Consolidated schedule of investments
Delaware Ivy Systematic Emerging Markets Equity Fund
June 30, 2024 (Unaudited)
Number of shares | Value (US $) | ||
Common Stocks — 97.69%♦ | |||
Communication Services — 9.93% | |||
Baidu Class A † | 266,950 | $ 2,914,245 | |
Bharti Airtel | 328,975 | 5,696,973 | |
China United Network Communications Class A | 1,392,900 | 900,989 | |
Kuaishou Technology 144A #, † | 246,800 | 1,458,541 | |
NetEase | 1,099,100 | 20,985,371 | |
Sitios Latinoamerica † | 1 | 0 | |
Tencent Holdings | 698,720 | 33,320,740 | |
Tencent Music Entertainment Group ADR | 128,377 | 1,803,697 | |
Turkcell Iletisim Hizmetleri | 2,263,001 | 6,971,663 | |
74,052,219 | |||
Consumer Discretionary — 15.47% | |||
Alibaba Group Holding | 1,332,900 | 12,033,404 | |
ANTA Sports Products | 49,600 | 476,370 | |
Bajaj Auto | 217,283 | 24,758,471 | |
Geely Automobile Holdings | 2,135,000 | 2,403,193 | |
Hero MotoCorp | 64,436 | 4,311,523 | |
Hyundai Motor | 33,653 | 7,212,230 | |
JD.com Class A | 382,161 | 5,055,318 | |
Kia | 290,673 | 27,304,046 | |
Li Auto Class A † | 170,400 | 1,534,005 | |
Maruti Suzuki India | 23,106 | 3,334,482 | |
Meituan Class B 144A #, † | 678,112 | 9,647,556 | |
Naspers Class N | 20,406 | 4,000,972 | |
PDD Holdings ADR † | 66,705 | 8,868,430 | |
Tata Motors | 159,222 | 1,889,851 | |
Vipshop Holdings ADR | 199,512 | 2,597,646 | |
ZEEKR Intelligent Technology Holding ADR † | 97 | 1,826 | |
115,429,323 | |||
Consumer Staples — 4.75% | |||
Ambev | 3,131,497 | 6,397,327 | |
BIM Birlesik Magazalar | 239,555 | 3,998,116 | |
Fix Price Group GDR 144A #, = | 1,489,220 | 0 | |
Hindustan Unilever | 101,548 | 3,011,642 | |
ITC | 826,760 | 4,212,745 | |
Jiangsu Yanghe Brewery Joint-Stock Class A | 45,900 | 510,039 | |
Kweichow Moutai Class A | 15,101 | 3,049,670 | |
Shanxi Xinghuacun Fen Wine Factory Class A | 49,715 | 1,442,861 | |
Wal-Mart de Mexico | 3,120,969 | 10,660,254 | |
Wuliangye Yibin Class A | 122,161 | 2,152,682 | |
35,435,336 | |||
Energy — 7.18% | |||
China Petroleum & Chemical Class H | 3,856,000 | 2,498,557 |
Number of shares | Value (US $) | ||
Common Stocks♦ (continued) | |||
Energy (continued) | |||
China Shenhua Energy Class A | 479,592 | $ 2,928,620 | |
China Shenhua Energy Class H | 1,373,000 | 6,320,788 | |
Coal India | 1,800,225 | 10,214,678 | |
LUKOIL PJSC = | 276,569 | 0 | |
Oil & Natural Gas | 965,171 | 3,173,736 | |
PetroChina Class H | 5,788,000 | 5,855,411 | |
Petroleo Brasileiro | 318,171 | 2,294,888 | |
Prio | 369,976 | 2,902,175 | |
Reliance Industries | 137,663 | 5,168,584 | |
Shaanxi Coal Industry Class A | 1,611,000 | 5,713,623 | |
Shanxi Coking Coal Energy Group Class A | 480,700 | 682,079 | |
Shanxi Lu'an Environmental Energy Development Class A | 1,639,100 | 4,089,826 | |
Turkiye Petrol Rafinerileri | 330,361 | 1,674,328 | |
53,517,293 | |||
Financials — 20.36% | |||
Agricultural Bank of China Class A | 9,601,600 | 5,761,449 | |
Axis Bank | 530,355 | 8,047,149 | |
Banco do Brasil | 1,058,408 | 5,042,022 | |
Bank Central Asia | 26,697,700 | 16,181,659 | |
Bank Mandiri Persero | 7,118,200 | 2,673,400 | |
Bank of China Class A | 6,168,879 | 3,922,382 | |
Bank of China Class H | 32,497,000 | 16,021,597 | |
Bank Rakyat Indonesia Persero | 48,301,000 | 13,568,525 | |
China Construction Bank Class A | 3,020,500 | 3,076,183 | |
China Construction Bank Class H | 14,375,000 | 10,621,491 | |
FirstRand | 4,345,437 | 18,366,973 | |
Grupo Financiero Banorte Class O | 946,700 | 7,367,649 | |
ICICI Bank | 1,946,254 | 27,998,517 | |
Industrial & Commercial Bank of China Class H | 12,798,000 | 7,604,346 | |
KB Financial Group | 78,074 | 4,452,458 | |
Saudi National Bank | 120,000 | 1,173,899 | |
Sberbank of Russia PJSC =, † | 4,129,544 | 0 | |
151,879,699 | |||
Healthcare — 0.33% | |||
