Schedule of investments
Delaware VIP® Trust — Delaware VIP Emerging Markets Series
March 31, 2023 (Unaudited)
Number of shares | Value (US $) | ||
Common Stocks – 95.16%Δ | |||
Argentina − 1.00% | |||
Cablevision Holding GDR | 262,838 | $ 609,864 | |
Cresud ADR | 326,731 | 2,081,277 | |
Grupo Clarin GDR Class B 144A #, † | 77,680 | 88,016 | |
IRSA Inversiones y Representaciones ADR | 500,335 | 2,906,946 | |
5,686,103 | |||
Bahrain − 0.22% | |||
Aluminium Bahrain GDR 144A # | 91,200 | 1,234,948 | |
1,234,948 | |||
Brazil − 4.25% | |||
Banco Bradesco ADR | 1,749,871 | 4,584,662 | |
Banco Santander Brasil ADR | 53,466 | 283,904 | |
BRF ADR † | 788,900 | 1,009,792 | |
Itau Unibanco Holding ADR | 1,049,325 | 5,110,213 | |
Rumo | 217,473 | 808,801 | |
Telefonica Brasil ADR | 272,891 | 2,065,785 | |
TIM ADR | 155,003 | 1,915,837 | |
Vale | 149,527 | 2,363,072 | |
Vale ADR | 363,623 | 5,737,971 | |
XP Class A † | 24,226 | 287,563 | |
24,167,600 | |||
Chile − 1.43% | |||
Sociedad Quimica y Minera de Chile ADR | 100,000 | 8,106,000 | |
8,106,000 | |||
China/Hong Kong − 32.29% | |||
Alibaba Group Holding † | 827,100 | 10,475,632 | |
Alibaba Group Holding ADR † | 143,800 | 14,693,484 | |
ANTA Sports Products | 268,400 | 3,896,931 | |
Baidu ADR † | 49,719 | 7,503,592 | |
BeiGene † | 167,800 | 2,792,985 | |
DiDi Global ADR † | 81,500 | 309,700 | |
Hengan International Group | 260,500 | 1,206,647 | |
iQIYI ADR † | 59,542 | 433,466 | |
JD.com Class A | 34,285 | 748,654 | |
JD.com ADR | 350,000 | 15,361,500 | |
Joinn Laboratories China Class H 144A # | 9,604 | 37,481 | |
Kunlun Energy | 3,360,900 | 2,623,951 | |
Kweichow Moutai Class A | 111,913 | 29,562,895 | |
Meituan Class B #, † | 75,390 | 1,367,742 | |
New Oriental Education & Technology Group ADR † | 16,190 | 625,096 | |
Ping An Insurance Group Co. of China Class H | 585,000 | 3,784,490 | |
Sohu.com ADR † | 429,954 | 6,333,222 | |
TAL Education Group ADR † | 50,701 | 324,993 |
Number of shares | Value (US $) | ||
Common StocksΔ (continued) | |||
China/Hong Kong (continued) | |||
Tencent Holdings | 753,900 | $ 36,842,583 | |
Tencent Music Entertainment Group ADR † | 159 | 1,317 | |
Tianjin Development Holdings | 35,950 | 7,139 | |
Tingyi Cayman Islands Holding | 1,582,000 | 2,647,408 | |
Trip.com Group ADR † | 120,588 | 4,542,550 | |
Tsingtao Brewery Class H | 797,429 | 8,716,081 | |
Uni-President China Holdings | 2,800,000 | 2,823,994 | |
Weibo Class A † | 65,500 | 1,365,834 | |
Weibo ADR † | 40,000 | 802,400 | |
Wuliangye Yibin Class A | 837,792 | 23,936,059 | |
183,767,826 | |||
India − 11.68% | |||
HCL Technologies | 312,400 | 4,147,293 | |
Indiabulls Real Estate GDR † | 44,628 | 26,554 | |
Infosys | 285,200 | 4,986,192 | |
Natco Pharma | 185,519 | 1,273,577 | |
Reliance Industries | 859,880 | 24,450,335 | |
Reliance Industries GDR 144A # | 452,657 | 25,538,343 | |
Sify Technologies ADR † | 91,200 | 114,912 | |
Tata Consultancy Services | 151,800 | 5,950,233 | |
66,487,439 | |||
Indonesia − 1.31% | |||
Astra International | 18,590,600 | 7,449,087 | |
7,449,087 | |||
Japan − 0.48% | |||
Renesas Electronics † | 189,200 | 2,739,770 | |
2,739,770 | |||
Malaysia − 0.05% | |||
UEM Sunrise † | 4,748,132 | 286,150 | |
286,150 | |||
Mexico − 4.77% | |||
America Movil ADR † | 162,815 | 3,427,256 | |
Banco Santander Mexico ADR | 276,900 | 1,874,613 | |
Becle | 1,571,000 | 4,087,913 | |
Cemex ADR † | 469,537 | 2,596,539 | |
Coca-Cola Femsa ADR | 75,784 | 6,098,338 | |
Fomento Economico Mexicano ADR | 19,186 | 1,826,315 | |
Grupo Financiero Banorte Class O | 440,979 | 3,712,838 | |
Grupo Televisa ADR | 656,458 | 3,472,663 | |
Sitios Latinoamerica † | 162,815 | 67,132 | |
27,163,607 | |||
Peru − 0.51% | |||
Cia de Minas Buenaventura ADR | 356,605 | 2,917,029 | |
2,917,029 |
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Schedule of investments
Delaware VIP® Trust — Delaware VIP Emerging Markets Series
Number of shares | Value (US $) | ||
Common StocksΔ (continued) | |||
Republic of Korea − 16.76% | |||
Fila Holdings | 82,860 | $ 2,329,350 | |
LG Uplus | 250,922 | 2,090,495 | |
Samsung Electronics | 671,359 | 33,199,348 | |
Samsung Life Insurance | 66,026 | 3,184,024 | |
SK Hynix | 360,000 | 24,636,585 | |
SK Square † | 388,459 | 11,923,858 | |
SK Telecom | 159,405 | 5,914,264 | |
SK Telecom ADR | 590,316 | 12,107,381 | |
95,385,305 | |||
Russia − 0.00% | |||
EL5-ENERO PJSC =, † | 755,050 | 0 | |
Etalon Group GDR 144A #, =, † | 354,800 | 0 | |
Gazprom PJSC = | 2,087,800 | 0 | |
Rosneft Oil PJSC = | 1,449,104 | 0 | |
Sberbank of Russia PJSC =, † | 2,058,929 | 0 | |
Surgutneftegas PJSC ADR = | 294,652 | 0 | |
T Plus PJSC = | 25,634 | 0 | |
VK GDR =, † | 71,300 | 0 | |
Yandex Class A =, † | 101,902 | 0 | |
0 | |||
South Africa − 0.09% | |||
Sun International | 210,726 | 508,914 | |
Tongaat Hulett =, † | 182,915 | 0 | |
508,914 | |||
Taiwan − 18.68% | |||
Hon Hai Precision Industry | 3,306,564 | 11,318,350 | |
MediaTek | 1,125,000 | 29,166,892 | |
Taiwan Semiconductor Manufacturing | 3,756,864 | 65,837,620 | |
106,322,862 | |||
Turkey − 1.37% | |||
D-MARKET Elektronik Hizmetler ve Ticaret ADR † | 15,200 | 20,368 | |
Turkcell Iletisim Hizmetleri | 677,165 | 1,133,173 | |
Turkiye Sise ve Cam Fabrikalari | 3,008,750 | 6,638,875 | |
7,792,416 | |||
United Kingdom − 0.27% | |||
Griffin Mining † | 1,642,873 | 1,519,986 | |
1,519,986 | |||
Total Common Stocks (cost $494,192,232) | 541,535,042 | ||
Number of shares | Value (US $) | ||
Convertible Preferred Stock – 0.05% | |||
Republic of Korea − 0.05% | |||
CJ 3.39% | 4,204 | $ 261,312 | |
Total Convertible Preferred Stock (cost $470,722) | 261,312 | ||
Preferred Stocks – 4.59%Δ | |||
Brazil − 0.74% | |||
Centrais Eletricas Brasileiras Class B 4.53% ω | 216,779 | 1,549,995 | |
Petroleo Brasileiro ADR 41.63% ω | 285,509 | 2,649,523 | |
4,199,518 | |||
Republic of Korea − 3.85% | |||
CJ 4.80% ω | 28,030 | 1,134,673 | |
Samsung Electronics 2.02% ω | 499,750 | 20,796,899 | |
21,931,572 | |||
Russia − 0.00% | |||
Transneft PJSC =, ω | 3,606 | 0 | |
0 | |||
Total Preferred Stocks (cost $16,880,353) | 26,131,090 | ||
Rights – 0.11% | |||
Brazil − 0.11% | |||
AES Brasil Energia | 312,339 | 616,242 | |
Total Rights (cost $946,490) | 616,242 |
Warrants – 0.03% | |||
Argentina − 0.03% | |||
IRSA Inversiones y Representaciones exercise price $0.25, expiration date 3/5/26 † | 594,450 | 184,279 | |
Total Warrants (cost $0) | 184,279 | ||
Participation Notes – 0.00% | |||
Lehman Indian Oil CW 12 LEPO =, † | 100,339 | 0 |
2 NQ-VIP-868 [3/23] 5/23 (2913046)
Number ofshares | Value (US $) | ||
Participation Notes (continued) | |||
Lehman Oil & Natural Gas CW 12 LEPO =, † | 146,971 | $ 0 | |
Total Participation Notes (cost $4,952,197) | 0 | ||
Total Value of Securities−99.94% (cost $517,441,994) | 568,727,965 | ||
Receivables and Other Assets Net of Liabilities — 0.06% | 323,363 |
Net Assets Applicable to 27,076,461 Shares Outstanding — 100.00% | $569,051,328 |
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 March 31, 2023, the aggregate value of Rule 144A securities was $28,266,530, which represents 4.97% of the Series' 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. |
The following foreign currency exchange contracts were outstanding at March 31, 2023:
Foreign Currency Exchange Contracts | ||||||||||
Counterparty | Currency to Receive (Deliver) | In Exchange For | Settlement Date | Unrealized Appreciation | ||||||
BNYM | ZAR | (406,279) | USD | 22,886 | 4/3/23 | $74 |
The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the schedule of investments. The foreign currency exchange contract presented above represent the Series' total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Series' net assets.
Summary of abbreviations: |
ADR – American Depositary Receipt |
BNYM – Bank of New York Mellon |
GDR – Global Depositary Receipt |
LEPO – Low Exercise Price Option |
PJSC – Private Joint Stock Company |
Summary of currencies: |
USD – US Dollar |
ZAR – South African Rand |
NQ-VIP-868 [3/23] 5/23 (2913046) 3