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

Registrant’s 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 manager’s internal sector classifications, which may result in the sector designations for one Fund being different than another Fund’s 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% 
 Ÿ 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
 Ÿ 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
 Ÿ 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
        ŸSeries 2005-PW10 A4
          5.405% 12/11/40 USD 35,000 $ 31,715
        ŸSeries 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
        ŸSeries 2007-T28 A4
          5.742% 9/11/42 65,000 52,745
 Ÿ Credit Suisse First Boston
          Mortgage Securities
          Series 2005-C6 A4
          5.23% 12/15/40 150,000 130,906
Goldman Sachs Mortgage
          Securities II
        ŸSeries 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
        ŸSeries 2006-GG6 A4
          5.553% 4/10/38 60,000 49,895
        ŸSeries 2007-GG10 A4
          5.799% 8/10/45 70,000 53,532
 Ÿ Greenwich Capital
          Commercial Funding
          Series 2004-GG1 A7
          5.317% 6/10/36 25,000 22,928
 Ÿ JPMorgan Chase Commercial
          Mortgage Securities
          Series 2005-LDP5 A4
          5.179% 12/15/44 80,000 70,597
 Ÿ 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
        ŸSeries 2006-HQ9 A4
          5.731% 7/12/44 175,000 153,837
        ŸSeries 2007-IQ14 A4
          5.692% 4/15/49 150,000 108,752
        ŸSeries 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%
 Ÿ 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
 Ÿ 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
 Ÿ# 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
 Ÿ 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
 Ÿ 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
        Ÿ8.403% 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 & Buster’s
          11.25% 3/15/14 15,000 12,675
Denny’s 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
        Ÿ3.889% 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
Kohl’s
          6.25% 12/15/17 15,000 15,302
          6.875% 12/15/37 35,000 32,228
 # Landry’s 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
Macy’s 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 Albertson’s
          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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s 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 Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s 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
     Trustee’s 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: