UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
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: May 31, 2009
Item 1. Reports to Stockholders
|
||
Semiannual Report | Delaware | |
Enhanced Global | ||
Dividend and Income | ||
Fund | ||
May 31, 2009 | ||
The figures in the semiannual report for Delaware
Enhanced Global Dividend and Income Fund represent past results, which are not a guarantee of future results. A rise or fall in interest rates can have a significant impact on bond prices. Funds that invest in bonds can lose their value as interest rates rise. | ||
Closed-end fund |
Table of contents
> Sector and country allocations | 1 | ||
> Statement of net assets | 3 | ||
> Statement of operations | 19 | ||
> Statements of changes in net assets | 20 | ||
> Statement of cash flows | 21 | ||
> Financial highlights | 22 | ||
> Notes to financial statements | 23 | ||
> Other Fund information | 29 | ||
> About the organization | 31 |
Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.
Mutual fund advisory services provided
by Delaware Management Company, a series of Delaware Management
Business
Trust, which is a registered investment advisor.
© 2009 Delaware Distributions, L.P.
All third-party trademarks cited are the property of their respective owners.
Sector and country allocations
Delaware Enhanced Global Dividend and Income Fund
As of May 31, 2009
Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment managers internal sector classifications, which may result in the sector designations for one Fund being different than another Funds sector designations.
Percentage | |||||
Sector | of Net Assets | ||||
Common Stock | 42.59 | % | |||
Consumer Discretionary | 5.22 | % | |||
Consumer Staples | 4.93 | % | |||
Diversified REITs | 0.47 | % | |||
Energy | 4.16 | % | |||
Financials | 5.02 | % | |||
Health Care | 4.57 | % | |||
Health Care REITs | 0.05 | % | |||
Industrial REITs | 0.46 | % | |||
Industrials | 4.91 | % | |||
Information Technology | 3.87 | % | |||
Mall REITs | 0.32 | % | |||
Materials | 2.36 | % | |||
Mortgage REITs | 0.14 | % | |||
Multifamily REITs | 0.09 | % | |||
Office REITs | 0.51 | % | |||
Shopping Center REITs | 0.45 | % | |||
Telecommunications | 2.38 | % | |||
Utilities | 2.68 | % | |||
Convertible Preferred Stock | 3.91 | % | |||
Agency Collateralized Mortgage Obligations | 0.48 | % | |||
Agency Mortgage-Backed Securities | 3.82 | % | |||
Agency Obligations | 1.95 | % | |||
Commercial Mortgage-Backed Securities | 1.17 | % | |||
Convertible Bonds | 9.66 | % | |||
Aerospace & Defense | 0.21 | % | |||
Banking, Finance & Insurance | 0.64 | % | |||
Basic Industry | 1.24 | % | |||
Cable, Media & Publishing | 0.53 | % | |||
Computers & Technology | 1.40 | % | |||
Electronics & Electrical Equipment | 0.10 | % | |||
Energy | 0.33 | % | |||
Health Care & Pharmaceuticals | 0.75 | % | |||
Industrials | 0.16 | % | |||
Leisure, Lodging & Entertainment | 0.23 | % | |||
Real Estate | 1.71 | % | |||
Telecommunications | 1.89 | % | |||
Transportation | 0.47 | % | |||
Corporate Bonds | 40.22 | % | |||
Banking | 2.14 | % | |||
Basic Industry | 4.91 | % | |||
Brokerage | 1.48 | % | |||
Capital Goods | 2.24 | % | |||
Consumer Cyclical | 3.89 | % | |||
Consumer Non-Cyclical | 2.94 | % | |||
Energy | 5.42 | % | |||
Finance & Investments | 1.68 | % | |||
Media | 2.25 | % | |||
Real Estate | 0.09 | % | |||
Services Cyclical | 2.32 | % | |||
Services Non-Cyclical | 2.67 | % | |||
Technology & Electronics | 0.71 | % | |||
Telecommunications | 5.58 | % | |||
Utilities | 1.90 | % | |||
Foreign Agencies | 1.48 | % | |||
Municipal Bond | 0.08 | % | |||
Non-Agency Asset-Backed Securities | 0.70 | % | |||
Non-Agency Collateralized Mortgage Obligations | 0.83 | % | |||
Senior Secured Loans | 1.93 | % | |||
Sovereign Debt | 11.71 | % | |||
Supranational Banks | 3.49 | % | |||
U.S. Treasury Obligations | 0.80 | % | |||
Leveraged Non-Recourse Securities | 0.00 | % | |||
Preferred Stock | 0.37 | % | |||
Residual Interest Trust Certificates | 0.00 | % | |||
Discount Note | 5.46 | % | |||
Securities Lending Collateral | 9.07 | % | |||
Total Value of Securities | 139.72 | % | |||
Obligation to Return Securities Lending Collateral | (9.53 | %) | |||
Borrowing Under Line of Credit | (33.71 | %) | |||
Receivables and Other Assets Net of Liabilities | 3.52 | % | |||
Total Net Assets | 100.00 | % |
(continues) 1
Sector and country allocations
Delaware Enhanced Global Dividend and Income Fund
Percentage | |||||
Country | of Net Assets | ||||
Australia | 1.63 | % | |||
Austria | 0.08 | % | |||
Barbados | 1.17 | % | |||
Bermuda | 1.11 | % | |||
Brazil | 2.14 | % | |||
British Virgin Islands | 0.13 | % | |||
Canada | 2.62 | % | |||
Cayman Islands | 1.07 | % | |||
Colombia | 0.32 | % | |||
Denmark | 0.56 | % | |||
Finland | 0.45 | % | |||
France | 4.58 | % | |||
Germany | 1.66 | % | |||
Hong Kong | 0.41 | % | |||
Indonesia | 1.41 | % | |||
Ireland | 0.92 | % | |||
Italy | 0.94 | % | |||
Japan | 2.40 | % | |||
Luxembourg | 3.87 | % | |||
Mexico | 3.30 | % | |||
Netherlands | 1.63 | % | |||
Norway | 0.08 | % | |||
Pakistan | 0.90 | % | |||
Philippines | 0.87 | % | |||
Republic of Korea | 1.66 | % | |||
Singapore | 1.07 | % | |||
Supranational | 3.49 | % | |||
Sweden | 0.34 | % | |||
Switzerland | 0.85 | % | |||
Taiwan | 0.51 | % | |||
Turkey | 1.11 | % | |||
United Kingdom | 4.26 | % | |||
United States | 77.65 | % | |||
Total | 125.19 | % |
2
Statement of net assets
Delaware Enhanced Global Dividend and Income Fund
May 31, 2009 (Unaudited)
Number of | Value | |||||
Shares | (U.S. $) | |||||
Common Stock 42.59%v | ||||||
Consumer Discretionary 5.22% | ||||||
*± | Bayerische Motoren Werke | 13,922 | $ | 502,486 | ||
Cablevision Systems Class A | 1,150 | 21,885 | ||||
| DIRECTV Group | 1,500 | 33,750 | |||
* | Disney (Walt) | 22,500 | 544,950 | |||
*± | Don Quijote | 21,100 | 371,497 | |||
Gap | 28,800 | 514,080 | ||||
* | Home Depot | 19,200 | 444,672 | |||
* | KB HOME | 17,000 | 255,000 | |||
Mattel | 33,200 | 518,252 | ||||
McGraw-Hill Companies | 15,500 | 466,395 | ||||
*± | PPR | 4,352 | 367,702 | |||
*± | Publicis Groupe | 13,059 | 426,070 | |||
± | Round One | 34,682 | 320,859 | |||
Target | 14,000 | 550,201 | ||||
± | Techtronic Industries | 622,500 | 468,120 | |||
± | Toyota Motor | 12,184 | 485,820 | |||
± | Vivendi | 15,606 | 413,044 | |||
± | WPP Group | 34,732 | 259,772 | |||
6,964,555 | ||||||
Consumer Staples 4.93% | ||||||
Archer-Daniels-Midland | 13,900 | 382,528 | ||||
± | Coca-Cola Amatil | 117,767 | 799,688 | |||
CVS Caremark | 17,500 | 521,500 | ||||
@± | Greggs | 61,810 | 400,167 | |||
Heinz (H.J.) | 14,100 | 515,778 | ||||
Kimberly-Clark | 8,700 | 451,443 | ||||
Kraft Foods Class A | 24,500 | 639,695 | ||||
Kroger | 23,900 | 544,920 | ||||
*± | Metro | 10,082 | 545,703 | |||
± | Parmalat | 307,227 | 762,760 | |||
Safeway | 28,100 | 569,306 | ||||
Wal-Mart Stores | 8,900 | 442,686 | ||||
6,576,174 | ||||||
Diversified REITs 0.47% | ||||||
± | Corio | 2,648 | 130,710 | |||
Digital Realty Trust | 4,400 | 157,388 | ||||
Lexington Reality Trust | 26,221 | 110,128 | ||||
*± | Unibail-Rodamco | 1,399 | 225,799 | |||
624,025 | ||||||
Energy 4.16% | ||||||
Anadarko Petroleum | 12,200 | 582,916 | ||||
± | BP | 130,020 | 1,075,391 | |||
Chevron | 7,900 | 526,693 | ||||
ConocoPhillips | 11,000 | 504,240 | ||||
Devon Energy | 8,700 | 550,188 | ||||
Exxon Mobil | 6,800 | 471,580 | ||||
Marathon Oil | 16,800 | 535,584 | ||||
*± | Total | 15,327 | 884,359 | |||
| Transocean | 5,300 | 421,244 | |||
5,552,195 | ||||||
Financials 5.02% | ||||||
Allstate | 23,300 | 599,509 | ||||
*± | AXA | 21,672 | 406,308 | |||
Bank of New York Mellon | 17,500 | 486,150 | ||||
BB&T | 21,100 | 473,062 | ||||
Blackstone Group | 4,000 | 43,800 | ||||
@ | Cardtronics | 9,450 | 30,618 | |||
Comerica | 17,400 | 377,232 | ||||
JPMorgan Chase & Co | 15,900 | 586,710 | ||||
*± | Macquarie Communications | |||||
Infrastructure Group | 260,008 | 507,151 | ||||
± | Mitsubishi Estate | 8,000 | 132,318 | |||
± | Mitsubishi UFJ Financial Group | 117,989 | 748,654 | |||
± | Nordea Bank FDR | 55,893 | 449,277 | |||
± | Standard Chartered | 24,044 | 492,333 | |||
State Street | 11,900 | 552,755 | ||||
SunTrust Banks | 28,200 | 371,394 | ||||
Travelers | 10,900 | 443,194 | ||||
6,700,465 | ||||||
Health Care 4.57% | ||||||
Abbott Laboratories | 9,200 | 414,552 | ||||
± | AstraZeneca | 10,771 | 449,355 | |||
Bristol-Myers Squibb | 21,100 | 420,312 | ||||
Cardinal Health | 12,900 | 461,175 | ||||
Johnson & Johnson | 7,900 | 435,764 | ||||
Merck | 20,400 | 562,632 | ||||
± | Novartis | 14,244 | 569,991 | |||
± | Novo Nordisk Class B | 10,779 | 562,037 | |||
± | Ono Pharmaceutical | 7,700 | 344,786 | |||
Pfizer | 27,800 | 422,282 | ||||
Quest Diagnostics | 8,400 | 438,648 | ||||
± | Sanofi-Aventis | 8,754 | 558,796 | |||
Wyeth | 10,400 | 466,544 | ||||
6,106,874 | ||||||
Health Care REITs 0.05% | ||||||
Nationwide Health Properties | 2,800 | 74,396 | ||||
74,396 | ||||||
