UNITED
STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF
PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: | 811-22050 | |
Exact name of registrant as specified in charter: | Delaware Enhanced Global Dividend and Income Fund | |
Address of principal executive offices: | 2005 Market Street | |
Philadelphia, PA 19103 | ||
Name and address of agent for service: | David F. Connor, Esq. | |
2005 Market Street | ||
Philadelphia, PA 19103 | ||
Registrants telephone number, including area code: | (800) 523-1918 | |
Date of fiscal year end: | November 30 | |
Date of reporting period: | February 28, 2018 |
Item 1. Schedule of Investments.
Schedule of investments
Delaware Enhanced Global Dividend and Income Fund
February 28, 2018 (Unaudited)
Number of | Value | ||||
shares | (US $) | ||||
Common Stock – 69.20%❖ | |||||
Consumer Discretionary – 11.82% | |||||
Bayerische Motoren Werke | 23,361 | $ | 2,454,421 | ||
Cie Generale des Etablissements Michelin |
13,478 | 2,071,632 | |||
Ford Motor | 92,000 | 976,120 | |||
Kering | 5,695 | 2,672,489 | |||
Nitori Holdings | 7,308 | 1,226,393 | |||
Publicis Groupe | 13,009 | 978,395 | |||
Target | 13,000 | 980,330 | |||
Techtronic Industries | 449,000 | 2,817,043 | |||
Toyota Motor | 55,405 | 3,733,362 | |||
Valeo | 27,671 | 1,789,426 | |||
Whirlpool | 3,400 | 552,262 | |||
Yue Yuen Industrial Holdings | 857,000 | 3,668,524 | |||
23,920,397 | |||||
Consumer Staples – 6.54% | |||||
Archer-Daniels-Midland | 14,400 | 597,888 | |||
British American Tobacco ADR |
11,940 | 705,176 | |||
Carlsberg Class B | 21,040 | 2,572,439 | |||
Coca-Cola Amatil | 66,291 | 448,343 | |||
CVS Health | 8,300 | 562,159 | |||
Imperial Brands | 51,946 | 1,865,035 | |||
Japan Tobacco | 76,500 | 2,170,850 | |||
Kimberly-Clark | 9,800 | 1,087,016 | |||
Kraft Heinz | 7,200 | 482,760 | |||
Matsumotokiyoshi Holdings | 25,900 | 1,089,497 | |||
Mondelez International | 14,100 | 618,990 | |||
Procter & Gamble | 13,200 | 1,036,464 | |||
13,236,617 | |||||
Diversified REITs – 0.08% | |||||
Investors Real Estate Trust | 10,260 | 47,709 | |||
Orix JREIT | 40 | 61,071 | |||
Sun Hung Kai Properties | 3,000 | 49,767 | |||
158,547 | |||||
Energy – 4.81% | |||||
Chevron | 6,700 | 749,864 | |||
ConocoPhillips | 11,000 | 597,410 | |||
Occidental Petroleum | 19,900 | 1,305,440 | |||
Royal Dutch Shell ADR | 17,500 | 1,123,150 | |||
Suncor Energy | 52,500 | 1,728,180 | |||
TOTAL | 41,424 | 2,356,146 | |||
TOTAL ADR | 20,500 | 1,162,145 | |||
Williams | 25,900 | 718,984 | |||
9,741,319 | |||||
Financials – 12.30% | |||||
Arthur J Gallagher & Co. | 17,300 | 1,195,603 | |||
Ashford † | 632 | 62,536 | |||
AXA | 106,061 | 3,321,731 | |||
Bank Rakyat Indonesia Persero |
9,080,200 | 2,496,502 | |||
BB&T | 23,300 | 1,266,355 | |||
ING Groep | 159,067 | 2,791,305 | |||
Mitsubishi UFJ Financial Group |
597,428 | 4,208,071 | |||
Nordea Bank | 225,522 | 2,559,165 | |||
Nordea Bank FDR | 52,674 | 600,442 | |||
Standard Chartered † | 253,052 | 2,805,593 | |||
UniCredit † | 115,399 | 2,433,728 | |||
Wells Fargo & Co. | 19,500 | 1,138,995 | |||
24,880,026 | |||||
Healthcare – 8.00% | |||||
Abbott Laboratories | 10,500 | 633,465 | |||
AbbVie | 8,900 | 1,030,887 | |||
Amgen | 3,200 | 588,064 | |||
AstraZeneca ADR | 32,900 | 1,091,951 | |||
Brookdale Senior Living † | 182,748 | 1,193,344 | |||
Cardinal Health | 12,600 | 872,046 | |||
Johnson & Johnson | 5,500 | 714,340 | |||
Koninklijke Philips | 79,004 | 3,010,915 | |||
Merck & Co. | 20,900 | 1,133,198 | |||
Novartis | 38,127 | 3,180,624 | |||
Pfizer | 38,060 | 1,381,959 | |||
Sanofi | 17,314 | 1,366,938 | |||
16,197,731 | |||||
Healthcare REITs – 0.06% | |||||
Assura | 70,493 | 56,094 | |||
Healthcare Realty Trust | 2,185 | 58,012 | |||
114,106 | |||||
Hotel REITs – 0.46% | |||||
Ashford Hospitality Prime | 13,251 | 113,959 | |||
Ashford Hospitality Trust | 55,000 | 303,050 | |||
Hospitality Properties Trust | 10,500 | 267,120 | |||
MGM Growth Properties | 9,300 | 244,125 | |||
928,254 | |||||
Industrial REIT – 0.11% | |||||
Prologis Property Mexico | 116,800 | 220,766 | |||
220,766 | |||||
Industrials – 12.42% | |||||
Deutsche Post | 75,565 | 3,447,370 | |||
East Japan Railway | 30,061 | 2,820,083 | |||
ITOCHU | 229,902 | 4,419,305 |
(continues) NQ-DEX [2/18] 4/18 (462679) 1
Schedule of investments
Delaware Enhanced Global Dividend and Income Fund (Unaudited)
Number of | Value | ||||
shares | (US $) | ||||
Common Stock❖ (continued) | |||||
Industrials (continued) | |||||
Leonardo | 69,979 | $ | 749,099 | ||
Lockheed Martin | 2,500 | 881,100 | |||
Meggitt | 284,270 | 1,761,824 | |||
MINEBEA MITSUMI | 106,700 | 2,413,347 | |||
Rexel | 58,934 | 1,035,059 | |||
Teleperformance | 16,587 | 2,362,085 | |||
United Technologies | 4,800 | 646,752 | |||
Vinci | 34,118 | 3,368,820 | |||
Waste Management | 14,200 | 1,225,744 | |||
25,130,588 | |||||
Information Technology – 4.63% | |||||
CA | 35,700 | 1,253,070 | |||
Canon ADR | 15,300 | 583,236 | |||
Cisco Systems | 26,600 | 1,191,148 | |||
Intel | 26,600 | 1,311,114 | |||
International Business | |||||
Machines | 5,100 | 794,733 | |||
Playtech | 189,473 | 2,032,265 | |||
Samsung Electronics | 1,013 | 2,201,319 | |||
9,366,885 | |||||
Mall REITs – 0.18% | |||||
GGP | 4,680 | 99,076 | |||
Simon Property Group | 1,761 | 270,331 | |||
369,407 | |||||
Materials – 1.51% | |||||
DowDuPont | 16,100 | 1,131,830 | |||
Rio Tinto | 36,011 | 1,930,361 | |||
3,062,191 | |||||
Multifamily REITs – 0.56% | |||||
Equity Residential | 18,800 | 1,057,124 | |||
Gecina | 450 | 78,807 | |||
1,135,931 | |||||
Office REITs – 0.65% | |||||
alstria office REIT | 33,657 | 498,800 | |||
Champion REIT | 125,000 | 88,759 | |||
Easterly Government | |||||
Properties | 17,485 | 332,914 | |||
Intervest Offices & | |||||
Warehouses | 2,500 | 69,083 | |||
Kenedix Office Investment | 50 | 316,171 | |||
1,305,727 | |||||
Self-Storage REIT – 0.11% | |||||
National Storage Affiliates | |||||
Trust | 8,800 | 215,864 | |||
215,864 | |||||
Shopping Center REITs – 0.26% | |||||
Charter Hall Retail REIT | 71,117 | 205,263 | |||
Link REIT | 33,000 | 280,533 | |||
Retail Properties of America | 4,117 | 49,239 | |||
535,035 | |||||
Single Tenant REIT – 0.06% | |||||
STORE Capital | 4,910 | 117,054 | |||
117,054 | |||||
Specialty REIT – 0.05% | |||||
Invitation Homes | 4,833 | 105,118 | |||
105,118 | |||||
Telecommunication Services – 3.84% | |||||
AT&T | 38,400 | 1,393,920 | |||
Century Communications =† | 125,000 | 0 | |||
