Consolidated schedule of investments
Delaware Ivy Systematic Emerging Markets Equity Fund
December 31, 2022 (Unaudited)
Number of shares | Value (US $) | ||
Common Stocks — 98.81% | |||
Communication Services — 11.86% | |||
37 Interactive Entertainment Network Technology Group Class A | 200,100 | $ 520,996 | |
Advanced Info Service PCL | 710,500 | 4,000,217 | |
America Movil Class L | 10,950,933 | 9,890,767 | |
Baidu Class A † | 165,800 | 2,372,683 | |
Baidu ADR † | 19,197 | 2,195,753 | |
Bharti Airtel | 1,830,731 | 17,838,176 | |
Kuaishou Technology 144A #, † | 246,800 | 2,246,525 | |
MTN Group | 586,684 | 4,395,490 | |
NetEase | 753,700 | 11,056,204 | |
Saudi Telecom | 613,117 | 5,971,283 | |
Tencent Holdings | 1,081,120 | 46,261,789 | |
Yandex Class A =, † | 195,088 | 0 | |
106,749,883 | |||
Consumer Discretionary — 13.35% | |||
Alibaba Group Holding † | 1,255,000 | 13,867,714 | |
Alibaba Group Holding ADR † | 87,975 | 7,749,718 | |
BYD Class H | 160,500 | 3,960,348 | |
Fix Price Group GDR 144A #, =, † | 1,489,220 | 1,130,874 | |
Ford Otomotiv Sanayi | 60,935 | 1,708,907 | |
Geely Automobile Holdings | 3,801,000 | 5,551,429 | |
Great Wall Motor Class H | 1,889,500 | 2,459,476 | |
Hyundai Motor | 84,696 | 10,136,585 | |
JD.com Class A | 382,161 | 10,781,166 | |
Kia | 175,332 | 8,249,460 | |
Li Auto Class A † | 164,200 | 1,615,610 | |
Li Ning | 767,500 | 6,661,772 | |
Lojas Renner | 1,261,294 | 4,892,523 | |
Maruti Suzuki India | 23,106 | 2,344,562 | |
Meituan Class B 144A #, † | 652,300 | 14,599,646 | |
Naspers Class N | 41,575 | 6,910,730 | |
Pinduoduo ADR † | 93,962 | 7,662,601 | |
Shenzhou International Group Holdings | 295,700 | 3,326,196 | |
Titan | 55,902 | 1,755,173 | |
Trip.com Group ADR † | 29,747 | 1,023,297 | |
Yum China Holdings | 70,297 | 3,841,731 | |
120,229,518 | |||
Consumer Staples — 7.76% | |||
Ambev | 3,335,313 | 9,172,545 | |
BIM Birlesik Magazalar | 333,262 | 2,439,469 | |
China Mengniu Dairy † | 1,899,000 | 8,612,521 | |
China Resources Beer Holdings | 1,002,000 | 7,002,684 | |
Chongqing Brewery Class A | 36,601 | 670,661 | |
CP ALL PCL | 1,465,000 | 2,886,856 | |
Hindustan Unilever | 104,115 | 3,223,060 | |
ITC | 3,039,292 | 12,180,313 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Consumer Staples (continued) | |||
Jiangsu Yanghe Brewery Joint-Stock Class A | 45,900 | $ 1,059,734 | |
Kweichow Moutai Class A | 15,501 | 3,850,889 | |
Shanxi Xinghuacun Fen Wine Factory Class A | 85,015 | 3,485,252 | |
Wal-Mart de Mexico | 3,419,669 | 12,087,691 | |
Wuliangye Yibin Class A | 122,161 | 3,175,233 | |
69,846,908 | |||
Energy — 5.53% | |||
China Shenhua Energy Class H | 2,319,500 | 6,701,052 | |
China Shenhua Energy Class A | 479,592 | 1,905,481 | |
LUKOIL = | 276,569 | 0 | |
PetroChina Class H | 5,788,000 | 2,647,273 | |
Petroleo Brasileiro | 318,171 | 1,689,761 | |
PTT Exploration & Production PCL | 1,900,600 | 9,685,460 | |
Reliance Industries | 434,439 | 13,376,079 | |
Saudi Arabian Oil 144A # | 861,811 | 7,361,398 | |
Shaanxi Coal Industry Class A | 1,611,000 | 4,305,764 | |
Shanxi Coking Coal Energy Group Class A | 480,700 | 805,580 | |
Yankuang Energy Group Class H | 442,000 | 1,347,725 | |
49,825,573 | |||
Financials — 21.28% | |||
Agricultural Bank of China Class A | 14,155,000 | 5,925,320 | |
Al Rajhi Bank † | 670,584 | 13,418,818 | |
Alinma Bank | 548,427 | 4,750,213 | |
Axis Bank | 1,071,624 | 12,095,116 | |
Bajaj Finance | 29,824 | 2,370,346 | |
Banco do Brasil | 1,757,811 | 11,562,816 | |
Bank Central Asia | 27,910,500 | 15,329,036 | |
Bank of Chengdu Class A | 1,659,800 | 3,653,055 | |
Bank of China Class H | 34,775,000 | 12,652,826 | |
Bank of China Class A | 8,299,579 | 3,772,699 | |
Bank Rakyat Indonesia Persero | 48,301,000 | 15,327,248 | |