Industrial REITs 0.46% | ||||||
± | Cambridge Industrial Trust | 2,167,000 | 552,040 | |||
*± | ING Industrial Fund | 307,371 | 61,805 | |||
613,845 | ||||||
Industrials 4.91% | ||||||
*± | Asahi Glass | 41,000 | 301,226 | |||
| BWAY Holding | 2,255 | 32,991 | |||
*± | Compagnie de Saint-Gobain | 9,524 | 347,258 | |||
± | Deutsche Post | 50,790 | 702,514 | |||
*± | Finmeccanica | 34,410 | 486,832 | |||
| Flextronics International | 6,400 | 25,344 | |||
General Electric | 25,800 | 347,784 | ||||
| Graphic Packaging Holding | 18,081 | 33,992 | |||
Honeywell International | 14,000 | 464,240 | ||||
± | Koninklijke Philips Electronics | 26,923 | 509,064 | |||
Northrop Grumman | 10,300 | 490,486 | ||||
Pitney Bowes | 18,900 | 432,432 | ||||
± | Singapore Airlines | 45,000 | 390,287 | |||
*± | Teleperformance | 20,324 | 602,277 | |||
± | Tomkins | 186,009 | 429,771 |
(continues) 3
Statement of net assets
Delaware Enhanced Global Dividend and Income Fund
Number of | Value | |||||
Shares | (U.S. $) | |||||
Common Stock (continued) | ||||||
Industrials (continued) | ||||||
*± | Vallourec | 3,212 | $ | 405,942 | ||
* | Waste Management | 20,100 | 554,559 | |||
6,556,999 | ||||||
Information Technology 3.87% | ||||||
± | Canon | 12,700 | 421,330 | |||
| CGI Group Class A | 99,428 | 924,382 | |||
| EMC | 52,500 | 616,875 | |||
Intel | 35,400 | 556,488 | ||||
International Business Machines | 4,200 | 446,376 | ||||
* | Motorola | 99,100 | 600,546 | |||
± | Nokia | 39,149 | 600,888 | |||
± | Samsung Electronics | 1,058 | 471,919 | |||
Xerox | 76,600 | 520,880 | ||||
5,159,684 | ||||||
Malls REITs 0.32% | ||||||
* | Simon Property Group | 8,086 | 432,358 | |||
432,358 | ||||||
Materials 2.36% | ||||||
| Agrium | 12,100 | 595,562 | |||
Dow Chemical | 34,800 | 615,264 | ||||
duPont (E.I.) deNemours | 15,400 | 438,438 | ||||
*± | Lafarge | 10,018 | 687,029 | |||
± | Linde | 5,562 | 463,698 | |||
Weyerhaeuser | 10,300 | 345,874 | ||||
3,145,865 | ||||||
Mortgage REITs 0.14% | ||||||
Annaly Mortgage | ||||||
Management | 10,600 | 147,764 | ||||
Chimera Investment | 12,100 | 42,229 | ||||
189,993 | ||||||
Multifamily REITs 0.09% | ||||||
Camden Property Trust | 3,900 | 117,078 | ||||
117,078 | ||||||
Office REITs 0.51% | ||||||
HRPT Properties Trust | 42,700 | 202,825 | ||||
± | ING UK Real Estate Trust | 317,470 | 153,615 | |||
* | Mack-Cali Realty | 8,300 | 205,093 | |||
± | Orix REIT | 17 | 75,716 | |||
Parkway Properties | 3,500 | 45,640 | ||||
682,889 | ||||||
Shopping Center REITs 0.45% | ||||||
Kimco Realty | 16,900 | 197,561 | ||||
± | Link REIT | 43,500 | 85,335 | |||
± | Macquarie CountryWide Trust | 355,587 | 123,185 | |||
Ramco-Gershenson | ||||||
Properties Trust | 5,400 | 48,654 | ||||
± | Westfield Group | 16,989 | 150,127 | |||
604,862 | ||||||
Telecommunications 2.38% | ||||||
AT&T | 17,100 | 423,909 | ||||
* | Chunghwa Telecom ADR | 35,966 | 683,713 | |||
*± | France Telecom | 22,130 | 539,746 | |||
± | Telstra | 213,229 | 534,535 | |||
Verizon Communications | 14,500 | 424,270 | ||||
± | Vodafone | 302,726 | 569,646 | |||
3,175,819 | ||||||
Utilities 2.68% | ||||||
American Electric Power | 14,200 | 374,028 | ||||
Duke Energy | 32,600 | 461,290 | ||||
Edison International | 14,300 | 418,132 | ||||
± | National Grid | 83,223 | 807,166 | |||
| NRG Energy | 1,550 | 34,875 | |||
Progress Energy | 13,100 | 465,181 | ||||
Public Service Enterprise Group | 15,000 | 478,050 | ||||
Sempra Energy | 11,700 | 534,456 | ||||
3,573,178 | ||||||
Total Common Stock | ||||||
(cost $82,719,054) | 56,851,254 | |||||
Convertible Preferred Stock 3.91% | ||||||
Banking, Finance & Insurance 0.02% | ||||||
@ | Fannie Mae 8.75% | |||||
exercise price $32.45, | ||||||
expiration date 5/13/11 | 20,000 | 21,400 | ||||
21,400 | ||||||
Health Care & Pharmaceuticals 2.20% | ||||||
Inverness Medical Innovations | ||||||
Series B 3.00% | ||||||
exercise price $69.32, | ||||||
expiration date 12/31/49 | 6,770 | 1,439,979 | ||||
Mylan 6.50% | ||||||
exercise price $17.08, | ||||||
expiration date 11/15/10 | 1,000 | 1,007,620 | ||||
Schering-Plough 6.00% | ||||||
exercise price $33.69, | ||||||
expiration date 8/13/10 | 2,250 | 492,750 | ||||
2,940,349 | ||||||
Health Care REITs 0.48% | ||||||
Nationwide Health | ||||||
Properties 7.75% | ||||||
exercise price $22.25, | ||||||
expiration date 12/31/49 | 5,300 | 636,000 | ||||
636,000 | ||||||
Metals & Mining 0.18% | ||||||
Freeport-McMoRan | ||||||
Copper & Gold 6.75% | ||||||
exercise price $73.24, | ||||||
expiration date 5/1/10 | 2,900 | 245,775 | ||||
245,775 |
4
Number of | Value | ||||||
Shares | (U.S. $) | ||||||
Convertible Preferred Stock (continued) | |||||||
Telecommunications 1.03% | |||||||
Crown Castle | |||||||
International 6.25% | |||||||
exercise price $36.88, | |||||||
expiration date 8/15/12 | 18,000 | $ | 878,625 | ||||
Lucent Technologies | |||||||
Capital Trust I 7.75% | |||||||
exercise price $24.80, | |||||||
expiration date 3/15/17 | 1,000 | 495,250 | |||||
1,373,875 | |||||||
Total Convertible Preferred Stock | |||||||
(cost $6,157,675) | 5,217,399 | ||||||
Principal | |||||||
Amount° | |||||||
Agency Collateralized Mortgage Obligations 0.48% | |||||||
Fannie Mae | |||||||
Series 2001-50 BA | |||||||
7.00% 10/25/41 | USD | 188,093 | 205,521 | ||||
Series 2003-122 | |||||||
4.50% 2/25/28 | 124,539 | 127,683 | |||||
Freddie Mac | |||||||
Series 2557 WE | |||||||
5.00% 1/15/18 | 60,000 | 63,590 | |||||
Series 3094 US | |||||||
6.75% 9/15/34 | 111,956 | 110,188 | |||||
Series 3131 MC | |||||||
5.50% 4/15/33 | 40,000 | 42,407 | |||||
Series 3173 PE | |||||||
6.00% 4/15/35 | 65,000 | 69,174 | |||||
Series 3337 PB | |||||||
5.50% 7/15/30 | 25,000 | 25,915 | |||||
Total Agency Collateralized | |||||||
Mortgage Obligations | |||||||
(cost $607,262) | 644,478 | ||||||
Agency Mortgage-Backed Securities 3.82% | |||||||
| Fannie Mae ARM | ||||||
5.134% 11/1/35 | 34,455 | 35,714 | |||||
5.148% 3/1/38 | 79,390 | 82,256 | |||||
5.398% 4/1/36 | 42,347 | 44,196 | |||||
6.028% 10/1/36 | 48,650 | 50,980 | |||||
6.089% 10/1/36 | 32,184 | 33,778 | |||||
6.311% 4/1/36 | 179,683 | 187,040 | |||||
Fannie Mae S.F. 15 yr | |||||||
5.50% 1/1/23 | 92,096 | 96,217 | |||||
Fannie Mae S.F. 30 yr | |||||||
5.00% 12/1/36 | 255,870 | 262,588 | |||||
5.00% 12/1/37 | 32,830 | 33,656 | |||||
5.00% 2/1/38 | 26,028 | 26,682 | |||||
6.50% 6/1/36 | 58,223 | 62,115 | |||||
6.50% 10/1/36 | 47,911 | 51,114 | |||||
6.50% 3/1/37 | 43,711 | 46,633 | |||||
6.50% 7/1/37 | 984,411 | 1,050,155 | |||||
6.50% 8/1/37 | 62,184 | 66,338 | |||||
6.50% 11/1/37 | 40,628 | 43,341 | |||||
6.50% 12/1/37 | 60,634 | 64,684 | |||||
Freddie Mac 6.00% 1/1/17 | 109,310 | 113,728 | |||||
| Freddie Mac ARM | ||||||
5.679% 7/1/36 | 30,014 | 31,389 | |||||
5.816% 10/1/36 | 81,840 | 85,176 | |||||
Freddie Mac S.F. 15 yr | |||||||
5.00% 6/1/18 | 29,083 | 30,205 | |||||
5.00% 12/1/22 | 193,591 | 200,722 | |||||
Freddie Mac S.F. 30 yr | |||||||
5.00% 1/1/34 | 1,239,385 | 1,272,563 | |||||
7.00% 11/1/33 | 74,641 | 80,558 | |||||
9.00% 9/1/30 | 83,739 | 93,310 | |||||
Freddie Mac S.F. 30 yr TBA | |||||||
4.00% 6/1/39 | 70,000 | 68,677 | |||||
5.00% 6/1/39 | 50,000 | 51,141 | |||||
GNMA I S.F. 30 yr | |||||||
7.50% 12/15/23 | 140,022 | 152,552 | |||||
7.50% 1/15/32 | 106,417 | 116,272 | |||||
9.50% 9/15/17 | 85,090 | 93,328 | |||||
12.00% 5/15/15 | 77,183 | 87,522 | |||||
GNMA II S.F. 30 yr | |||||||
6.00% 11/20/28 | 129,502 | 135,907 | |||||
6.50% 2/20/30 | 228,726 | 245,954 | |||||
Total Agency Mortgage-Backed | |||||||
Securities (cost $4,850,331) | 5,096,491 | ||||||
Agency Obligations 1.95% | |||||||
Fannie Mae 5.00% 2/13/17 | 595,000 | 646,316 | |||||
Federal Home Loan Bank | |||||||
3.625% 10/18/13 | 50,000 | 51,962 | |||||
4.875% 5/17/17 | 960,000 | 1,029,578 | |||||
* | Freddie Mac | ||||||
4.125% 12/21/12 | 810,000 | 866,546 | |||||
Total Agency Obligations | |||||||
(cost $2,472,033) | 2,594,402 | ||||||
Commercial Mortgage-Backed Securities 1.17% | |||||||
# | American Tower Trust 144A | ||||||
Series 2007-1A AFX | |||||||
5.42% 4/15/37 | 75,000 | 66,750 | |||||
Series 2007-1A D | |||||||
5.957% 4/15/37 | 25,000 | 20,625 | |||||
| Bank of America Commercial | ||||||
Mortgage Securities | |||||||
Series 2004-3 A5 | |||||||
5.375% 6/10/39 | 60,000 | 54,937 | |||||
Series 2005-6 AM | |||||||
5.179% 9/10/47 | 25,000 | 15,707 | |||||
Series 2007-3 A4 | |||||||
5.658% 6/10/49 | 30,000 | 21,901 | |||||
Series 2007-4 AM | |||||||
5.812% 2/10/51 | 40,000 | 20,492 |
(continues) 5
Statement of net assets
Delaware Enhanced Global Dividend and Income Fund
Principal | Value | ||||||
Amount° | (U.S. $) | ||||||
Commercial Mortgage-Backed Securities (continued) | |||||||
Bear Stearns Commercial | |||||||
Mortgage Securities | |||||||
Series 2005-PW10 A4 | |||||||
5.405% 12/11/40 | USD | 35,000 | $ | 31,715 | |||
Series 2006-PW12 A4 | |||||||
5.72% 9/11/38 | 25,000 | 21,673 | |||||
Series 2007-PW15 A4 | |||||||
5.331% 2/11/44 | 75,000 | 58,706 | |||||
Series 2007-T28 A4 | |||||||
5.742% 9/11/42 | 65,000 | 52,745 | |||||
| Credit Suisse First Boston | ||||||
Mortgage Securities | |||||||
Series 2005-C6 A4 | |||||||
5.23% 12/15/40 | 150,000 | 130,906 | |||||
Goldman Sachs Mortgage | |||||||
Securities II | |||||||
Series 2004-GG2 A6 | |||||||
5.396% 8/10/38 | 60,000 | 52,721 | |||||
Series 2005-GG4 A4A | |||||||
4.751% 7/10/39 | 55,000 | 46,947 | |||||
Series 2006-GG6 A4 | |||||||
5.553% 4/10/38 | 60,000 | 49,895 | |||||
Series 2007-GG10 A4 | |||||||
5.799% 8/10/45 | 70,000 | 53,532 | |||||
| Greenwich Capital | ||||||
Commercial Funding | |||||||
Series 2004-GG1 A7 | |||||||
5.317% 6/10/36 | 25,000 | 22,928 | |||||
| JPMorgan Chase Commercial | ||||||
Mortgage Securities | |||||||
Series 2005-LDP5 A4 | |||||||
5.179% 12/15/44 | 80,000 | 70,597 | |||||
| Merrill Lynch/Countrywide | ||||||
Commercial | |||||||
Mortgage Trust | |||||||
Series 2007-7 A4 | |||||||
5.749% 6/12/50 | 150,000 | 106,059 | |||||
Morgan Stanley Capital I | |||||||
Series 2005-IQ9 A4 | |||||||
4.66% 7/15/56 | 350,000 | 325,314 | |||||
Series 2006-HQ9 A4 | |||||||
5.731% 7/12/44 | 175,000 | 153,837 | |||||
Series 2007-IQ14 A4 | |||||||
5.692% 4/15/49 | 150,000 | 108,752 | |||||
Series 2007-T27 A4 | |||||||
5.65% 6/11/42 | 90,000 | 75,169 | |||||
Total Commercial Mortgage-Backed | |||||||
Securities (cost $1,682,804) | 1,561,908 | ||||||
Convertible Bonds 9.66% | |||||||
Aerospace & Defense 0.21% | |||||||
L-3 Communications | |||||||
Holdings 3.00% | |||||||
exercise price $101.13, | |||||||
expiration date 8/1/35 | 290,000 | 286,375 | |||||
286,375 | |||||||
Banking, Finance & Insurance 0.64% | |||||||
National City 4.00% | |||||||
exercise price $482.51, | |||||||
expiration date 2/1/11 | 895,000 | 855,844 | |||||
855,844 | |||||||
Basic Industry 1.24% | |||||||
Rayonier TRS | |||||||
Holdings 3.75% | |||||||
exercise price $54.82, | |||||||
expiration date 10/15/12 | 1,250,000 | 1,248,438 | |||||
# | Sino-Forest 144A 5.00% | ||||||
exercise price $20.29, | |||||||
expiration date 8/1/13 | 500,000 | 412,500 | |||||
1,660,938 | |||||||
Cable, Media & Publishing 0.53% | |||||||
General Cable 0.875% | |||||||
exercise price $50.36, | |||||||
expiration date 11/14/13 | 750,000 | 702,188 | |||||
702,188 | |||||||
Computers & Technology 1.40% | |||||||
Advanced Micro Devices 6.00% | |||||||
exercise price $28.08, | |||||||
expiration date 5/1/15 | 775,000 | 375,875 | |||||
Euronet Worldwide 3.50% | |||||||
exercise price $40.48, | |||||||
expiration date 10/15/25 | 900,000 | 753,750 | |||||
Linear Technology 3.125% | |||||||
exercise price $47.33, | |||||||
expiration date 5/1/27 | 750,000 | 735,938 | |||||
1,865,563 | |||||||
Electronics & Electrical Equipment 0.10% | |||||||
Flextronics International 1.00% | |||||||
exercise price $15.53, | |||||||
expiration date 8/1/10 | 140,000 | 131,950 | |||||
131,950 | |||||||
Energy 0.33% | |||||||
Chesapeake Energy 2.25% | |||||||
exercise price $85.89, | |||||||
expiration date 12/15/38 | 750,000 | 438,750 | |||||
438,750 | |||||||
Health Care & Pharmaceuticals 0.75% | |||||||
Hologic 2.00% | |||||||
exercise price $38.59, | |||||||
expiration date 12/15/37 | 910,000 | 637,000 | |||||
Medtronic 1.625% | |||||||
exercise price $55.41, | |||||||
expiration date 4/15/13 | 400,000 | 369,000 | |||||
1,006,000 | |||||||
Industrials 0.16% | |||||||
Allied Waste Industries 4.25% | |||||||
exercise price $45.40, | |||||||
expiration date 4/15/34 | 222,000 | 216,450 | |||||
216,450 |
6
Principal | Value | ||||||
Amount° | (U.S. $) | ||||||
Convertible Bonds (continued) | |||||||
Leisure, Lodging & Entertainment 0.23% | |||||||
# | International Game | ||||||
Technology 144A 3.25% | |||||||
exercise price $19.97, | |||||||
expiration date 5/1/14 | USD | 275,000 | $ | 308,688 | |||
308,688 | |||||||
Real Estate 1.71% | |||||||
# | Digital Realty Trust 144A 5.50% | ||||||
exercise price $43.00, | |||||||
expiration date 4/15/29 | 380,000 | 373,046 | |||||
# | Host Hotels & Resorts | ||||||
144A 3.25% | |||||||
exercise price $16.00, | |||||||
expiration date 3/15/24 | 1,100,000 | 1,080,749 | |||||
ProLogis 2.25% | |||||||
exercise price $75.98, | |||||||
expiration date 4/1/37 | 230,000 | 179,975 | |||||
Vornado Realty Trust 2.85% | |||||||
exercise price $159.04, | |||||||
expiration date 3/15/27 | 750,000 | 645,000 | |||||
2,278,770 | |||||||
Telecommunications 1.89% | |||||||
# | Alaska Communications | ||||||
System 144A 5.75% | |||||||
exercise price $12.90, | |||||||
expiration date 3/1/13 | 1,000,000 | 725,000 | |||||
NII Holdings 3.125% | |||||||
exercise price $118.32, | |||||||
expiration date 6/15/12 | 1,100,000 | 827,749 | |||||
# | SBA Communications 144A | ||||||
4.00% exercise price $30.38, | |||||||
expiration date 10/1/14 | 285,000 | 291,056 | |||||
# | Virgin Media 144A 6.50% | ||||||
exercise price $19.22, | |||||||
expiration date 11/15/16 | 865,000 | 673,619 | |||||
2,517,424 | |||||||
Transportation 0.47% | |||||||
Bristow Group 3.00% | |||||||
exercise price $77.34, | |||||||
expiration date 6/15/38 | 875,000 | 630,000 | |||||
630,000 | |||||||
Total Convertible Bonds | |||||||
(cost $12,918,744) | 12,898,940 | ||||||
Corporate Bonds 40.22% | |||||||
Banking 2.14% | |||||||
| BAC Capital Trust XIV | ||||||
5.63% 12/31/49 | 205,000 | 94,575 | |||||
Bank of America | |||||||
5.125% 11/15/14 | 100,000 | 94,429 | |||||
6.10% 6/15/17 | 250,000 | 219,809 | |||||
7.375% 5/15/14 | 75,000 | 79,013 | |||||
Barclays Bank | |||||||
6.75% 5/22/19 | 100,000 | 99,326 | |||||
BB&T | |||||||
4.90% 6/30/17 | 40,000 | 34,655 | |||||
*5.25% 11/1/19 | 70,000 | 61,082 | |||||
6.85% 4/30/19 | 90,000 | 90,711 | |||||
BB&T Capital Trust I | |||||||
5.85% 8/18/35 | 30,000 | 21,160 | |||||
BB&T Capital Trust II | |||||||
6.75% 6/7/36 | 35,000 | 25,365 | |||||
Capital One Financial | |||||||
6.15% 9/1/16 | 50,000 | 42,086 | |||||
7.375% 5/23/14 | 65,000 | 67,042 | |||||
Credit Suisse/New York | |||||||
5.50% 5/1/14 | 100,000 | 101,108 | |||||
JPMorgan Chase Capital XXV | |||||||
6.80% 10/1/37 | 120,000 | 101,746 | |||||
| Kazkommerts Finance | ||||||
8.625% 7/27/16 | 1,000,000 | 362,712 | |||||
PNC Funding | |||||||
5.25% 11/15/15 | 100,000 | 87,366 | |||||
5.625% 2/1/17 | 60,000 | 52,267 | |||||
@ | Popular North America | ||||||
Capital Trust I | |||||||
6.564% 9/15/34 | 130,000 | 43,191 | |||||
# | Rabobank Nederland 144A | ||||||
11.00% 12/29/49 | 180,000 | 189,000 | |||||
# | Royal Bank of Scotland 144A | ||||||
2.625% 5/11/12 | 130,000 | 131,452 | |||||
U.S. Bank North America | |||||||
4.80% 4/15/15 | 35,000 | 33,918 | |||||
| USB Capital IX | ||||||
6.189% 4/15/49 | 245,000 | 159,924 | |||||
Wachovia 5.75% 6/15/17 | 15,000 | 14,361 | |||||
* | Wells Fargo | ||||||
5.625% 12/11/17 | 55,000 | 52,434 | |||||
| Wells Fargo Capital XIII | ||||||
7.70% 12/29/49 | 495,000 | 386,396 | |||||
Zions Bancorporation | |||||||
5.50% 11/16/15 | 80,000 | 54,689 | |||||
6.00% 9/15/15 | 215,000 | 150,838 | |||||
2,850,655 | |||||||
Basic Industry 4.91% | |||||||
Arcelormittal | |||||||
6.125% 6/1/18 | 120,000 | 102,113 | |||||
9.85% 6/1/19 | 30,000 | 30,858 | |||||
California Steel Industries | |||||||
6.125% 3/15/14 | 135,000 | 110,363 | |||||
Domtar | |||||||
7.125% 8/15/15 | 80,000 | 66,800 | |||||
7.875% 10/15/11 | 33,000 | 29,576 | |||||
Dow Chemical | |||||||
8.55% 5/15/19 | 80,000 | 80,125 | |||||
@# | Evraz Group 144A | ||||||
8.25% 11/10/15 | 1,000,000 | 727,500 | |||||
9.50% 4/24/18 | 280,000 | 204,400 |
(continues) 7
Statement of net assets
Delaware Enhanced Global Dividend and Income Fund
Principal | Value | ||||||
Amount° | (U.S. $) | ||||||
Corporate Bonds (continued) | |||||||
Basic Industry (continued) | |||||||
Freeport McMoRan Copper & Gold | |||||||
8.25% 4/1/15 | USD | 195,000 | $ | 195,223 | |||
8.375% 4/1/17 | 85,000 | 84,482 | |||||
Georgia-Pacific | |||||||
7.70% 6/15/15 | 75,000 | 70,313 | |||||
8.875% 5/15/31 | 148,000 | 126,540 | |||||
Huntsman International | |||||||
7.375% 1/1/15 | 55,000 | 37,194 | |||||
*7.875% 11/15/14 | 110,000 | 75,900 | |||||
Innophos 8.875% 8/15/14 | 230,000 | 207,575 | |||||
@# | Innophos Holding 144A | ||||||
9.50% 4/15/12 | 115,000 | 96,025 | |||||
Lubrizol 8.875% 2/1/19 | 60,000 | 66,261 | |||||
# | MacDermid 144A | ||||||
9.50% 4/15/17 | 280,000 | 172,200 | |||||
# | Nalco 144A 8.25% 5/15/17 | 40,000 | 40,400 | ||||
NewPage 10.00% 5/1/12 | 90,000 | 50,850 | |||||
Noranda Aluminium | |||||||
Acquisition PIK | |||||||
5.413% 5/15/15 | 170,000 | 90,950 | |||||
Norske Skog Canada | |||||||
8.625% 6/15/11 | 210,000 | 123,375 | |||||
@# | Norske Skogindustrier 144A | ||||||
7.125% 10/15/33 | 150,000 | 72,750 | |||||
PolyOne 8.875% 5/1/12 | 15,000 | 10,163 | |||||
Reliance Steel & Aluminum | |||||||
6.85% 11/15/36 | 59,000 | 33,825 | |||||
Rock-Tenn 9.25% 3/15/16 | 135,000 | 137,700 | |||||
Rockwood Specialties Group | |||||||
7.50% 11/15/14 | 165,000 | 157,575 | |||||
# | Ryerson 144A | ||||||
8.403% 11/1/14 | 115,000 | 63,969 | |||||
12.00% 11/1/15 | 65,000 | 44,200 | |||||
