | 1,844 | 90,006 | |
Kellogg | 1,369 | 88,191 | |
Keurig Dr Pepper | 7,146 | 263,401 | |
PepsiCo | 4,238 | 736,183 | |
Philip Morris International | 3,201 | 304,095 | |
Procter & Gamble | 4,629 | 757,212 | |
Sysco | 801 | 62,918 | |
Tyson Foods Class A | 1,668 | 145,383 | |
US Foods Holding † | 4,897 | 170,562 | |
Walmart | 599 | 86,669 | |
4,815,793 | |||
Energy — 1.35% | |||
Baker Hughes | 3,749 | 90,201 | |
Canadian Natural Resources | 5,441 | 229,882 | |
ConocoPhillips | 1,049 | 75,717 | |
Diamondback Energy | 2,182 | 235,329 | |
Halliburton | 2,916 | 66,689 | |
Schlumberger | 4,031 | 120,728 | |
SolarEdge Technologies † | 536 | 150,386 | |
968,932 | |||
Financials — 12.44% | |||
AerCap Holdings † | 2,946 | 192,727 | |
Alleghany † | 312 | 208,288 | |
American Express | 3,248 | 531,373 | |
Arthur J Gallagher & Co. | 738 | 125,216 | |
Assurant | 996 | 155,237 | |
Athene Holding Class A † | 1,815 | 151,244 | |
Bank of America | 7,916 | 352,183 | |
Berkshire Hathaway Class B † | 1,085 | 324,415 | |
Brown & Brown | 1,614 | 113,432 | |
Cadence Bank | 4,519 | 134,621 | |
Charles Schwab | 8,082 | 679,696 | |
Chubb | 5,248 | 1,014,491 | |
Credit Acceptance † | 458 | 314,957 | |
Equitable Holdings | 3,492 | 114,503 |
NQ-QQV [12/21] 2/22 (2025797) 1
Schedule of investments
Delaware Hedged U.S. Equity Opportunities Fund (Unaudited)
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Financials (continued) | |||
First Citizens BancShares Class A | 137 | $ 113,688 | |
First Republic Bank | 777 | 160,458 | |
Hanover Insurance Group | 1,284 | 168,281 | |
Intercontinental Exchange | 818 | 111,878 | |
Kemper | 1,998 | 117,462 | |
M&T Bank | 3,239 | 497,446 | |
Markel † | 239 | 294,926 | |
Marsh & McLennan | 4,741 | 824,081 | |
MetLife | 4,325 | 270,269 | |
Moody's | 259 | 101,160 | |
Progressive | 1,781 | 182,820 | |
Raymond James Financial | 2,191 | 219,976 | |
Royal Bank of Canada | 1,586 | 168,323 | |
S&P Global | 182 | 85,891 | |
Travelers | 803 | 125,613 | |
Voya Financial | 5,383 | 356,947 | |
Western Alliance Bancorp | 1,864 | 200,660 | |
White Mountains Insurance Group | 80 | 81,112 | |
Willis Towers Watson | 401 | 95,234 | |
Zions Bancorp | 5,572 | 351,928 | |
8,940,536 | |||
Healthcare — 12.42% | |||
Abbott Laboratories | 486 | 68,400 | |
ABIOMED † | 868 | 311,760 | |
Acadia Healthcare † | 1,758 | 106,711 | |
Agilent Technologies | 655 | 104,571 | |
Alnylam Pharmaceuticals † | 412 | 69,867 | |
Apellis Pharmaceuticals † | 1,394 | 65,908 | |
AstraZeneca ADR | 2,603 | 151,625 | |
Baxter International | 4,646 | 398,813 | |
Becton Dickinson and Co. | 830 | 208,728 | |
Biogen † | 568 | 136,275 | |
Boston Scientific † | 3,599 | 152,885 | |
Bristol-Myers Squibb | 1,413 | 88,101 | |
Centene † | 2,794 | 230,226 | |
Cerner | 967 | 89,805 | |
CVS Health | 2,113 | 217,977 | |
Danaher | 1,522 | 500,753 | |
DENTSPLY SIRONA | 2,357 | 131,497 | |
Dexcom † | 287 | 154,105 | |
Elanco Animal Health † | 2,021 | 57,356 | |
Eli Lilly & Co. | 827 | 228,434 | |
Encompass Health | 5,347 | 348,945 | |
Exact Sciences † | 3,074 | 239,249 | |
GoodRx Holdings Class A † | 2,776 | 90,720 | |
Humana | 393 | 182,297 | |
Illumina † | 560 | 213,046 | |
Insulet † | 379 | 100,841 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Healthcare (continued) | |||
Integra LifeSciences Holdings † | 2,594 | $ 173,772 | |
Johnson & Johnson | 4,823 | 825,071 | |
Kodiak Sciences † | 685 | 58,074 | |
Medtronic | 5,294 | 547,664 | |
Merck & Co. | 1,107 | 84,840 | |
Molina Healthcare † | 603 | 191,802 | |
Oak Street Health † | 2,316 | 76,752 | |
Organon & Co. | 2,411 | 73,415 | |
Pfizer | 2,343 | 138,354 | |
PTC Therapeutics † | 1,727 | 68,786 | |
Regeneron Pharmaceuticals † | 328 | 207,139 | |
Sanofi | 1,130 | 113,959 | |
Seagen † | 1,898 | 293,431 | |
STERIS | 43 | 10,467 | |
Stryker | 765 | 204,576 | |
Teleflex | 325 | 106,756 | |
Thermo Fisher Scientific | 185 | 123,439 | |
Ultragenyx Pharmaceutical † | 777 | 65,338 | |
UnitedHealth Group | 1,503 | 754,716 | |
Veeva Systems Class A † | 351 | 89,673 | |
Vertex Pharmaceuticals † | 324 | 71,150 | |
8,928,069 | |||
Industrials — 10.70% | |||
Airbus † | 830 | 106,175 | |
AMERCO | 258 | 187,367 | |
Canadian National Railway | 1,734 | 212,996 | |
Carlisle | 426 | 105,699 | |
Cintas | 721 | 319,526 | |
Clean Harbors † | 1,697 | 169,310 | |
Colfax † | 2,939 | 135,106 | |
Copart † | 3,517 | 533,247 | |
CoStar Group † | 780 | 61,643 | |
CRH | 1,543 | 81,453 | |
Expeditors International of Washington | 2,483 | 333,442 | |
Fastenal | 3,635 | 232,858 | |
Fortive | 1,721 | 131,295 | |
Honeywell International | 640 | 133,446 | |
IDEX | 1,067 | 252,153 | |
IHS Markit | 735 | 97,696 | |
II-VI † | 2,315 | 158,184 | |
Ingersoll Rand | 1,909 | 118,110 | |
JB Hunt Transport Services | 739 | 151,052 | |
JELD-WEN Holding † | �� 4,697 | 123,813 | |
Johnson Controls International | 2,882 | 234,335 | |
Kennametal | 3,206 | 115,127 | |
Lennox International | 709 | 229,971 | |
Lockheed Martin | 1,336 | 474,828 |
2 NQ-QQV [12/21] 2/22 (2025797)
(Unaudited)
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Industrials (continued) | |||
Middleby † | 1,680 | $ 330,557 | |
Northrop Grumman | 1,668 | 645,633 | |
PACCAR | 2,196 | 193,819 | |
Raytheon Technologies | 3,280 | 282,277 | |
Rollins | 2,298 | 78,615 | |
Spirit AeroSystems Holdings Class A | 3,586 | 154,521 | |
Uber Technologies † | 3,367 | 141,178 | |
Union Pacific | 2,170 | 546,688 | |
Waste Connections | 828 | 112,832 | |
Westinghouse Air Brake Technologies | 5,525 | 508,908 | |
7,693,860 | |||
Information Technology — 21.34% | |||
Accenture Class A | 1,182 | 489,998 | |
Advanced Micro Devices † | 3,363 | 483,936 | |
Amphenol Class A | 1,111 | 97,168 | |
ANSYS † | 221 | 88,648 | |
Apple | 8,193 | 1,454,831 | |
Arista Networks † | 2,881 | 414,144 | |
Automatic Data Processing | 526 | 129,701 | |
Black Knight † | 1,763 | 146,135 | |
Block Class A † | 1,326 | 214,162 | |
Broadcom | 295 | 196,296 | |
CDW | 738 | 151,128 | |
Cisco Systems | 4,766 | 302,021 | |
Cognizant Technology Solutions Class A | 3,190 | 283,017 | |
Constellation Software | 218 | 404,469 | |
Dynatrace † | 1,680 | 101,388 | |
EPAM Systems † | 144 | 96,257 | |
F5 † | 1,739 | 425,551 | |
Fair Isaac † | 501 | 217,269 | |
Fidelity National Information Services | 1,890 | 206,293 | |
First Solar † | 1,455 | 126,818 | |
Five9 † | 816 | 112,053 | |
Fleetcor Technologies † | 723 | 161,836 | |
Flex † | 8,989 | 164,768 | |
Genpact | 5,324 | 282,598 | |
GoDaddy Class A † | 2,154 | 182,788 | |
Guidewire Software † | 2,031 | 230,579 | |
Intel | 1,500 | 77,250 | |
KLA | 209 | 89,893 | |
Leidos Holdings | 3,553 | 315,862 | |
Lumentum Holdings † | 3,800 | 401,926 | |
Marvell Technology | 366 | 32,021 | |
Mastercard Class A | 1,491 | 535,746 | |
Micron Technology | 1,947 | 181,363 |
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Information Technology (continued) | |||
Microsoft | 5,614 | $ 1,888,100 | |
MKS Instruments | 1,749 | 304,623 | |
MongoDB † | 286 | 151,394 | |
Motorola Solutions | 215 | 58,416 | |
NVIDIA | 1,398 | 411,166 | |
NXP Semiconductors | 446 | 101,590 | |
Oracle | 1,385 | 120,786 | |
Palo Alto Networks † | 272 | 151,439 | |
Paychex | 983 | 134,180 | |
Paycom Software † | 628 | 260,739 | |
PayPal Holdings † | 386 | 72,792 | |
Qorvo † | 520 | 81,323 | |
RingCentral Class A † | 1,073 | 201,027 | |
salesforce.com † | 556 | 141,296 | |
Samsung Electronics GDR | 69 | 103,914 | |
Synaptics † | 522 | 151,124 | |
Topicus.com † | 355 | 32,583 | |
Tower Semiconductor † | 3,878 | 153,879 | |
Tyler Technologies † | 199 | 107,052 | |
UiPath Class A † | 4,501 | 194,128 | |
Universal Display | 585 | 96,543 | |
Visa Class A | 3,927 | 851,020 | |
VMware Class A | 1,930 | 223,648 | |
WEX † | 935 | 131,265 | |
Workday Class A † | 1,519 | 414,960 | |
15,336,900 | |||
Materials — 3.60% | |||
Albemarle | 500 | 116,885 | |
Ball | 1,326 | 127,654 | |
Celanese | 1,929 | 324,188 | |
Ecolab | 2,570 | 602,896 | |
FMC | 4,015 | 441,209 | |
Linde | 1,458 | 505,095 | |
Reliance Steel & Aluminum | 1,383 | 224,350 | |
Sherwin-Williams | 700 | 246,512 | |
2,588,789 | |||
Real Estate — 2.60% | |||
American Tower | 1,863 | 544,928 | |
Americold Realty Trust | 4,738 | 155,359 | |
Equinix | 139 | 117,572 | |
Gaming and Leisure Properties | 3,670 | 178,582 | |
Public Storage | 620 | 232,227 | |
Redfin † | 1,833 | 70,369 | |
Ryman Hospitality Properties † | 2,166 | 199,185 | |
VICI Properties | 8,337 | 251,027 | |
Welltower | 1,426 | 122,308 | |
1,871,557 | |||
Utilities — 1.80% | |||
American Electric Power | 68 | 6,050 |
NQ-QQV [12/21] 2/22 (2025797) 3
Schedule of investments
Delaware Hedged U.S. Equity Opportunities Fund (Unaudited)
Number of shares | Value (US $) | ||
Common Stock (continued) | |||
Utilities (continued) | |||
Avangrid | 1,538 | $ 76,716 | |
Consolidated Edison | 1,997 | 170,384 | |
Dominion Energy | 822 | 64,576 | |
Duke Energy | 1,779 | 186,617 | |
Exelon | 4,008 | 231,502 | |
Iberdrola | 13,451 | 159,260 | |
Pinnacle West Capital | 1,729 | 122,050 | |
UGI | 3,707 | 170,188 | |
WEC Energy Group | 1,069 | 103,768 | |
1,291,111 | |||
Total Common Stock (cost $56,136,522) | 68,331,539 | ||
Exchange-Traded Fund — 0.64% | |||
iShares Russell 1000 Growth ETF | 1,512 | 462,052 | |
Total Exchange-Traded Fund (cost $461,007) | 462,052 |
Number of contracts | |||
Options Purchased — 0.56% | |||
Options on Indices — 0.56% | |||
S&P 500 Index, strike price $4,100, expiration date 3/18/22, notional amount $6,560,000 | 16 | 45,840 | |
S&P 500 Index, strike price $4,100, expiration date 6/17/22, notional amount $6,560,000 | 16 | 138,400 | |
S&P 500 Index, strike price $4,225, expiration date 1/31/22, notional amount $5,070,000 | 12 | 9,180 | |
S&P 500 Index, strike price $4,225, expiration date 2/18/22, notional amount $3,380,000 | 8 | 14,120 | |
S&P 500 Index, strike price $4,225, expiration date 9/16/22, notional amount $5,070,000 | 12 | 195,120 | |
Total Options Purchased (cost $773,524) | 402,660 |
Number of shares | Value (US $) | ||
Short-Term Investments — 3.22% | |||
Money Market Mutual Funds — 3.22% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.03%) | 579,213 | $ 579,213 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.01%) | 579,215 | 579,215 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.02%) | 579,215 | 579,215 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.03%) | 579,215 | 579,215 | |
Total Short-Term Investments (cost $2,316,858) | 2,316,858 | ||
Total Value of Securities Before Options Written—99.48% (cost $59,687,911) | 71,513,109 |
Number of contracts | |||
Options Written — (0.32%) | |||
Options on Indices — (0.32%) | |||
S&P 500 Index, strike price $3,750, expiration date 3/18/22, notional amount $(6,000,000) | (16) | (23,680) | |
S&P 500 Index, strike price $3,750, expiration date 6/17/22, notional amount $(6,000,000) | (16) | (83,600) | |
S&P 500 Index, strike price $3,850, expiration date 9/16/22, notional amount $(4,620,000) | (12) | (124,800) | |
Total Options Written (premium received $433,086) | $(232,080) | ||
Receivables and Other Assets Net of Liabilities—0.84% | 606,597 | ||
Net Assets Applicable to 7,448,338 Shares Outstanding—100.00% | $71,887,626 |
† | Non-income producing security. |
4 NQ-QQV [12/21] 2/22 (2025797)
(Unaudited)
The following foreign currency exchange contracts and futures contracts were outstanding at December 31, 2021:
Foreign Currency Exchange Contracts | ||||||||||
Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Depreciation | ||||||
BNP | GBP | (954,000) | USD | 1,261,035 | 3/16/22 | $(29,822) | ||||
MS | CAD | (1,295,000) | USD | 1,020,340 | 3/16/22 | (3,250) | ||||
Total Foreign Currency Exchange Contracts | $(33,072) |
Futures Contracts Exchange-Traded | |||||||||||
Contracts to Buy (Sell) | Notional Amount | Notional Cost (Proceeds) | Expiration Date | Value/ Unrealized Depreciation | Variation Margin Due from (Due to) Brokers | ||||||
(18) | E-mini S&P 500 Index | $(4,282,650) | $(4,193,579) | 3/18/22 | $(89,071) | $12,375 | |||||
(23) | E-mini S&P MidCap 400 Index | (6,526,710) | (6,374,751) | 3/18/22 | (151,959) | (2,530) | |||||
(12) | FTSE 100 Index | (1,189,608) | (1,170,746) | 3/18/22 | (18,862) | 3,913 | |||||
(4) | MSCI EAFE Index | (464,360) | (457,551) | 3/18/22 | (6,809) | 260 | |||||
(5) | S&P/TSX 60 Index | (1,012,609) | (995,989) | 3/17/22 | (16,620) | 3,874 | |||||
Total Futures Contracts | $(13,192,616) | $(283,321) | $17,892 |
The use of foreign currency exchange contracts and futures contracts involves 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 |
BNP – BNP Paribas |
EAFE – Europe, Australasia, and Far East |
ETF – Exchange-Traded Fund |
FTSE – Financial Times Stock Exchange |
GDR – Global Depositary Receipt |
GS – Goldman Sachs |
MS – Morgan Stanley |
Summary of abbreviations: (continued) |
MSCI – Morgan Stanley Capital International |
S&P – Standard & Poor’s Financial Services LLC |
Summary of currencies: |
CAD – Canadian Dollar |
GBP – British Pound Sterling |
USD – US Dollar |
NQ-QQV [12/21] 2/22 (2025797) 5