Mobile TeleSystems ADR | 116,900 | 1,398,124 | |||
Nippon Telegraph & | |||||
Telephone | 55,802 | 2,591,814 | |||
Tele2 Class B | 87,050 | 1,029,587 | |||
Verizon Communications | 28,400 | 1,355,816 | |||
7,769,261 | |||||
Utilities – 0.75% | |||||
Edison International | 7,600 | 460,484 | |||
National Grid | 41,028 | 415,221 | |||
National Grid ADR | 12,375 | 638,426 | |||
1,514,131 | |||||
Total Common Stock | |||||
(cost $116,627,320) | 140,024,955 | ||||
Convertible Preferred Stock – 2.87% | |||||
A Schulman 6.00% | |||||
exercise price $52.33 ψ | 940 | 976,660 | |||
AMG Capital Trust II | |||||
5.15% exercise price | |||||
$200.00, maturity date | |||||
10/15/37 | 14,324 | 899,904 | |||
Bank of America 7.25% | |||||
exercise price $50.00 ψ | 728 | 931,498 | |||
El Paso Energy Capital Trust | |||||
I 4.75% exercise price | |||||
$50.00, maturity date | |||||
3/31/28 | 22,617 | 1,076,811 | |||
Wells Fargo & Co. 7.50% | |||||
exercise price | |||||
$156.71 ψ | 695 | 886,125 |
2 NQ-DEX [2/18] 4/18 (462679)
(Unaudited)
Number of | Value | ||||
shares | (US $) | ||||
Convertible Preferred Stock (continued) | |||||
Welltower 6.50% exercise | |||||
price $57.42 ψ | 19,015 | $ | 1,036,317 | ||
Total Convertible Preferred Stock (cost | |||||
$5,580,705) | 5,807,315 | ||||
Exchange-Traded Fund – 0.01% | |||||
iPATH S&P 500 VIX | |||||
Short-Term Futures ETN † | 390 | 17,297 | |||
Total Exchange-Traded Fund | |||||
(cost $1,176,115) | 17,297 | ||||
Limited Partnerships – 1.00% | |||||
Brookfield Infrastructure | |||||
Partners | 3,900 | 157,326 | |||
Merion Champion’s Walk =π† | 983,011 | 933,860 | |||
Merion Countryside =π† | 775,198 | 922,640 | |||
Total Limited Partnerships | |||||
(cost $1,702,249) | 2,013,826 | ||||
Principal | |||||
amount° | |||||
Agency Collateralized Mortgage Obligation – 0.02% | |||||
Fannie Mae REMICS | |||||
Series 2001-50 BA | |||||
7.00% 10/25/41 | 38,281 | 42,678 | |||
Total Agency Collateralized | |||||
Mortgage Obligation | |||||
(cost $39,125) | 42,678 | ||||
Agency Commercial Mortgage-Backed Securities – 0.01% | |||||
FREMF Mortgage Trust | |||||
Series 2011-K15 B 144A | |||||
4.948% 8/25/44 #● | 10,000 | 10,487 | |||
Series 2012-K22 B 144A | |||||
3.686% 8/25/45 #● | 10,000 | 10,083 | |||
Total Agency Commercial | |||||
Mortgage-Backed | |||||
Securities (cost $21,214) | 20,570 | ||||
Agency Mortgage-Backed Securities – 0.02% | |||||
Fannie Mae ARM | |||||
3.341% (LIBOR12M + | |||||
1.591%) 10/1/36 ● | 2,740 | 2,856 | |||
3.44% (LIBOR12M + | |||||
1.69%) 11/1/35 ● | 3,598 | 3,774 | |||
3.448% (LIBOR12M + | |||||
1.698%) 4/1/36 ● | 11,849 | 12,471 | |||
3.536% (LIBOR12M + | |||||
1.786%) 10/1/36 ● | 3,204 | 3,361 | |||
Fannie Mae S.F. 30 yr | |||||
5.00% 6/1/44 | 4,047 | 4,401 | |||
Freddie Mac ARM | |||||
3.287% (H15T1Y + | |||||
2.14%) 10/1/36 ● | 5,708 | 5,981 | |||
Freddie Mac S.F. 30 yr | |||||
5.50% 4/1/40 | 859 | 943 | |||
GNMA II S.F. 30 yr | |||||
6.00% 2/20/40 | 2,710 | 2,986 | |||
Total Agency | |||||
Mortgage-Backed | |||||
Securities (cost $35,834) | 36,773 | ||||
Convertible Bonds – 13.73% | |||||
Basic Industry – 0.23% | |||||
Team 144A 5.00% exercise | |||||
price $21.70, maturity date | |||||
8/1/23 # | 438,000 | 473,144 | |||
473,144 | |||||
Brokerage – 0.40% | |||||
GAIN Capital Holdings 144A | |||||
5.00% exercise price | |||||
$8.20, maturity date | |||||
8/15/22 # | 709,000 | 818,895 | |||
818,895 | |||||
Capital Goods – 1.94% | |||||
Aerojet Rocketdyne Holdings | |||||
2.25% exercise price | |||||
$26.00, maturity date | |||||
12/15/23 | 193,000 | 239,667 | |||
Cemex 3.72% exercise price | |||||
$11.01, maturity date | |||||
3/15/20 | 726,000 | 750,449 | |||
Chart Industries 144A 1.00% | |||||
exercise price $58.73, | |||||
maturity date 11/15/24 # | 583,000 | 658,763 | |||
Kaman 144A 3.25% exercise | |||||
price $65.26, maturity date | |||||
5/1/24 # | 811,000 | 917,996 | |||
SolarCity 1.625% exercise | |||||
price $759.35, maturity | |||||
date 11/1/19 | 1,439,000 | 1,348,873 | |||
3,915,748 | |||||
Communications – 1.28% | |||||
Alaska Communications | |||||
Systems Group 6.25% | |||||
exercise price $10.28, | |||||
maturity date 5/1/18 | 384,000 | 392,534 |
(continues) NQ-DEX [2/18] 4/18 (462679) 3
Schedule of investments
Delaware Enhanced Global Dividend and Income Fund (Unaudited)
Principal | Value | ||||
amount° | (US $) | ||||
Convertible Bonds (continued) | |||||
Communications (continued) | |||||
DISH Network | |||||
144A 2.375% exercise | |||||
price $82.22, maturity date | |||||
3/15/24 # | 842,000 | $ | 760,841 | ||
3.375% exercise price | |||||
$65.18, maturity date | |||||
8/15/26 | 501,000 | 505,291 | |||
Liberty Interactive 144A | |||||
1.75% exercise price | |||||
$341.10, maturity date | |||||
9/30/46 # | 639,000 | 739,027 | |||
Liberty Media 2.25% exercise | |||||
price $104.55, maturity | |||||
date 9/30/46 | 178,000 | 186,536 | |||
2,584,229 | |||||
Consumer Cyclical – 0.31% | |||||
Huron Consulting Group | |||||
1.25% exercise price | |||||
$79.89, maturity date | |||||
10/1/19 | 664,000 | 621,670 | |||
621,670 | |||||
Consumer Non-Cyclical – 2.83% | |||||
Brookdale Senior Living | |||||
2.75% exercise price | |||||
$29.33, maturity date | |||||
6/15/18 | 1,337,000 | 1,331,986 | |||
Insulet 144A 1.375% exercise | |||||
price $93.18, maturity date | |||||
11/15/24 # | 306,000 | 321,794 | |||
Medicines 2.75% exercise | |||||
price $48.97, maturity date | |||||
7/15/23 | 1,013,000 | 950,967 | |||
Neurocrine Biosciences 144A | |||||
2.25% exercise price | |||||
$75.92, maturity date | |||||
5/15/24 # | 515,000 | 684,119 | |||
Pacira Pharmaceuticals 144A | |||||
2.375% exercise price | |||||
$66.89, maturity date | |||||
4/1/22 # | 699,000 | 643,900 | |||
Spectrum Pharmaceuticals | |||||
2.75% exercise price | |||||
$10.53, maturity date | |||||
12/15/18 | 173,000 | 361,570 | |||
Vector Group | |||||
1.75% exercise price | |||||
$22.35, maturity date | |||||
4/15/20 ● | 1,007,000 | 1,102,219 | |||
2.50% exercise price | |||||
$14.50, maturity date | |||||
1/15/19 ● | 237,000 | 332,555 | |||
5,729,110 | |||||
Energy – 1.02% | |||||
Cheniere Energy 4.25% | |||||
exercise price $138.38, | |||||
maturity date 3/15/45 | 513,000 | 397,599 | |||
Helix Energy Solutions Group | |||||
4.25% exercise price | |||||
$13.89, maturity date | |||||
5/1/22 | 944,000 | 891,711 | |||
PDC Energy 1.125% exercise | |||||
price $85.39, maturity date | |||||
9/15/21 | 762,000 | 771,254 | |||
2,060,564 | |||||
Financials – 1.34% | |||||
Ares Capital 3.75% exercise | |||||
price $19.39, maturity date | |||||
2/1/22 | 884,000 | 897,096 | |||
Blackhawk Network Holdings | |||||
1.50% exercise price | |||||
$49.83, maturity date | |||||
1/15/22 | 886,000 | 983,681 | |||
New Mountain Finance | |||||
5.00% exercise price | |||||
$15.80, maturity date | |||||
6/15/19 | 814,000 | 833,630 | |||
2,714,407 | |||||
Real Estate Investment Trusts – 1.97% | |||||
Blackstone Mortgage Trust | |||||
4.375% exercise price | |||||
$35.67, maturity date | |||||
5/5/22 | 921,000 | 907,348 | |||
5.25% exercise price | |||||
$27.67, maturity date | |||||
12/1/18 | 758,000 | 849,525 | |||
Spirit Realty Capital 3.75% | |||||
exercise price $12.93, | |||||
maturity date 5/15/21 | 977,000 | 996,372 | |||
VEREIT 3.75% exercise price | |||||
$14.99, maturity date | |||||
12/15/20 | 1,219,000 | 1,232,013 | |||
3,985,258 | |||||
Technology – 2.41% | |||||
Ciena 3.75% exercise price | |||||
$20.17, maturity date | |||||
10/15/18 | 469,000 | 573,273 |
4 NQ-DEX [2/18] 4/18 (462679)
(Unaudited)
Principal | Value | ||||
amount° | (US $) | ||||
Convertible Bonds (continued) | |||||
Technology (continued) | |||||
Electronics For Imaging | |||||
0.75% exercise price | |||||
$52.72, maturity date | |||||
9/1/19 | 560,000 | $ | 544,216 | ||
Knowles 3.25% exercise price | |||||
$18.43, maturity date | |||||
11/1/21 | 649,000 | 711,564 | |||
NXP Semiconductors 1.00% | |||||
exercise price $102.84, | |||||
maturity date 12/1/19 | 221,000 | 285,505 | |||
PROS Holdings 2.00% | |||||
exercise price $33.79, | |||||
maturity date 12/1/19 | 862,000 | 960,640 | |||
Synaptics 144A 0.50% | |||||
exercise price $73.02, | |||||
maturity date 6/15/22 # | 769,000 | 740,700 | |||
Verint Systems 1.50% | |||||
exercise price $64.46, | |||||
maturity date 6/1/21 | 1,101,000 | 1,065,733 | |||
4,881,631 | |||||
Total Convertible Bonds | |||||
(cost $26,674,424) | 27,784,656 | ||||
Corporate Bonds – 43.88% | |||||
Banking – 2.37% | |||||
Ally Financial 5.75% | |||||
11/20/25 | 702,000 | 734,467 | |||
Banco do Brasil 144A | |||||
4.625% 1/15/25 # | 500,000 | 488,625 | |||
Bank of America | |||||
144A 3.419% | |||||
12/20/28 #µ | 5,000 | 4,793 | |||
4.183% 11/25/27 | 5,000 | 5,008 | |||
5.625% 7/1/20 | 5,000 | 5,303 | |||
Bank of Montreal 3.803% | |||||
12/15/32 µ | 5,000 | 4,776 | |||
Bank of New York Mellon | |||||
2.95% 1/29/23 | 10,000 | 9,860 | |||
3.30% 8/23/29 | 5,000 | 4,764 | |||
4.625% µψ | 5,000 | 4,984 | |||
BB&T 2.85% 10/26/24 | 5,000 | 4,840 | |||
Citizens Financial Group | |||||
4.30% 12/3/25 | 5,000 | 5,094 | |||
Credit Suisse Group 144A | |||||
6.25% #µψ | 485,000 | 511,299 | |||
Fifth Third Bancorp 2.875% | |||||
7/27/20 | 5,000 | 4,993 | |||
Goldman Sachs Group 6.00% | |||||
6/15/20 | 5,000 | 5,331 | |||
Huntington Bancshares | |||||
2.30% 1/14/22 | 5,000 | 4,818 | |||
JPMorgan Chase & Co. | |||||
3.897% 1/23/49 µ | 10,000 | 9,440 | |||
Lloyds Banking Group 7.50% µψ | 775,000 | 851,531 | |||
Morgan Stanley | |||||
3.772% 1/24/29 µ | 15,000 | 14,695 | |||
5.00% 11/24/25 | 5,000 | 5,332 | |||
PNC Financial Services Group | |||||
5.00% µψ | 5,000 | 5,087 | |||
Popular 7.00% 7/1/19 | 605,000 | 626,175 | |||
Royal Bank of Scotland Group | |||||
8.625% µψ | 655,000 | 725,413 | |||
State Street | |||||
3.10% 5/15/23 | 5,000 | 4,934 | |||
3.30% 12/16/24 | 5,000 | 4,978 | |||
SunTrust Banks | |||||
2.45% 8/1/22 | 5,000 | 4,839 | |||
2.70% 1/27/22 | 5,000 | 4,900 | |||
Toronto-Dominion Bank | |||||
2.50% 12/14/20 | 5,000 | 4,955 | |||
UBS Group 6.875% µψ | 600,000 | 650,647 | |||
US Bancorp 3.10% 4/27/26 | 5,000 | 4,783 | |||
USB Capital IX 3.50% | |||||
(LIBOR03M + 1.02%) ψ● | 80,000 | 70,500 | |||
4,787,164 | |||||
Basic Industry – 7.25% | |||||
Barrick North America Finance | |||||
5.75% 5/1/43 | 5,000 | 5,967 | |||
Beacon Escrow 144A 4.875% | |||||
11/1/25 # | 805,000 | 789,141 | |||
BMC East 144A 5.50% | |||||
10/1/24 # | 282,000 | 286,935 | |||
Boise Cascade 144A 5.625% | |||||
9/1/24 # | 905,000 | 936,675 | |||
Builders FirstSource 144A | |||||
5.625% 9/1/24 # | 405,000 | 413,606 | |||
Chemours 5.375% 5/15/27 | 456,000 | 458,280 | |||
CSN Resources 144A 7.625% | |||||
2/13/23 # | 500,000 | 492,500 | |||
Dow Chemical 8.55% | |||||
5/15/19 | 34,000 | 36,331 | |||
FMG Resources August 2006 | |||||
144A 4.75% 5/15/22 # | 240,000 | 240,720 | |||
144A 5.125% 5/15/24 # | 424,000 | 424,399 | |||
Freeport-McMoRan | |||||
4.55% 11/14/24 | 345,000 | 338,963 | |||
6.875% 2/15/23 | 766,000 | 829,195 |
(continues) NQ-DEX [2/18] 4/18 (462679) 5
Schedule of investments
Delaware Enhanced Global Dividend and Income Fund (Unaudited)
Principal | Value | ||||
amount° | (US $) | ||||
Corporate Bonds (continued) | |||||
Basic Industry (continued) | |||||
Georgia-Pacific 8.00% | |||||
1/15/24 | 10,000 | $ | 12,439 | ||
Hudbay Minerals | |||||
144A 7.25% 1/15/23 # | 50,000 | 53,375 | |||
144A 7.625% 1/15/25 # | 395,000 | 431,537 | |||
Jeld-Wen | |||||
144A 4.625% 12/15/25 # | 80,000 | 78,400 | |||
144A 4.875% 12/15/27 # | 500,000 | 486,250 | |||
Joseph T Ryerson & Son 144A | |||||
11.00% 5/15/22 # | 182,000 | 203,085 | |||
Koppers 144A 6.00% | |||||
2/15/25 # | 484,000 | 502,150 | |||
Kraton Polymers 144A 7.00% | |||||
4/15/25 # | 362,000 | 375,575 | |||
Lennar | |||||
4.50% 4/30/24 | 430,000 | 427,850 | |||
4.75% 5/30/25 | 215,000 | 214,731 | |||
New Gold 144A 6.25% | |||||
11/15/22 # | 162,000 | 166,860 | |||
Nexa Resources 144A | |||||
5.375% 5/4/27 # | 500,000 | 517,250 | |||
NOVA Chemicals | |||||
144A 5.00% 5/1/25 # | 285,000 | 283,575 | |||
144A 5.25% 6/1/27 # | 380,000 | 372,400 | |||
Novelis 144A 6.25% | |||||
8/15/24 # | 750,000 | 768,750 | |||
Olin | |||||
5.00% 2/1/30 | 380,000 | 367,175 | |||
5.125% 9/15/27 | 478,000 | 471,726 | |||
PQ 144A 6.75% 11/15/22 # | 280,000 | 296,450 | |||
PulteGroup 5.00% 1/15/27 | 215,000 | 214,463 | |||
Standard Industries 144A | |||||
5.00% 2/15/27 # | 855,000 | 849,656 | |||
Steel Dynamics 5.00% | |||||
12/15/26 | 460,000 | 470,350 | |||
Summit Materials 8.50% | |||||
4/15/22 | 130,000 | 142,735 | |||
US Concrete 6.375% 6/1/24 | 600,000 | 640,500 | |||
WestRock 144A 3.375% | |||||
9/15/27 # | 5,000 | 4,787 | |||
WR Grace & Co.-Conn 144A | |||||
5.625% 10/1/24 # | 210,000 | 221,287 | |||
Zekelman Industries 144A | |||||
9.875% 6/15/23 # | 770,000 | 848,925 | |||
14,674,993 | |||||
Brokerage – 0.22% | |||||
E*TRADE Financial | |||||
5.30% µψ | 5,000 | 4,950 | |||
5.875% µψ | 400,000 | 415,000 | |||
Jefferies Group | |||||
4.15% 1/23/30 | 10,000 | 9,514 | |||
6.45% 6/8/27 | 5,000 | 5,651 | |||
6.50% 1/20/43 | 5,000 | 5,652 | |||
440,767 | |||||
Capital Goods – 1.91% | |||||
Allegion US Holding 3.55% | |||||
10/1/27 | 4,000 | 3,848 | |||
Ardagh Packaging Finance | |||||
144A 6.00% 2/15/25 # | 360,000 | 369,900 | |||
Berry Global 144A 4.50% | |||||
2/15/26 # | 655,000 | 638,625 | |||
BWAY Holding | |||||
144A 5.50% 4/15/24 # | 699,000 | 716,475 | |||
144A 7.25% 4/15/25 # | 350,000 | 362,250 | |||
CCL Industries 144A 3.25% | |||||
10/1/26 # | 5,000 | 4,656 | |||
Crane 4.45% 12/15/23 | 10,000 | 10,261 | |||
Crown Americas 144A 4.75% | |||||
2/1/26 # | 659,000 | 650,763 | |||
Eaton 3.103% 9/15/27 | 5,000 | 4,762 | |||
Flex Acquisition 144A | |||||
6.875% 1/15/25 # | 420,000 | 426,037 | |||
General Electric | |||||
2.10% 12/11/19 | 35,000 | 34,551 | |||
5.55% 5/4/20 | 5,000 | 5,268 | |||
6.00% 8/7/19 | 10,000 | 10,454 | |||
Leggett & Platt 3.50% | |||||
11/15/27 | 5,000 | 4,820 | |||
Lennox International 3.00% | |||||
11/15/23 | 5,000 | 4,881 | |||
Martin Marietta Materials | |||||
4.25% 12/15/47 | 5,000 | 4,662 | |||
Northrop Grumman 3.25% | |||||
1/15/28 | 5,000 | 4,798 | |||
StandardAero Aviation | |||||
Holdings 144A 10.00% | |||||
7/15/23 # | 210,000 | 228,900 | |||
TransDigm 6.375% 6/15/26 | 368,000 | 377,200 | |||
Waste Management 3.15% | |||||
11/15/27 | 5,000 | 4,780 | |||
3,867,891 | |||||
Consumer Cyclical – 3.48% | |||||
AMC Entertainment Holdings | |||||
6.125% 5/15/27 | 456,000 | 444,600 | |||
American Tire Distributors | |||||
144A 10.25% 3/1/22 # | 264,000 | 276,242 | |||
Boyd Gaming 6.375% | |||||
4/1/26 | 1,013,000 | 1,067,449 |
6 NQ-DEX [2/18] 4/18 (462679)
(Unaudited)
Principal | Value | ||||
amount° | (US $) | ||||
Corporate Bonds (continued) | |||||
Consumer Cyclical (continued) | |||||
General Motors Financial | |||||
5.25% 3/1/26 | 5,000 | $ | 5,304 | ||
GLP Capital / GLP Financing | |||||
5.375% 4/15/26 | 345,000 | 357,506 | |||
Goodyear Tire & Rubber | |||||
4.875% 3/15/27 | 635,000 | 627,063 | |||
Hilton Worldwide Finance | |||||
4.875% 4/1/27 | 870,000 | 872,175 | |||
Hyundai Capital America | |||||
144A 2.55% 2/6/19 # | 10,000 | 9,971 | |||
KFC Holding / Pizza Hut | |||||
Holdings / Taco Bell of | |||||
America 144A 5.25% | |||||
6/1/26 # | 740,000 | 751,100 | |||
MGM Resorts International | |||||
4.625% 9/1/26 | 483,000 | 474,543 | |||
Penn National Gaming 144A | |||||
5.625% 1/15/27 # | 483,000 | 480,585 | |||
Penske Automotive Group | |||||
5.50% 5/15/26 | 861,000 | 861,000 | |||
Royal Caribbean Cruises | |||||
3.70% 3/15/28 | 5,000 | 4,788 | |||
Scientific Games International | |||||
10.00% 12/1/22 | 743,000 | 808,570 | |||
Starbucks 2.70% 6/15/22 | 5,000 | 4,956 | |||
Toyota Motor Credit 2.80% | |||||
7/13/22 | 5,000 | 4,953 | |||
7,050,805 | |||||
Consumer Non-Cyclical – 1.76% | |||||
Abbott Laboratories 2.80% | |||||
9/15/20 | 5,000 | 4,988 | |||
Anheuser-Busch InBev | |||||
Finance | |||||
3.30% 2/1/23 | 5,000 | 4,984 | |||
3.65% 2/1/26 | 5,000 | 4,963 | |||
4.90% 2/1/46 | 5,000 | 5,352 | |||
BAT Capital 144A 3.557% | |||||
8/15/27 # | 5,000 | 4,789 | |||
Biogen 5.20% 9/15/45 | 5,000 | 5,469 | |||
Celgene 3.90% 2/20/28 | 5,000 | 4,924 | |||
Cott Holdings 144A 5.50% | |||||
4/1/25 # | 728,000 | 726,981 | |||
Covidien International | |||||
Finance 4.20% 6/15/20 | 20,000 | 20,608 | |||
ESAL 144A 6.25% 2/5/23 # | 650,000 | 620,951 | |||
JBS USA | |||||
144A 5.75% 6/15/25 # | 477,000 | 457,920 | |||
144A 6.75% 2/15/28 # | 350,000 | 347,743 | |||
Pfizer 3.00% 12/15/26 | 5,000 | 4,842 | |||
Post Holdings | |||||
144A 5.00% 8/15/26 # | 244,000 | 232,410 | |||
144A 5.625% 1/15/28 # | 400,000 | 390,000 | |||
144A 5.75% 3/1/27 # | 238,000 | 235,620 | |||
Shire Acquisitions Investments | |||||
Ireland | |||||
2.40% 9/23/21 | 5,000 | 4,833 | |||
2.875% 9/23/23 | 5,000 | 4,787 | |||
Tempur Sealy International | |||||
5.50% 6/15/26 | 436,000 | 429,460 | |||
Thermo Fisher Scientific | |||||
3.00% 4/15/23 | 10,000 | 9,822 | |||
Zimmer Biomet Holdings | |||||
4.625% 11/30/19 | 30,000 | 30,933 | |||
3,552,379 | |||||
Electric – 0.35% | |||||
Ameren 3.65% 2/15/26 | 5,000 | 4,967 | |||
Ameren Illinois 9.75% | |||||
11/15/18 | 45,000 | 47,201 | |||
American Transmission | |||||
Systems 144A 5.25% | |||||
1/15/22 # | 15,000 | 16,078 | |||
Cleveland Electric Illuminating | |||||
5.50% 8/15/24 | 5,000 | 5,541 | |||
CMS Energy 6.25% 2/1/20 | 5,000 | 5,319 | |||
Commonwealth Edison | |||||
5.80% 3/15/18 | 5,000 | 5,007 | |||
DTE Energy 3.30% 6/15/22 | 5,000 | 4,987 | |||
Duke Energy 3.15% 8/15/27 | 5,000 | 4,743 | |||
Entergy Louisiana 4.05% | |||||
9/1/23 | 10,000 | 10,444 | |||
Fortis 3.055% 10/4/26 | 5,000 | 4,656 | |||
Great Plains Energy 4.85% | |||||
6/1/21 | 5,000 | 5,219 | |||
Israel Electric 144A 4.25% | |||||
8/14/28 # | 500,000 | 493,130 | |||
ITC Holdings 144A 3.35% | |||||
11/15/27 # | 5,000 | 4,829 | |||
Kansas City Power & Light | |||||
3.65% 8/15/25 | 5,000 | 5,006 | |||
LG&E & KU Energy 4.375% | |||||
10/1/21 | 20,000 | 20,760 | |||
National Rural Utilities | |||||
Cooperative Finance | |||||
2.85% 1/27/25 | 5,000 | 4,833 | |||
4.75% 4/30/43 µ | 5,000 | 5,183 | |||
New York State Electric & Gas | |||||
144A 3.25% 12/1/26 # | 5,000 | 4,883 |
(continues) NQ-DEX [2/18] 4/18 (462679) 7
Schedule of investments
Delaware Enhanced Global Dividend and Income Fund (Unaudited)
Principal | Value | ||||
amount° | (US $) | ||||
Corporate Bonds (continued) | |||||
Electric (continued) | |||||
NextEra Energy Capital | |||||
Holdings 3.55% 5/1/27 | 5,000 | $ | 4,900 | ||
NV Energy 6.25% 11/15/20 | 5,000 | 5,429 | |||
PPL Electric Utilities 3.00% | |||||
9/15/21 | 10,000 | 10,038 | |||
Public Service Co. of New | |||||
Hampshire 3.50% | |||||
11/1/23 | 5,000 | 5,084 | |||
Public Service Co. of | |||||
Oklahoma 5.15% | |||||
12/1/19 | 15,000 | 15,580 | |||
South Carolina Electric & Gas | |||||
4.10% 6/15/46 | 5,000 | 4,782 | |||
698,599 | |||||
Energy – 8.30% | |||||
Abu Dhabi Crude Oil Pipeline | |||||
144A 3.65% 11/2/29 # | 750,000 | 716,297 | |||
Alta Mesa Holdings 7.875% | |||||
12/15/24 | 462,000 | 494,340 | |||
AmeriGas Partners 5.875% | |||||
8/20/26 | 666,000 | 670,995 | |||
Anadarko Petroleum 6.60% | |||||
3/15/46 | 5,000 | 6,256 | |||
Andeavor Logistics 5.25% | |||||
1/15/25 | 454,000 | 466,508 | |||
Antero Resources 5.625% | |||||
6/1/23 | 283,000 | 291,490 | |||
Cheniere Corpus Christi | |||||
Holdings | |||||
5.125% 6/30/27 | 92,000 | 93,380 | |||
5.875% 3/31/25 | 222,000 | 235,597 | |||
7.00% 6/30/24 | 205,000 | 230,164 | |||
Chesapeake Energy | |||||
144A 8.00% 12/15/22 # | 106,000 | 113,155 | |||
144A 8.00% 1/15/25 # | 150,000 | 148,500 | |||
Crestwood Midstream | |||||
Partners 5.75% 4/1/25 | 466,000 | 473,573 | |||
Diamondback Energy 4.75% | |||||
11/1/24 | 435,000 | 430,650 | |||
Ecopetrol 5.875% 5/28/45 | 500,000 | 503,125 | |||
Enbridge | |||||
3.70% 7/15/27 | 5,000 | 4,839 | |||
6.00% 1/15/77 µ | 5,000 | 5,075 | |||
Energy Transfer Equity 5.50% | |||||
6/1/27 | 260,000 | 269,750 | |||
Energy Transfer Partners | |||||
6.125% 12/15/45 | 5,000 | 5,352 | |||
6.625% µψ | 5,000 | 4,816 | |||
9.70% 3/15/19 | 7,000 | 7,494 | |||
Gazprom OAO Via Gaz | |||||
Capital 144A 4.95% | |||||
3/23/27 # | 500,000 | 511,973 | |||
Genesis Energy 6.75% | |||||
8/1/22 | 726,000 | 751,229 | |||
Gulfport Energy | |||||
144A 6.375% 1/15/26 # | 235,000 | 232,215 | |||
6.625% 5/1/23 | 495,000 | 511,087 | |||
Hilcorp Energy I | |||||
144A 5.00% 12/1/24 # | 229,000 | 231,290 | |||
144A 5.75% 10/1/25 # | 239,000 | 244,377 | |||
Holly Energy Partners 144A | |||||
6.00% 8/1/24 # | 225,000 | 232,313 | |||
Laredo Petroleum 6.25% | |||||
3/15/23 | 501,000 | 508,515 | |||
MPLX 4.875% 12/1/24 | 10,000 | 10,535 | |||
Murphy Oil 6.875% 8/15/24 | 1,030,000 | 1,085,496 | |||
Murphy Oil USA 5.625% | |||||
5/1/27 | 886,000 | 907,043 | |||
Newfield Exploration 5.375% | |||||
1/1/26 | 662,000 | 686,825 | |||
Noble Energy 3.85% | |||||
1/15/28 | 5,000 | 4,900 | |||
NuStar Logistics 5.625% | |||||
4/28/27 | 402,000 | 398,985 | |||
Oasis Petroleum 6.875% | |||||
3/15/22 | 381,000 | 391,239 | |||
ONEOK 7.50% 9/1/23 | 5,000 | 5,849 | |||
Petrobras Global Finance | |||||
7.25% 3/17/44 | 400,000 | 407,000 | |||
Petroleos Mexicanos 6.75% | |||||
9/21/47 | 160,000 | 163,104 | |||
QEP Resources 5.625% | |||||
3/1/26 | 650,000 | 641,875 | |||
Raizen Fuels Finance 144A | |||||
5.30% 1/20/27 # | 500,000 | 514,375 | |||
Sabine Pass Liquefaction | |||||
5.625% 3/1/25 | 15,000 | 16,159 | |||
Sempra Energy 3.80% | |||||
2/1/38 | 5,000 | 4,753 | |||
Southwestern Energy | |||||
4.10% 3/15/22 | 239,000 | 225,257 | |||
6.70% 1/23/25 | 623,000 | 613,655 | |||
Targa Resources Partners | |||||
5.375% 2/1/27 | 658,000 | 660,467 | |||
Tecpetrol 144A 4.875% | |||||
12/12/22 # | 500,000 | 489,000 | |||
Transocean 144A 9.00% | |||||
7/15/23 # | 422,000 | 456,287 |
8 NQ-DEX [2/18] 4/18 (462679)
(Unaudited)
Principal | Value | ||||
amount° | (US $) | ||||
Corporate Bonds (continued) | |||||
Energy (continued) | |||||
Transocean Proteus 144A | |||||
6.25% 12/1/24 # | 194,400 | $ | 200,728 | ||
WildHorse Resource | |||||
Development 6.875% | |||||
2/1/25 | 484,000 | 497,310 | |||
Woodside Finance 144A | |||||
8.75% 3/1/19 # | 15,000 | 15,871 | |||
16,791,068 | |||||
Financials – 0.22% | |||||
AerCap Global Aviation Trust | |||||
144A 6.50% 6/15/45 #µ | 400,000 | 436,000 | |||
Air Lease 3.00% 9/15/23 | 5,000 | 4,870 | |||
Aviation Capital Group 144A | |||||
4.875% 10/1/25 # | 5,000 | 5,236 | |||
446,106 | |||||
Healthcare – 2.95% | |||||
Air Medical Group Holdings | |||||
144A 6.375% 5/15/23 # | 676,000 | 645,580 | |||
DaVita 5.00% 5/1/25 | 406,000 | 398,895 | |||
Encompass Health | |||||
5.75% 11/1/24 | 670,000 | 681,725 | |||
5.75% 9/15/25 | 251,000 | 256,647 | |||
HCA | |||||
5.375% 2/1/25 | 1,026,000 | 1,045,566 | |||
5.875% 2/15/26 | 136,000 | 141,100 | |||
7.58% 9/15/25 | 194,000 | 218,250 | |||
Hill-Rom Holdings | |||||
144A 5.00% 2/15/25 # | 348,000 | 348,870 | |||
144A 5.75% 9/1/23 # | 243,000 | 253,327 | |||
Hologic 144A 4.625% | |||||
2/1/28 # | 370,000 | 357,975 | |||
inVentiv Group Holdings | |||||
144A 7.50% 10/1/24 # | 152,000 | 163,400 | |||
MPH Acquisition Holdings | |||||
144A 7.125% 6/1/24 # | 402,000 | 424,110 | |||
Service Corp International | |||||
4.625% 12/15/27 | 360,000 | 352,800 | |||
Tenet Healthcare | |||||
144A 5.125% 5/1/25 # | 395,000 | 384,631 | |||
8.125% 4/1/22 | 279,000 | 294,694 | |||
5,967,570 | |||||
Insurance – 0.71% | |||||
AXIS Specialty Finance 4.00% | |||||
12/6/27 | 5,000 | 4,884 | |||
Berkshire Hathaway Finance | |||||
2.90% 10/15/20 | 35,000 | 35,202 | |||
Chubb INA Holdings 3.35% | |||||
5/3/26 | 5,000 | 4,945 | |||
HUB International 144A | |||||
7.875% 10/1/21 # | 504,000 | 520,380 | |||
Liberty Mutual Group 144A | |||||
4.95% 5/1/22 # | 5,000 | 5,292 | |||
MetLife 6.40% 12/15/36 | 100,000 | 113,000 | |||
Nuveen Finance | |||||
144A 2.95% 11/1/19 # | 5,000 | 5,004 | |||
144A 4.125% 11/1/24 # | 10,000 | 10,314 | |||
Progressive 2.45% 1/15/27 | 5,000 | 4,620 | |||
Prudential Financial 5.375% | |||||
5/15/45 µ | 5,000 | 5,213 | |||
USIS Merger Sub 144A | |||||
6.875% 5/1/25 # | 727,000 | 737,905 | |||
1,446,759 | |||||
Media – 4.23% | |||||
AMC Networks 4.75% | |||||
8/1/25 | 440,000 | 427,350 | |||
CCO Holdings | |||||
144A 5.125% 5/1/27 # | 250,000 | 240,937 | |||
144A 5.50% 5/1/26 # | 29,000 | 29,073 | |||
144A 5.75% 2/15/26 # | 342,000 | 347,557 | |||
144A 5.875% 5/1/27 # | 516,000 | 525,675 | |||
Cequel Communications | |||||
Holdings I 144A 7.75% | |||||
7/15/25 # | 325,000 | 347,750 | |||
Gray Television 144A 5.875% | |||||
7/15/26 # | 667,000 | 662,831 | |||
Lamar Media 5.75% 2/1/26 | 399,000 | 414,461 | |||
Nexstar Broadcasting 144A | |||||
5.625% 8/1/24 # | 844,000 | 850,330 | |||
Nielsen Co. Luxembourg | |||||
144A 5.00% 2/1/25 # | 855,000 | 855,804 | |||
SFR Group 144A 7.375% | |||||
5/1/26 # | 430,000 | 416,691 | |||
Sinclair Television Group | |||||
144A 5.125% 2/15/27 # | 483,000 | 466,699 | |||
Sirius XM Radio | |||||
144A 5.00% 8/1/27 # | 875,000 | 855,050 | |||
144A 5.375% 4/15/25 # | 419,000 | 426,856 | |||
Tribune Media 5.875% | |||||
7/15/22 | 412,000 | 422,300 | |||
UPC Holding 144A 5.50% | |||||
1/15/28 # | 440,000 | 414,700 | |||
Virgin Media Secured Finance | |||||
144A 5.25% 1/15/26 # | 410,000 | 403,337 | |||
VTR Finance 144A 6.875% | |||||
1/15/24 # | 430,000 | 449,350 | |||
8,556,751 |
(continues) NQ-DEX [2/18] 4/18 (462679) 9
Schedule of investments
Delaware Enhanced Global Dividend and Income Fund (Unaudited)
Principal | Value | ||||
amount° | (US $) | ||||
Corporate Bonds (continued) | |||||
Real Estate Investment Trusts – 1.27% | |||||
American Tower Trust I 144A | |||||
3.07% 3/15/23 # | 20,000 | $ | 19,825 | ||
Corporate Office Properties | |||||
3.60% 5/15/23 | 5,000 | 4,939 | |||
5.25% 2/15/24 | 10,000 | 10,529 | |||
CubeSmart 3.125% 9/1/26 | 5,000 | 4,629 | |||