@# | Sappi Papier Holding 144A | ||||||
6.75% 6/15/12 | 165,000 | 102,762 | |||||
Southern Copper | |||||||
7.50% 7/27/35 | 1,000,000 | 835,768 | |||||
@# | Steel Capital 144A | ||||||
9.75% 7/29/13 | 1,100,000 | 901,999 | |||||
# | Steel Dynamics 144A | ||||||
8.25% 4/15/16 | 190,000 | 162,925 | |||||
# | Teck Resources 144A | ||||||
10.25% 5/15/16 | 60,000 | 60,825 | |||||
10.75% 5/15/19 | 115,000 | 118,486 | |||||
@ | Vale Overseas | ||||||
6.875% 11/21/36 | 979,000 | 887,425 | |||||
# | Vedanta Resources 144A | ||||||
9.50% 7/18/18 | 205,000 | 179,375 | |||||
6,558,770 | |||||||
Brokerage 1.48% | |||||||
Citigroup | |||||||
5.00% 9/15/14 | 165,000 | 143,625 | |||||
6.125% 5/15/18 | 45,000 | 40,213 | |||||
6.125% 8/25/36 | 100,000 | 74,235 | |||||
6.50% 8/19/13 | 95,000 | 94,228 | |||||
Goldman Sachs Group | |||||||
5.95% 1/18/18 | 70,000 | 66,858 | |||||
6.15% 4/1/18 | 100,000 | 96,699 | |||||
6.75% 10/1/37 | 20,000 | 16,814 | |||||
7.50% 2/15/19 | 50,000 | 52,703 | |||||
Jefferies Group | |||||||
6.45% 6/8/27 | 65,000 | 41,179 | |||||
JPMorgan Chase & Co | |||||||
6.30% 4/23/19 | 130,000 | 129,573 | |||||
LaBranche & Co | |||||||
11.00% 5/15/12 | 180,000 | 166,050 | |||||
Lazard Group | |||||||
6.85% 6/15/17 | 50,000 | 43,312 | |||||
7.125% 5/15/15 | 9,000 | 7,862 | |||||
Morgan Stanley | |||||||
5.30% 3/1/13 | 110,000 | 110,409 | |||||
5.375% 10/15/15 | 100,000 | 94,719 | |||||
# | Morgan Stanley 144A | ||||||
10.09% 5/3/17 | BRL | 2,000,000 | 803,355 | ||||
1,981,834 | |||||||
Capital Goods 2.24% | |||||||
Associated Materials | |||||||
9.75% 4/15/12 | USD | 145,000 | 123,250 | ||||
Building Materials | |||||||
7.75% 8/1/14 | 155,000 | 136,400 | |||||
# | BWAY 144A | ||||||
10.00% 4/15/14 | 315,000 | 316,181 | |||||
Celestica | |||||||
7.625% 7/1/13 | 155,000 | 151,900 | |||||
7.875% 7/1/11 | 70,000 | 70,525 | |||||
Crown Americas | |||||||
7.625% 11/15/13 | 125,000 | 122,500 | |||||
Flextronics International | |||||||
6.25% 11/15/14 | 85,000 | 76,500 | |||||
Graham Packaging | |||||||
9.875% 10/15/14 | 305,000 | 272,975 | |||||
Graphic Packaging | |||||||
International | |||||||
8.50% 8/15/11 | 30,000 | 29,850 | |||||
*9.50% 8/15/13 | 325,000 | 305,500 | |||||
L-3 Communications | |||||||
6.125% 7/15/13 | 130,000 | 121,225 | |||||
# | Moog 144A 7.25% 6/15/18 | 135,000 | 127,575 | ||||
Owens-Brockway | |||||||
Glass Container | |||||||
6.75% 12/1/14 | 100,000 | 95,250 | |||||
# | Plastipak Holdings 144A | ||||||
8.50% 12/15/15 | 70,000 | 60,200 | |||||
Pregis 12.375% 10/15/13 | 30,000 | 19,200 | |||||
* | RBS Global/Rexnord | ||||||
11.75% 8/1/16 | 165,000 | 104,775 | |||||
* | Sally Holdings | ||||||
10.50% 11/15/16 | 225,000 | 226,688 | |||||
Solo Cup 8.50% 2/15/14 | 100,000 | 80,500 | |||||
Thermadyne Holdings | |||||||
10.00% 2/1/14 | 195,000 | 129,675 |
8
Principal | Value | ||||||
Amount° | (U.S. $) | ||||||
Corporate Bonds (continued) | |||||||
Capital Goods (continued) | |||||||
Tyco International Finance | |||||||
8.50% 1/15/19 | USD | 80,000 | $ | 88,452 | |||
@ | Vitro 11.75% 11/1/13 | 1,000,000 | 336,250 | ||||
2,995,371 | |||||||
Consumer Cyclical 3.89% | |||||||
Beazer Homes USA | |||||||
8.625% 5/15/11 | 60,000 | 38,850 | |||||
CVS Caremark | |||||||
4.875% 9/15/14 | 45,000 | 45,839 | |||||
5.75% 6/1/17 | 53,000 | 53,017 | |||||
Dave & Busters | |||||||
11.25% 3/15/14 | 15,000 | 12,675 | |||||
Dennys Holdings | |||||||
10.00% 10/1/12 | 75,000 | 72,750 | |||||
* | Dollar General | ||||||
10.625% 7/15/15 | 160,000 | 170,000 | |||||
DR Horton | |||||||
6.00% 4/15/11 | 145,000 | 140,288 | |||||
7.875% 8/15/11 | 135,000 | 135,000 | |||||
Ford Motor Credit | |||||||
3.889% 1/13/12 | 135,000 | 106,819 | |||||
7.25% 10/25/11 | 60,000 | 51,805 | |||||
7.375% 10/28/09 | 95,000 | 92,666 | |||||
7.80% 6/1/12 | 295,000 | 252,072 | |||||
8.00% 6/1/14 | 145,000 | 117,748 | |||||
9.875% 8/10/11 | 185,000 | 168,968 | |||||
# | GMAC 144A | ||||||
6.00% 12/15/11 | 135,000 | 117,516 | |||||
6.625% 5/15/12 | 110,000 | 95,211 | |||||
6.875% 9/15/11 | 305,000 | 273,112 | |||||
6.875% 8/28/12 | 183,000 | 158,405 | |||||
Goodyear Tire & Rubber | |||||||
*9.00% 7/1/15 | 205,000 | 196,800 | |||||
10.50% 5/15/16 | 60,000 | 60,000 | |||||
# | Invista 144A | ||||||
9.25% 5/1/12 | 175,000 | 164,500 | |||||
Kohls | |||||||
6.25% 12/15/17 | 15,000 | 15,302 | |||||
6.875% 12/15/37 | 35,000 | 32,228 | |||||
# | Landrys Restaurants 144A | ||||||
14.00% 8/15/11 | 100,000 | 93,500 | |||||
Levi Strauss 9.75% 1/15/15 | 196,000 | 190,120 | |||||
Limited Brands | |||||||
6.90% 7/15/17 | 115,000 | 97,778 | |||||
M/I Homes 6.875% 4/1/12 | 90,000 | 72,450 | |||||
Macys Retail Holdings | |||||||
8.875% 7/15/15 | 195,000 | 188,095 | |||||
10.625% 11/1/10 | 65,000 | 66,562 | |||||
Meritage Homes | |||||||
6.25% 3/15/15 | 35,000 | 26,513 | |||||
7.00% 5/1/14 | 145,000 | 113,825 | |||||
Mobile Mini 6.875% 5/1/15 | 125,000 | 102,813 | |||||
Mohawk Industries | |||||||
6.625% 1/15/16 | 115,000 | 99,409 | |||||
New Albertsons | |||||||
7.25% 5/1/13 | 65,000 | 62,725 | |||||
Nordstrom 6.75% 6/1/14 | 50,000 | 50,382 | |||||
Ryland Group | |||||||
6.875% 6/15/13 | 155,000 | 148,800 | |||||
8.40% 5/15/17 | 140,000 | 136,500 | |||||
# | Sealy Mattress 144A | ||||||
10.875% 4/15/16 | 55,000 | 56,650 | |||||
Target | |||||||
4.00% 6/15/13 | 60,000 | 59,878 | |||||
7.00% 1/15/38 | 610,000 | 640,736 | |||||
Toll 8.25% 12/1/11 | 41,000 | 41,205 | |||||
Toys R US 7.625% 8/1/11 | 100,000 | 76,500 | |||||
# | TRW Automotive 144A | ||||||
*7.00% 3/15/14 | 100,000 | 74,000 | |||||
7.25% 3/15/17 | 100,000 | 70,500 | |||||
VF 6.45% 11/1/37 | 35,000 | 30,684 | |||||
Wal-Mart Stores | |||||||
3.20% 5/15/14 | 30,000 | 30,092 | |||||
6.50% 8/15/37 | 15,000 | 16,152 | |||||
Yum Brands 6.875% 11/15/37 | 85,000 | 75,838 | |||||
5,193,278 | |||||||
Consumer Non-Cyclical 2.94% | |||||||
Alliance One International | |||||||
8.50% 5/15/12 | 35,000 | 32,725 | |||||
11.00% 5/15/12 | 50,000 | 50,625 | |||||
@# | AmBev International Finance | ||||||
144A 9.50% 7/24/17 | BRL | 1,189,000 | 544,096 | ||||
Amgen | |||||||
5.70% 2/1/19 | USD | 5,000 | 5,163 | ||||
6.375% 6/1/37 | 15,000 | 15,316 | |||||
6.90% 6/1/38 | 75,000 | 81,757 | |||||
# | Anheuser-Busch InBev | ||||||
Worldwide 144A | |||||||
7.75% 1/15/19 | 70,000 | 75,424 | |||||
8.20% 1/15/39 | 100,000 | 106,952 | |||||
Beckman Coulter | |||||||
6.00% 6/1/15 | 15,000 | 15,068 | |||||
7.00% 6/1/19 | 15,000 | 15,383 | |||||
ConAgra Foods | |||||||
5.875% 4/15/14 | 120,000 | 125,664 | |||||
* | Constellation Brands | ||||||
8.125% 1/15/12 | 160,000 | 160,000 | |||||
Cornell 10.75% 7/1/12 | 60,000 | 59,400 | |||||
Cott Beverages USA | |||||||
8.00% 12/15/11 | 140,000 | 121,100 | |||||
Del Monte 6.75% 2/15/15 | 30,000 | 28,575 | |||||
Delhaize America | |||||||
9.00% 4/15/31 | 110,000 | 121,196 | |||||
Delhaize Group | |||||||
5.875% 2/1/14 | 10,000 | 10,072 | |||||
6.50% 6/15/17 | 30,000 | 29,458 |
(continues) 9
Statement of net assets
Delaware Enhanced Global Dividend and Income Fund
Principal | Value | ||||||
Amount° | (U.S. $) | ||||||
Corporate Bonds (continued) | |||||||
Consumer Non-Cyclical (continued) | |||||||
# | Dole Food 144A | ||||||
13.875% 3/15/14 | USD | 140,000 | $ | 150,500 | |||
DR Pepper Snapple Group | |||||||
6.12% 5/1/13 | 15,000 | 15,348 | |||||
# | Ingles Markets 144A | ||||||
8.875% 5/15/17 | 115,000 | 113,706 | |||||
Iron Mountain | |||||||
6.625% 1/1/16 | 85,000 | 79,050 | |||||
8.00% 6/15/20 | 155,000 | 144,150 | |||||
* | Jarden 7.50% 5/1/17 | 65,000 | 56,550 | ||||
# | JBS USA Finance 144A | ||||||
11.625% 5/1/14 | 170,000 | 164,050 | |||||
Johnsondiversey Holding | |||||||
10.67% 5/15/13 | 160,000 | 126,400 | |||||
Kellogg 4.45% 5/30/16 | 20,000 | 19,862 | |||||
Kroger | |||||||
6.80% 12/15/18 | 15,000 | 15,923 | |||||
7.50% 1/15/14 | 60,000 | 67,278 | |||||
LVB Acquisition | |||||||
10.00% 10/15/17 | 170,000 | 174,675 | |||||
11.625% 10/15/17 | 40,000 | 39,600 | |||||
Mckesson | |||||||
5.70% 3/1/17 | 5,000 | 4,850 | |||||
7.50% 2/15/19 | 100,000 | 110,548 | |||||
Medco Health Solutions | |||||||
7.125% 3/15/18 | 50,000 | 49,928 | |||||
National Beef Packing | |||||||
10.50% 8/1/11 | 145,000 | 145,000 | |||||
Pfizer 7.20% 3/15/39 | 60,000 | 68,056 | |||||
Schering-Plough | |||||||
6.55% 9/15/37 | 10,000 | 10,184 | |||||
Smithfield Foods | |||||||
7.75% 5/15/13 | 165,000 | 125,400 | |||||
Supervalu 8.00% 5/1/16 | 30,000 | 29,550 | |||||
Tenet Healthcare | |||||||
7.375% 2/1/13 | 195,000 | 188,663 | |||||
# | Tyson Foods 144A | ||||||
10.50% 3/1/14 | 105,000 | 111,825 | |||||
Visant Holding | |||||||
8.75% 12/1/13 | 180,000 | 175,050 | |||||
Wyeth 5.50% 2/1/14 | 125,000 | 133,854 | |||||
3,917,974 | |||||||
Energy 5.42% | |||||||
AmeriGas Partners | |||||||
7.125% 5/20/16 | 95,000 | 88,469 | |||||
Anadarko Petroleum | |||||||
8.70% 3/15/19 | 60,000 | 66,922 | |||||
Berry Petroleum | |||||||
10.25% 6/1/14 | 60,000 | 59,175 | |||||
Chesapeake Energy | |||||||
6.375% 6/15/15 | 170,000 | 146,625 | |||||
7.00% 8/15/14 | 40,000 | 36,500 | |||||
9.50% 2/15/15 | 140,000 | 138,950 | |||||
Complete Production Service | |||||||
8.00% 12/15/16 | 130,000 | 105,950 | |||||
ConocoPhillips | |||||||
4.60% 1/15/15 | 40,000 | 40,923 | |||||
6.00% 1/15/20 | 25,000 | 26,001 | |||||
# | Copano Energy 144A | ||||||
7.75% 6/1/18 | 125,000 | 111,250 | |||||
Denbury Resources | |||||||
9.75% 3/1/16 | 100,000 | 102,500 | |||||
Dynergy Holdings | |||||||
7.75% 6/1/19 | 270,000 | 197,775 | |||||
El Paso | |||||||
6.875% 6/15/14 | 145,000 | 138,049 | |||||
7.00% 6/15/17 | 205,000 | 193,036 | |||||
7.25% 6/1/18 | 15,000 | 13,891 | |||||
8.25% 2/15/16 | 25,000 | 24,938 | |||||
Enbridge Energy Partners | |||||||
9.875% 3/1/19 | 40,000 | 44,965 | |||||
Energy Transfer Partners | |||||||
9.70% 3/15/19 | 35,000 | 40,769 | |||||
Enterprise Products | |||||||
Operating | |||||||
5.00% 3/1/15 | 25,000 | 23,027 | |||||
6.30% 9/15/17 | 30,000 | 28,884 | |||||
6.875% 3/1/33 | 65,000 | 58,502 | |||||
EOG Resources | |||||||
5.625% 6/1/19 | 30,000 | 30,768 | |||||
Forest Oil 7.25% 6/15/19 | 90,000 | 77,850 | |||||
Geophysique-Veritas | |||||||
7.75% 5/15/17 | 175,000 | 154,875 | |||||
# | Gulfstream Natural | ||||||
Gas System 144A | |||||||
6.95% 6/1/16 | 30,000 | 30,725 | |||||
Halliburton 7.45% 9/15/39 | 35,000 | 38,210 | |||||
# | Helix Energy Solutions Group | ||||||
144A 9.50% 1/15/16 | 235,000 | 195,050 | |||||
# | Hilcorp Energy I 144A | ||||||
7.75% 11/1/15 | 220,000 | 190,300 | |||||
Husky Energy | |||||||
7.25% 12/15/19 | 45,000 | 47,048 | |||||
International Coal Group | |||||||
10.25% 7/15/14 | 180,000 | 125,100 | |||||
Key Energy Services | |||||||
8.375% 12/1/14 | 250,000 | 221,250 | |||||
Kinder Morgan Energy | |||||||
Partners | |||||||
6.85% 2/15/20 | 50,000 | 49,836 | |||||
9.00% 2/1/19 | 10,000 | 11,296 | |||||
Lukoil International Finance B | |||||||
6.356% 6/7/17 | 1,000,000 | 835,000 | |||||
Mariner Energy | |||||||
8.00% 5/15/17 | 270,000 | 214,650 |
10
Principal | Value | ||||||
Amount° | (U.S. $) | ||||||
Corporate Bonds (continued) | |||||||
Energy (continued) | |||||||
Markwest Energy | |||||||
Partners/Finance | |||||||
8.75% 4/15/18 | USD | 125,000 | $ | 104,375 | |||
Massey Energy | |||||||
6.875% 12/15/13 | 310,000 | 275,900 | |||||
Noble Energy 8.25% 3/1/19 | 80,000 | 87,288 | |||||
OPTI Canada | |||||||
7.875% 12/15/14 | 165,000 | 112,200 | |||||
# | PetroHawk Energy 144A | ||||||
7.875% 6/1/15 | 225,000 | 209,813 | |||||
@ | Petroleum Development | ||||||
12.00% 2/15/18 | 145,000 | 108,750 | |||||
Plains All American Pipeline | |||||||
6.50% 5/1/18 | 70,000 | 67,725 | |||||
8.75% 5/1/19 | 45,000 | 49,890 | |||||
Plains Exploration | |||||||
& Production | |||||||
7.00% 3/15/17 | 75,000 | 65,625 | |||||
Range Resources | |||||||
7.25% 5/1/18 | 130,000 | 122,363 | |||||
Regency Energy Partners | |||||||
8.375% 12/15/13 | 85,000 | 81,175 | |||||
# | SandRidge Energy 144A | ||||||
9.875% 5/15/16 | 80,000 | 76,600 | |||||
StatoilHydro 5.25% 4/15/19 | 40,000 | 40,483 | |||||
Talisman Energy | |||||||
7.75% 6/1/19 | 40,000 | 42,008 | |||||
TNK-BP Finance | |||||||
7.875% 3/13/18 | 2,000,000 | 1,665,000 | |||||
Weatherford International | |||||||
5.95% 6/15/12 | 25,000 | 24,658 | |||||
6.80% 6/15/37 | 20,000 | 16,726 | |||||
7.00% 3/15/38 | 45,000 | 37,962 | |||||
9.875% 3/1/39 | 5,000 | 5,617 | |||||
Whiting Petroleum | |||||||
7.25% 5/1/13 | 145,000 | 133,400 | |||||
7,236,617 | |||||||
Finance & Investments 1.68% | |||||||
@ | Cardtronics 9.25% 8/15/13 | 270,000 | 238,950 | ||||
CIT Group | |||||||
4.75% 12/15/10 | 40,000 | 34,042 | |||||
5.40% 1/30/16 | 45,000 | 29,677 | |||||
5.65% 2/13/17 | 185,000 | 122,547 | |||||
5.85% 9/15/16 | 350,000 | 231,312 | |||||
# | CIT Group 144A | ||||||
12.00% 12/18/18 | 165,000 | 90,692 | |||||
General Electric Capital | |||||||
5.875% 1/14/38 | 135,000 | 109,630 | |||||
6.875% 1/10/39 | 105,000 | 96,822 | |||||
·# | ILFC E-Capital Trust II 144A | ||||||
6.25% 12/21/65 | 50,000 | 19,750 | |||||
Inergy Finance | |||||||
6.875% 12/15/14 | 155,000 | 142,600 | |||||
International Lease Finance | |||||||
5.25% 1/10/13 | 60,000 | 46,748 | |||||
5.35% 3/1/12 | 65,000 | 48,962 | |||||
5.55% 9/5/12 | 90,000 | 71,009 | |||||
5.875% 5/1/13 | 30,000 | 23,342 | |||||
5.625% 9/20/13 | 100,000 | 78,018 | |||||
6.625% 11/15/13 | 50,000 | 38,175 | |||||
·# | Liberty Mutual Group 144A | ||||||
10.75% 6/15/58 | 240,000 | 149,016 | |||||
MetLife | |||||||
6.40% 12/15/36 | 360,000 | 256,266 | |||||
6.75% 6/1/16 | 55,000 | 56,045 | |||||
6.817% 8/15/18 | 15,000 | 15,122 | |||||
·# | Metlife Capital Trust X 144A | ||||||
9.25% 4/8/38 | 125,000 | 106,486 | |||||
@Õ | Montpelier Re Holdings | ||||||
6.125% 8/15/13 | 15,000 | 10,968 | |||||
@# | Nuveen Investments 144A | ||||||
10.50% 11/15/15 | 340,000 | 183,600 | |||||
SLM 8.45% 6/15/18 | 70,000 | 48,016 | |||||
2,247,795 | |||||||
Media 2.25% | |||||||
# | Charter Communications | ||||||
Operating 144A | |||||||
*10.00% 4/30/12 | 45,000 | 43,425 | |||||
*10.375% 4/30/14 | 95,000 | 90,725 | |||||
10.875% 9/15/14 | 460,000 | 476,100 | |||||
Comcast | |||||||
4.95% 6/15/16 | 25,000 | 23,937 | |||||
5.85% 11/15/15 | 31,000 | 31,177 | |||||
6.30% 11/15/17 | 10,000 | 10,268 | |||||
6.50% 1/15/15 | 31,000 | 32,112 | |||||
# | COX Communications 144A | ||||||
6.25% 6/1/18 | 100,000 | 96,376 | |||||
8.375% 3/1/39 | 25,000 | 26,332 | |||||
DirecTV Holdings | |||||||
7.625% 5/15/16 | 115,000 | 111,838 | |||||
Echostar DBS | |||||||
7.125% 2/1/16 | 235,000 | 217,375 | |||||
@ | Grupo Televisa | ||||||
8.49% 5/11/37 | MXN | 10,000,000 | 576,287 | ||||
Interpublic Group | |||||||
6.25% 11/15/14 | USD | 110,000 | 94,325 | ||||
Lamar Media | |||||||
*6.625% 8/15/15 | 105,000 | 89,775 | |||||
6.625% 8/15/15 | 140,000 | 114,800 | |||||
Mediacom Capital | |||||||
9.50% 1/15/13 | 105,000 | 100,800 | |||||
Nielsen Finance | |||||||
10.00% 8/1/14 | 110,000 | 105,325 | |||||
# | Nielsen Finance 144A | ||||||
11.625% 2/1/14 | 50,000 | 49,750 | |||||
Quebecor Media | |||||||
7.75% 3/15/16 | 100,000 | 89,250 |
(continues) 11
Statement of net assets
Delaware Enhanced Global Dividend and Income Fund
Principal | Value | ||||||
Amount° | (U.S. $) | ||||||
Corporate Bonds (continued) | |||||||
Media (continued) | |||||||
# | Rainbow National | ||||||
Services 144A | |||||||
10.375% 9/1/14 | USD | 65,000 | $ | 67,356 | |||
Time Warner Cable | |||||||
6.75% 7/1/18 | 40,000 | 41,389 | |||||
7.50% 4/1/14 | 110,000 | 119,433 | |||||
# | UPC Holding 144A | ||||||
9.875% 4/15/18 | 100,000 | 97,000 | |||||
Videotron 6.375% 12/15/15 | 95,000 | 86,450 | |||||
# | Videotron 144A | ||||||
9.125% 4/15/18 | 120,000 | 124,800 | |||||
# | Vivendi 144A | ||||||
6.625% 4/4/18 | 95,000 | 89,035 | |||||
3,005,440 | |||||||
Real Estate 0.09% | |||||||
Regency Centers | |||||||
5.875% 6/15/17 | 35,000 | 25,505 | |||||
Ventas Realty 6.50% 6/1/16 | 105,000 | 96,075 | |||||
121,580 | |||||||
Services Cyclical 2.32% | |||||||
* | ARMARK 8.50% 2/1/15 | 280,000 | 268,449 | ||||
# | Ashtead Capital 144A | ||||||
9.00% 8/15/16 | 100,000 | 74,500 | |||||
Corrections Corporation | |||||||
of America | |||||||
6.25% 3/15/13 | 115,000 | 109,538 | |||||
CSX | |||||||
6.25% 3/15/18 | 35,000 | 33,638 | |||||
7.375% 2/1/19 | 15,000 | 15,553 | |||||
7.45% 4/1/38 | 65,000 | 63,082 | |||||
7.90% 5/1/17 | 15,000 | 15,887 | |||||
Delta Air Lines | |||||||
7.92% 11/18/10 | 25,000 | 22,000 | |||||
# | Erac USA Finance 144A | ||||||
6.375% 10/15/17 | 115,000 | 96,738 | |||||
@# | Galaxy Entertainment | ||||||
Finance 144A | |||||||
9.875% 12/15/12 | 205,000 | 171,175 | |||||
Gaylord Entertainment | |||||||
6.75% 11/15/14 | 80,000 | 61,200 | |||||
8.00% 11/15/13 | 180,000 | 149,175 | |||||
Global Cash Access | |||||||
8.75% 3/15/12 | 185,000 | 182,225 | |||||
# | Harrahs Operating Escrow | ||||||
144A 11.25% 6/1/17 | 194,000 | 189,150 | |||||
Hertz | |||||||
8.875% 1/1/14 | 150,000 | 137,250 | |||||
*10.50% 1/1/16 | 85,000 | 74,375 | |||||
Kansas City Southern | |||||||
de Mexico | |||||||
9.375% 5/1/12 | 150,000 | 135,375 | |||||
Lender Process Services | |||||||
8.125% 7/1/16 | 105,000 | 103,950 | |||||
*# | MGM MIRAGE 144A | ||||||
10.375% 5/15/14 | 60,000 | 62,100 | |||||
11.125% 11/15/17 | 80,000 | 84,200 | |||||
13.00% 11/15/13 | 225,000 | 246,937 | |||||
Pinnacle Entertainment | |||||||
7.50% 6/15/15 | 115,000 | 96,600 | |||||
8.75% 10/1/13 | 150,000 | 148,500 | |||||
@# | Pokagon Gaming | ||||||
Authority 144A | |||||||
10.375% 6/15/14 | 210,000 | 203,700 | |||||
RSC Equipment Rental | |||||||
9.50% 12/1/14 | 155,000 | 121,675 | |||||
@# | Seminole Indian Tribe of | ||||||
Florida 144A | |||||||
7.804% 10/1/20 | 160,000 | 134,027 | |||||
8.03% 10/1/20 | 55,000 | 44,653 | |||||
# | Shingle Springs Tribal | ||||||
Gaming Authority 144A | |||||||
9.375% 6/15/15 | 80,000 | 46,800 | |||||
3,092,452 | |||||||
Services Non-Cyclical 2.67% | |||||||
Alliance Imaging | |||||||
7.25% 12/15/12 | 120,000 | 118,200 | |||||
Allied Waste North America | |||||||
6.875% 6/1/17 | 10,000 | 9,665 | |||||
7.125% 5/15/16 | 25,000 | 24,470 | |||||
Bausch & Lomb | |||||||
9.875% 11/1/15 | 205,000 | 188,088 | |||||
Browning-Ferris Industries | |||||||
7.40% 9/15/35 | 125,000 | 115,680 | |||||
Casella Waste Systems | |||||||
9.75% 2/1/13 | 315,000 | 263,025 | |||||
* | Community Health Systems | ||||||
8.875% 7/15/15 | 350,000 | 347,813 | |||||
Covidien International Finance | |||||||
6.00% 10/15/17 | 9,000 | 9,513 | |||||
6.55% 10/15/37 | 105,000 | 108,624 | |||||
Elan Finance | |||||||
7.75% 11/15/11 | 50,000 | 45,250 | |||||
8.875% 12/1/13 | 150,000 | 129,750 | |||||
HCA | |||||||
6.50% 2/15/16 | 250,000 | 192,500 | |||||
9.25% 11/15/16 | 525,000 | 517,124 | |||||
· | HealthSouth | ||||||
8.323% 6/15/14 | 250,000 | 231,250 | |||||
Hospira 6.40% 5/15/15 | 65,000 | 66,144 | |||||
Inverness Medical | |||||||
Innovations | |||||||
9.00% 5/15/16 | 80,000 | 77,000 | |||||
* | Psychiatric Solutions | ||||||
7.75% 7/15/15 | 140,000 | 126,700 | |||||
# | Psychiatric Solutions 144A | ||||||
7.75% 7/15/15 | 60,000 | 53,700 |
12
Principal | Value | ||||||
Amount° | (U.S. $) | ||||||
Corporate Bonds (continued) | |||||||
Services Non-Cyclical (continued) | |||||||
Quest Diagnostics | |||||||
5.45% 11/1/15 | USD | 120,000 | $ | 110,641 | |||
6.40% 7/1/17 | 10,000 | 9,607 | |||||
Select Medical | |||||||
7.625% 2/1/15 | 345,000 | 274,275 | |||||
UnitedHealth Group | |||||||
5.50% 11/15/12 | 80,000 | 81,930 | |||||
5.80% 3/15/36 | 50,000 | 37,684 | |||||
Universal Hospital Services PIK | |||||||
8.50% 6/1/15 | 120,000 | 115,800 | |||||
US Oncology 9.00% 8/15/12 | 100,000 | 100,500 | |||||
US Oncology Holdings | |||||||
6.904% 3/15/12 | 75,000 | 51,375 | |||||
Waste Management | |||||||
7.10% 8/1/26 | 35,000 | 31,461 | |||||
7.375% 8/1/10 | 10,000 | 10,481 | |||||
7.375% 3/11/19 | 5,000 | 5,143 | |||||
WellPoint | |||||||
5.00% 1/15/11 | 60,000 | 61,357 | |||||
5.85% 1/15/36 | 50,000 | 38,423 | |||||
5.95% 12/15/34 | 10,000 | 8,052 | |||||
3,561,225 | |||||||
Technology & Electronics 0.71% | |||||||
Amkor Technologies | |||||||
7.75% 5/15/13 | 90,000 | 80,888 | |||||
Anixter 10.00% 3/15/14 | 75,000 | 74,625 | |||||
Avago Technologies Finance | |||||||
10.125% 12/1/13 | 115,000 | 111,119 | |||||
Cisco Systems | |||||||
5.90% 2/15/39 | 55,000 | 53,457 | |||||
National Semiconductor | |||||||
6.60% 6/15/17 | 80,000 | 67,740 | |||||
Oracle 6.50% 4/15/38 | 25,000 | 26,330 | |||||
Sanmina-SCI 8.125% 3/1/16 | 161,000 | 90,965 | |||||
Sungard Data Systems | |||||||
9.125% 8/15/13 | 166,000 | 160,605 | |||||
10.25% 8/15/15 | 250,000 | 228,124 | |||||
Xerox 8.25% 5/15/14 | 50,000 | 50,799 | |||||
944,652 | |||||||
Telecommunications 5.58% | |||||||
AT&T Wireless | |||||||
8.125% 5/1/12 | 125,000 | 139,103 | |||||
Cincinnati Bell | |||||||
7.00% 2/15/15 | 155,000 | 142,988 | |||||
Citizens Communications | |||||||
6.25% 1/15/13 | 90,000 | 84,713 | |||||
7.125% 3/15/19 | 225,000 | 199,688 | |||||
Cricket Communications | |||||||
9.375% 11/1/14 | 205,000 | 205,000 | |||||
# | Cricket Communications | ||||||
144A 7.75% 5/15/16 | 90,000 | 87,413 | |||||
Crown Castle International | |||||||
9.00% 1/15/15 | 85,000 | 86,275 | |||||
# | CSC Holdings 144A | ||||||
8.50% 4/15/14 | 13,000 | 13,000 | |||||
8.50% 6/15/15 | 210,000 | 207,900 | |||||
Deutsche Telekom | |||||||
International Finance | |||||||
5.25% 7/22/13 | 45,000 | 46,168 | |||||
*# | Digicel 144A 9.25% 9/1/12 | 100,000 | 96,000 | ||||
# | Digicel Group 144A | ||||||
8.875% 1/15/15 | 1,100,000 | 885,499 | |||||
# | DigitalGlobe 144A | ||||||
10.50% 5/1/14 | 90,000 | 92,925 | |||||
# | Expedia 144A 8.50% 7/1/16 | 110,000 | 105,050 | ||||
Frontier Communications | |||||||
8.25% 5/1/14 | 75,000 | 73,688 | |||||
GCI 7.25% 2/15/14 | 85,000 | 77,456 | |||||
Hughes Network Systems | |||||||
9.50% 4/15/14 | 260,000 | 252,199 | |||||
Inmarsat Finance | |||||||
10.375% 11/15/12 | 235,000 | 243,813 | |||||
Intelsat Jackson Holdings | |||||||
11.25% 6/15/16 | 365,000 | 375,949 | |||||
# | Intelsat Subsidiary Holding | ||||||
144A 8.875% 1/15/15 | 70,000 | 69,300 | |||||
Lucent Technologies | |||||||
6.45% 3/15/29 | 200,000 | 115,000 | |||||
MetroPCS Wireless | |||||||
9.25% 11/1/14 | 268,000 | 270,344 | |||||
Nextel Communications | |||||||
7.375% 8/1/15 | 255,000 | 203,363 | |||||
# | Nordic Telephone | ||||||
Holdings 144A | |||||||
8.875% 5/1/16 | 185,000 | 185,925 | |||||
# | Qwest 144A 8.375% 5/1/16 | 130,000 | 128,375 | ||||
Qwest Communications | |||||||
International | |||||||
7.50% 2/15/14 | 85,000 | 78,625 | |||||
Rogers Communications | |||||||
6.80% 8/15/18 | 35,000 | 37,433 | |||||
Sprint Nextel 6.00% 12/1/16 | 560,000 | 457,799 | |||||
Telecom Italia Capital | |||||||
4.00% 1/15/10 | 30,000 | 30,061 | |||||
4.95% 9/30/14 | 75,000 | 71,276 | |||||
5.25% 10/1/15 | 30,000 | 27,505 | |||||
6.20% 7/18/11 | 45,000 | 46,478 | |||||
# | Telesat Canada 144A | ||||||
11.00% 11/1/15 | 120,000 | 117,000 | |||||
12.50% 11/1/17 | 140,000 | 123,900 | |||||
Time Warner Telecom | |||||||
Holdings | |||||||
9.25% 2/15/14 | 185,000 | 186,388 | |||||
Verizon Communications | |||||||
6.10% 4/15/18 | 10,000 | 10,422 | |||||
6.35% 4/1/19 | 67,000 | 70,535 | |||||
# | Verizon Wireless 144A | ||||||
5.55% 2/1/14 | 105,000 | 111,152 | |||||
@# | Vimpelcom 144A | ||||||
9.125% 4/30/18 | 1,255,000 | 1,051,062 |
(continues) 13
Statement of net assets
Delaware Enhanced Global Dividend and Income Fund
Principal | Value | ||||||
Amount° | (U.S. $) | ||||||
Corporate Bonds (continued) | |||||||
Telecommunications (continued) | |||||||
Virgin Media Finance | |||||||
8.75% 4/15/14 | USD | 145,000 | $ | 140,650 | |||
Vodafone Group | |||||||
5.00% 9/15/15 | 20,000 | 20,061 | |||||
5.375% 1/30/15 | 145,000 | 147,619 | |||||
# | Wind Acquisition Finance | ||||||
144A 10.75% 12/1/15 | 150,000 | 158,250 | |||||
Windstream 8.125% 8/1/13 | 170,000 | 168,088 | |||||
7,441,438 | |||||||
Utilities 1.90% | |||||||
AES | |||||||
7.75% 3/1/14 | 105,000 | 100,538 | |||||
8.00% 10/15/17 | 30,000 | 28,050 | |||||
# | AES 144A 8.00% 6/1/20 | 155,000 | 137,175 | ||||
Ameren 8.875% 5/15/14 | 15,000 | 15,525 | |||||
Columbus Southern Power | |||||||
6.05% 5/1/18 | 20,000 | 19,606 | |||||
Commonwealth Edison | |||||||
5.90% 3/15/36 | 20,000 | 17,555 | |||||
6.15% 9/15/17 | 40,000 | 40,664 | |||||
Edison Mission Energy | |||||||
*7.00% 5/15/17 | 10,000 | 7,300 | |||||
7.50% 6/15/13 | 80,000 | 67,800 | |||||
Elwood Energy | |||||||
8.159% 7/5/26 | 171,700 | 140,339 | |||||
Illinois Power | |||||||
6.125% 11/15/17 | 85,000 | 81,924 | |||||
9.75% 11/15/18 | 15,000 | 16,672 | |||||
Indiana Michigan Power | |||||||
7.00% 3/15/19 | 25,000 | 25,998 | |||||
Jersey Central Power & Light | |||||||
7.35% 2/1/19 | 80,000 | 84,273 | |||||
Korea Southern Power | |||||||
5.375% 4/18/13 | 630,000 | 604,650 | |||||
Mirant Americas Generation | |||||||
8.50% 10/1/21 | 215,000 | 179,524 | |||||
w | Mirant Mid Atlantic Pass | ||||||
Through Trust A | |||||||
8.625% 6/30/12 | 100,783 | 98,767 | |||||
NRG Energy | |||||||
7.375% 2/1/16 | 265,000 | 250,093 | |||||
7.375% 1/15/17 | 65,000 | 61,263 | |||||
Orion Power Holdings | |||||||
12.00% 5/1/10 | 205,000 | 212,687 | |||||
Peco Energy | |||||||
5.00% 10/1/14 | 35,000 | 36,829 | |||||
5.35% 3/1/18 | 20,000 | 20,079 | |||||
PPL Electric Utilities | |||||||
7.125% 11/30/13 | 40,000 | 44,566 | |||||
RRI Energy 6.75% 12/15/14 | 60,000 | 58,050 | |||||
San Diego Gas & Electric | |||||||
6.00% 6/1/39 | 40,000 | 40,804 | |||||
Sempra Energy | |||||||
6.50% 6/1/16 | 50,000 | 51,085 | |||||
* | Texas Competitive | ||||||
Electric Holdings | |||||||
10.25% 11/1/15 | 160,000 | 95,600 | |||||
2,537,416 | |||||||
Total Corporate Bonds | |||||||
(cost $57,206,072) | 53,686,497 | ||||||
Foreign Agencies 1.48% | |||||||
Luxembourg 0.75% | |||||||
@# | Gazprom 144A | ||||||
8.625% 4/28/34 | 1,000,000 | 995,000 | |||||
995,000 | |||||||
Republic of Korea 0.03% | |||||||
Korea Development Bank | |||||||
5.30% 1/17/13 | 45,000 | 44,737 | |||||
44,737 | |||||||
United States 0.70% | |||||||
Pemex Project Funding | |||||||
Master Trust | |||||||
6.625% 6/15/35 | 1,000,000 | 930,485 | |||||
930,485 | |||||||
Total Foreign Agencies | |||||||
(cost $2,298,499) | 1,970,222 | ||||||
Municipal Bond 0.08% | |||||||
California State | |||||||
7.55% 4/1/39 | 110,000 | 107,876 | |||||
Total Municipal Bond | |||||||
(cost $112,530) | 107,876 | ||||||
Non-Agency Asset-Backed Securities 0.70% | |||||||
Capital Auto Receivables Asset | |||||||
Trust Series 2007-3 A3A | |||||||
5.02% 9/15/11 | 59,106 | 60,132 | |||||
Caterpillar Financial | |||||||
Asset Trust | |||||||
Series 2007-A A3A | |||||||
5.34% 6/25/12 | 14,820 | 15,106 | |||||
Series 2008-A A3 | |||||||
4.94% 4/25/14 | 60,000 | 60,031 | |||||
@ | Centex Home Equity | ||||||
Series 2005-D AF4 | |||||||
5.27% 10/25/35 | 150,000 | 140,154 | |||||
Chase Issuance Trust | |||||||
Series 2005-A7 A7 | |||||||
4.55% 3/15/13 | 45,000 | 46,694 | |||||
Citicorp Residential | |||||||
Mortgage Securities | |||||||
Series 2006-3 A5 | |||||||
5.948% 11/25/36 | 100,000 | 50,773 |
14
Principal | Value | ||||||
Amount° | (U.S. $) | ||||||
Non-Agency Asset-Backed Securities (continued) | |||||||
CNH Equipment Trust | |||||||
Series 2008-A A3 | |||||||
4.12% 5/15/12 | USD | 20,000 | $ | 20,167 | |||
Series 2008-A A4 | |||||||
4.93% 8/15/14 | 30,000 | 29,394 | |||||
Series 2008-B A3A | |||||||
4.78% 7/16/12 | 30,000 | 30,416 | |||||
Discover Card Master Trust | |||||||
Series 2007-A1 A1 | |||||||
5.65% 3/16/20 | 100,000 | 94,365 | |||||
@# | Dunkin Securitization | ||||||
Series 2006-1 A2 144A | |||||||
5.779% 6/20/31 | 150,000 | 108,874 | |||||
Harley-Davidson | |||||||
Motorcycle Trust | |||||||
Series 2005-2 A2 | |||||||
4.07% 2/15/12 | 59,410 | 58,975 | |||||
Series 2006-2 A2 | |||||||
5.35% 3/15/13 | 97,626 | 100,328 | |||||
Hyundai Auto | |||||||
Receivables Trust | |||||||
Series 2007-A A3A | |||||||
5.04% 1/17/12 | 14,902 | 15,189 | |||||
Series 2008-A A3 | |||||||
4.93% 12/17/12 | 30,000 | 30,567 | |||||
John Deere Owner Trust | |||||||
Series 2008-A A3 | |||||||
4.18% 6/15/12 | 35,000 | 35,311 | |||||
· | MBNA Credit Card Master | ||||||
Note Trust | |||||||
Series 2005-A4 | |||||||
0.384% 11/15/12 | 30,000 | 29,651 | |||||
Total Non-Agency Asset-Backed | |||||||
Securities (cost $1,010,046) | 926,127 | ||||||
Non-Agency Collateralized Mortgage Obligations 0.83% | |||||||
@· | Bear Stearns ARM Trust | ||||||
Series 2007-1 3A2 | |||||||
5.75% 2/25/47 | 252,405 | 78,102 | |||||
Citicorp Mortgage Securities | |||||||
Series 2006-4 3A1 | |||||||
5.50% 8/25/21 | 46,798 | 40,868 | |||||
Series 2007-1 2A1 | |||||||
5.50% 1/25/22 | 270,784 | 238,028 | |||||
·Series 2007-AR8 1A3A | |||||||
6.031% 8/25/37 | 88,322 | 45,779 | |||||
@w· | Countrywide Home Loan | ||||||
Mortgage Pass Through | |||||||
Trust Series 2004-HYB4 M | |||||||
4.55% 9/20/34 | 19,484 | 11,226 | |||||
· | First Horizon Asset Securities | ||||||
Series 2007-AR2 1A1 | |||||||
5.845% 8/25/37 | 137,830 | 80,584 | |||||
Series 2007-AR3 2A2 | |||||||
6.299% 11/25/37 | 108,827 | 68,193 | |||||
· | GSR Mortgage Loan Trust | ||||||
Series 2006-AR1 3A1 | |||||||
5.352% 1/25/36 | 180,224 | 119,170 | |||||
· | JPMorgan Mortgage Trust | ||||||
Series 2004-A5 4A2 | |||||||
4.81% 12/25/34 | 266,849 | 233,646 | |||||
· | MASTR ARMs Trust | ||||||
Series 2006-2 4A1 | |||||||
4.986% 2/25/36 | 104,438 | 80,495 | |||||
· | Wells Fargo Mortgage- | ||||||
Backed Securities Trust | |||||||
Series 2005-AR2 2A1 | |||||||
4.551% 3/25/35 | 81,050 | 69,969 | |||||
Series 2005-AR16 6A4 | |||||||
5.001% 10/25/35 | 66,658 | 27,279 | |||||
Series 2006-AR14 2A4 | |||||||
6.076% 10/25/36 | 60,825 | 16,950 | |||||
Total Non-Agency Collateralized | |||||||
Mortgage Obligations | |||||||
(cost $1,660,426) | 1,110,289 | ||||||
« Senior Secured Loans 1.93% | |||||||
Calpine Term Tranche Loan T1 | |||||||
4.095% 3/29/14 | 110,000 | 96,021 | |||||
Energy Futures Holdings | |||||||
3.882% 10/10/14 | 519,520 | 360,957 | |||||
Flextronics International | |||||||
Term Tranche Loan A2 | |||||||
2.678% 10/1/14 | 80,565 | 65,056 | |||||
Term Tranche Loan A3 | |||||||
2.678% 10/1/14 | 93,993 | 75,899 | |||||
Ford Motor | |||||||
3.603% 12/15/13 | 517,529 | 374,401 | |||||
General Motors | |||||||
8.00% 11/29/13 | 611,624 | 585,634 | |||||
Northwest Airlines | |||||||
2.36% 8/21/13 | 110,000 | 102,988 | |||||
Talecris Biotherapeutics 2nd Lien | |||||||
7.42% 12/6/14 | 500,000 | 441,668 | |||||
Toys R US 4.566% 7/19/12 | 310,000 | 256,525 | |||||
Univision Communications | |||||||
2.678% 9/29/14 | 315,000 | 218,728 | |||||
Total Senior Secured Loans | |||||||
(cost $1,984,693) | 2,577,877 | ||||||
Sovereign Debt 11.71%D | |||||||
Barbados 1.17% | |||||||
# | Republic of Barbados 144A | ||||||
6.625% 12/5/35 | USD | 2,000,000 | 1,558,000 | ||||
1,558,000 | |||||||
Brazil 2.13% | |||||||
Banco Nacional de | |||||||
Desenvolvime | |||||||
Economico e Social | |||||||
6.369% 6/16/18 | 500,000 | 508,750 | |||||
Federal Republic of Brazil | |||||||
10.25% 1/10/28 | BRL | 2,000,000 | 1,032,160 | ||||
11.00% 8/17/40 | USD | 1,000,000 | 1,310,000 | ||||
2,850,910 |
(continues) 15
Statement of net assets
Delaware Enhanced Global Dividend and Income Fund
Principal | Value | ||||||
Amount° | (U.S. $) | ||||||
Sovereign Debt (continued) | |||||||
Canada 0.05% | |||||||
Export Development Canada | |||||||
3.125% 4/24/14 | USD | 65,000 | $ | 65,445 | |||
65,445 | |||||||
Colombia 0.32% | |||||||
# | Santa Fe de Bogota D.C. 144A | ||||||
9.75% 7/26/28 | COP | 1,000,000,000 | 423,237 | ||||
423,237 | |||||||
Indonesia 1.41% | |||||||
# | Republic of Indonesia144A | ||||||
7.75% 1/17/38 | USD | 2,000,000 | 1,880,000 | ||||
1,880,000 | |||||||
Mexico 2.52% | |||||||
Mexican Bonos | |||||||
9.50% 12/18/14 | MXN | 40,000,000 | 3,359,939 | ||||
3,359,939 | |||||||
Pakistan 0.90% | |||||||
@# | Republic of Pakistan 144A | ||||||
6.875% 6/1/17 | USD | 2,000,000 | 1,200,000 | ||||
1,200,000 | |||||||
Philippines 0.87% | |||||||
* | Republic of Philippines | ||||||
8.375% 6/17/19 | 1,000,000 | 1,162,500 | |||||
1,162,500 | |||||||
Republic of Korea 0.82% | |||||||
Export-Import Bank Korea | |||||||
8.125% 1/21/14 | 1,000,000 | 1,100,710 | |||||
1,100,710 | |||||||
Turkey 1.11% | |||||||
Republic of Turkey | |||||||
11.875% 1/15/30 | 1,000,000 | 1,487,500 | |||||
1,487,500 | |||||||
United Kingdom 0.41% | |||||||
@# | CS International for City of | ||||||
Kyiv Ukraine 144A | |||||||
8.25% 11/26/12 | 1,000,000 | 545,000 | |||||
545,000 | |||||||
Total Sovereign Debt | |||||||
(cost $17,427,401) | 15,633,241 | ||||||
Supranational Banks 3.49% | |||||||
European Bank for | |||||||
Reconstruction & | |||||||
Development | |||||||
7.00% 7/30/12 | IDR | 41,000,000 | 909,057 | ||||
European Investment Bank | |||||||
3.125% 6/4/14 | USD | 35,000 | 35,116 | ||||
8.00% 10/21/13 | ZAR | 6,880,000 | 827,063 | ||||
11.25% 2/14/13 | BRL | 1,800,000 | 944,246 | ||||
Inter-American | |||||||
Development Bank | |||||||
9.00% 8/6/10 | BRL | 2,081,000 | 1,054,895 | ||||
International Bank for | |||||||
Reconstruction & | |||||||
Development | |||||||
9.75% 8/2/10 | ZAR | 7,000,000 | 891,244 | ||||
Total Supranational Banks | |||||||
(cost $5,121,733) | 4,661,621 | ||||||
U.S. Treasury Obligations 0.80% | |||||||
U.S. Treasury Notes | |||||||
2.25% 5/31/14 | USD | 130,000 | 129,441 | ||||
*3.125% 5/15/19 | 970,000 | 942,572 | |||||
Total U.S. Treasury Obligations | |||||||
(cost $1,089,289) | 1,072,013 | ||||||
Leveraged Non-Recourse Securities 0.00% | |||||||
@w# | JPMorgan Pass Through | ||||||
Trust Series 2007-B 144A | |||||||
0.001% 1/15/87 | 500,000 | 0 | |||||
Total Leveraged Non-Recourse | |||||||
Securities (cost $425,000) | 0 | ||||||
Number of | |||||||
Shares | |||||||
Preferred Stock 0.37% | |||||||
Developers Diversified Realty | |||||||
Series I 7.50% | 1,925 | 17,729 | |||||
* | Digital Realty Series A 8.50% | 2,650 | 56,207 | ||||
Freddie Mac 6.02% | 21,000 | 7,770 | |||||
· | JPMorgan Chase & Co 7.90% | 85,000 | 71,166 | ||||
· | PNC Financial Services | ||||||
Group 8.25% | 195,000 | 166,319 | |||||
* | ProLogis Series G 6.75% | 7,050 | 109,275 | ||||
* | Vornado Realty Trust 6.625% | 3,700 | 65,860 | ||||
Total Preferred Stock | |||||||
(cost $996,828) | 494,326 | ||||||
Principal | |||||||
Amount° | |||||||
Residual Interest Trust Certificates 0.00% | |||||||
w# | Freddie Mac Auction Pass | ||||||
Through Trust | |||||||
Series 2007 144A | USD | 475,000 | 0 | ||||
Total Residual Interest Trust | |||||||
Certificates (cost $516,980) | 0 |
16
Principal | Value | ||||||
Amount° | (U.S. $) | ||||||
¹Discount Note 5.46% | |||||||
Federal Home Loan Bank | |||||||
0.07% 6/1/09 | USD | 7,282,046 | $ | 7,282,046 | |||
Total Discount Note | |||||||
(cost $7,282,046) | 7,282,046 | ||||||
Total Value of Securities Before Securities | |||||||
Lending Collateral 130.65% | |||||||
(cost $208,539,446) | 174,387,007 | ||||||
Securities Lending Collateral** 9.07% | |||||||
Investment Companies | |||||||
Mellon GSL DBT II | |||||||
Collateral Fund | 2,692,916 | 2,692,916 | |||||
BNY Mellon SL DBT II | |||||||
Liquidating Fund | 9,699,727 | 9,412,795 | |||||
Mellon GSL DBT II | |||||||
Reinvestment Trust II | 328,120 | 33 | |||||
Total Securities Lending Collateral | |||||||
(cost $12,720,763) | 12,105,744 | ||||||
Total Value of Securities 139.72% | |||||||
(cost $221,260,209) | 186,492,751 | © | |||||
Obligation to Return Securities | |||||||
Lending Collateral** (9.53%) | (12,720,763 | ) | |||||
Borrowing Under Line of Credit (33.71%) | (45,000,000 | ) | |||||
Receivables and Other Assets | |||||||
Net of Liabilities 3.52% | 4,701,191 | ||||||
Net Assets Applicable to 12,929,436 Shares | |||||||
Outstanding; Equivalent to $10.32 | |||||||
Per Share 100.00% | $ | 133,473,179 | |||||
Components of Net Assets at May 31, 2009: | |||||||
Shares of beneficial interest | |||||||
(unlimited authorization no par) | $ | 226,958,649 | |||||
Distributions in excess of net investment income | (2,179 | ) | |||||
Accumulated net realized loss on investments | (58,441,752 | ) | |||||
Net unrealized depreciation of investments | |||||||
and foreign currencies | (35,041,539 | ) | |||||
Total net assets | $ | 133,473,179 |
° Principal amount shown is stated in the currency in which each security is denominated.
BRL Brazilian Real
COP Colombian
Peso
HKD Hong Kong Dollar
IDR Indonesian Rupiah
JPY Japanese
Yen
MXN Mexican Peso
USD United States Dollar
ZAR South African
Rand
v | Securities have been classified by type of business. Classification by country of origin has been presented in Sector and country allocations on page 2. |
* | Fully or partially on loan. |
± | Security is being valued based on international fair value pricing. At May 31, 2009, the aggregate amount of international fair value priced securities was $24,133,904, which represented 18.08% of the Funds net assets. See Note 1 in Notes. |
| Non income producing security. |
@ | Illiquid security. At May 31, 2009, the aggregate amount of illiquid securities was $10,170,111 which represented 7.62% of the Funds net assets. See Note 13 in Notes to financial statements. |
· | Variable rate security. The rate shown is the rate as of May 31, 2009. |
# | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2009, the aggregate amount of Rule 144A securities was $25,109,457 which represented 18.81% of the Funds net assets. See Note 13 in Notes to financial statements. |
| Non income producing security. Security is currently in default. |
Õ | 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 May 31, 2009, the aggregate amount of the restricted securities was $10,968 or 0.01% of the Funds net assets. See Note 13 in Notes to financial statements. |
w | 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. |
« | Senior Secured Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more United States banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), and (iii) the certificate of deposit rate. Senior Secured Loans may be subject to restrictions on resale. |
D | Securities have been classified by country of origin. |
¹ | The rate shown is the effective yield at the time of purchase. |
** | See Note 12 in Notes to financial statements. |
© | Includes $12,180,484 of securities loaned. |
(continues) 17
Statement of net assets
Delaware Enhanced Global Dividend and Income Fund
Summary of Abbreviations:
ADR American Depositary Receipts ARM Adjustable Rate Mortgage FDR Foreign Depositary Receipt GNMA Government National Mortgage Association MASTR Mortgage Asset Securitization Transactions, Inc. PIK Pay-in-kind REIT Real Estate Investment Trust S.F. Single Family TBA To be announced yr Year |
The following foreign currency exchange contracts were outstanding at May 31, 2009:
Foreign Currency Exchange Contract1 | ||||||||||||
Contracts to | Settlement | Unrealized | ||||||||||
Receive (Deliver) | In Exchange For | Date | Depreciation | |||||||||
HKD | (222,309 | ) | USD | 28,670 | 6/1/09 | $ (7 | ) | |||||
HKD | (49,227 | ) | USD | 6,350 | 6/2/09 | (1 | ) | |||||
JPY | 6,963,898 | USD | (73,273 | ) | 6/3/09 | (184 | ) | |||||
$(192 | ) |
The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amount recognized in the financial statements. The notional values presented above represent the Funds total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Funds net assets.
1See Note 8 in Notes to financial statements.
See accompanying notes
18
Statement of operations
Delaware Enhanced Global Dividend and Income Fund
Six Months Ended May 31, 2009 (Unaudited)
Investment Income: | |||||||
Dividends | $ | 1,552,165 | |||||
Interest | 4,353,629 | ||||||
Securities lending income | 81,183 | ||||||
Foreign tax withheld | (69,202 | ) | $ | 5,917,775 | |||
Expenses: | |||||||
Management fees | 799,309 | ||||||
Reports to shareholders | 72,823 | ||||||
Legal fees | 46,733 | ||||||
Accounting and administration expenses | 31,972 | ||||||
Dividend disbursing and transfer agent fees and expenses | 22,605 | ||||||
NYSE fees | 16,875 | ||||||
Pricing fees | 14,806 | ||||||
Audit and tax | 12,288 | ||||||
Custodian fees | 9,624 | ||||||
Leverage expenses | 8,088 | ||||||
Trustees fees | 4,746 | ||||||
Insurance fees | 2,268 | ||||||
Dues and services | 2,254 | ||||||
Consulting fees | 974 | ||||||
Trustees expenses | 427 | ||||||
Registration fees | 225 | ||||||
Total operating expenses (before interest expenses) | 1,046,017 | ||||||
Interest expenses | 283,406 | ||||||
Total operating expenses | 1,329,423 | ||||||
Net Investment Income | 4,588,352 | ||||||
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currencies: | |||||||
Net realized loss on: | |||||||
Investments | (21,394,640 | ) | |||||
Foreign currencies | (190,513 | ) | |||||
Future contracts | (137 | ) | |||||
Swap contracts | (1,485 | ) | |||||
Net realized loss | (21,586,775 | ) | |||||
Net change in unrealized appreciation/depreciation of investments and foreign currencies | 45,533,926 | ||||||
Net Realized and Unrealized Gain on Investments and Foreign Currencies | 23,947,151 | ||||||
Net Increase in Net Assets Resulting from Operations | $ | 28,535,503 |
See accompanying notes
19
Statements of changes in net assets
Delaware Enhanced Global Dividend and Income Fund
Six Months | ||||||||
Ended | Year Ended | |||||||
5/31/09 | 11/30/08 | |||||||
(Unaudited) | ||||||||
Increase (Decrease) in Net Assets from Operations: | ||||||||
Net investment income | $ | 4,588,352 | $ | 9,948,804 | ||||
Net realized loss on investments and foreign currencies | (21,586,775 | ) | (36,433,443 | ) | ||||
Net change in unrealized appreciation/depreciation of investments and foreign currencies | 45,533,926 | (66,187,565 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 28,535,503 | (92,672,204 | ) | |||||
Dividends and Distributions to Shareholders from:1 | ||||||||
Net investment income | (8,462,314 | ) | (8,332,471 | ) | ||||
Tax return of capital | | (13,699,286 | ) | |||||
(8,462,314 | ) | (22,031,757 | ) | |||||
Net Increase (Decrease) in Net Assets | 20,073,189 | (114,703,961 | ) | |||||
Net Assets: | ||||||||
Beginning of period | 113,399,990 | 228,103,951 | ||||||
End of period (including distributions in excess of net investment income of $2,179 | ||||||||
and $17,415, respectively) | $ | 133,473,179 | $ | 113,399,990 |
1See Note 4 in Notes to financial statements.
See accompanying notes
20
Statement of cash flows
Delaware Enhanced Global Dividend and Income Fund
Six Months Ended May 31, 2009
(Unaudited)
Net Cash (Including Foreign Currency) Provided by Operating Activities: | ||||
Net increase in net assets resulting from operations | $ | 28,535,503 | ||
Adjustments to reconcile net increase in net assets from | ||||
operations to cash provided by operating activities: | ||||
Amortization of premium and discount on investments purchased | (86,268 | ) | ||
Purchase of investment securities | (56,736,108 | ) | ||
Proceeds from disposition of investment securities | 52,581,064 | |||
Purchase of short term investment securities, net | 4,821,341 | |||
Net realized loss from investment transactions | 21,394,503 | |||
Net change in net unrealized appreciation/depreciation of investments and foreign currencies | (45,533,926 | ) | ||
Increase in receivable for investments sold | (699,183 | ) | ||
Increase in interest and dividends receivable | (330,841 | ) | ||
Increase in payable for investments purchased | 2,048,295 | |||
Increase in interest payable | 33,875 | |||
Increase in accrued expenses and other liabilities | 2,847 | |||
Total adjustments | (22,504,401 | ) | ||
Net cash provided by operating activities | 6,031,102 | |||
Cash Flows Provided by Financing Activities: | ||||
Proceeds from line of credit, net | 5,000,000 | |||
Cash dividends and distributions paid | (8,462,314 | ) | ||
Net cash used in financing activities | (3,462,314 | ) | ||
Effect of exchange rates on cash | 653,673 | |||
Net increase in cash | 3,222,461 | |||
Cash at beginning of period | 517,894 | |||
Cash at end of period | $ | 3,740,355 | ||
Interest paid for borrowings during the period | $ | 249,531 |
See accompanying notes
21
Financial highlights
Delaware Enhanced Global Dividend and Income Fund
Selected data for each share of the Fund outstanding throughout the period was as follows:
Six Months | 6/29/072 | |||||||||||||||
Ended | Year Ended | to | ||||||||||||||
5/31/091 | 11/30/08 | 11/30/07 | ||||||||||||||
(Unaudited) | ||||||||||||||||
Net asset value, beginning of period | $ | 8.770 | $ | 17.640 | $ | 19.100 | ||||||||||
Income (loss) from investment operations: | ||||||||||||||||
Net investment income3 | 0.355 | 0.769 | 0.288 | |||||||||||||
Net realized and unrealized gain (loss) on investments and foreign currencies | 1.850 | (7.935 | ) | (1.285 | ) | |||||||||||
Total from investment operations | 2.205 | (7.166 | ) | (0.997 | ) | |||||||||||
Less dividends and distributions from: |