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 |
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 |
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 |
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 |
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 | ||
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 |