Schedule of investments
Delaware Emerging Markets Fund  February 29, 2024 (Unaudited)
    Number of
shares
Value (US $)
Common Stocks – 98.49%Δ
Argentina − 0.51%
Cablevision Holding GDR       443,972 $    1,636,692
Cresud ADR     1,676,544     13,127,339
Grupo Clarin GDR Class B 144A #, †       131,213        408,697
IRSA Inversiones y Representaciones ADR     1,424,788    11,042,105
     26,214,833
Australia − 0.05%
Woodside Energy Group ADR       137,332     2,708,187
      2,708,187
Bahrain − 0.07%
Aluminium Bahrain GDR 144A #       221,400     3,376,793
      3,376,793
Brazil − 5.08%
Atacadao       500,000      1,214,017
Banco Bradesco ADR    14,200,000     39,476,000
Banco Santander Brasil ADR     2,751,128     15,681,429
BRF ADR †     6,850,000     20,961,000
Centrais Eletricas Brasileiras ADR       989,541      8,658,484
Embraer ADR †       420,704      8,199,521
Itau Unibanco Holding ADR     5,952,439     40,595,634
Rumo     1,905,351      8,700,583
Telefonica Brasil ADR     2,050,000     22,406,500
TIM ADR     1,244,820     23,016,722
Vale ADR     5,000,000     67,050,000
XP Class A       211,715     5,004,943
    260,964,833
Chile − 0.87%
Cia Cervecerias Unidas ADR       410,528      4,774,441
Sociedad Quimica y Minera de Chile ADR       800,000    39,776,000
     44,550,441
China − 18.52%
Alibaba Group Holding     2,300,000     21,145,471
Alibaba Group Holding ADR     1,940,000    143,618,200
Baidu ADR †       420,000     42,558,600
BeiGene †     1,615,700     20,801,726
China Petroleum & Chemical Class H    30,000,000     16,528,603
China Tower Class H 144A #    30,000,000      3,636,244
DiDi Global ADR †     1,278,300      4,819,191
Full Truck Alliance ADR †       300,000      1,980,000
Guangshen Railway Class H †    11,000,000      2,274,952
NQ- 019 [0224] 0424 (3502126)    1

 

Schedule of investments
Delaware Emerging Markets Fund   (Unaudited)
    Number of
shares
Value (US $)
Common StocksΔ (continued)
China (continued)
Hengan International Group     1,356,500 $    4,181,009
Innovent Biologics 144A #, †     1,880,000     10,138,277
iQIYI ADR †     1,450,000      5,350,500
JD.com ADR     2,080,000     47,049,600
Joinn Laboratories China Class H 144A #       120,187        152,093
Kangji Medical Holdings         3,000          2,442
Kunlun Energy    21,000,000     17,902,793
Kweichow Moutai Class A       650,000    152,761,710
Meituan Class B 144A #, †       500,000      5,076,085
New Oriental Education & Technology Group ADR †       400,000     37,412,000
PetroChina Class H    18,000,000     14,117,619
Sohu.com ADR †     2,219,642     19,887,992
Sun Art Retail Group    15,079,500      2,600,111
TAL Education Group ADR †     1,030,000     15,171,900
Tencent Holdings     2,984,000    104,531,413
Tencent Music Entertainment Group ADR †       950,000      9,946,500
Tianjin Development Holdings    15,885,550      3,061,006
Tingyi Cayman Islands Holding    13,000,000     14,456,722
Trip.com Group ADR †       582,400     25,899,328
Tsingtao Brewery Class H     7,000,000     44,791,071
Uni-President China Holdings    31,186,000     18,720,761
Weibo ADR     1,450,000     13,224,000
Wuliangye Yibin Class A     6,500,000   128,116,848
    951,914,767
Hong Kong − 0.25%
Vinda International Holdings     4,300,000    12,734,667
     12,734,667
India − 16.74%
Aurobindo Pharma     1,500,000     18,594,798
BSE       402,650     11,501,634
Glenmark Pharmaceuticals     1,167,988     13,035,662
HCL Technologies     1,800,000     36,072,327
Indiabulls Real Estate GDR †       102,021        146,973
Infosys     2,640,000     53,128,661
Jio Financial Services †    14,500,000     54,131,415
Lupin     2,500,000     48,902,156
Reliance Industries    10,500,000    369,550,104
Reliance Industries GDR 144A #     2,340,879    166,710,670
Tata Chemicals     1,866,909     21,091,933
Tata Consultancy Services       198,078      9,771,405
2    NQ- 019 [0224] 0424 (3502126)

 

(Unaudited)
    Number of
shares
Value (US $)
Common StocksΔ (continued)
India (continued)
Tata Consumer Products     2,128,276 $   30,521,385
United Breweries     1,000,000     20,477,837
Zee Entertainment Enterprises †     3,530,000     6,832,828
    860,469,788
Indonesia − 1.17%
Astra International   180,000,000    59,921,700
     59,921,700
Malaysia − 0.07%
UEM Sunrise    17,000,000     3,735,185
      3,735,185
Mexico − 5.24%
America Movil ADR     1,369,199     25,617,713
Cemex ADR †     5,100,000     38,964,000
Coca-Cola Femsa ADR       300,000     29,115,000
Fomento Economico Mexicano ADR       688,329     85,517,995
Grupo Financiero Banorte Class O     4,000,000     41,374,657
Grupo Televisa ADR     6,017,000     17,990,830
Ollamani SAB †     1,504,250      2,518,814
Sitios Latinoamerica †     1,369,199        490,025
Wal-Mart de Mexico     7,000,000    27,960,163
    269,549,197
Netherlands − 0.01%
VEON ADR †        29,290       763,004
        763,004
Peru − 1.11%
Cia de Minas Buenaventura ADR     3,217,400     48,582,740
Credicorp        50,000     8,544,000
     57,126,740
Republic of Korea − 25.88%
Kakao       200,000      8,027,603
Kakaopay †       100,000      3,314,412
KB Financial Group ADR       245,928     11,644,691
LG Uplus     2,403,542     18,641,810
Lotte       300,000      6,806,021
Lotte Chilsung Beverage        44,000      4,151,042
Lotte Wellfood        60,000      5,915,591
Samsung C&T        80,000      9,418,713
Samsung Electronics     5,200,000    287,003,181
NQ- 019 [0224] 0424 (3502126)    3

 

Schedule of investments
Delaware Emerging Markets Fund   (Unaudited)
    Number of
shares
Value (US $)
Common StocksΔ (continued)
Republic of Korea (continued)
Samsung Life Insurance       360,939 $   26,273,093
Shinhan Financial Group       300,000      9,806,879
SK Hynix     3,490,000    411,416,828
SK Square †     7,031,497    368,961,600
SK Telecom     2,175,168     86,102,462
SK Telecom ADR     3,312,676    72,547,604
  1,330,031,530
Russia − 0.00%
EL5-ENERO PJSC =, †     1,058,050              0
Etalon Group GDR 144A #, =, †     1,616,300              0
Gazprom PJSC =, †    29,200,000              0
LUKOIL PJSC =       492,501              0
Rosneft Oil PJSC =    14,555,684              0
Sberbank of Russia PJSC =    15,200,000              0
Surgutneftegas PJSC ADR =, †     2,014,441              0
T Plus PJSC =, †        36,096              0
VK GDR =, †       551,200              0
Yandex Class A =, †       920,000             0
              0
Saudi Arabia − 0.50%
Saudi Arabian Oil 144A #     3,022,827    25,557,638
     25,557,638
South Africa − 0.28%
Naspers Class N        86,398    14,212,606
     14,212,606
Taiwan − 19.50%
FIT Hon Teng 144A #, †    38,000,000      4,978,716
MediaTek     8,800,000    317,559,620
Taiwan Semiconductor Manufacturing    31,000,000   679,350,176
  1,001,888,512
Turkey − 1.34%
Akbank    19,500,000     25,961,289
D-MARKET Elektronik Hizmetler ve Ticaret ADR †       144,600        224,130
Turk Telekomunikasyon †       951,192        977,643
Turkcell Iletisim Hizmetleri     2,427,827      5,204,458
Turkcell Iletisim Hizmetleri ADR     4,449,485     23,982,724
Turkiye Sise ve Cam Fabrikalari     7,651,443    12,524,658
     68,874,902
4    NQ- 019 [0224] 0424 (3502126)

 

(Unaudited)
    Number of
shares
Value (US $)
Common StocksΔ (continued)
United Kingdom − 0.07%
Griffin Mining †     3,056,187 $    3,809,602
      3,809,602
United States − 1.23%
Micron Technology       700,000    63,427,000
     63,427,000
Total Common Stocks (cost $4,624,382,521) 5,061,831,925
Preferred Stocks – 2.15%Δ
Brazil − 1.05%
Braskem Class A †, ω     1,470,000      6,192,151
Petroleo Brasileiro ADR ω     2,500,000     40,425,000
Usinas Siderurgicas de Minas Gerais Usiminas
Class A 3.06% ω
    3,235,733     7,159,997
     53,777,148
Republic of Korea − 1.10%
Samsung Electronics 2.31% ω     1,183,100    56,654,729
     56,654,729
Russia − 0.00%
Transneft PJSC =, ω        12,000             0
              0
Total Preferred Stocks (cost $66,489,867)   110,431,877
Rights – 0.02%
Brazil − 0.02%
AES Brasil Energia †       518,861     1,092,811
Total Rights (cost $1,572,319)     1,092,811
       
Warrants – 0.02%
Argentina − 0.02%
IRSA Inversiones y Representaciones,
exercise price $0.432, expiration date 3/5/26 †
    1,637,840       900,812
Total Warrants (cost $0)       900,812
NQ- 019 [0224] 0424 (3502126)    5

 

Schedule of investments
Delaware Emerging Markets Fund   (Unaudited)
    Number ofshares Value (US $)
Exchange-Traded Fund – 0.21%
iShares MSCI Turkey ETF       290,275 $   10,882,410
Total Exchange-Traded Fund
(cost $13,207,352)
   10,882,410
Participation Notes – 0.00%
Lehman Indian Oil
CW 12 LEPO =, †
      172,132              0
Lehman Oil & Natural Gas
CW 12 LEPO =, †
      254,590             0
Total Participation Notes
(cost $8,559,056)
            0
Total Value of Securities−100.89%
(cost $4,714,211,115)
    5,185,139,835
Liabilities Net of Receivables and Other Assets — (0.89%)       (45,927,381)
Net Assets Applicable to 253,605,884 Shares Outstanding — 100.00%     $5,139,212,454
Δ Securities have been classified by country of risk.
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At February 29, 2024, the aggregate value of Rule 144A securities was $220,035,213, which represents 4.28% of the Fund’s net assets.
Non-income producing security.
= 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
ETF – Exchange-Traded Fund
GDR – Global Depositary Receipt
LEPO – Low Exercise Price Option
MSCI – Morgan Stanley Capital International
PJSC – Private Joint Stock Company
6    NQ- 019 [0224] 0424 (3502126)