Education Realty Operating | |||||
Partnership 4.60% | |||||
12/1/24 | 5,000 | 5,079 | |||
ESH Hospitality 144A 5.25% | |||||
5/1/25 # | 716,000 | 716,000 | |||
GEO Group | |||||
5.125% 4/1/23 | 165,000 | 165,000 | |||
5.875% 1/15/22 | 700,000 | 721,875 | |||
6.00% 4/15/26 | 309,000 | 309,479 | |||
Hospitality Properties Trust | |||||
4.50% 3/15/25 | 5,000 | 5,076 | |||
Host Hotels & Resorts 4.50% | |||||
2/1/26 | 5,000 | 5,085 | |||
Iron Mountain 144A 4.875% | |||||
9/15/27 # | 135,000 | 127,913 | |||
Iron Mountain US Holdings | |||||
144A 5.375% 6/1/26 # | 462,000 | 457,380 | |||
LifeStorage 3.50% 7/1/26 | 5,000 | 4,771 | |||
Regency Centers 3.60% | |||||
2/1/27 | 5,000 | 4,818 | |||
WP Carey 4.60% 4/1/24 | 5,000 | 5,181 | |||
2,567,579 | |||||
Services – 2.65% | |||||
Advanced Disposal Services | |||||
144A 5.625% 11/15/24 # | 471,000 | 481,597 | |||
Aramark Services 144A | |||||
5.00% 2/1/28 # | 145,000 | 144,819 | |||
Ashtead Capital 144A | |||||
4.375% 8/15/27 # | 750,000 | 725,625 | |||
Avis Budget Car Rental 144A | |||||
6.375% 4/1/24 # | 266,000 | 273,315 | |||
Covanta Holding 5.875% | |||||
7/1/25 | 467,000 | 465,833 | |||
Herc Rentals 144A 7.75% | |||||
6/1/24 # | 432,000 | 472,910 | |||
KAR Auction Services 144A | |||||
5.125% 6/1/25 # | 237,000 | 239,370 | |||
Prime Security Services | |||||
Borrower 144A 9.25% | |||||
5/15/23 # | 1,191,000 | 1,299,679 | |||
United Rentals North America | |||||
5.50% 5/15/27 | 1,237,000 | 1,269,162 | |||
5,372,310 | |||||
Technology – 1.84% | |||||
Apple 2.75% 1/13/25 | 5,000 | 4,807 | |||
Broadcom 3.50% 1/15/28 | 5,000 | 4,626 | |||
CDK Global 5.00% | |||||
10/15/24 | 409,000 | 415,135 | |||
CDW Finance 5.00% 9/1/25 | 239,000 | 242,286 | |||
CommScope Technologies | |||||
144A 5.00% 3/15/27 # | 430,000 | 420,325 | |||
144A 6.00% 6/15/25 # | 240,000 | 249,072 | |||
Dell International 144A | |||||
6.02% 6/15/26 # | 5,000 | 5,358 | |||
First Data 144A 7.00% | |||||
12/1/23 # | 815,000 | 858,806 | |||
Infor US 6.50% 5/15/22 | 403,000 | 414,083 | |||
Oracle 3.25% 11/15/27 | 5,000 | 4,856 | |||
Sensata Technologies UK | |||||
Financing 144A 6.25% | |||||
2/15/26 # | 350,000 | 372,750 | |||
Solera 144A 10.50% | |||||
3/1/24 # | 282,000 | 318,040 | |||
Symantec 144A 5.00% | |||||
4/15/25 # | 215,000 | 219,860 | |||
Vantiv 144A 4.375% | |||||
11/15/25 # | 200,000 | 194,500 | |||
3,724,504 | |||||
Telecommunications – 2.85% | |||||
AT&T | |||||
3.40% 8/14/24 | 5,000 | 4,972 | |||
5.25% 3/1/37 | 5,000 | 5,198 | |||
CenturyLink 6.75% 12/1/23 | 370,000 | 366,300 | |||
Cincinnati Bell 144A 7.00% | |||||
7/15/24 # | 268,000 | 255,002 | |||
Crown Castle Towers 144A | |||||
4.883% 8/15/20 # | 30,000 | 31,048 | |||
CyrusOne 5.375% 3/15/27 | 422,000 | 424,110 | |||
Digicel Group 144A 7.125% | |||||
4/1/22 # | 850,000 | 738,437 | |||
Discovery Communications | |||||
5.20% 9/20/47 | 5,000 | 4,981 | |||
Historic TW 6.875% 6/15/18 | 25,000 | 25,301 | |||
Level 3 Financing 5.375% | |||||
5/1/25 | 397,000 | 395,015 | |||
Myriad International Holdings | |||||
144A 4.85% 7/6/27 # | 635,000 | 646,118 | |||
Sprint 7.125% 6/15/24 | 788,000 | 777,657 | |||
Sprint Communications | |||||
7.00% 8/15/20 | 302,000 | 316,723 | |||
Telecom Italia 144A 5.303% | |||||
5/30/24 # | 200,000 | 208,000 |
10 NQ-DEX [2/18] 4/18 (462679)
(Unaudited)
Principal | Value | ||||
amount° | (US $) | ||||
Corporate Bonds (continued) | |||||
Telecommunications (continued) | |||||
Time Warner Cable 7.30% | |||||
7/1/38 | 5,000 | $ | 6,013 | ||
Time Warner Entertainment | |||||
8.375% 3/15/23 | 10,000 | 11,966 | |||
T-Mobile USA | |||||
6.375% 3/1/25 | 169,000 | 178,717 | |||
6.50% 1/15/26 | 495,000 | 532,125 | |||
Verizon Communications | |||||
4.50% 8/10/33 | 10,000 | 10,069 | |||
Zayo Group | |||||
144A 5.75% 1/15/27 # | 165,000 | 166,237 | |||
6.375% 5/15/25 | 633,000 | 664,650 | |||
5,768,639 | |||||
Transportation – 0.24% | |||||
Air Canada 2015-1 Class A | |||||
Pass Through Trust 144A | |||||
3.60% 3/15/27 #◆ | 4,560 | 4,583 | |||
American Airlines 2015-1 | |||||
Class A Pass Through Trust | |||||
3.375% 5/1/27 ◆ | 4,393 | 4,326 | |||
FedEx 4.05% 2/15/48 | 15,000 | 14,194 | |||
Penske Truck Leasing | |||||
144A 2.70% 3/14/23 # | 5,000 | 4,823 | |||
144A 3.30% 4/1/21 # | 5,000 | 5,020 | |||
144A 4.20% 4/1/27 # | 5,000 | 5,052 | |||
United Airlines 2014-1 | |||||
Class A Pass Through Trust | |||||
4.00% 4/11/26 ◆ | 4,302 | 4,392 | |||
United Airlines 2014-2 | |||||
Class A Pass Through Trust | |||||
3.75% 9/3/26 ◆ | 4,426 | 4,455 | |||
United Parcel Service 5.125% | |||||
4/1/19 | 10,000 | 10,273 | |||
XPO Logistics 144A 6.125% | |||||
9/1/23 # | 415,000 | 432,119 | |||
489,237 | |||||
Utilities – 1.28% | |||||
AES | |||||
5.50% 4/15/25 | 345,000 | 355,350 | |||
6.00% 5/15/26 | 57,000 | 60,135 | |||
Calpine | |||||
144A 5.25% 6/1/26 # | 625,000 | 608,594 | |||
5.50% 2/1/24 | 205,000 | 192,700 | |||
5.75% 1/15/25 | 250,000 | 235,000 | |||
Dynegy 144A 8.00% | |||||
1/15/25 # | 416,000 | 453,960 | |||
Emera 6.75% 6/15/76 µ | 395,000 | 440,425 | |||
Enel 144A 8.75% | |||||
9/24/73 #µ | 200,000 | 241,350 | |||
2,587,514 | |||||
Total Corporate Bonds | |||||
(cost $88,478,776) | 88,790,635 | ||||
Non-Agency Asset-Backed Security – 0.05% | |||||
Citicorp Residential Mortgage | |||||
Trust | |||||
Series 2006-3 A5 | |||||
5.418% 11/25/36 ϕ | 100,000 | 103,625 | |||
Total Non-Agency | |||||
Asset-Backed Security | |||||
(cost $87,000) | 103,625 | ||||
Non-Agency Collateralized Mortgage Obligation – 0.00% | |||||
Citicorp Mortgage Securities | |||||
Trust | |||||
Series 2007-1 2A1 5.50% | |||||
1/25/22 | 2,666 | 2,676 | |||
Total Non-Agency | |||||
Collateralized Mortgage | |||||
Obligation (cost $2,610) | 2,676 | ||||
Regional Bond – 0.25%Δ | |||||
Argentina – 0.25% | |||||
Provincia de Cordoba 144A | |||||
7.125% 8/1/27 # | 500,000 | 501,025 | |||
Total Regional Bond | |||||
(cost $492,500) | 501,025 | ||||
Sovereign Bonds – 3.77%Δ | |||||
Argentina – 0.45% | |||||
Argentine Republic | |||||
Government International | |||||
Bond 6.875% 1/11/48 | 1,000,000 | 917,375 | |||
917,375 | |||||
Indonesia – 1.64% | |||||
Indonesia Government | |||||
International Bonds | |||||
144A 5.125% 1/15/45 # | 1,000,000 | 1,036,505 | |||
144A 6.75% 1/15/44 # | 1,800,000 | 2,282,405 | |||
3,318,910 |
(continues) NQ-DEX [2/18] 4/18 (462679) 11
Schedule of investments
Delaware Enhanced Global Dividend and Income Fund (Unaudited)
Principal | Value | ||||
amount° | (US $) | ||||
Sovereign BondsΔ (continued) | |||||
Mexico – 1.47% | |||||
Mexico Government | |||||
International Bonds | |||||
4.15% 3/28/27 | 1,613,000 | $ | 1,612,597 | ||
4.35% 1/15/47 | 1,500,000 | 1,362,750 | |||
2,975,347 | |||||
Russia – 0.21% | |||||
Russian Foreign Bond - | |||||
Eurobond 144A | |||||
5.25% 6/23/47 # | 400,000 | 416,644 | |||
416,644 | |||||
Total Sovereign Bonds | |||||
(cost $7,696,399) | 7,628,276 | ||||
US Treasury Obligations – 0.81% | |||||
US Treasury Bonds | |||||
2.75% 8/15/47 | 15,000 | 13,899 | |||
2.75% 11/15/47 | 20,000 | 18,534 | |||
3.00% 5/15/47 | 115,000 | 112,114 | |||
3.00% 2/15/48 | 15,000 | 14,633 | |||
US Treasury Notes | |||||
1.125% 7/31/21 | 185,000 | 176,711 | |||
1.375% 1/31/21 | 60,000 | 58,235 | |||
1.50% 8/15/26 | 1,045,000 | 937,929 | |||
1.75% 5/31/22 | 15,000 | 14,490 | |||
1.875% 7/31/22 | 65,000 | 62,998 | |||
1.875% 9/30/22 | 35,000 | 33,866 | |||
2.00% 12/31/21 | 5,000 | 4,899 | |||
2.00% 10/31/22 | 20,000 | 19,442 | |||
2.25% 2/15/27 | 10,000 | 9,502 | |||
2.25% 8/15/27 | 110,000 | 104,229 | |||
2.25% 11/15/27 | 70,000 | 66,246 | |||
Total US Treasury | |||||
Obligations | |||||
(cost $1,759,063) | 1,647,727 | ||||
Leveraged Non-Recourse Security – 0.00% | |||||
JPMorgan Fixed Income | |||||
Auction Pass Through Trust | |||||
Series 2007-C 144A | |||||
0.236% 1/15/87 #◆=† | 500,000 | 0 | |||
Total Leveraged | |||||
Non-Recourse Security | |||||
(cost $425,000) | 0 | ||||
Number of shares |
|||||
Preferred Stock – 0.53% | |||||
Bank of America 6.50%µψ | 470,000 | 515,919 | |||
Colony NorthStar 8.50%ψ | 3,580 | 90,753 | |||
Freddie Mac 6.02%ψ | 40,000 | 228,000 | |||
General Electric 5.00%µψ | 10,000 | 9,901 | |||
GMAC Capital Trust I 7.624% | |||||
(LIBOR03M + 5.785%) | |||||
2/15/40 ● | 6,000 | 154,800 | |||
Integrys Holding | |||||
6.00% 8/1/73 µ | 300 | 8,025 | |||
Washington Prime Group | |||||
6.875% 12/31/49 ψ | 2,511 | 53,735 | |||
Total Preferred Stock | |||||
(cost $1,867,809) | 1,061,133 | ||||
Rights – 0.02% | |||||
Safeway CVR =† | 23,200 | 30,759 | |||
Safeway CVR =† | 23,200 | 0 | |||
Total Rights (cost $0) | 30,759 | ||||
Warrant – 0.00% | |||||
Wheeler Real Estate | |||||
Investment Trust strike | |||||
price $44, expiration date | |||||
4/29/19 † | 12,540 | 261 | |||
Total Warrant (cost $104) | 261 | ||||
Principal | |||||
amount° | |||||
Short-Term Investments – 3.21% | |||||
Repurchase Agreements – 2.44% | |||||
Bank of America Merrill Lynch | |||||
1.31%, dated 2/28/18, to | |||||
be repurchased on 3/1/18, | |||||
repurchase price $811,689 | |||||
(collateralized by US | |||||
government obligations | |||||
1.125%1.25% | |||||
10/31/182/28/20; market | |||||
value $827,892) | 811,659 | 811,659 | |||
Bank of Montreal | |||||
1.25%, dated 2/28/18, to | |||||
be repurchased on 3/1/18, | |||||
repurchase price | |||||
$1,623,375 (collateralized | |||||
by US government | |||||
obligations | |||||
0.00%3.625% | |||||
5/31/1811/15/46; market | |||||
value $1,655,785) | 1,623,319 | 1,623,319 |
12 NQ-DEX [2/18] 4/18 (462679)
(Unaudited)
Principal | Value | |||||
amount° | (US $) | |||||
Short-Term Investments (continued) | ||||||
Repurchase Agreements (continued) | ||||||
BNP Paribas | ||||||
1.33%, dated 2/28/18, to | ||||||
be repurchased on 3/1/18, | ||||||
repurchase price | ||||||
$2,502,357 (collateralized | ||||||
by US government | ||||||
obligations | ||||||
0.00%3.375% | ||||||
10/15/192/15/46; market | ||||||
value $2,552,310) | 2,502,264 | $ | 2,502,264 | |||
4,937,242 | ||||||
US Treasury Obligations – 0.77%≠ | ||||||
US Treasury Bills | ||||||
1.205% 3/8/18 | 1,092,053 | 1,091,807 | ||||
1.265% 3/1/18 | 472,673 | 472,673 | ||||
1,564,480 | ||||||
Total Short-Term | ||||||
Investments | ||||||
(cost $6,501,713) | 6,501,722 | |||||
Total Value of | ||||||
Securities – 139.38% | ||||||
(cost $259,167,960) | 282,015,909 | |||||
Borrowing Under Line of | ||||||
Credit – (40.53%) | (82,000,000 | ) | ||||
Receivables and Other | ||||||
Assets Net of | ||||||
Liabilities – 1.15% | 2,326,675 | |||||
Net Assets Applicable to | ||||||
15,829,048 Shares | ||||||
Outstanding – 100.00% | $ | 202,342,584 |
# |
Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2018, the aggregate value of Rule 144A securities was $57,610,703, which represents 28.47% of the Fund’s net assets. |
◆ |
Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes. |
❖ |
Securities have been classified by type of business. |
= |
The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 2 in “Notes.” |
≠ |
The rate shown is the effective yield at the time of purchase. |
° |
Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency. |
Δ |
Securities have been classified by country of origin. |
µ |
Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at Feb. 28, 2018. Rate will reset at a future date. |
π |
Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At Feb. 28, 2018, the aggregate value of restricted securities was $1,856,500, which represented 0.92% of the Fund’s net assets. See table below for additional details. |
ψ |
No contractual maturity date. |
† |
Non-income producing security. |
● |
Variable rate investment. Rates reset periodically. Rates shown reflect the rate in effect at Feb. 28, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
ϕ |
Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at Feb. 28, 2018. |
Restricted Securities
Investments | Date of Acquisition | Cost | Value | |||||||
Merion Champion’s Walk | 8/4/17 | $ | 983,011 | $ | 933,860 | |||||
Merion Countryside | 5/11/16 | 573,948 | 825,371 | |||||||
Merion Countryside | 4/7/17 | 51,527 | 66,922 | |||||||
Merion Countryside | 2/13/18 | 25,498 | 30,347 | |||||||
Total | $ | 1,633,984 | $ | 1,856,500 |
(continues) NQ-DEX [2/18] 4/18 (462679) 13
Schedule of investments
Delaware Enhanced Global Dividend and Income Fund (Unaudited)
The following foreign currency exchange contracts were outstanding at Feb. 28, 2018:
Foreign Currency Exchange Contracts
Contracts to | Settlement | Unrealized | |||||||||||
Counterparty | Receive (Deliver) | In Exchange For | Date | Appreciation | |||||||||
BNYM | JPY | 19,322,477 | USD | (180,956) | 3/1/18 | $ | 153 | ||||||
BNYM | JPY | 25,609,727 | USD | (239,041) | 3/2/18 | 1,011 | |||||||
Total Foreign Currency Exchange Contracts | $ | 1,164 |
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
ARM – Adjustable Rate Mortgage
BNYM –
Bank of New York Mellon
CVR – Contingent Value Rights
ETN – Exchange-Traded Note
FDR – Finnish