BB Seguridade Participacoes SA | 445,203 | 2,842,520 | |
China Construction Bank Class A | 3,020,500 | 2,446,224 | |
China Construction Bank Class H | 14,273,000 | 8,941,825 | |
China Life Insurance Class H | 829,000 | 1,423,185 | |
China Merchants Bank Class H | 566,500 | 3,168,008 | |
Credicorp | 65,638 | 8,904,451 | |
First Abu Dhabi Bank | 406,246 | 1,891,523 | |
FirstRand | 2,166,154 | 7,919,458 |
NQ-IV9630 [12/22] 2/23 (2747706) 1
Consolidated schedule of investments
Delaware Ivy Systematic Emerging Markets Equity Fund (Unaudited)
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Financials (continued) | |||
Grupo Financiero Banorte Class O | 983,000 | $ 7,074,432 | |
ICICI Bank | 2,309,731 | 24,871,556 | |
Industrial & Commercial Bank of China Class H | 12,798,000 | 6,591,287 | |
Kasikornbank PCL | 442,300 | 1,883,622 | |
KB Financial Group | 37,825 | 1,449,176 | |
Ping An Insurance Group Co. of China Class H | 337,500 | 2,233,295 | |
Saudi National Bank | 676,662 | 9,092,983 | |
Sberbank of Russia PJSC ADR =, † | 1,032,386 | 0 | |
191,591,038 | |||
Healthcare — 2.52% | |||
Bangkok Dusit Medical Services PCL | 1,868,700 | 1,578,157 | |
Bloomage Biotechnology Class A | 62,950 | 1,225,006 | |
China Resources Sanjiu Medical & Pharmaceutical Class A | 359,300 | 2,419,384 | |
CSPC Pharmaceutical Group | 5,732,000 | 6,021,741 | |
Daan Gene Class A | 736,540 | 1,648,599 | |
Imeik Technology Development Class A | 29,574 | 2,409,373 | |
Shenzhen Mindray Bio-Medical Electronics Class A | 62,200 | 2,827,126 | |
Wuxi Biologics Cayman 144A #, † | 596,500 | 4,573,795 | |
22,703,181 | |||
Industrials — 4.92% | |||
Contemporary Amperex Technology Class A | 32,304 | 1,828,192 | |
Eva Airways | 1,837,000 | 1,682,470 | |
Evergreen Marine Taiwan | 503,200 | 2,668,627 | |
KOC Holding | 1,758,780 | 7,871,239 | |
Korea Aerospace Industries | 84,026 | 3,395,916 | |
Larsen & Toubro | 736,228 | 18,561,880 | |
Wan Hai Lines | 699,300 | 1,822,451 | |
Xiamen C & D Class A | 995,158 | 1,954,041 | |
Yang Ming Marine Transport | 913,000 | 1,945,682 | |
YTO Express Group Class A | 331,200 | 957,148 | |
ZTO Express Cayman ADR * | 59,679 | 1,603,575 | |
44,291,221 | |||
Information Technology — 21.83% | |||
Delta Electronics | 299,794 | 2,794,520 | |
E Ink Holdings | 467,000 | 2,446,259 | |
eMemory Technology | 113,382 | 4,924,760 | |
HCL Technologies | 151,556 | 1,903,930 |
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Information Technology (continued) | |||
Hon Hai Precision Industry | 771,000 | $ 2,505,992 | |
Infosys | 1,079,360 | 19,677,152 | |
Largan Precision | 18,000 | 1,194,710 | |
Lenovo Group | 2,074,000 | 1,703,213 | |
LG Innotek | 23,687 | 4,777,159 | |
MediaTek | 526,879 | 10,713,975 | |
Nan Ya Printed Circuit Board | 450,000 | 3,323,518 | |
Novatek Microelectronics | 458,000 | 4,701,371 | |
Parade Technologies | 47,000 | 1,182,053 | |
Samsung Electro-Mechanics | 22,264 | 2,312,179 | |
Samsung Electronics | 961,031 | 42,182,768 | |
Samsung SDI † | 4,115 | 1,932,167 | |
Silergy | 70,208 | 997,081 | |
Sitios Latinoamerica † | 0 | 0 | |
SK Hynix | 51,113 | 3,049,609 | |
Taiwan Semiconductor Manufacturing | 4,466,404 | 65,174,869 | |
Tata Consultancy Services | 300,810 | 11,841,508 | |
Unimicron Technology | 1,291,000 | 5,040,426 | |
United Microelectronics | 1,668,000 | 2,208,768 | |
196,587,987 | |||
Materials — 7.67% | |||
Asian Paints | 67,617 | 2,523,807 | |
Guangzhou Tinci Materials Technology Class A | 83,040 | 523,920 | |
Hindalco Industries | 385,946 | 2,208,238 | |
Hoshine Silicon Industry Class A | 30,900 | 368,665 | |
Hubei Xingfa Chemicals Group Class A | 524,201 | 2,186,779 | |
Jiangsu Eastern Shenghong Class A | 208,360 | 390,842 | |
LG Chem | 14,376 | 6,864,961 | |
POSCO Holdings | 12,116 | 2,651,610 | |
SABIC Agri-Nutrients | 284,020 | 11,049,421 | |
Sasol | 344,801 | 5,467,504 | |
Saudi Arabian Mining † | 84,257 | 1,450,619 | |
Saudi Basic Industries | 419,501 | 9,979,614 | |
Sichuan Yahua Industrial Group Class A | 414,200 | 1,385,294 | |
Tata Steel | 1,332,556 | 1,814,486 | |
Vale | 604,723 | 10,179,986 | |
Vedanta | 2,064,653 | 7,696,591 | |
YongXing Special Materials Technology Class A | 86,100 | 1,141,568 | |
Yunnan Aluminium Class A | 715,100 | 1,143,880 | |
69,027,785 |
2 NQ-IV9630 [12/22] 2/23 (2747706)
(Unaudited)
Number of shares | Value (US $) | ||
Common Stocks (continued) | |||
Real Estate — 1.70% | |||
China Overseas Land & Investment | 1,337,500 | $ 3,529,905 | |
China Resources Land | 1,486,000 | 6,806,078 | |
Country Garden Services Holdings | 703,000 | 1,750,869 | |
Emaar Properties PJSC | 468,594 | 747,689 | |
Etalon Group GDR | 2,791,564 | 0 | |
Longfor Group Holdings 144A #, * | 782,500 | 2,436,086 | |
15,270,627 | |||
Utilities — 0.39% | |||
Centrais Eletricas Brasileiras | 445,920 | 3,557,394 | |
3,557,394 | |||
Total Common Stocks (cost $871,435,628) | 889,681,115 | ||
Preferred Stocks — 1.21% | |||
Petroleo Brasileiro 39.56% | 1,898,778 | 8,811,035 | |
Sociedad Quimica y Minera de Chile Class B 9.27% | 25,914 | 2,095,727 | |
Total Preferred Stocks (cost $7,910,559) | 10,906,762 |
Troy Ounces | |||
Bullion — 0.04% | |||
Gold | 342 | 315,591 | |
Total Bullion (cost $394,317) | 315,591 | ||
Total Value of Securities Before Securities Lending Collateral—100.06% (cost $879,740,504) | 900,903,468 |
Number of shares | Value (US $) | ||
Securities Lending Collateral — 0.25% | |||
Money Market Mutual Fund — 0.25% | |||
Dreyfus Institutional Preference Government Money Market Fund - Institutional Shares (seven-day effective yield 4.31%) | 2,286,574 | $ 2,286,574 | |
Total Securities Lending Collateral (cost $2,286,574) | 2,286,574 | ||
Total Value of Securities—100.31% (cost $882,027,078) | 903,190,042■ | ||
Obligation to Return Securities Lending Collateral — (0.25%) | (2,286,574) | ||
Liabilities Net of Receivables and Other Assets — (0.06%) | (548,314) | ||
Net Assets Applicable to 53,234,804 Shares Outstanding—100.00% | $900,355,154 |
† | Non-income producing security. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At December 31, 2022, the aggregate value of Rule 144A securities was $32,348,324, which represents 3.59% of the Fund's net assets. |
= | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security. |
* | Fully or partially on loan. |
■ | Includes $3,760,721 of securities loaned for which the counterparty pledged additional non-cash collateral valued at $1,643,384. |
NQ-IV9630 [12/22] 2/23 (2747706) 3
Consolidated schedule of investments
Delaware Ivy Systematic Emerging Markets Equity Fund (Unaudited)
The following foreign currency exchange contracts were outstanding at December 31, 2022:
Foreign Currency Exchange Contracts | ||||||||||
Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Depreciation | ||||||
BNYM | BRL | (2,161,133) | USD | 408,775 | 1/3/23 | $(189) | ||||
BNYM | ZAR | (33,831,726) | USD | 1,983,763 | 1/4/23 | (6,543) | ||||
Total Foreign Currency Exchange Contracts | $(6,732) |
The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts presented above represent the Fund's total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund's net assets.
Summary of abbreviations: |
ADR – American Depositary Receipt |
BNYM – Bank of New York Mellon |
GDR – Global Depositary Receipt |
PJSC – Private Joint Stock Company |
Summary of currencies: |
BRL – Brazilian Real |
USD – US Dollar |
ZAR – South African Rand |
4 NQ-IV9630 [12/22] 2/23 (2747706)