Schedule of investments
Delaware VIP® Trust — Delaware VIP Emerging Markets Series
March 31, 2022 (Unaudited)
Number of shares | Value (US $) | ||
Common Stocks – 87.99%Δ | |||
Argentina − 0.99% | |||
Cablevision Holding GDR | 262,838 | $ 907,553 | |
Cresud ADR † | 326,731 | 2,679,194 | |
Grupo Clarin GDR Class B 144A #, † | 77,680 | 140,379 | |
IRSA Inversiones y Representaciones ADR † | 489,445 | 2,437,436 | |
IRSA Propiedades Comerciales ADR † | 81,948 | 209,787 | |
6,374,349 | |||
Bahrain − 0.28% | |||
Aluminium Bahrain GDR 144A # | 91,200 | 1,777,570 | |
1,777,570 | |||
Brazil − 6.05% | |||
AES Brasil Energia | 310,668 | 790,202 | |
Americanas | 1,521,448 | 10,395,334 | |
Americanas † | 39,175 | 263,388 | |
Arcos Dorados Holdings Class A | 280,478 | 2,280,286 | |
Banco Bradesco ADR | 805,965 | 3,739,678 | |
Banco Santander Brasil ADR | 53,466 | 411,688 | |
BRF ADR † | 788,900 | 3,131,933 | |
Getnet Adquirencia e Servicos para Meios de Pagamento ADR | 6,683 | 10,359 | |
Itau Unibanco Holding ADR | 1,049,325 | 5,991,646 | |
Rumo † | 217,473 | 848,688 | |
Telefonica Brasil ADR | 272,891 | 3,070,024 | |
TIM ADR | 155,003 | 2,247,543 | |
Vale | 149,527 | 2,999,930 | |
Vale ADR | 97,965 | 1,958,320 | |
XP Class A † | 24,226 | 729,203 | |
38,868,222 | |||
Chile − 1.33% | |||
Sociedad Quimica y Minera de Chile ADR | 100,000 | 8,560,000 | |
8,560,000 | |||
China/Hong Kong − 25.96% | |||
Alibaba Group Holding † | 363,200 | 4,956,486 | |
Alibaba Group Holding ADR † | 137,900 | 15,003,520 | |
Baidu ADR †, Ω | 49,719 | 6,577,824 | |
BeiGene † | 167,800 | 2,461,228 | |
China Petroleum & Chemical ADR | 31,177 | 1,543,885 | |
DiDi Global ADR † | 81,500 | 203,750 | |
Hengan International Group | 260,500 | 1,200,326 | |
iQIYI ADR † | 59,542 | 270,321 | |
JD.com Class A † | 34,286 | 974,225 | |
JD.com ADR † | 350,000 | 20,254,500 | |
Joinn Laboratories China Class H # | 6,860 | 62,721 | |
Kunlun Energy | 3,360,900 | 2,904,610 |
Number of shares | Value (US $) | ||
Common StocksΔ (continued) | |||
China/Hong Kong (continued) | |||
Kweichow Moutai Class A | 111,913 | $ 30,149,558 | |
New Oriental Education & Technology Group ADR † | 161,900 | 186,185 | |
Ping An Insurance Group Co. of China Class H | 324,000 | 2,265,105 | |
Sohu.com ADR †, Ω | 429,954 | 7,231,826 | |
TAL Education Group ADR † | 50,701 | 152,610 | |
Tencent Holdings | 720,000 | 33,187,927 | |
Tencent Music Entertainment Group ADR † | 159 | 774 | |
Tianjin Development Holdings | 35,950 | 7,978 | |
Tingyi Cayman Islands Holding | 1,582,000 | 2,652,768 | |
Trip.com Group ADR † | 120,588 | 2,787,995 | |
Tsingtao Brewery Class H | 797,429 | 6,268,775 | |
Uni-President China Holdings | 2,800,000 | 2,429,809 | |
Weibo Class A † | 65,500 | 1,589,026 | |
Weibo ADR † | 40,000 | 980,400 | |
Wuliangye Yibin Class A | 837,792 | 20,340,038 | |
Zhihu ADR † | 15,600 | 37,752 | |
166,681,922 | |||
India − 12.83% | |||
HCL Technologies | 312,400 | 4,774,361 | |
Indiabulls Real Estate GDR † | 44,628 | 59,720 | |
Infosys | 285,200 | 7,142,166 | |
Natco Pharma | 185,519 | 1,851,273 | |
Reliance Industries | 859,880 | 29,741,165 | |
Reliance Industries GDR 144A # | 452,657 | 31,054,035 | |
Sify Technologies ADR † | 91,200 | 272,688 | |
Tata Consultancy Services | 151,800 | 7,460,271 | |
82,355,679 | |||
Indonesia − 1.32% | |||
Astra International | 18,590,600 | 8,510,579 | |
8,510,579 | |||
Japan − 0.59% | |||
Renesas Electronics † | 324,700 | 3,762,289 | |
3,762,289 | |||
Malaysia − 0.06% | |||
UEM Sunrise † | 4,748,132 | 382,640 | |
382,640 | |||
Mexico − 4.36% | |||
America Movil ADR Class L | 162,815 | 3,443,537 | |
Banco Santander Mexico ADR | 276,900 | 1,450,956 | |
Becle | 1,571,000 | 3,849,700 | |
Cemex ADR † | 469,537 | 2,483,851 | |
Coca-Cola Femsa ADR | 75,784 | 4,164,331 | |
Fomento Economico Mexicano ADR | 19,186 | 1,589,560 |
NQ-VIP-868 [3/22] 5/22 (2218560) 1
Schedule of investments
Delaware VIP® Trust — Delaware VIP Emerging Markets Series
Number of shares | Value (US $) | ||
Common StocksΔ (continued) | |||
Mexico (continued) | |||
Grupo Financiero Banorte Class O | 440,979 | $ 3,321,643 | |
Grupo Televisa ADR | 656,458 | 7,680,559 | |
27,984,137 | |||
Peru − 0.56% | |||
Cia de Minas Buenaventura ADR † | 356,605 | 3,591,012 | |
3,591,012 | |||
Philippines − 0.05% | |||
Monde Nissin 144A #, † | 1,154,800 | 305,745 | |
305,745 | |||
Republic of Korea − 12.61% | |||
Fila Holdings | 101,760 | 2,618,234 | |
LG Uplus | 250,922 | 2,886,737 | |
Samsung Life Insurance | 66,026 | 3,575,544 | |
SK Hynix | 360,000 | 34,631,716 | |
SK Square † | 315,059 | 14,654,179 | |
SK Telecom | 159,405 | 7,453,500 | |
SK Telecom ADR | 590,316 | 15,129,799 | |
80,949,709 | |||
Russia − 0.25% | |||
ENEL RUSSIA PJSC GDR † | 15,101 | 366 | |
Etalon Group GDR # | 354,800 | 77,916 | |
Gazprom PJSC ADR | 1,043,900 | 490,300 | |
Rosneft Oil PJSC GDR | 1,449,104 | 707,060 | |
Sberbank of Russia PJSC | 2,058,929 | 21,182 | |
Surgutneftegas PJSC ADR | 294,652 | 111,875 | |
T Plus PJSC = | 25,634 | 0 | |
VK GDR † | 71,300 | 49,301 | |
Yandex Class A †, Ω | 101,902 | 119,884 | |
1,577,884 | |||
South Africa − 0.07% | |||
Sun International † | 210,726 | 432,195 | |
Tongaat Hulett † | 182,915 | 48,569 | |
480,764 | |||
Taiwan − 19.68% | |||
Hon Hai Precision Industry | 3,881,564 | 14,252,442 | |
MediaTek | 1,125,000 | 35,010,605 | |
Taiwan Semiconductor Manufacturing | 3,756,864 | 77,066,510 | |
126,329,557 | |||
Turkey − 0.65% | |||
D-MARKET Elektronik Hizmetler ve Ticaret ADR † | 15,200 | 34,504 | |
Turkcell Iletisim Hizmetleri | 677,165 | 1,040,319 | |
Turkiye Sise ve Cam Fabrikalari | 3,008,750 | 3,119,129 | |
4,193,952 |
Number of shares | Value (US $) | ||
Common StocksΔ (continued) | |||
United Kingdom − 0.35% | |||
Griffin Mining † | 1,642,873 | $ 2,226,170 | |
2,226,170 | |||
Total Common Stocks (cost $478,480,653) | 564,912,180 | ||
Convertible Preferred Stock – 0.04% | |||
Republic of Korea − 0.04% | |||
CJ | 4,204 | 250,604 | |
Total Convertible Preferred Stock (cost $470,723) | 250,604 | ||
Preferred Stocks – 5.17% | |||
Brazil − 0.89% | |||
Centrais Eletricas Brasileiras Class B ω | 216,779 | 1,714,271 | |
Petroleo Brasileiro ADR 16.76% ω | 285,509 | 3,991,416 | |
5,705,687 | |||
Republic of Korea − 4.22% | |||
CJ ω | 28,030 | 1,185,351 | |
Samsung Electronics 1.73% ω | 499,750 | 25,894,771 | |
27,080,122 | |||
Russia − 0.06% | |||
Transneft PJSC ω | 3,606 | 401,620 | |
401,620 | |||
Total Preferred Stocks (cost $16,880,353) | 33,187,429 | ||
Warrants – 0.03% | |||
Argentina − 0.03% | |||
Irsa Inversiones y Representaciones exercise price 0.18, expiration date 3/5/26 | 594,450 | 184,309 | |
Total Warrants (cost $0) | 184,309 | ||
Participation Notes – 0.00% | |||
Lehman Indian Oil CW 12 LEPO = | 100,339 | 0 | |
Lehman Oil & Natural Gas CW 12 LEPO = | 146,971 | 0 | |
Total Participation Notes (cost $4,952,197) | 0 | ||
Short-Term Investments – 0.93% | |||
Money Market Mutual Funds – 0.93% | |||
BlackRock FedFund – Institutional Shares (seven-day effective yield 0.23%) | 1,494,031 | 1,494,031 |
2 NQ-VIP-868 [3/22] 5/22 (2218560)
Number of shares | Value (US $) | ||
Short-Term Investments (continued) | |||
Money Market Mutual Funds (continued) | |||
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 0.12%) | 1,494,031 | $ 1,494,031 | |
GS Financial Square Government Fund – Institutional Shares (seven-day effective yield 0.25%) | 1,494,031 | 1,494,031 | |
Morgan Stanley Government Portfolio – Institutional Share Class (seven-day effective yield 0.23%) | 1,494,031 | 1,494,031 | |
Total Short-Term Investments (cost $5,976,124) | 5,976,124 | ||
Total Value of Securities−94.16% (cost $506,760,050) | 604,510,646 | ||
Receivables and Other Assets Net of Liabilities — 5.84% | 37,504,367 |
Net Assets Applicable to 26,082,313 Shares Outstanding — 100.00% | $642,015,013 |
Δ | Securities have been classified by country of risk. |
† | Non-income producing security. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At March 31, 2022, the aggregate value of Rule 144A securities was $33,418,366, which represents 5.21% of the Series' net assets. |
Ω | Principal only security. A principal only security is the principal only portion of a fixed income security which is separated and sold individually from the interest portion of the security. |
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.” |
ω | Perpetual security with no stated maturity date. |
Summary of abbreviations: |
ADR – American Depositary Receipt |
GDR – Global Depositary Receipt |
GS – Goldman Sachs |
LEPO – Low Exercise Price Option |
PJSC – Private Joint Stock Company |
NQ-VIP-868 [3/22] 5/22 (2218560) 3