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)