Shenzhen Mindray Bio-Medical Electronics Class A | 62,200 | 2,490,294 | |
2,490,294 | |||
Industrials — 4.67% | |||
Bharat Electronics | 1,243,727 | 4,562,508 | |
COSCO SHIPPING Holdings Class A | 515,300 | 1,098,533 | |
Eva Airways | 2,436,000 | 2,864,646 | |
Evergreen Marine Taiwan | 503,200 | 2,993,622 |
NQ- IV9630 [0624] 0824 (3775171) 1
Consolidated schedule of investments
Delaware Ivy Systematic Emerging Markets Equity Fund (Unaudited)
Number of shares | Value (US $) | ||
Common Stocks♦ (continued) | |||
Industrials (continued) | |||
Hindustan Aeronautics | 54,863 | $ 3,463,499 | |
KOC Holding | 1,072,958 | 7,452,113 | |
Larsen & Toubro | 114,578 | 4,875,722 | |
Weichai Power Class A | 3,374,994 | 7,543,287 | |
34,853,930 | |||
Information Technology — 32.21% | |||
Accton Technology | 155,000 | 2,651,696 | |
HCL Technologies | 322,033 | 5,636,809 | |
Hon Hai Precision Industry | 1,940,000 | 12,797,189 | |
Infosys | 999,004 | 18,770,074 | |
Lenovo Group | 1,030,000 | 1,453,519 | |
Lite-On Technology | 1,363,000 | 4,453,493 | |
MediaTek | 478,879 | 20,665,832 | |
Novatek Microelectronics | 458,000 | 8,555,338 | |
Quanta Computer | 178,000 | 1,711,881 | |
Realtek Semiconductor | 669,000 | 11,259,467 | |
Samsung Electronics | 829,998 | 49,142,635 | |
Taiwan Semiconductor Manufacturing | 2,650,404 | 78,920,218 | |
Tata Consultancy Services | 391,009 | 18,306,794 | |
Wiwynn | 73,000 | 5,951,790 | |
240,276,735 | |||
Materials — 2.33% | |||
Huaibei Mining Holdings Class A | 451,300 | 1,039,734 | |
NMDC | 2,277,447 | 6,720,022 | |
POSCO Holdings | 8,130 | 2,143,981 | |
Tata Steel | 1,332,556 | 2,780,729 | |
Vale | 204,603 | 2,281,338 | |
Yunnan Aluminium Class A | 715,100 | 1,329,608 | |
Zhongjin Gold Class A | 539,100 | 1,098,077 | |
17,393,489 | |||
Real Estate — 0.10% | |||
China Resources Land | 206,500 | 702,080 | |
Etalon Group GDR =, † | 2,791,564 | 0 | |
702,080 | |||
Utilities — 0.36% | |||
Cia de Saneamento Basico do Estado de Sao Paulo | 94,211 | 1,264,158 | |
GAIL India | 541,546 | 1,425,830 | |
2,689,988 | |||
Total Common Stocks (cost $556,807,006) | 728,720,386 | ||
Preferred Stock — 1.29% | |||
Petroleo Brasileiro 14.18% ω | 1,406,105 | 9,570,901 | |
Total Preferred Stock (cost $5,807,816) | 9,570,901 |
Troy Ounces | Value (US $) | ||
Bullion — 0.04% | |||
Gold | 342 | $ 315,578 | |
Total Bullion (cost $394,317) | 315,578 |
Number of shares | |||
Short-Term Investments — 1.56% | |||
Money Market Mutual Funds — 1.56% | |||
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 5.21%) | 2,913,115 | 2,913,115 | |
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 5.21%) | 2,913,115 | 2,913,115 | |
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 5.35%) | 2,913,115 | 2,913,115 | |
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 5.22%) | 2,913,116 | 2,913,116 | |
Total Short-Term Investments (cost $11,652,461) | 11,652,461 | ||
Total Value of Securities—100.58% (cost $574,661,600) | 750,259,326 | ||
Liabilities Net of Receivables and Other Assets—(0.58%) | (4,291,223) | ||
Net Assets Applicable to 36,887,930 Shares Outstanding—100.00% | $745,968,103 |
♦ | Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting. |
† | Non-income producing security. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At June 30, 2024, the aggregate value of Rule 144A securities was $11,106,097, which represents 1.49% 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. |
ω | Perpetual security with no stated maturity date. |
Summary of abbreviations: |
ADR – American Depositary Receipt |
2 NQ- IV9630 [0624] 0824 (3775171)
(Unaudited)
Summary of abbreviations: (continued) |
GDR – Global Depositary Receipt |
Summary of abbreviations: (continued) |
PJSC – Private Joint Stock Company |
NQ- IV9630 [0624] 0824 (3775171) 3