Depositary Receipt
FREMF – Freddie Mac Multifamily
GNMA – Government
National Mortgage Association
H15T1Y – US Treasury Yield Curve Rate T Note Constant Maturity 1 Yr
ICE –
Intercontinental Exchange
JPY – Japanese Yen
JREIT – Japanese Real Estate Investment Trust
LIBOR
– London Interbank Offered Rate
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR12M – ICE LIBOR USD 12 Month
REIT
– Real Estate Investment Trust
REMIC – Real Estate Mortgage Investment Conduit
S.F. – Single Family
USD
– US Dollar
yr – Year
See accompanying notes.
14 NQ-DEX [2/18] 4/18 (462679)
Notes
Delaware Enhanced Global Dividend and Income Fund
February 28, 2018 (Unaudited)
1. Significant Accounting Policies
The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by Delaware Enhanced Global Dividend and Income Fund (Fund). This report covers the period of time since the Fund’s last fiscal year end, Nov. 30, 2017.
Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Other debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities, and US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed; attributes of the collateral; yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’s Board of Trustees. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). The foregoing valuation policies apply to restricted and unrestricted securities.
2. Investments
US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below and on the next page.
Level 1 – |
Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts) |
Level 2 – |
Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates), or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities) |
| |
Level 3 – |
Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, and fair valued securities) |
(continues) NQ-DEX [2/18] 4/18 (462679) 15
(Unaudited)
Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Feb. 28, 2018:
Securities | Level 1 | Level 2 | Level 3 | Total | |||||||||
Assets: | |||||||||||||
Agency, Asset- & | |||||||||||||
Mortgage-Backed Securities | $ | — | $ | 206,322 | $ | — | $ | 206,322 | |||||
Corporate Debt | — | 116,575,291 | — | 116,575,291 | |||||||||
Foreign Debt | — | 8,129,301 | — | 8,129,301 | |||||||||
Common Stock | |||||||||||||
Consumer Discretionary | 8,994,279 | 14,926,118 | — | 23,920,397 | |||||||||
Consumer Staples | 5,090,453 | 8,146,164 | — | 13,236,617 | |||||||||
Diversified REITs | 108,780 | 49,767 | — | 158,547 | |||||||||
Energy | 7,385,173 | 2,356,146 | — | 9,741,319 | |||||||||
Financials | 6,159,991 | 18,720,035 | — | 24,880,026 | |||||||||
Healthcare | 8,639,254 | 7,558,477 | — | 16,197,731 | |||||||||
Healthcare REITs | 114,106 | — | — | 114,106 | |||||||||
Hotel REITs | 928,254 | — | — | 928,254 | |||||||||
Industrial REIT | 220,766 | — | — | 220,766 | |||||||||
Industrials | 2,753,596 | 22,376,992 | — | 25,130,588 | |||||||||
Information Technology | 5,133,301 | 4,233,584 | — | 9,366,885 | |||||||||
Mall REITs | 369,407 | — | — | 369,407 | |||||||||
Materials | 1,131,830 | 1,930,361 | — | 3,062,191 | |||||||||
Multifamily REITs | 1,135,931 | — | — | 1,135,931 | |||||||||
Office REITs | 401,997 | 903,730 | — | 1,305,727 | |||||||||
Self-Storage REIT | 215,864 | — | — | 215,864 | |||||||||
Shopping Center REITs | 49,239 | 485,796 | — | 535,035 | |||||||||
Single Tenant REIT | 117,054 | — | — | 117,054 | |||||||||
Specialty REIT | 105,118 | — | — | 105,118 | |||||||||
Telecommunication Services | 4,147,860 | 3,621,401 | — | 7,769,261 | |||||||||
Utilities | 1,098,910 | 415,221 | — | 1,514,131 | |||||||||
Convertible Preferred Stock1 | 3,930,751 | 1,876,564 | — | 5,807,315 | |||||||||
Exchange-Traded Fund | 17,297 | — | — | 17,297 | |||||||||
Limited Partnerships1 | 157,326 | — | 1,856,500 | 2,013,826 | |||||||||
Preferred Stock1 | 299,288 | 761,845 | — | 1,061,133 | |||||||||
Rights | — | — | 30,759 | 30,759 | |||||||||
US Treasury Obligations | — | 1,647,727 | — | 1,647,727 | |||||||||
Warrant | 261 | — | — | 261 | |||||||||
Short-Term Investments | — | 6,501,722 | — | 6,501,722 | |||||||||
Total Value of Securities | $ | 58,706,086 | $ | 221,422,564 | $ | 1,887,259 | $ | 282,015,909 |
16 NQ-DEX [2/18] 4/18 (462679)
(Unaudited)
Securities | Level 1 | Level 2 | Level 3 | Total | ||||||
Derivatives:* | ||||||||||
Assets: | ||||||||||
Foreign Currency Exchange | ||||||||||
Contracts | $— | $ | 1,164 | $— | $ | 1,164 |
*Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.
1Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types:
Level 1 | Level 2 | Level 3 | Total | ||||||||
Convertible Preferred Stock | 67.69 | % | 32.31 | % | — | 100.00 | % | ||||
Limited Partnerships | 7.81 | % | — | 92.19 | % | 100.00 | % | ||||
Preferred Stock | 28.20 | % | 71.80 | % | — | 100.00 | % |
As a result of utilizing international fair value pricing at Feb. 28, 2018, the majority of the Fund’s common stock was categorized as Level 2.
The securities that have been valued at zero on the “Schedule of investments” are considered to be Level 3 investments in this table.
During the period ended Feb. 28, 2018, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities in the Fund occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Fund’s net asset value (NAV) is determined) are established using a separate pricing feed from a third party vendor designed to establish a price for each such security as of the time that the Fund’s NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels based on fair value at the beginning of the reporting period on Dec. 1, 2017.
A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as they are not considered significant to the Fund’s net assets at the beginning, interim, or end of the period. Management has determined not to provide additional disclosure on Level 3 investments since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.
3. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to Feb. 28, 2018 that would require recognition or disclosure in the Fund’s “Schedule of investments.”
(continues) NQ-DEX [2/18] 4/18 (462679) 17
Item 2. Controls and Procedures.
The registrants principal executive officer and principal financial officer have evaluated the registrants disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.
There were no significant changes in the registrants internal control over financial reporting that occurred during the registrants last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 3. Exhibits.
File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below: