delenhancedglobal_ncsr.htm
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: November 30, 2009
Item 1. Reports to
Stockholders
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Annual
Report |
Delaware Enhanced
Global Dividend and Income Fund |
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November 30, 2009 |
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The figures in the annual
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.
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Closed-end fund |
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Table of
contents
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> Portfolio management
review |
1 |
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> Performance summary |
4 |
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> Security type and country
allocations |
6 |
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> Statement of net assets |
8 |
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> Statement of operations |
24 |
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> Statements of changes in net
assets |
25 |
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> Statement of cash flows |
26 |
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> Financial highlights |
27 |
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> Notes to financial
statements |
28 |
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> Report of independent registered
public accounting firm |
35 |
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> Other Fund information |
36 |
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> Board of trustees/directors and
officers addendum |
44 |
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> About the organization |
47 |
On
January 4, 2010, Delaware Management Holdings, Inc., and its subsidiaries
(collectively known by the marketing name of Delaware Investments) were sold by
a subsidiary of Lincoln National Corporation to Macquarie Group Limited, a
global provider of banking, financial, advisory, investment and funds management
services. Please see recent press releases for more complete
information.
Investments in Delaware
Enhanced Global Dividend and Income Fund are not and will not be deposits with
or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding
companies, including subsidiaries or related companies, and are subject to
investment risk, including possible delays in repayment and loss of income and
capital invested. No Macquarie Group company guarantees or will guarantee the
performance of the Fund, the repayment of capital from the Fund, or any
particular rate of return.
Views expressed herein
are current as of Dec. 8, 2009 and are subject to change.
Funds are not FDIC
insured and are not guaranteed. It is possible to lose the principal amount
invested.
Mutual fund advisory
services are provided by Delaware Management Company, a series of Delaware
Management Business Trust, which is a registered investment advisor. Delaware
Investments is the marketing name of Delaware Management Holdings, Inc. and its
subsidiaries. Macquarie Group refers to Macquarie Group Limited and its
subsidiaries and affiliates worldwide.
© 2010 Delaware Management Holdings,
Inc.
All third-party
trademarks cited are the property of their respective owners.
Portfolio management
review
Delaware Enhanced Global Dividend and Income
Fund
Dec. 8,
2009
Performance preview (for the period
ended Nov. 30, 2009) |
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Delaware Enhanced
Global Dividend and Income Fund @ market price |
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1-year
return |
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+134.96% |
Delaware Enhanced Global Dividend and
Income Fund @ NAV |
|
1-year
return |
|
+59.12% |
Lipper Closed-end
Global Funds Average @ market price |
|
1-year
return |
|
+66.52% |
Lipper Closed-end Global Funds Average @
NAV |
|
1-year
return |
|
+34.75% |
Past performance
does not guarantee future results. For complete, annualized performance for
Delaware Investments Global Dividend and Income Fund, please see the table
on page 4. Index performance returns do not reflect any management fees,
transaction costs, or expenses. Indices are unmanaged and one cannot
invest directly in an index.
|
Delaware Enhanced
Global Dividend and Income Fund returned +59.12% at net asset value and 134.96%
at market price (both figures reflect all distributions reinvested) for the
fiscal year ended Nov. 30, 2009. Complete annualized performance information for
Delaware Enhanced Global Dividend and Income Fund is shown in the table on page
4.
Prices of risky assets fell steeply before
recovery
The fiscal year was
largely a story in two parts. The period began amid the worst economic and
financial markets that the portfolio management team has ever witnessed. The
latter part of the period, however, featured a considerable recovery, with what
the team viewed as extraordinarily attractive opportunities within both the
fixed income and equity markets.
At the start of the
fiscal period, financial markets were still reacting to the jolt received when
storied Wall Street investment bank Lehman Brothers declared bankruptcy in
September 2008. The bankruptcy, followed soon after by the federal bailout of
insurance giant American International Group (AIG), sent the financial markets
into a near panic. Risk aversion had become extreme by late 2008 and many
investors seemingly fled all “risk” assets for the relative safety of securities
issued by the U.S. government and other sovereign entities. Signs of the fallout
from the financial crisis were abundant, both in the economy and in the
securities markets.
The MSCI ACWI (All
Country World Index), a broad measure of equity markets around the world, had
declined by March 2009 to very near its lowest level since July 1995. The
S&P 500 Index, a measure of the broad stock market in the United States, dropped by
March to its lowest level since September 1996. Meanwhile, high yield bond
spreads (which are used to measure a bond’s perceived level of risk) in the U.S.
peaked in December 2008 at 21.0% as measured by J.P. Morgan, a level not seen
since January 1995. (Source: Bloomberg.)
The prices of energy and
commodities also fell sharply during the first half of the year, before starting
to recover during the latter half. In early March 2009, the broad-based Thomson
Reuters/Jefferies CRB Commodity Index dropped to its lowest level since January
2002 (source: Bloomberg). The price of crude oil also sank, with the West Texas
Intermediate (a type of crude oil used as a benchmark in oil pricing) hitting a
low of $31 a barrel in late December 2008, a full 78% below its all-time peak
price of $145 in early July 2008 (source: Bloomberg).
Global equity and fixed
income markets touched lows in March, and then began to recover vigorously for
much of the rest of the period. Governments and central banks around the world
stressed their intentions of continuing to provide support for economic recovery
for as long as necessary, which helped investors become more willing to accept
risk. At first, many investors began to reach for risk at the expense of
quality, within both the equity and fixed income markets. Lower-rated bonds, for
example, significantly outperformed their higher-rated peers during the spring
and summer months, while stocks of many companies with questionable fundamentals
outpaced those of fundamentally solid companies. As the market recovery matured,
however, it broadened to include almost every corner of the market, including
higher-quality securities.
The views expressed are
current as of the date of this report and are subject to change.
(continues) 1
Portfolio
management review
Delaware Enhanced Global
Dividend and Income Fund
Importantly, economies
around the world began to show early signs of stabilization and cyclical
recovery. During the third calendar quarter of 2009, in fact, the U.S. economy
expanded by an estimated 2.8%, according to the U.S. Commerce Department’s
reading of GDP released in November. It was the fastest growth in the past two
years.
Fund positioning
The Fund’s primary
objective is to seek current income, with a secondary objective of capital
appreciation. In managing the Fund, we pursue these goals by investing broadly
in a range of income-generating securities from around the globe. These include
“core” fixed income holdings (such as Treasury and agency securities) as well as
investment grade and high yield corporate bonds, convertible bonds, real estate
investment trusts (REITs), large-cap value stocks, and international value
stocks.
Broadly speaking, we
positioned the Fund defensively as the period began. When determining the Fund’s
asset allocation at a portfolio level, for instance, we placed an emphasis on
fixed income securities and convertible bonds over equities and REITs. From a
risk-reward perspective, we tended to find fixed income asset classes as more
appropriate for the Fund.
Among corporate bonds,
for example, yields rose to historically high levels during the opening months
of the period. Because prices decline as yields rise, the high yields on
corporate bonds reflected the extreme risk aversion by investors at that time,
and also highlighted some extraordinary value opportunities in our opinion.
Although corporate bonds were impacted by the difficult investment climate early
in the period, both high yield and investment grade corporate bond positions
within the Fund ultimately contributed performance for the fiscal year. Both
asset classes performed well during the market’s recovery, and high yield bonds’
rebound was particularly notable.
Within high yield, the
Fund generally carried a heavy position in speculative B-rated securities
because we believed that the most favorable risk and reward opportunities
existed there. Conversely, we maintained less exposure to bonds with a higher BB
rating, which is just below
investment grade. Our limited exposure to BB-rated bonds moderated Fund returns,
however, because these bonds were among the better-performing bonds within the
high yield asset class. (Credit ratings based on Standard & Poor’s
opinion.)
The Fund’s increased
exposure to convertible bonds also added to its overall performance. We added to
convertible bond exposure because we believed the combination of yield, capital
structure positioning, and potential upside made them attractive.
Among our REIT holdings,
we continued to employ our “bottom up” security selection strategy, in which we
evaluate potential investments one by one, based on our assessment of each
company’s growth prospects, relative valuation, and balance-sheet quality (among
other factors). Given the highly volatile conditions of the fiscal year,
however, our approach was more opportunistic than usual, as we sought to take
advantage of a shifting marketplace.
Early on, as the
investment environment deteriorated, we made our REIT positioning more defensive
by focusing on companies with longer lease terms, including healthcare and
“triple net” REITs. Triple-net leases, in which tenants pay all property
maintenance costs in addition to rent, tend to be relatively defensive because
they provide a greater income stream to landlords. Simultaneously, we limited
our exposure to companies with shorter-duration leases, such as hotel companies,
which tend to have uncertain cash flows relative to other sectors. We also
looked to avoid stocks of companies with what we believed were significant
balance-sheet problems.
This defensive stance
was generally beneficial to Fund performance during the downturn. Nonetheless,
we calculated that the recovery would be much shorter than it turned out to be
when credit markets loosened and the REIT market advanced. In actuality, credit
conditions continued to improve, and by summer it was evident that a
longer-lived improvement was taking place. Our maintenance of cautious
positioning for a time caused the Fund’s REIT positions to trail the broader
market gains during some of the REIT rally.
2
The gains made during
the fiscal year by the Fund’s large-cap value equity holdings were more subdued
than those of its high yield fixed income or REIT holdings. Much of the
performance gains (versus the broader equity markets) from this equity
allocation relative to the S&P 500 Index came in periods of market decline,
such as the first several months of the period and again in October
2009.
This trend has been
consistent with the aim of our equity management approach; through our
value-oriented, defensive style, we seek to do well in relative terms in down
markets by minimizing losses. The biggest positive for the Fund’s large-cap
value holdings came from de-emphasizing the financial sector, the hardest-hit
group in the marketplace during the downturn. Fund returns were negatively
affected by our holdings in both the materials and industrials sectors, two
groups in which our security selection proved disappointing.
In international
equities, we maintained a defensive posture through the first half of 2009. This
included dramatically cutting the Fund’s allocation to financial stocks that
were highly sensitive economically. It also meant avoiding industrial and
consumer-related companies with significant debt levels, which we believed would
suffer if capital became less readily available. Beginning in the third quarter
of 2009, as evidence mounted that the market’s progress was sustainable and that
the economy was slowly improving, we felt more comfortable adding to our risk
exposure in this portion of the Fund.
As the period came to a
close, we were encouraged as it appeared to us that international equity
investors once again were generally favoring stocks with solid business
fundamentals, sustainable earnings, and reasonable valuations. We believe this
constitutes a more normalized investment environment than the speculative
atmosphere of the second quarter. By the end of November 2009, the market
appeared to be assessing stocks on a company-by-company basis, and because of
our regular emphasis on careful individual stock research, we felt this was a
favorable backdrop for our style of investing.
We recognize that the
recent environment, one in which investors could be rewarded for simply
increasing the amount of risk within their portfolios, cannot last forever. With
this in mind, the Fund continued at the portfolio level to be positioned
generally defensively at fiscal year end, based on our opinion of relative value
opportunities among asset classes.
3
Performance
summary
Delaware Enhanced Global Dividend and Income
Fund
The performance data
quoted represent past performance; past performance does not guarantee future
results. Investment return and principal value will fluctuate so your shares,
when redeemed, may be worth more or less than their original cost. Current
performance may be lower or higher than the performance data quoted. Funds that
invest in bonds can lose their value as interest rates rise, and an investor can
lose principal. Please obtain the performance data for the most recent month end
by calling 800 523-1918.
Fixed income securities
and bond funds can lose value, and investors can lose principal, as interest
rates rise. They also may be affected by economic conditions that hinder an
issuer’s ability to make interest and principal payments on its
debt.
Fund performance
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Average annual total returns |
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Through Nov. 30, 2009 |
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1 year |
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Lifetime |
At market price (inception date June 29,
2007) |
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+134.96% |
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-4.65% |
At net asset value (NAV) (inception date
June 29, 2007) |
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+59.12% |
|
-5.39% |
Instances of high
double-digit returns are unusual, cannot be sustained, and were achieved
primarily during favorable market conditions.
Diversification may not
protect against market risk.
Narrowly focused
investments may exhibit higher volatility than investments in multiple industry
sectors. REIT investments are subject to many of the risks associated with
direct real estate ownership, including changes in economic conditions, credit
risk, and interest rate fluctuations.
International
investments entail risks not ordinarily associated with U.S. investments
including fluctuation in currency values, differences in accounting principles,
or economic or political instability in other nations. Investing in emerging
markets can be riskier than investing in established foreign markets due to
increased volatility and lower trading volume.
Fixed income securities
and bond funds can lose value, and investors can lose principal, as interest
rates rise. They also may be affected by economic conditions that hinder an
issuer’s ability to make interest and principal payments on its debt. The Fund
may also be subject to prepayment risk, the risk that the principal of a fixed
income security that is held by the Fund may be prepaid prior to maturity,
potentially forcing the Fund to reinvest that money at a lower interest rate.
High yielding, noninvestment grade bonds (junk bonds) involve higher risk than
investment grade bonds.
The Fund may invest in
derivatives, which may involve additional expenses and are subject to risk,
including the risk that an underlying security or securities index moves in the
opposite direction from what the portfolio manager anticipated. A derivative
transaction depends upon the counterparties’ ability to fulfill their
contractual obligations.
If and when the Fund
invests in forward foreign currency contracts or uses other investments to hedge
against currency risks, the Fund will be subject to special risks, including
counterparty risk.
The “Fund performance”
table and the “Performance of a $10,000 investment” graph do not reflect the
deduction of taxes the shareholder would pay on Fund distributions or
redemptions of Fund shares.
Returns reflect the
reinvestment of all distributions. Dividends and distributions, if any, are
assumed, for the purpose of this calculation to be reinvested at prices obtained
under the Fund’s dividend reinvestment policy. Shares of the Fund were initially
offered with a sales charge of 4.50%. Performance since inception does not
include the sales charge or any other brokerage commission for purchases made
since inception. Past performance is not a guarantee of future
results.
Fund basics
|
As of Nov. 30,
2009
|
|
Fund objective |
The Fund seeks to achieve current income. Capital appreciation is a
secondary objective. |
|
Total Fund net
assets |
$156 million |
|
Number of holdings |
741
|
|
Fund start date |
June 29, 2007 |
|
NYSE symbol |
DEX |
4
Market price versus net asset value
(see notes below)
Nov. 30, 2008, through Nov.
30, 2009
|
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|
Starting value |
|
Ending value |
|
|
|
(Nov. 30,
2008) |
|
(Nov. 30,
2009) |
|
|
Delaware Enhanced Global Dividend and Income Fund
@ Market Price |
$6.08 |
|
$12.29 |
|
|
Delaware Enhanced Global Dividend and Income Fund
@ NAV |
$8.77 |
|
$12.06 |
Past performance is not a
guarantee of future results.
Performance of a $10,000
Investment
Average
annual total returns from June 29, 2007, through Nov. 30, 2009
|
|
|
Starting value |
|
Ending value |
|
|
|
(June 29, 2007) |
|
(Nov. 30, 2009) |
|
|
Delaware Enhanced
Global Dividend and Income Fund @ Market Price |
$10,000 |
|
$8,910 |
|
|
Delaware Enhanced
Global Dividend and Income Fund @ NAV |
$10,000 |
|
$8,744 |
|
|
|
Lipper Closed-end
Global Funds Average @ Market Price |
$10,000 |
|
$8,373 |
|
|
|
Lipper Closed-end
Global Funds Average @ NAV |
$10,000 |
|
$8,249 |
The chart assumes
$10,000 invested in the Fund on June 29, 2007, and includes the reinvestment of
all distributions at market value. The chart assumes $10,000 in the Lipper
Closed-end Global Funds Average at market price and at NAV. Performance of the
Fund and the Lipper class at market value is based on market performance during
the period. Performance of the Fund and Lipper class at NAV is based on the
fluctuations in NAV during the period. Delaware Enhanced Global Dividend and
Income Fund was initially offered with a sales charge of 4.50%. Performance
shown in both charts above does not include fees, the initial sales charge, or
any brokerage commissions for purchases. Investments in the Fund are not
available at NAV.
The Lipper Closed-end
Global Funds Average represents the average return of closed-end global mutual
funds tracked by Lipper (source: Lipper).
Market price is the
price an investor would pay for shares of the Fund on the secondary market. NAV
is the total value of one fund share, generally equal to a fund’s net assets
divided by the number of shares outstanding.
Past performance is not
a guarantee of future results.
5
Security type and
country allocations
Delaware Enhanced Global Dividend and Income
Fund
As of November 30,
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 |
Security
Type |
of Net
Assets |
Common Stock |
44.25 |
% |
Consumer Discretionary |
6.84 |
% |
Consumer Staples |
3.68 |
% |
Diversified REITs |
1.14 |
% |
Energy |
4.84 |
% |
Financials |
5.27 |
% |
Health Care |
4.66 |
% |
Health Care REITs |
0.06 |
% |
Industrial REITs |
0.30 |
% |
Industrials |
4.96 |
% |
Information Technology |
2.98 |
% |
Malls REITs |
0.38 |
% |
Manufactured Housing REITs |
0.07 |
% |
Materials |
2.68 |
% |
Mortgage REITs |
0.13 |
% |
Multifamily REITs |
0.10 |
% |
Office REITs |
0.58 |
% |
Real Estate Management & Development |
0.36 |
% |
Shopping Center REITs |
0.57 |
% |
Telecommunications |
2.16 |
% |
Utilities |
2.49 |
% |
Convertible Preferred
Stock |
2.03 |
% |
Agency Collateralized Mortgage
Obligations |
0.38 |
% |
Agency Mortgage-Backed
Securities |
3.01 |
% |
Commercial Mortgage-Backed
Securities |
2.52 |
% |
Convertible Bonds |
10.66 |
% |
Aerospace & Defense |
0.32 |
% |
Automobiles |
0.18 |
% |
Banking, Finance &
Insurance |
0.37 |
% |
Basic Materials |
1.22 |
% |
Building & Materials |
0.10 |
% |
Computers & Technology |
1.29 |
% |
Electronics & Electrical
Equipment |
0.09 |
% |
Energy |
0.50 |
% |
Health Care &
Pharmaceuticals |
1.58 |
% |
Leisure, Lodging & Entertainment |
0.82 |
% |
Real Estate |
1.27 |
% |
Telecommunications |
2.44 |
% |
Transportation |
0.48 |
% |
Corporate Bonds |
36.28 |
% |
Banking |
2.88 |
% |
Basic Industry |
4.71 |
% |
Brokerage |
1.63 |
% |
Capital Goods |
2.16 |
% |
Consumer Cyclical |
3.13 |
% |
Consumer Non-Cyclical |
1.47 |
% |
Energy |
5.05 |
% |
Finance & Investments |
1.21 |
% |
Media |
2.34 |
% |
Real Estate |
0.17 |
% |
Services Cyclical |
2.02 |
% |
Services Non-Cyclical |
1.91 |
% |
Technology |
0.70 |
% |
Telecommunications |
5.21 |
% |
Utilities |
1.69 |
% |
Foreign Agencies |
1.54 |
% |
Municipal Bonds |
0.12 |
% |
Non-Agency Asset-Backed
Securities |
0.61 |
% |
Non-Agency Collateralized Mortgage
Obligations |
0.60 |
% |
Regional Authority |
0.06 |
% |
Senior Secured Loans |
0.28 |
% |
Sovereign Debt |
6.44 |
% |
Supranational Banks |
4.07 |
% |
U.S. Treasury
Obligations |
2.58 |
% |
Leveraged Non-Recourse
Security |
0.00 |
% |
Exchange Traded Fund |
0.01 |
% |
Limited Partnership |
0.04 |
% |
Preferred Stock |
0.36 |
% |
Residual Interest Trust
Certificate |
0.00 |
% |
Discount Note |
6.60 |
% |
Securities Lending
Collateral |
10.17 |
% |
Total Value of
Securities |
132.61 |
% |
Obligation to Return Securities Lending
Collateral |
(10.41 |
%) |
Borrowing Under Line of
Credit |
(25.63 |
%) |
Receivables and Other Assets Net of
Liabilities |
3.43 |
% |
Total Net Assets |
100.00 |
% |
6
|
Percentage |
Country |
of Net
Assets |
Australia |
1.43 |
% |
Austria |
0.19 |
% |
Barbados |
1.17 |
% |
Belgium |
0.01 |
% |
Bermuda |
1.48 |
% |
Brazil |
1.76 |
% |
British Virgin Islands |
0.26 |
% |
Canada |
3.30 |
% |
Cayman Islands |
0.85 |
% |
Colombia |
0.34 |
% |
Denmark |
0.38 |
% |
Finland |
0.35 |
% |
France |
4.02 |
% |
Germany |
2.38 |
% |
Hong Kong |
1.56 |
% |
Ireland |
0.90 |
% |
Italy |
1.22 |
% |
Japan |
2.26 |
% |
Liberia |
0.08 |
% |
Luxembourg |
5.17 |
% |
Marshall Island |
0.05 |
% |
Mexico |
2.74 |
% |
Netherlands |
2.11 |
% |
Norway |
0.08 |
% |
Pakistan |
1.13 |
% |
Republic of Korea |
0.45 |
% |
Singapore |
0.71 |
% |
Supranational |
4.07 |
% |
South Africa |
0.40 |
% |
Spain |
0.45 |
% |
Sweden |
0.87 |
% |
Switzerland |
0.87 |
% |
Taiwan |
0.34 |
% |
United Kingdom |
2.88 |
% |
United
States |
69.58 |
% |
Total |
115.84 |
% |
The percentage of net
assets exceeds 100% because the Fund utilizes a line of credit with the Bank of
New York Mellon, as described in note 7 in “Notes to financial statements.” The
Fund utilizes leveraging techniques in an attempt to obtain a higher return for
the Fund. There is no assurance that the Fund will achieve its investment
objectives through the use of such techniques.
7
Statement of net
assets
Delaware Enhanced Global Dividend and Income
Fund
November 30,
2009
|
|
Number of |
|
Value |
|
|
|
Shares |
|
(U.S.
$) |
Common Stock – 44.25%v |
|
|
|
|
|
Consumer Discretionary – 6.84% |
|
|
|
|
|
|
Autoliv |
|
18,300 |
|
$ |
743,163 |
* |
Bayerische Motoren Werke |
|
14,865 |
|
|
703,426 |
*† |
DIRECTV Group |
|
1,900 |
|
|
60,097 |
|
Disney (Walt) |
|
18,000 |
|
|
543,960 |
* |
Don Quijote |
|
22,400 |
|
|
566,154 |
|
Esprit Holdings |
|
93,631 |
|
|
629,454 |
|
Gap |
|
22,900 |
|
|
490,518 |
|
Home Depot |
|
19,200 |
|
|
525,312 |
* |
KB HOME |
|
17,000 |
|
|
230,350 |
|
Lowe’s |
|
23,900 |
|
|
521,259 |
|
Mattel |
|
28,000 |
|
|
544,880 |
|
McGraw-Hill Companies |
|
19,500 |
|
|
584,220 |
* |
PPR |
|
5,123 |
|
|
619,907 |
* |
Publicis Groupe |
|
13,943 |
|
|
536,713 |
* |
Round One |
|
40,482 |
|
|
238,818 |
|
Target |
|
10,600 |
|
|
493,536 |
|
Techtronic Industries |
|
664,500 |
|
|
532,468 |
|
Toyota Motor |
|
12,984 |
|
|
516,657 |
|
Vivendi |
|
27,259 |
|
|
785,330 |
|
WPP Group |
|
37,084 |
|
|
346,814 |
|
Yue Yuen Industrial Holdings |
|
162,000 |
|
|
456,744 |
|
|
|
|
|
|
10,669,780 |
Consumer Staples – 3.68% |
|
|
|
|
|
|
Archer-Daniels-Midland |
|
17,700 |
|
|
545,337 |
|
Coca-Cola Amatil |
|
71,354 |
|
|
692,554 |
|
CVS Caremark |
|
13,800 |
|
|
427,938 |
@ |
Greggs |
|
65,996 |
|
|
471,180 |
|
Heinz (H.J.) |
|
12,600 |
|
|
534,870 |
|
Kimberly-Clark |
|
8,700 |
|
|
573,939 |
|
Kraft Foods Class A |
|
19,200 |
|
|
510,336 |
|
Metro |
|
10,765 |
|
|
676,359 |
|
Parmalat |
|
245,978 |
|
|
715,677 |
|
Safeway |
|
26,300 |
|
|
591,750 |
|
|
|
|
|
|
5,739,940 |
Diversified REITs – 1.14% |
|
|
|
|
|
|
British Land |
|
27,905 |
|
|
204,507 |
|
Corio |
|
2,648 |
|
|
180,485 |
* |
Digital Realty Trust |
|
4,400 |
|
|
214,104 |
|
Duke Realty |
|
8,600 |
|
|
96,406 |
|
Entertainment |
|
|
|
|
|
|
Properties
Trust |
|
8,236 |
|
|
260,175 |
|
Goodman Group |
|
247,237 |
|
|
135,830 |
|
Lexington Reality Trust |
|
28,070 |
|
|
136,420 |
|
Stockland |
|
64,000 |
|
|
236,750 |
* |
Unibail-Rodamco |
|
1,399 |
|
|
315,048 |
|
|
|
|
|
|
1,779,725 |
Energy – 4.84% |
|
|
|
|
|
|
Anadarko Petroleum |
|
8,100 |
|
|
482,193 |
|
BP |
|
52,030 |
|
|
491,983 |
|
Chevron |
|
7,100 |
|
|
554,084 |
|
CNOOC |
|
442,000 |
|
|
680,978 |
|
ConocoPhillips |
|
11,000 |
|
|
569,470 |
|
Devon Energy |
|
7,200 |
|
|
484,920 |
|
Exxon Mobil |
|
7,300 |
|
|
548,011 |
|
Marathon Oil |
|
15,400 |
|
|
502,348 |
|
National Oilwell Varco |
|
10,600 |
|
|
456,012 |
|
Occidental Petroleum |
|
6,600 |
|
|
533,214 |
|
Petroleo Brasiliero ADR |
|
16,500 |
|
|
743,490 |
* |
Total |
|
7,689 |
|
|
475,707 |
† |
Transocean |
|
5,700 |
|
|
486,723 |
|
Williams Companies |
|
27,400 |
|
|
544,986 |
|
|
|
|
|
|
7,554,119 |
Financials – 5.27% |
|
|
|
|
|
|
Allstate |
|
17,000 |
|
|
482,970 |
* |
AXA |
|
23,140 |
|
|
551,325 |
|
Banco Santander |
|
41,366 |
|
|
708,593 |
|
Bank of New York Mellon |
|
17,500 |
|
|
466,200 |
|
BB&T |
|
17,800 |
|
|
443,220 |
|
Comerica |
|
17,400 |
|
|
495,378 |
† |
Global Brands Acquisition |
|
9,396 |
|
|
92,175 |
|
JPMorgan Chase & Co |
|
11,200 |
|
|
475,888 |
|
Marsh & McLennan |
|
21,100 |
|
|
475,805 |
|
Mitsubishi UFJ |
|
|
|
|
|
|
Financial
Group |
|
125,989 |
|
|
702,449 |
* |
Nordea Bank |
|
59,678 |
|
|
618,846 |
|
Standard Chartered |
|
25,672 |
|
|
626,719 |
|
State Street |
|
10,000 |
|
|
413,000 |
|
SunTrust Banks |
|
21,500 |
|
|
508,045 |
|
Travelers Companies |
|
10,900 |
|
|
571,051 |
|
UniCredit |
|
171,662 |
|
|
586,304 |
|
|
|
|
|
|
8,217,968 |
Health Care – 4.66% |
|
|
|
|
|
|
Abbott Laboratories |
|
10,900 |
|
|
593,942 |
† |
Alliance HealthCare Services |
|
4,875 |
|
|
28,860 |
|
Astellas Pharma |
|
15,400 |
|
|
568,259 |
|
AstraZeneca |
|
5,984 |
|
|
267,510 |
|
Bristol-Myers Squibb |
|
22,700 |
|
|
574,537 |
|
Cardinal Health |
|
18,200 |
|
|
586,586 |
|
Johnson & Johnson |
|
8,300 |
|
|
521,572 |
|
Merck |
|
26,743 |
|
|
968,362 |
|
Novartis |
|
13,038 |
|
|
723,541 |
|
Novo Nordisk Class B |
|
7,161 |
|
|
480,357 |
|
Pace |
|
198,606 |
|
|
561,299 |
|
Pfizer |
|
28,744 |
|
|
522,278 |
|
Quest Diagnostics |
|
9,500 |
|
|
550,430 |
|
Sanofi-Aventis |
|
4,315 |
|
|
325,978 |
|
|
|
|
|
|
7,273,511 |
Health Care REITs – 0.06% |
|
|
|
|
|
|
Nationwide Health |
|
|
|
|
|
|
Properties |
|
2,800 |
|
|
95,228 |
|
|
|
|
|
|
95,228 |
Industrial REITs – 0.30% |
|
|
|
|
|
|
Cambridge Industrial Trust |
|
1,170,000 |
|
|
350,831 |
* |
ING Industrial Fund |
|
307,371 |
|
|
119,614 |
|
|
|
|
|
|
470,445 |
8
|
|
|
Number of |
|
Value |
|
|
|
Shares |
|
(U.S.
$) |
Common Stock (continued) |
|
|
|
|
|
Industrials – 4.96% |
|
|
|
|
|
* |
Asahi Glass |
|
67,000 |
|
$ |
585,136 |
* |
Compagnie de Saint-Gobain |
|
14,096 |
|
|
766,605 |
|
Deutsche Post |
|
36,062 |
|
|
675,124 |
|
Finmeccanica |
|
36,740 |
|
|
608,390 |
† |
Flextronics International |
|
6,400 |
|
|
45,248 |
|
General Electric |
|
29,700 |
|
|
475,794 |
|
Honeywell International |
|
12,900 |
|
|
496,263 |
* |
Koninklijke Philips Electronics |
|
28,746 |
|
|
786,094 |
*† |
Mobile Mini |
|
2,394 |
|
|
36,413 |
|
Northrop Grumman |
|
9,800 |
|
|
537,040 |
|
Pitney Bowes |
|
20,100 |
|
|
463,104 |
|
Singapore Airlines |
|
59,000 |
|
|
566,980 |
|
Teleperformance |
|
21,700 |
|
|
719,978 |
|
Vallourec |
|
2,563 |
|
|
428,648 |
* |
Waste Management |
|
16,900 |
|
|
554,996 |
|
|
|
|
|
|
7,745,813 |
Information Technology – 2.98% |
|
|
|
|
|
† |
CGI Group Class A |
|
106,161 |
|
|
1,312,490 |
† |
EMC |
|
52,500 |
|
|
883,575 |
|
Intel |
|
25,400 |
|
|
487,680 |
|
International Business |
|
|
|
|
|
|
Machines |
|
4,200 |
|
|
530,670 |
† |
Motorola |
|
59,400 |
|
|
475,794 |
* |
Nokia |
|
41,800 |
|
|
550,356 |
|
Xerox |
|
54,200 |
|
|
417,340 |
|
|
|
|
|
|
4,657,905 |
Malls REITs – 0.38% |
|
|
|
|
|
* |
Simon Property Group |
|
8,214 |
|
|
596,829 |
|
|
|
|
|
|
596,829 |
Manufactured Housing REITs –
0.07% |
|
|
|
|
|
|
Equity Lifestyle Properties |
|
2,300 |
|
|
110,423 |
|
|
|
|
|
|
110,423 |
Materials – 2.68% |
|
|
|
|
|
† |
Agrium |
|
12,300 |
|
|
687,078 |
|
ArcelorMittal |
|
8,548 |
|
|
333,019 |
|
Dow Chemical |
|
19,200 |
|
|
533,376 |
|
duPont (E.I.) deNemours |
|
15,400 |
|
|
532,532 |
|
Lafarge |
|
7,366 |
|
|
605,236 |
|
Linde |
|
5,939 |
|
|
728,901 |
|
Nucor |
|
10,300 |
|
|
436,823 |
* |
Vale ADR |
|
11,400 |
|
|
326,838 |
|
|
|
|
|
|
4,183,803 |
Mortgage REITs – 0.13% |
|
|
|
|
|
|
Annaly Capital |
|
|
|
|
|
|
Management |
|
2,600 |
|
|
47,866 |
|
Chimera Investment |
|
12,100 |
|
|
48,763 |
|
Cypress Sharpridge |
|
|
|
|
|
|
Investments |
|
8,200 |
|
|
107,420 |
|
|
|
|
|
|
204,049 |
Multifamily REITs – 0.10% |
|
|
|
|
|
|
Camden Property Trust |
|
3,900 |
|
|
151,125 |
|
|
|
|
|
|
151,125 |
Office REITs – 0.58% |
|
|
|
|
|
|
Government Properties |
|
|
|
|
|
|
Income
Trust |
|
3,852 |
|
|
96,184 |
|
ING UK Real Estate Trust |
|
317,470 |
|
|
263,738 |
|
Mack-Cali Realty |
|
8,300 |
|
|
254,727 |
|
Orix REIT |
|
17 |
|
|
75,119 |
|
Parkway Properties |
|
3,500 |
|
|
65,345 |
|
SL Green Realty |
|
3,300 |
|
|
146,586 |
|
|
|
|
|
|
901,699 |
Real Estate Management & Development
– 0.36% |
|
|
|
|
Mitsubishi Estate |
|
10,549 |
|
|
164,123 |
|
Shimao Property Holdings |
|
25,500 |
|
|
48,434 |
|
Starwood Property Trust |
|
17,700 |
|
|
343,380 |
|
|
|
|
|
|
555,937 |
Shopping Center REITs – 0.57% |
|
|
|
|
|
|
Kimco Realty |
|
16,900 |
|
|
208,208 |
|
Link REIT |
|
33,000 |
|
|
83,119 |
|
Macquarie |
|
|
|
|
|
|
CountryWide Trust |
|
355,587 |
|
|
185,588 |
|
Ramco-Gershenson |
|
|
|
|
|
|
Properties
Trust |
|
10,006 |
|
|
91,055 |
* |
Regency Centers |
|
3,900 |
|
|
130,533 |
|
Westfield Group |
|
16,989 |
|
|
189,938 |
|
|
|
|
|
|
888,441 |
Telecommunications – 2.16% |
|
|
|
|
|
|
AT&T |
|
18,600 |
|
|
501,084 |
|
Chunghwa Telecom ADR |
|
29,802 |
|
|
530,178 |
|
Frontier Communications |
|
25,700 |
|
|
203,030 |
† |
GeoEye |
|
500 |
|
|
15,585 |
|
Telstra |
|
99,588 |
|
|
310,950 |
|
TELUS |
|
20,411 |
|
|
661,319 |
|
Verizon Communications |
|
16,900 |
|
|
531,674 |
|
Vodafone Group |
|
272,101 |
|
|
613,687 |
|
|
|
|
|
|
3,367,507 |
Utilities – 2.49% |
|
|
|
|
|
|
American Electric Power |
|
16,100 |
|
|
518,259 |
|
Duke Energy |
|
32,600 |
|
|
543,768 |
|
Edison International |
|
14,800 |
|
|
503,940 |
|
National Grid |
|
61,607 |
|
|
669,394 |
|
NorthWestern |
|
3,800 |
|
|
98,002 |
|
Progress Energy |
|
13,100 |
|
|
512,079 |
|
Public Service |
|
|
|
|
|
|
Enterprise
Group |
|
16,200 |
|
|
508,032 |
|
Sempra Energy |
|
10,100 |
|
|
536,714 |
|
|
|
|
|
|
3,890,188 |
Total Common Stock (cost $78,392,485) |
|
|
69,054,435 |
(continues) 9
Statement
of net assets
Delaware Enhanced Global
Dividend and Income Fund
|
|
Number of |
|
Value |
|
|
Shares |
|
(U.S.
$) |
Convertible Preferred Stock –
2.03% |
|
|
|
|
|
|
Banking, Finance & Insurance –
0.02% |
|
|
|
|
|
|
@ |
Fannie Mae 8.75% |
|
|
|
|
|
|
|
exercise
price $32.45, |
|
|
|
|
|
|
|
expiration date 5/13/11 |
|
|
20,000 |
|
$ |
28,000 |
|
|
|
|
|
|
|
28,000 |
Energy – 0.15% |
|
|
|
|
|
|
|
Whiting Petroleum
6.25% |
|
|
|
|
|
|
|
exercise price $43.42, |
|
|
|
|
|
|
|
expiration date 12/31/49 |
|
|
1,500 |
|
|
241,440 |
|
|
|
|
|
|
|
241,440 |
Health Care & Pharmaceuticals –
0.72% |
|
|
|
|
Mylan
6.50% |
|
|
|
|
|
|
|
exercise price $17.08, |
|
|
|
|
|
|
|
expiration date 11/15/10 |
|
|
1,000 |
|
|
1,116,500 |
|
|
|
|
|
|
|
1,116,500 |
Telecommunications – 1.14% |
|
|
|
|
|
|
|
Crown Castle |
|
|
|
|
|
|
|
International 6.50% |
|
|
|
|
|
|
|
exercise price $36.88, |
|
|
|
|
|
|
|
expiration date 8/15/12 |
|
|
18,000 |
|
|
1,039,500 |
|
Lucent Technologies |
|
|
|
|
|
|
|
Capital Trust I 7.75% |
|
|
|
|
|
|
|
exercise price $24.80, |
|
|
|
|
|
|
|
expiration date 3/15/17 |
|
|
1,000 |
|
|
740,250 |
|
|
|
|
|
|
|
1,779,750 |
Total Convertible Preferred
Stock |
|
|
|
|
|
|
|
(cost $3,976,492) |
|
|
|
|
|
3,165,690 |
|
|
|
|
Principal |
|
|
|
|
|
Amount° |
|
|
|
Agency Collateralized Mortgage
Obligations – 0.38% |
|
|
|
|
Fannie Mae Series |
|
|
|
|
|
|
|
Series 2001-50 BA |
|
|
|
|
|
|
|
7.00% 10/25/41 |
USD |
|
177,828 |
|
|
196,167 |
|
Series 2003-122 |
|
|
|
|
|
|
|
4.50% 2/25/28 |
|
|
107,977 |
|
|
111,558 |
|
Freddie Mac |
|
|
|
|
|
|
|
Series 2557 WE |
|
|
|
|
|
|
|
5.00% 1/15/18 |
|
|
60,000 |
|
|
64,678 |
|
Series 3094 US |
|
|
|
|
|
|
|
6.75% 9/15/34 |
|
|
79,662 |
|
|
77,856 |
|
Series 3131 MC |
|
|
|
|
|
|
|
5.50% 4/15/33 |
|
|
40,000 |
|
|
43,223 |
|
Series 3173 PE |
|
|
|
|
|
|
|
6.00% 4/15/35 |
|
|
65,000 |
|
|
71,236 |
|
Series 3337 PB |
|
|
|
|
|
|
|
5.50% 7/15/30 |
|
|
25,000 |
|
|
26,346 |
Total Agency
Collateralized |
|
|
|
|
|
|
|
Mortgage Obligations |
|
|
|
|
|
|
|
(cost $550,643) |
|
|
|
|
|
591,064 |
|
|
Agency Mortgage-Backed Securities –
3.01% |
|
|
|
· |
Fannie Mae ARM |
|
|
|
|
|
|
|
5.138% 11/1/35 |
|
|
30,956 |
|
|
32,504 |
|
5.164% 3/1/38 |
|
|
69,618 |
|
|
73,335 |
|
5.372% 4/1/36 |
|
|
37,213 |
|
|
39,015 |
|
6.019% 10/1/36 |
|
|
44,163 |
|
|
46,785 |
|
6.086% 10/1/36 |
|
|
29,044 |
|
|
30,813 |
|
6.306% 4/1/36 |
|
|
159,979 |
|
|
169,663 |
|
Fannie Mae S.F. 15 yr |
|
|
|
|
|
|
|
5.50%
1/1/23 |
|
|
73,064 |
|
|
78,339 |
|
Fannie Mae S.F. 30 yr |
|
|
|
|
|
|
|
5.00% 12/1/36 |
|
|
228,779 |
|
|
240,419 |
|
5.00% 12/1/37 |
|
|
30,384 |
|
|
31,914 |
|
5.00% 2/1/38 |
|
|
22,845 |
|
|
23,995 |
|
6.50% 6/1/36 |
|
|
54,859 |
|
|
59,392 |
|
6.50% 10/1/36 |
|
|
40,568 |
|
|
43,921 |
|
6.50% 3/1/37 |
|
|
37,979 |
|
|
41,117 |
|
6.50% 7/1/37 |
|
|
904,993 |
|
|
978,789 |
|
6.50% 8/1/37 |
|
|
56,079 |
|
|
60,652 |
|
6.50% 11/1/37 |
|
|
39,069 |
|
|
42,255 |
|
6.50% 12/1/37 |
|
|
55,648 |
|
|
60,185 |
|
Freddie Mac |
|
|
|
|
|
|
|
6.00% 1/1/17 |
|
|
86,548 |
|
|
90,918 |
· |
Freddie Mac ARM |
|
|
|
|
|
|
|
5.682% 7/1/36 |
|
|
25,897 |
|
|
27,339 |
|
5.816% 10/1/36 |
|
|
68,906 |
|
|
72,907 |
|
Freddie Mac S.F. 15 yr |
|
|
|
|
|
|
|
5.00% 6/1/18 |
|
|
25,148 |
|
|
27,014 |
|
5.00% 12/1/22 |
|
|
155,401 |
|
|
165,796 |
|
Freddie Mac S.F. 30 yr |
|
|
|
|
|
|
|
5.00% 1/1/34 |
|
|
1,121,764 |
|
|
1,180,766 |
|
7.00% 11/1/33 |
|
|
66,580 |
|
|
74,527 |
|
9.00% 9/1/30 |
|
|
81,816 |
|
|
95,119 |
|
Freddie Mac S.F. 30 yr TBA |
|
|
|
|
|
|
|
4.00% 12/1/39 |
|
|
70,000 |
|
|
70,186 |
|
5.00% 12/1/39 |
|
|
50,000 |
|
|
52,414 |
|
GNMA I S.F. 30 yr |
|
|
|
|
|
|
|
7.50% 12/15/23 |
|
|
126,370 |
|
|
143,306 |
|
7.50% 1/15/32 |
|
|
95,960 |
|
|
109,899 |
|
9.50% 9/15/17 |
|
|
81,642 |
|
|
92,310 |
|
12.00% 5/15/15 |
|
|
62,074 |
|
|
70,805 |
|
GNMA II S.F. 30 yr |
|
|
|
|
|
|
|
6.00% 11/20/28 |
|
|
112,278 |
|
|
121,642 |
|
6.50% 2/20/30 |
|
|
225,294 |
|
|
246,386 |
Total Agency
Mortgage-Backed |
|
|
|
|
|
|
|
Securities (cost $4,371,314) |
|
|
|
|
|
4,694,427 |
|
|
Commercial Mortgage-Backed Securities –
2.52% |
|
|
|
# |
American Tower Trust 144A |
|
|
|
|
|
|
|
Series
2007-1A AFX |
|
|
|
|
|
|
|
5.42% 4/15/37 |
|
|
75,000 |
|
|
75,750 |
|
Series 2007-1A D |
|
|
|
|
|
|
|
5.957% 4/15/37 |
|
|
25,000 |
|
|
25,000 |
10
|
|
Principal |
|
Value |
|
|
Amount° |
|
(U.S.
$) |
Commercial Mortgage-Backed Securities
(continued) |
|
|
|
|
Bank of America |
|
|
|
|
|
|
|
Commercial
Mortgage |
|
|
|
|
|
|
|
Securities |
|
|
|
|
|
|
|
·Series
2004-3 A5 |
|
|
|
|
|
|
|
5.578%
6/10/39 |
USD |
|
50,000 |
|
$ |
51,761 |
|
Series
2004-5 A3 |
|
|
|
|
|
|
|
4.561%
11/10/41 |
|
|
475,000 |
|
|
480,759 |
|
Series 2005-1 A3 |
|
|
|
|
|
|
|
4.877% 11/10/42 |
|
|
91,158 |
|
|
91,183 |
|
·Series 2005-6 A4 |
|
|
|
|
|
|
|
5.351% 9/10/47 |
|
|
180,000 |
|
|
182,537 |
|
·Series 2005-6 AM |
|
|
|
|
|
|
|
5.351% 9/10/47 |
|
|
25,000 |
|
|
21,966 |
|
·Series 2007-3 A4 |
|
|
|
|
|
|
|
5.837% 6/10/49 |
|
|
30,000 |
|
|
24,892 |
|
·Series 2007-4 AM |
|
|
|
|
|
|
|
6.002% 2/10/51 |
|
|
40,000 |
|
|
28,878 |
|
Bear Stearns Commercial |
|
|
|
|
|
|
|
Mortgage Securities |
|
|
|
|
|
|
|
·Series 2005-PW10 A4 |
|
|
|
|
|
|
|
5.405% 12/11/40 |
|
|
100,000 |
|
|
100,439 |
|
·Series 2005-T20 A4A |
|
|
|
|
|
|
|
5.298% 10/12/42 |
|
|
230,000 |
|
|
232,671 |
|
·Series 2006-PW12 A4 |
|
|
|
|
|
|
|
5.903% 9/11/38 |
|
|
25,000 |
|
|
25,126 |
|
Series 2006-PW14 A4 |
|
|
|
|
|
|
|
5.201% 12/11/38 |
|
|
60,000 |
|
|
56,973 |
|
Series 2007-PW15 A4 |
|
|
|
|
|
|
|
5.331% 2/11/44 |
|
|
75,000 |
|
|
64,254 |
|
·Series 2007-T28 A4 |
|
|
|
|
|
|
|
5.742% 9/11/42 |
|
|
65,000 |
|
|
63,729 |
w· |
Commercial Mortgage |
|
|
|
|
|
|
|
Pass
Through |
|
|
|
|
|
|
|
Certificates Series |
|
|
|
|
|
|
|
2005-C6 A5A |
|
|
|
|
|
|
|
5.116% 6/10/44 |
|
|
95,000 |
|
|
94,593 |
|
Goldman Sachs Mortgage |
|
|
|
|
|
|
|
Securities II |
|
|
|
|
|
|
|
·Series 2004-GG2 A6 |
|
|
|
|
|
|
|
5.396% 8/10/38 |
|
|
60,000 |
|
|
60,348 |
|
Series 2005-GG4 A4A |
|
|
|
|
|
|
|
4.751% 7/10/39 |
|
|
420,000 |
|
|
405,368 |
|
·Series 2006-GG6 A4 |
|
|
|
|
|
|
|
5.553% 4/10/38 |
|
|
60,000 |
|
|
54,124 |
|
·Series 2007-GG10 A4 |
|
|
|
|
|
|
|
5.999% 8/10/45 |
|
|
70,000 |
|
|
57,622 |
· |
Greenwich Capital |
|
|
|
|
|
|
|
Commercial Funding |
|
|
|
|
|
|
|
Series 2004-GG1 A7 |
|
|
|
|
|
|
|
5.317% 6/10/36 |
|
|
25,000 |
|
|
25,779 |
· |
JPMorgan Chase |
|
|
|
|
|
|
|
Commercial Mortgage |
|
|
|
|
|
|
|
Securities |
|
|
|
|
|
|
|
Series 2005-LDP3 A4A |
|
|
|
|
|
|
|
4.936% 8/15/42 |
|
|
35,000 |
|
|
33,888 |
|
Series 2005-LDP5 A4 |
|
|
|
|
|
|
|
5.344% 12/15/44 |
|
|
150,000 |
|
|
151,695 |
· |
LB-UBS Commercial |
|
|
|
|
|
|
|
Mortgage Trust Series |
|
|
|
|
|
|
|
2004-C4 A4 2004-C4 |
|
|
|
|
|
|
|
A4 5.398% 6/15/29 |
|
|
475,000 |
|
|
476,986 |
· |
Merrill
Lynch/Countrywide |
|
|
|
|
|
|
|
Commercial
Mortgage |
|
|
|
|
|
|
|
Trust Series
2007-7 A4 |
|
|
|
|
|
|
|
5.75%
6/12/50 |
|
|
150,000 |
|
|
122,069 |
|
Morgan Stanley Capital
I |
|
|
|
|
|
|
|
Series
2005-IQ9 A4 |
|
|
|
|
|
|
|
4.66%
7/15/56 |
|
|
350,000 |
|
|
347,007 |
|
·Series
2006-HQ9 A4 |
|
|
|
|
|
|
|
5.731%
7/12/44 |
|
|
315,000 |
|
|
303,675 |
|
·Series
2007-IQ14 A4 |
|
|
|
|
|
|
|
5.692%
4/15/49 |
|
|
150,000 |
|
|
122,597 |
|
·Series
2007-T27 A4 |
|
|
|
|
|
|
|
5.803% 6/11/42 |
|
|
160,000 |
|
|
153,068 |
Total Commercial
Mortgage-Backed |
|
|
|
|
|
|
|
Securities (cost $3,829,845) |
|
|
|
|
|
3,934,737 |
|
|
Convertible Bonds –
10.66% |
|
|
|
|
|
|
Aerospace & Defense –
0.32% |
|
|
|
|
|
|
|
L-3 Communications |
|
|
|
|
|
|
|
Holdings 3.00% |
|
|
|
|
|
|
|
exercise price $100.14, |
|
|
|
|
|
|
|
expiration date 8/1/35 |
|
|
460,000 |
|
|
472,650 |
# |
L-3 Communications |
|
|
|
|
|
|
|
Holdings 144A 3.00% |
|
|
|
|
|
|
|
exercise price $100.14, |
|
|
|
|
|
|
|
expiration date 8/1/35 |
|
|
25,000 |
|
|
25,688 |
|
|
|
|
|
|
|
498,338 |
Automobiles – 0.18% |
|
|
|
|
|
|
|
Ford Motor 4.25% |
|
|
|
|
|
|
|
exercise price $9.30, |
|
|
|
|
|
|
|
expiration date 11/15/16 |
|
|
240,000 |
|
|
274,500 |
|
|
|
|
|
|
|
274,500 |
Banking, Finance & Insurance –
0.37% |
|
|
|
|
|
|
|
Jefferies Group 3.875% |
|
|
|
|
|
|
|
exercise price $39.20 |
|
|
|
|
|
|
|
expiration date 11/1/29 |
|
|
615,000 |
|
|
573,488 |
|
|
|
|
|
|
|
573,488 |
Basic Materials – 1.22% |
|
|
|
|
|
|
|
Century Aluminum 1.75% |
|
|
|
|
|
|
|
exercise price $30.54, |
|
|
|
|
|
|
|
expiration date 8/1/24 |
|
|
30,000 |
|
|
27,863 |
|
Rayonier TRS Holdings |
|
|
|
|
|
|
|
3.75% exercise price |
|
|
|
|
|
|
|
$54.81, expiration date |
|
|
|
|
|
|
|
10/15/12 |
|
|
1,250,000 |
|
|
1,309,375 |
# |
Sino Forest 144A 5.00% |
|
|
|
|
|
|
|
exercise
price $20.29, |
|
|
|
|
|
|
|
expiration date 8/1/13 |
|
|
500,000 |
|
|
568,750 |
|
|
|
|
|
|
|
1,905,988 |
(continues) 11
Statement
of net assets
Delaware Enhanced Global
Dividend and Income Fund
|
|
Principal |
|
Value |
|
|
Amount° |
|
(U.S.
$) |
Convertible Bonds (continued) |
|
|
|
|
|
|
Building & Materials –
0.10% |
|
|
|
|
|
|
|
Beazer Homes USA 4.625% |
|
|
|
|
|
|
|
exercise
price $49.64, |
|
|
|
|
|
|
|
expiration date 6/15/24 |
USD |
|
170,000 |
|
$ |
155,975 |
|
|
|
|
|
|
|
155,975 |
Computers & Technology –
1.29% |
|
|
|
|
|
|
* |
Advanced Micro Devices |
|
|
|
|
|
|
|
6.00%
exercise price |
|
|
|
|
|
|
|
$28.08, expiration date |
|
|
|
|
|
|
|
5/1/15 |
|
|
840,000 |
|
|
741,300 |
|
Euronet Worldwide 3.50% |
|
|
|
|
|
|
|
exercise price $40.48, |
|
|
|
|
|
|
|
expiration date 10/15/25 |
|
|
900,000 |
|
|
833,625 |
# |
Intel 144A 3.25% |
|
|
|
|
|
|
|
exercise price $22.68, |
|
|
|
|
|
|
|
expiration date 8/1/39 |
|
|
125,000 |
|
|
138,906 |
|
Linear Technology 3.00% |
|
|
|
|
|
|
|
exercise price $46.12, |
|
|
|
|
|
|
|
expiration date 5/1/27 |
|
|
310,000 |
|
|
302,638 |
|
|
|
|
|
|
|
2,016,469 |
Electronics & Electrical Equipment –
0.09% |
|
|
|
|
Flextronics International |
|
|
|
|
|
|
|
1.00% exercise price |
|
|
|
|
|
|
|
$15.53, expiration |
|
|
|
|
|
|
|
date 8/1/10 |
|
|
140,000 |
|
|
138,075 |
|
|
|
|
|
|
|
138,075 |
Energy – 0.50% |
|
|
|
|
|
|
|
Chesapeake Energy 2.25% |
|
|
|
|
|
|
|
exercise price $85.89, |
|
|
|
|
|
|
|
expiration date 12/15/38 |
|
|
750,000 |
|
|
559,688 |
|
Transocean 1.50% |
|
|
|
|
|
|
|
exercise price $168.61, |
|
|
|
|
|
|
|
expiration date 12/15/37 |
|
|
220,000 |
|
|
212,850 |
|
|
|
|
|
|
|
772,538 |
Health Care & Pharmaceuticals –
1.58% |
|
|
|
|
|
|
Φ |
Hologic 2.00% |
|
|
|
|
|
|
|
exercise price $38.59, |
|
|
|
|
|
|
|
expiration date 12/15/37 |
|
|
990,000 |
|
|
806,850 |
|
Inverness Medical |
|
|
|
|
|
|
|
Innovations 3.00% |
|
|
|
|
|
|
|
exercise price $43.98, |
|
|
|
|
|
|
|
expiration date 5/15/16 |
|
|
980,000 |
|
|
1,125,774 |
|
Medtronic 1.625% |
|
|
|
|
|
|
|
exercise price $55.41, |
|
|
|
|
|
|
|
expiration
date 4/15/13 |
|
|
525,000 |
|
|
536,156 |
|
|
|
|
|
|
|
2,468,780 |
Leisure, Lodging & Entertainment –
0.82% |
|
|
|
# |
Gaylord Entertainment |
|
|
|
|
|
|
|
144A 3.75% |
|
|
|
|
|
|
|
exercise price $27.25, |
|
|
|
|
|
|
|
expiration date 9/29/14 |
|
|
655,000 |
|
|
620,613 |
# |
International Game |
|
|
|
|
|
|
|
Technology 144A 3.25% |
|
|
|
|
|
|
|
exercise price $19.97, |
|
|
|
|
|
|
|
expiration date 5/1/14 |
|
|
540,000 |
|
|
662,850 |
|
|
|
|
|
|
|
1,283,463 |
Real Estate – 1.27% |
|
|
|
|
|
|
*# |
Corporate Office Properties |
|
|
|
|
|
|
|
144A
3.50% |
|
|
|
|
|
|
|
exercise price $53.12, |
|
|
|
|
|
|
|
expiration date 9/15/26 |
|
|
330,000 |
|
|
312,675 |
|
Developers Diversified |
|
|
|
|
|
|
|
Realty 3.00% |
|
|
|
|
|
|
|
exercise price $74.75, |
|
|
|
|
|
|
|
expiration date 3/15/12 |
|
|
90,000 |
|
|
82,688 |
*# |
Digital Realty Trust |
|
|
|
|
|
|
|
144A 5.50% |
|
|
|
|
|
|
|
exercise price $43.00, |
|
|
|
|
|
|
|
expiration date 4/15/29 |
|
|
380,000 |
|
|
488,775 |
|
National Retail Properties |
|
|
|
|
|
|
|
5.125% exercise price |
|
|
|
|
|
|
|
$25.42, expiration |
|
|
|
|
|
|
|
date 6/15/28 |
|
|
335,000 |
|
|
344,631 |
|
Vornado Realty Trust 2.85% |
|
|
|
|
|
|
|
exercise price $157.18, |
|
|
|
|
|
|
|
expiration date 3/15/27 |
|
|
750,000 |
|
|
753,750 |
|
|
|
|
|
|
|
1,982,519 |
Telecommunications – 2.44% |
|
|
|
|
|
|
|
Alaska Communications |
|
|
|
|
|
|
|
Systems Group 5.75% |
|
|
|
|
|
|
|
exercise price $12.90, |
|
|
|
|
|
|
|
expiration date 3/1/13 |
|
|
1,000,000 |
|
|
904,999 |
|
Alcatel-Lucent USA 2.875% |
|
|
|
|
|
|
|
exercise price $16.75, |
|
|
|
|
|
|
|
expiration date 6/15/23 |
|
|
45,000 |
|
|
44,719 |
|
Interpublic Group 4.25% |
|
|
|
|
|
|
|
exercise price $12.42, |
|
|
|
|
|
|
|
expiration date 3/15/23 |
|
|
105,000 |
|
|
102,638 |
|
Leap Wireless |
|
|
|
|
|
|
|
International 4.50% |
|
|
|
|
|
|
|
exercise price $93.21, |
|
|
|
|
|
|
|
expiration date 7/15/14 |
|
|
135,000 |
|
|
106,650 |
|
Level 3 Communications |
|
|
|
|
|
|
|
5.25% exercise price |
|
|
|
|
|
|
|
$3.98, expiration |
|
|
|
|
|
|
|
date 12/15/11 |
|
|
750,000 |
|
|
684,374 |
|
NII Holdings 3.125% |
|
|
|
|
|
|
|
exercise price $118.32, |
|
|
|
|
|
|
|
expiration date 6/15/12 |
|
|
1,000,000 |
|
|
908,749 |
|
Qwest Communications |
|
|
|
|
|
|
|
International 4.00% |
|
|
|
|
|
|
|
exercise price $5.12, |
|
|
|
|
|
|
|
expiration date 11/15/25 |
|
|
200,000 |
|
|
200,750 |
# |
SBA Communications |
|
|
|
|
|
|
|
144A
4.00% |
|
|
|
|
|
|
|
exercise price $30.38, |
|
|
|
|
|
|
|
expiration date 10/1/14 |
|
|
285,000 |
|
|
358,388 |
12
|
|
Principal |
|
Value |
|
|
Amount° |
|
(U.S.
$) |
Convertible Bonds (continued) |
|
|
|
|
|
|
Telecommunications (continued) |
|
|
|
|
|
|
|
VeriSign 3.25% |
|
|
|
|
|
|
|
exercise price $34.37, |
|
|
|
|
|
|
|
expiration date 8/15/37 |
USD |
|
160,000 |
|
$ |
134,000 |
# |
Virgin Media 144A 6.50% |
|
|
|
|
|
|
|
exercise price $19.22, |
|
|
|
|
|
|
|
expiration date 11/15/16 |
|
|
307,000 |
|
|
358,423 |
|
|
|
|
|
|
|
3,803,690 |
Transportation – 0.48% |
|
|
|
|
|
|
|
Bristow Group 3.00% |
|
|
|
|
|
|
|
exercise price $77.34, |
|
|
|
|
|
|
|
expiration date 6/14/38 |
|
|
875,000 |
|
|
756,875 |
|
|
|
|
|
|
|
756,875 |
Total Convertible Bonds |
|
|
|
|
|
|
|
(cost $14,842,942) |
|
|
|
|
|
16,630,698 |
|
|
Corporate Bonds –
36.28% |
|
|
|
|
|
|
Banking – 2.88% |
|
|
|
|
|
|
# |
Achmea Hypotheekbank |
|
|
|
|
|
|
|
144A 3.20%
11/3/14 |
|
|
110,000 |
|
|
112,867 |
· |
BAC Capital Trust XIV |
|
|
|
|
|
|
|
5.63% 12/31/49 |
|
|
205,000 |
|
|
136,838 |
|
Bank of America |
|
|
|
|
|
|
|
5.125% 11/15/14 |
|
|
100,000 |
|
|
103,848 |
|
5.75% 12/1/17 |
|
|
75,000 |
|
|
76,611 |
|
Barclays Bank |
|
|
|
|
|
|
|
6.75% 5/22/19 |
|
|
100,000 |
|
|
113,648 |
# |
Barclays Bank 144A |
|
|
|
|
|
|
|
6.05% 12/4/17 |
|
|
100,000 |
|
|
104,274 |
|
BB&T 5.25% 11/1/19 |
|
|
87,000 |
|
|
87,272 |
|
Capital One Financial |
|
|
|
|
|
|
|
7.375% 5/23/14 |
|
|
150,000 |
|
|
172,218 |
|
Credit Suisse/New York |
|
|
|
|
|
|
|
6.00% 2/15/18 |
|
|
100,000 |
|
|
107,139 |
|
JPMorgan Chase Capital |
|
|
|
|
|
|
|
XVIII 6.95% 8/17/36 |
|
|
20,000 |
|
|
19,818 |
|
XXII 6.45% 2/2/37 |
|
|
35,000 |
|
|
31,599 |
|
XXV 6.80% 10/1/37 |
|
|
85,000 |
|
|
84,099 |
· |
Kazkommerts Finance 2 |
|
|
|
|
|
|
|
8.625% 7/27/16 |
|
|
1,000,000 |
|
|
739,999 |
# |
National Australia Bank |
|
|
|
|
|
|
|
144A 3.375% 7/8/14 |
|
|
100,000 |
|
|
103,728 |
# |
NIBC Bank 144A |
|
|
|
|
|
|
|
2.80%
12/2/14 |
|
|
100,000 |
|
|
100,249 |
|
PNC Funding |
|
|
|
|
|
|
|
5.25% 11/15/15 |
|
|
100,000 |
|
|
105,286 |
|
5.625% 2/1/17 |
|
|
60,000 |
|
|
60,990 |
@ |
Popular North America |
|
|
|
|
|
|
|
Capital Trust I |
|
|
|
|
|
|
|
6.564% 9/15/34 |
|
|
100,000 |
|
|
73,542 |
·# |
Rabobank |
|
|
|
|
|
|
|
Nederland 144A |
|
|
|
|
|
|
|
11.00% 12/29/49 |
|
|
190,000 |
|
|
235,579 |
|
Regions Financial |
|
|
|
|
|
|
|
7.75% 11/10/14 |
|
|
65,000 |
|
|
65,381 |
# |
Russian Agricultural Bank |
|
|
|
|
|
|
|
144A 9.00% 6/11/14 |
|
|
1,000,000 |
|
|
1,124,599 |
· |
USB Capital IX |
|
|
|
|
|
|
|
6.189% 10/29/49 |
|
|
295,000 |
|
|
233,050 |
|
Wachovia |
|
|
|
|
|
|
|
5.25% 8/1/14 |
|
|
20,000 |
|
|
21,062 |
|
5.625% 10/15/16 |
|
|
90,000 |
|
|
94,530 |
· |
Wells Fargo Capital XIII |
|
|
|
|
|
|
|
7.70% 12/29/49 |
|
|
140,000 |
|
|
128,100 |
|
Westpac Banking |
|
|
|
|
|
|
|
4.875% 11/19/19 |
|
|
45,000 |
|
|
45,778 |
|
Zions Bancorporation |
|
|
|
|
|
|
|
5.50% 11/16/15 |
|
|
80,000 |
|
|
55,665 |
|
5.65% 5/15/14 |
|
|
15,000 |
|
|
11,446 |
|
6.00% 9/15/15 |
|
|
215,000 |
|
|
149,786 |
|
|
|
|
|
|
|
4,499,001 |
Basic Industry – 4.71% |
|
|
|
|
|
|
# |
Algoma Acqusition 144A |
|
|
|
|
|
|
|
9.875%
6/15/15 |
|
|
110,000 |
|
|
94,050 |
|
ArcelorMittal |
|
|
|
|
|
|
|
6.125% 6/1/18 |
|
|
20,000 |
|
|
20,450 |
|
9.00% 2/15/15 |
|
|
20,000 |
|
|
23,510 |
|
9.85% 6/1/19 |
|
|
70,000 |
|
|
86,388 |
|
California Steel Industries |
|
|
|
|
|
|
|
6.125% 3/15/14 |
|
|
135,000 |
|
|
126,225 |
|
Century Aluminum |
|
|
|
|
|
|
|
7.50%
8/15/14 |
|
|
110,000 |
|
|
101,750 |
·# |
Cognis GmbH 144A |
|
|
|
|
|
|
|
2.299% 9/15/13 |
|
|
95,000 |
|
|
87,400 |
|
Dow Chemical |
|
|
|
|
|
|
|
5.70% 5/15/18 |
|
|
35,000 |
|
|
35,573 |
|
8.55% 5/15/19 |
|
|
95,000 |
|
|
112,465 |
# |
Evraz Group 144A |
|
|
|
|
|
|
|
8.25% 11/10/15 |
|
|
1,000,000 |
|
|
977,499 |
|
9.50% 4/24/18 |
|
|
280,000 |
|
|
282,100 |
|
Freeport-McMoRan |
|
|
|
|
|
|
|
Copper & Gold |
|
|
|
|
|
|
|
8.25% 4/1/15 |
|
|
195,000 |
|
|
209,363 |
# |
Innophos Holding 144A |
|
|
|
|
|
|
|
9.50% 4/15/12 |
|
|
115,000 |
|
|
115,575 |
|
International Paper |
|
|
|
|
|
|
|
7.30% 11/15/39 |
|
|
45,000 |
|
|
44,883 |
|
Lubrizol 8.875% 2/1/19 |
|
|
75,000 |
|
|
94,720 |
# |
MacDermid 144A |
|
|
|
|
|
|
|
9.50% 4/15/17 |
|
|
280,000 |
|
|
278,600 |
# |
Momentive Performance |
|
|
|
|
|
|
|
Material 144A |
|
|
|
|
|
|
|
12.50% 6/15/14 |
|
|
65,000 |
|
|
71,500 |
# |
NewPage 144A |
|
|
|
|
|
|
|
11.375%
12/31/14 |
|
|
140,000 |
|
|
138,600 |
· |
Noranda Aluminium |
|
|
|
|
|
|
|
Acquisition PIK |
|
|
|
|
|
|
|
5.274% 5/15/15 |
|
|
181,673 |
|
|
132,621 |
(continues) 13
Statement of net assets
Delaware Enhanced Global Dividend and Income
Fund
|
|
Principal |
|
Value |
|
|
Amount° |
|
(U.S. $) |
Corporate Bonds
(continued) |
|
|
|
|
|
|
Basic Industry
(continued) |
|
|
|
|
|
|
|
Norske Skog
Canada |
|
|
|
|
|
|
|
8.625%
6/15/11 |
USD |
|
65,000 |
|
$ |
48,588 |
@# |
Norske Skogindustrier
144A |
|
|
|
|
|
|
|
7.125%
10/15/33 |
|
|
150,000 |
|
|
78,750 |
|
Novelis
8.25% 2/15/15 |
|
|
5,000 |
|
|
4,538 |
# |
Novelis 144A |
|
|
|
|
|
|
|
11.50%
2/15/15 |
|
|
105,000 |
|
|
109,725 |
|
Reliance
Steel & Aluminum |
|
|
|
|
|
|
|
6.85%
11/15/36 |
|
|
34,000 |
|
|
30,125 |
|
Ryerson |
|
|
|
|
|
|
|
·7.656%
11/1/14 |
|
|
115,000 |
|
|
102,063 |
|
12.00% 11/1/15 |
|
|
65,000 |
|
|
66,463 |
# |
Sappi Papier Holding |
|
|
|
|
|
|
|
144A 6.75%
6/15/12 |
|
|
95,000 |
|
|
88,450 |
|
Southern Copper |
|
|
|
|
|
|
|
7.50% 7/27/35 |
|
|
1,000,000 |
|
|
1,005,758 |
# |
Steel Capital 144A |
|
|
|
|
|
|
|
9.75% 7/29/13 |
|
|
1,100,000 |
|
|
1,112,374 |
# |
Steel Dynamics 144A |
|
|
|
|
|
|
|
8.25% 4/15/16 |
|
|
190,000 |
|
|
192,850 |
# |
Teck Resources 144A |
|
|
|
|
|
|
|
10.25%
5/15/16 |
|
|
60,000 |
|
|
68,100 |
|
10.75% 5/15/19 |
|
|
115,000 |
|
|
134,838 |
|
Vale Overseas |
|
|
|
|
|
|
|
6.875% 11/21/36 |
|
|
979,000 |
|
|
1,001,425 |
|
6.875% 11/10/39 |
|
|
60,000 |
|
|
62,318 |
# |
Vedanta Resources 144A |
|
|
|
|
|
|
|
9.50% 7/18/18 |
|
|
205,000 |
|
|
204,488 |
|
|
|
|
|
|
|
7,344,125 |
Brokerage – 1.63% |
|
|
|
|
|
|
|
Citigroup |
|
|
|
|
|
|
|
6.375% 8/12/14 |
|
|
150,000 |
|
|
157,944 |
|
6.50% 8/19/13 |
|
|
80,000 |
|
|
85,372 |
· |
Citigroup Capital XXI |
|
|
|
|
|
|
|
8.30% 12/21/57 |
|
|
100,000 |
|
|
89,500 |
|
E TRADE Financial PIK |
|
|
|
|
|
|
|
12.50% 11/30/17 |
|
|
111,563 |
|
|
126,066 |
|
Goldman Sachs Group |
|
|
|
|
|
|
|
5.125% 1/15/15 |
|
|
80,000 |
|
|
85,017 |
|
5.25% 10/15/13 |
|
|
35,000 |
|
|
37,756 |
|
5.95% 1/18/18 |
|
|
20,000 |
|
|
21,433 |
|
6.25% 9/1/17 |
|
|
30,000 |
|
|
32,750 |
|
Jefferies Group |
|
|
|
|
|
|
|
6.25% 1/15/36 |
|
|
5,000 |
|
|
4,058 |
|
6.45% 6/8/27 |
|
|
90,000 |
|
|
76,787 |
|
JPMorgan Chase & Co |
|
|
|
|
|
|
|
6.30% 4/23/19 |
|
|
100,000 |
|
|
111,634 |
|
LaBranche & Co |
|
|
|
|
|
|
|
11.00% 5/15/12 |
|
|
350,000 |
|
|
337,750 |
|
Lazard Group |
|
|
|
|
|
|
|
6.85% 6/15/17 |
|
|
50,000 |
|
|
51,355 |
|
7.125% 5/15/15 |
|
|
9,000 |
|
|
9,406 |
|
Morgan Stanley |
|
|
|
|
|
|
|
5.375% 10/15/15 |
|
|
100,000 |
|
|
105,773 |
|
6.00% 4/28/15 |
|
|
160,000 |
|
|
174,047 |
# |
Morgan Stanley 144A |
|
|
|
|
|
|
|
10.09%
5/3/17 |
BRL |
|
2,000,000 |
|
|
1,033,894 |
|
|
|
|
|
|
|
2,540,542 |
Capital Goods – 2.16% |
|
|
|
|
|
|
|
AMH Holdings |
|
|
|
|
|
|
|
11.25% 3/1/14 |
USD |
|
60,000 |
|
|
56,550 |
*# |
Associated Materials 144A |
|
|
|
|
|
|
|
9.875% 11/15/16 |
|
|
15,000 |
|
|
15,750 |
# |
BAE Systems Holdings |
|
|
|
|
|
|
|
144A 5.20% 8/15/15 |
|
|
30,000 |
|
|
31,822 |
|
Building Materials |
|
|
|
|
|
|
|
7.75% 8/1/14 |
|
|
155,000 |
|
|
154,225 |
# |
BWAY 144A |
|
|
|
|
|
|
|
10.00% 4/15/14 |
|
|
195,000 |
|
|
205,238 |
·# |
C8 Capital 144A |
|
|
|
|
|
|
|
6.64% 12/31/49 |
|
|
140,000 |
|
|
99,001 |
# |
CPM Holdings 144A |
|
|
|
|
|
|
|
10.625% 9/1/14 |
|
|
40,000 |
|
|
42,000 |
|
Eastman Kodak |
|
|
|
|
|
|
|
7.25% 11/15/13 |
|
|
155,000 |
|
|
124,000 |
# |
FMG Finance 144A |
|
|
|
|
|
|
|
10.625% 9/1/16 |
|
|
130,000 |
|
|
142,350 |
|
Graham Packaging |
|
|
|
|
|
|
|
9.875% 10/15/14 |
|
|
305,000 |
|
|
311,099 |
# |
Graphic Packaging |
|
|
|
|
|
|
|
International 144A |
|
|
|
|
|
|
|
9.50% 6/15/17 |
|
|
120,000 |
|
|
127,200 |
* |
Hexion US Finance |
|
|
|
|
|
|
|
9.75% 11/15/14 |
|
|
114,000 |
|
|
110,010 |
|
Intertape Polymer |
|
|
|
|
|
|
|
8.50% 8/1/14 |
|
|
85,000 |
|
|
66,725 |
# |
Plastipak Holdings 144A |
|
|
|
|
|
|
|
8.50% 12/15/15 |
|
|
105,000 |
|
|
105,394 |
|
10.625% 8/15/19 |
|
|
105,000 |
|
|
116,025 |
|
Pregis 12.375% 10/15/13 |
|
|
210,000 |
|
|
200,550 |
* |
RBS Global/Rexnord |
|
|
|
|
|
|
|
11.75% 8/1/16 |
|
|
235,000 |
|
|
231,475 |
# |
Reynolds Group Issuer |
|
|
|
|
|
|
|
Escrow
144A |
|
|
|
|
|
|
|
7.75% 10/15/16 |
|
|
100,000 |
|
|
101,500 |
* |
Sally Holdings |
|
|
|
|
|
|
|
10.50% 11/15/16 |
|
|
225,000 |
|
|
241,874 |
|
Smurfit Kappa Funding |
|
|
|
|
|
|
|
7.75% 4/1/15 |
|
|
200,000 |
|
|
192,000 |
* |
Solo Cup 8.50% 2/15/14 |
|
|
205,000 |
|
|
198,338 |
|
Thermadyne Holdings |
|
|
|
|
|
|
|
10.50% 2/1/14 |
|
|
195,000 |
|
|
170,625 |
|
Tyco International Finance |
|
|
|
|
|
|
|
8.50% 1/15/19 |
|
|
80,000 |
|
|
99,389 |
|
USG 6.30% 11/15/16 |
|
|
205,000 |
|
|
178,863 |
# |
USG 144A 9.75% 8/1/14 |
|
|
45,000 |
|
|
47,363 |
|
|
|
|
|
|
|
3,369,366 |
14
|
|
Principal |
|
Value |
|
|
Amount° |
|
(U.S.
$) |
Corporate Bonds (continued) |
|
|
|
|
|
|
Consumer Cyclical – 3.13% |
|
|
|
|
|
|
# |
Allison Transmission 144A |
|
|
|
|
|
|
|
11.00%
11/1/15 |
USD |
|
200,000 |
|
$ |
208,000 |
* |
ArvinMeritor |
|
|
|
|
|
|
|
8.125% 9/15/15 |
|
|
170,000 |
|
|
155,550 |
|
Beazer Homes USA |
|
|
|
|
|
|
|
8.625% 5/15/11 |
|
|
130,000 |
|
|
126,750 |
|
Burlington Coat Factory |
|
|
|
|
|
|
|
Investment Holdings |
|
|
|
|
|
|
|
14.50% 10/15/14 |
|
|
215,000 |
|
|
216,613 |
* |
Burlington Coat |
|
|
|
|
|
|
|
Factory
Warehouse |
|
|
|
|
|
|
|
11.125% 4/15/14 |
|
|
70,000 |
|
|
72,800 |
|
Carrols 9.00% 1/15/13 |
|
|
50,000 |
|
|
50,500 |
|
CVS Caremark |
|
|
|
|
|
|
|
6.60% 3/15/19 |
|
|
15,000 |
|
|
16,853 |
w# |
CVS Pass Through Trust |
|
|
|
|
|
|
|
144A 8.353% 7/10/31 |
|
|
129,295 |
|
|
147,159 |
|
Darden Restaurants |
|
|
|
|
|
|
|
6.80% 10/15/37 |
|
|
80,000 |
|
|
84,397 |
|
Denny’s Holdings |
|
|
|
|
|
|
|
10.00% 10/1/12 |
|
|
75,000 |
|
|
76,875 |
|
Ford Motor |
|
|
|
|
|
|
|
7.45% 7/16/31 |
|
|
270,000 |
|
|
231,187 |
|
Ford Motor Credit |
|
|
|
|
|
|
|
7.80% 6/1/12 |
|
|
120,000 |
|
|
119,973 |
|
12.00% 5/15/15 |
|
|
255,000 |
|
|
294,186 |
# |
GMAC 144A |
|
|
|
|
|
|
|
6.00% 12/15/11 |
|
|
135,000 |
|
|
128,419 |
|
6.625% 5/15/12 |
|
|
110,000 |
|
|
105,188 |
|
6.875% 9/15/11 |
|
|
175,000 |
|
|
170,188 |
|
6.875% 8/28/12 |
|
|
293,000 |
|
|
280,547 |
|
Interface 9.50% 2/1/14 |
|
|
25,000 |
|
|
24,906 |
# |
Interface 144A |
|
|
|
|
|
|
|
11.375% 11/1/13 |
|
|
40,000 |
|
|
43,950 |
|
K Hovnanian Enterprises |
|
|
|
|
|
|
|
6.25%
1/15/15 |
|
|
35,000 |
|
|
25,375 |
|
7.50% 5/15/16 |
|
|
65,000 |
|
|
47,125 |
# |
K Hovnanian |
|
|
|
|
|
|
|
Enterprises 144A |
|
|
|
|
|
|
|
10.625% 10/15/16 |
|
|
65,000 |
|
|
66,625 |
# |
Landry’s Restaurants 144A |
|
|
|
|
|
|
|
11.625% 12/1/15 |
|
|
205,000 |
|
|
209,100 |
|
M/I Homes |
|
|
|
|
|
|
|
6.875% 4/1/12 |
|
|
90,000 |
|
|
84,150 |
|
Macy’s Retail Holdings |
|
|
|
|
|
|
|
6.375% 3/15/37 |
|
|
105,000 |
|
|
89,250 |
|
6.70% 7/15/34 |
|
|
15,000 |
|
|
12,750 |
|
7.875% 8/15/36 |
|
|
45,000 |
|
|
39,600 |
|
Meritage Homes |
|
|
|
|
|
|
|
6.25% 3/15/15 |
|
|
35,000 |
|
|
32,025 |
|
7.00% 5/1/14 |
|
|
160,000 |
|
|
152,800 |
|
Mobile Mini |
|
|
|
|
|
|
|
6.875%
5/1/15 |
|
|
145,000 |
|
|
136,300 |
|
Navistar International |
|
|
|
|
|
|
|
8.25% 11/1/21 |
|
|
140,000 |
|
|
138,250 |
|
Norcraft Holdings |
|
|
|
|
|
|
|
9.75% 9/1/12 |
|
|
145,000 |
|
|
138,475 |
|
Nordstrom |
|
|
|
|
|
|
|
6.75% 6/1/14 |
|
|
55,000 |
|
|
62,167 |
|
7.00% 1/15/38 |
|
|
35,000 |
|
|
38,181 |
* |
OSI Restaurant Partners |
|
|
|
|
|
|
|
10.00% 6/15/15 |
|
|
127,000 |
|
|
110,490 |
|
Quiksilver |
|
|
|
|
|
|
|
6.875% 4/15/15 |
|
|
200,000 |
|
|
154,000 |
|
Rite Aid 9.375% 12/15/15 |
|
|
275,000 |
|
|
231,687 |
# |
Standard Pacific Escrow |
|
|
|
|
|
|
|
144A 10.75%
9/15/16 |
|
|
75,000 |
|
|
74,625 |
|
Target 4.00% 6/15/13 |
|
|
60,000 |
|
|
63,768 |
* |
Tenneco |
|
|
|
|
|
|
|
8.625%
11/15/14 |
|
|
225,000 |
|
|
221,625 |
# |
Toys R Us Property 144A |
|
|
|
|
|
|
|
10.75%
7/15/17 |
|
|
5,000 |
|
|
5,363 |
# |
TRW Automotive 144A |
|
|
|
|
|
|
|
7.00% 3/15/14 |
|
|
100,000 |
|
|
95,125 |
|
7.25% 3/15/17 |
|
|
100,000 |
|
|
93,000 |
|
|
|
|
|
|
|
4,875,897 |
Consumer Non-Cyclical – 1.47% |
|
|
|
|
|
|
# |
Alliance One International |
|
|
|
|
|
|
|
144A 10.00% 7/15/16 |
|
|
205,000 |
|
|
216,274 |
# |
Anheuser-Busch InBev |
|
|
|
|
|
|
|
Worldwide 144A |
|
|
|
|
|
|
|
5.375% 11/15/14 |
|
|
45,000 |
|
|
48,835 |
|
5.375% 1/15/20 |
|
|
5,000 |
|
|
5,258 |
|
7.20% 1/15/14 |
|
|
50,000 |
|
|
57,477 |
|
Beckman Coulter |
|
|
|
|
|
|
|
6.00% 6/1/15 |
|
|
40,000 |
|
|
44,779 |
|
7.00% 6/1/19 |
|
|
40,000 |
|
|
46,564 |
# |
Cott Beverages 144A |
|
|
|
|
|
|
|
8.375% 11/15/17 |
|
|
85,000 |
|
|
85,213 |
|
Delhaize Group |
|
|
|
|
|
|
|
5.875% 2/1/14 |
|
|
10,000 |
|
|
10,918 |
# |
Dole Food 144A |
|
|
|
|
|
|
|
13.875%
3/15/14 |
|
|
91,000 |
|
|
107,380 |
# |
Ingles Markets 144A |
|
|
|
|
|
|
|
8.875%
5/15/17 |
|
|
115,000 |
|
|
118,738 |
# |
JBS USA Finance 144A |
|
|
|
|
|
|
|
11.625% 5/1/14 |
|
|
170,000 |
|
|
189,762 |
# |
JohnsonDiversey Holdings |
|
|
|
|
|
|
|
144A 10.50% 5/15/20 |
|
|
290,000 |
|
|
286,374 |
|
LVB Acquisition |
|
|
|
|
|
|
|
11.625%
10/15/17 |
|
|
110,000 |
|
|
120,175 |
|
LVB Acquisition PIK |
|
|
|
|
|
|
|
10.375% 10/15/17 |
|
|
85,000 |
|
|
91,588 |
# |
Medco Health Solutions |
|
|
|
|
|
|
|
144A 7.125% 3/15/18 |
|
|
95,000 |
|
|
110,117 |
# |
M-Foods Holdings 144A |
|
|
|
|
|
|
|
9.75% 10/1/13 |
|
|
65,000 |
|
|
67,925 |
(continues) 15
Statement of net assets
Delaware Enhanced Global Dividend and Income
Fund
|
|
Principal |
|
Value |
|
|
Amount° |
|
(U.S. $) |
Corporate Bonds
(continued) |
|
|
|
|
|
|
Consumer
Non-Cyclical (continued) |
|
|
|
|
|
|
# |
ServiceMaster PIK 144A |
|
|
|
|
|
|
|
10.75%
7/15/15 |
USD |
|
150,000 |
|
$ |
152,250 |
|
Smithfield Foods |
|
|
|
|
|
|
|
7.75%
5/15/13 |
|
|
155,000 |
|
|
144,538 |
# |
Smithfield
Foods 144A |
|
|
|
|
|
|
|
10.00%
7/15/14 |
|
|
35,000 |
|
|
36,838 |
# |
TOPS Markets 144A |
|
|
|
|
|
|
|
10.125%
10/15/15 |
|
|
135,000 |
|
|
139,050 |
|
Yale
University |
|
|
|
|
|
|
|
2.90%
10/15/14 |
|
|
75,000 |
|
|
76,985 |
|
Yankee
Acquisition |
|
|
|
|
|
|
|
9.75%
2/15/17 |
|
|
145,000 |
|
|
139,200 |
|
|
|
|
|
|
|
2,296,238 |
Energy –
5.05% |
|
|
|
|
|
|
# |
Antero
Resources Finance |
|
|
|
|
|
|
|
144A 9.375%
12/1/17 |
|
|
110,000 |
|
|
110,825 |
|
Chesapeake Energy |
|
|
|
|
|
|
|
9.50%
2/15/15 |
|
|
140,000 |
|
|
147,350 |
|
Complete
Production |
|
|
|
|
|
|
|
Services
8.00% 12/15/16 |
|
|
130,000 |
|
|
128,050 |
|
Copano Energy |
|
|
|
|
|
|
|
7.75%
6/1/18 |
|
|
125,000 |
|
|
125,000 |
|
Denbury
Resources |
|
|
|
|
|
|
|
7.50%
4/1/13 |
|
|
10,000 |
|
|
10,050 |
|
9.75%
3/1/16 |
|
|
105,000 |
|
|
111,563 |
*# |
Drummond 144A |
|
|
|
|
|
|
|
9.00%
10/15/14 |
|
|
135,000 |
|
|
138,375 |
|
Dynergy
Holdings |
|
|
|
|
|
|
|
7.75%
6/1/19 |
|
|
210,000 |
|
|
172,725 |
|
El Paso |
|
|
|
|
|
|
|
6.875%
6/15/14 |
|
|
44,000 |
|
|
43,560 |
|
7.00%
6/15/17 |
|
|
205,000 |
|
|
201,925 |
|
Enbridge
Energy Partners |
|
|
|
|
|
|
|
9.875%
3/1/19 |
|
|
60,000 |
|
|
76,669 |
|
Energy Transfer
Partners |
|
|
|
|
|
|
|
9.70%
3/15/19 |
|
|
45,000 |
|
|
56,287 |
|
Enterprise
Products |
|
|
|
|
|
|
|
Operating |
|
|
|
|
|
|
|
5.00%
3/1/15 |
|
|
20,000 |
|
|
21,024 |
|
·8.375%
8/1/66 |
|
|
75,000 |
|
|
73,123 |
|
9.75% 1/31/14 |
|
|
70,000 |
|
|
85,317 |
|
Forest Oil 7.25% 6/15/19 |
|
|
135,000 |
|
|
128,588 |
*# |
Headwaters 144A |
|
|
|
|
|
|
|
11.375% 11/1/14 |
|
|
140,000 |
|
|
143,850 |
# |
Helix Energy Solutions |
|
|
|
|
|
|
|
Group 144A |
|
|
|
|
|
|
|
9.50% 1/15/16 |
|
|
235,000 |
|
|
239,112 |
# |
Hercules Offshore 144A |
|
|
|
|
|
|
|
10.50% 10/15/17 |
|
|
140,000 |
|
|
142,100 |
# |
Hilcorp Energy I 144A |
|
|
|
|
|
|
|
7.75% 11/1/15 |
|
|
220,000 |
|
|
212,849 |
# |
Holly 144A |
|
|
|
|
|
|
|
9.875% 6/15/17 |
|
|
115,000 |
|
|
119,888 |
|
International Coal Group |
|
|
|
|
|
|
|
10.25% 7/15/14 |
|
|
180,000 |
|
|
175,500 |
* |
Key Energy Services |
|
|
|
|
|
|
|
8.375%
12/1/14 |
|
|
250,000 |
|
|
245,312 |
|
Kinder Morgan Energy |
|
|
|
|
|
|
|
Partners |
|
|
|
|
|
|
|
6.85% 2/15/20 |
|
|
15,000 |
|
|
17,047 |
|
9.00% 2/1/19 |
|
|
30,000 |
|
|
37,049 |
|
Lukoil International Finance |
|
|
|
|
|
|
|
6.356% 6/7/17 |
|
|
1,000,000 |
|
|
977,499 |
|
Mariner Energy |
|
|
|
|
|
|
|
8.00%
5/15/17 |
|
|
270,000 |
|
|
256,499 |
|
MarkWest Energy Partners |
|
|
|
|
|
|
|
8.75% 4/15/18 |
|
|
125,000 |
|
|
126,563 |
# |
Midcontinent Express |
|
|
|
|
|
|
|
Pipeline 144A |
|
|
|
|
|
|
|
6.70% 9/15/19 |
|
|
40,000 |
|
|
40,931 |
# |
Murray Energy 144A |
|
|
|
|
|
|
|
10.25% 10/15/15 |
|
|
110,000 |
|
|
108,350 |
|
Nexen 7.50% 7/30/39 |
|
|
60,000 |
|
|
67,709 |
|
Noble Energy |
|
|
|
|
|
|
|
8.25% 3/1/19 |
|
|
60,000 |
|
|
72,920 |
|
OPTI Canada |
|
|
|
|
|
|
|
7.875% 12/15/14 |
|
|
255,000 |
|
|
203,999 |
|
Petrobras International |
|
|
|
|
|
|
|
Finance |
|
|
|
|
|
|
|
5.75% 1/20/20 |
|
|
45,000 |
|
|
46,069 |
|
PetroHawk Energy |
|
|
|
|
|
|
|
7.875% 6/1/15 |
|
|
55,000 |
|
|
55,138 |
|
Petroleum Development |
|
|
|
|
|
|
|
12.00% 2/15/18 |
|
|
145,000 |
|
|
147,175 |
|
Plains All American Pipeline |
|
|
|
|
|
|
|
5.75%
1/15/20 |
|
|
105,000 |
|
|
109,287 |
|
Plains Exploration |
|
|
|
|
|
|
|
& Production |
|
|
|
|
|
|
|
8.625% 10/15/19 |
|
|
25,000 |
|
|
25,188 |
|
Pride International |
|
|
|
|
|
|
|
8.50% 6/15/19 |
|
|
50,000 |
|
|
55,625 |
|
Quicksilver Resources |
|
|
|
|
|
|
|
7.125% 4/1/16 |
|
|
115,000 |
|
|
104,363 |
|
11.75% 1/1/16 |
|
|
30,000 |
|
|
33,488 |
|
Regency Energy Partners |
|
|
|
|
|
|
|
8.375% 12/15/13 |
|
|
85,000 |
|
|
87,763 |
# |
SandRidge Energy 144A |
|
|
|
|
|
|
|
9.875% 5/15/16 |
|
|
185,000 |
|
|
190,550 |
|
TNK-BP Finance |
|
|
|
|
|
|
|
7.875% 3/13/18 |
|
|
2,000,000 |
|
|
2,017,499 |
· |
TransCanada PipeLines |
|
|
|
|
|
|
|
6.35% 5/15/67 |
|
|
45,000 |
|
|
42,167 |
|
Weatherford International |
|
|
|
|
|
|
|
4.95% 10/15/13 |
|
|
45,000 |
|
|
47,835 |
|
5.95% 6/15/12 |
|
|
25,000 |
|
|
27,057 |
# |
Woodside Finance 144A |
|
|
|
|
|
|
|
4.50%
11/10/14 |
|
|
45,000 |
|
|
46,117 |
|
5.00% 11/15/13 |
|
|
20,000 |
|
|
20,886 |
|
|
|
|
|
|
|
7,873,815 |
16
|
|
Principal |
|
Value |
|
|
Amount° |
|
(U.S.
$) |
Corporate Bonds (continued) |
|
|
|
|
|
|
Finance & Investments –
1.21% |
|
|
|
|
|
|
|
Capital One Capital V |
|
|
|
|
|
|
|
10.25% 8/15/39 |
USD |
|
200,000 |
|
$ |
220,549 |
|
Cardtronics |
|
|
|
|
|
|
|
9.25% 8/15/13 |
|
|
125,000 |
|
|
127,813 |
|
General Electric Capital |
|
|
|
|
|
|
|
6.00% 8/7/19 |
|
|
250,000 |
|
|
263,824 |
*·# |
ILFC E-Capital Trust II 144A |
|
|
|
|
|
|
|
6.25% 12/21/65 |
|
|
50,000 |
|
|
23,500 |
|
International Lease Finance |
|
|
|
|
|
|
|
5.25% 1/10/13 |
|
|
135,000 |
|
|
108,878 |
|
5.35% 3/1/12 |
|
|
65,000 |
|
|
55,472 |
|
5.55% 9/5/12 |
|
|
90,000 |
|
|
72,531 |
|
5.625% 9/20/13 |
|
|
165,000 |
|
|
129,958 |
|
5.875% 5/1/13 |
|
|
30,000 |
|
|
23,785 |
|
6.375% 3/25/13 |
|
|
70,000 |
|
|
56,389 |
|
6.625% 11/15/13 |
|
|
145,000 |
|
|
117,133 |
|
MetLife 6.40% 12/15/36 |
|
|
155,000 |
|
|
131,363 |
·# |
MetLife Capital Trust X 144A |
|
|
|
|
|
|
|
9.25% 4/8/38 |
|
|
125,000 |
|
|
131,250 |
@# |
Nuveen Investments 144A |
|
|
|
|
|
|
|
10.50% 11/15/15 |
|
|
415,000 |
|
|
367,274 |
|
WellPoint |
|
|
|
|
|
|
|
6.00% 2/15/14 |
|
|
30,000 |
|
|
32,800 |
|
7.00% 2/15/19 |
|
|
25,000 |
|
|
28,798 |
|
|
|
|
|
|
|
1,891,317 |
Media – 2.34% |
|
|
|
|
|
|
|
Affinion Group |
|
|
|
|
|
|
|
11.50% 10/15/15 |
|
|
100,000 |
|
|
104,500 |
# |
Cablevision Systems 144A |
|
|
|
|
|
|
|
8.625%
9/15/17 |
|
|
75,000 |
|
|
77,250 |
# |
Cengage Learning |
|
|
|
|
|
|
|
Acquisitions 144A |
|
|
|
|
|
|
|
10.50% 1/15/15 |
|
|
80,000 |
|
|
74,600 |
# |
Charter Communications |
|
|
|
|
|
|
|
Operating 144A |
|
|
|
|
|
|
|
8.00% 4/30/12 |
|
|
45,000 |
|
|
46,013 |
|
8.375% 4/30/14 |
|
|
95,000 |
|
|
97,138 |
|
10.875%
9/15/14 |
|
|
520,000 |
|
|
581,749 |
# |
Columbus |
|
|
|
|
|
|
|
International 144A |
|
|
|
|
|
|
|
11.50% 11/20/14 |
|
|
130,000 |
|
|
133,744 |
|
Comcast |
|
|
|
|
|
|
|
4.95% 6/15/16 |
|
|
45,000 |
|
|
47,052 |
|
6.50% 1/15/15 |
|
|
20,000 |
|
|
22,507 |
# |
COX Communications 144A |
|
|
|
|
|
|
|
5.875% 12/1/16 |
|
|
25,000 |
|
|
26,479 |
|
6.95% 6/1/38 |
|
|
10,000 |
|
|
10,682 |
|
8.375%
3/1/39 |
|
|
25,000 |
|
|
30,694 |
|
DIRECTV Holdings |
|
|
|
|
|
|
|
7.625% 5/15/16 |
|
|
70,000 |
|
|
75,521 |
|
DISH DBS 7.875% 9/1/19 |
|
|
80,000 |
|
|
81,000 |
# |
DISH DBS 144A |
|
|
|
|
|
|
|
7.875% 9/1/19 |
|
|
55,000 |
|
|
55,688 |
@ |
Grupo Televisa |
|
|
|
|
|
|
|
8.49% 5/11/37 |
MXN |
|
10,000,000 |
|
|
649,799 |
# |
MDC Partners 144A |
|
|
|
|
|
|
|
11.00% 11/1/16 |
USD |
|
70,000 |
|
|
70,350 |
# |
Mediacom Capital 144A |
|
|
|
|
|
|
|
9.125% 8/15/19 |
|
|
140,000 |
|
|
142,800 |
|
Nielsen Finance |
|
|
|
|
|
|
|
10.00% 8/1/14 |
|
|
110,000 |
|
|
114,125 |
|
11.50%
5/1/16 |
|
|
40,000 |
|
|
43,200 |
|
*11.625% 2/1/14 |
|
|
35,000 |
|
|
37,800 |
|
W12.50% 8/1/16 |
|
|
95,000 |
|
|
83,600 |
# |
Nielsen Finance 144A |
|
|
|
|
|
|
|
11.625%
2/1/14 |
|
|
50,000 |
|
|
54,000 |
*# |
Sinclair Television Group |
|
|
|
|
|
|
|
144A 9.25% 11/1/17 |
|
|
95,000 |
|
|
96,781 |
# |
Terremark Worldwide 144A |
|
|
|
|
|
|
|
12.00%
6/15/17 |
|
|
95,000 |
|
|
104,144 |
|
Time Warner Cable |
|
|
|
|
|
|
|
6.75% 7/1/18 |
|
|
20,000 |
|
|
22,363 |
*# |
Univision Communications |
|
|
|
|
|
|
|
144A 12.00% 7/1/14 |
|
|
95,000 |
|
|
103,788 |
# |
UPC Holding 144A |
|
|
|
|
|
|
|
9.875% 4/15/18 |
|
|
100,000 |
|
|
104,500 |
# |
Vivendi 144A |
|
|
|
|
|
|
|
5.75% 4/4/13 |
|
|
85,000 |
|
|
90,469 |
|
6.625% 4/4/18 |
|
|
45,000 |
|
|
49,366 |
|
WPP Finance UK |
|
|
|
|
|
|
|
8.00% 9/15/14 |
|
|
100,000 |
|
|
114,112 |
|
XM Satellite Radio |
|
|
|
|
|
|
|
Holdings
PIK |
|
|
|
|
|
|
|
10.00% 6/1/11 |
|
|
185,000 |
|
|
177,600 |
# |
XM Satellite Radio 144A |
|
|
|
|
|
|
|
13.00% 8/1/13 |
|
|
125,000 |
|
|
130,313 |
|
|
|
|
|
|
|
3,653,727 |
Real Estate – 0.17% |
|
|
|
|
|
|
|
Developers Diversified |
|
|
|
|
|
|
|
Realty 9.625% 3/15/16 |
|
|
45,000 |
|
|
46,911 |
# |
Felcor Lodging 144A |
|
|
|
|
|
|
|
10.00%
10/1/14 |
|
|
130,000 |
|
|
127,400 |
|
ProLogis |
|
|
|
|
|
|
|
7.375% 10/30/19 |
|
|
60,000 |
|
|
60,938 |
* |
Regency Centers |
|
|
|
|
|
|
|
5.875% 6/15/17 |
|
|
35,000 |
|
|
33,587 |
|
|
|
|
|
|
|
268,836 |
Services Cyclical – 2.02% |
|
|
|
|
|
|
|
ARMARK 8.50% 2/1/15 |
|
|
80,000 |
|
|
80,600 |
# |
Ashtead Capital 144A |
|
|
|
|
|
|
|
9.00%
8/15/16 |
|
|
100,000 |
|
|
98,500 |
|
Avis Budget Car Rental |
|
|
|
|
|
|
|
7.625% 5/15/14 |
|
|
185,000 |
|
|
171,125 |
|
7.75% 5/15/16 |
|
|
125,000 |
|
|
112,500 |
|
CSX 5.75% 3/15/13 |
|
|
25,000 |
|
|
27,321 |
|
Delta Air Lines |
|
|
|
|
|
|
|
7.92% 11/18/10 |
|
|
90,000 |
|
|
90,000 |
(continues) 17
Statement
of net assets
Delaware Enhanced Global
Dividend and Income Fund
|
|
Principal |
|
Value |
|
|
Amount° |
|
(U.S.
$) |
Corporate Bonds (continued) |
|
|
|
|
|
|
Services Cyclical (continued) |
|
|
|
|
|
|
# |
Delta Air Lines 144A |
|
|
|
|
|
|
|
9.50%
9/15/14 |
USD
|
|
60,000 |
|
$ |
61,200 |
# |
Galaxy Entertainment |
|
|
|
|
|
|
|
Finance
144A |
|
|
|
|
|
|
|
9.875%
12/15/12 |
|
|
305,000 |
|
|
308,049 |
|
Gaylord Entertainment |
|
|
|
|
|
|
|
6.75%
11/15/14 |
|
|
80,000 |
|
|
72,800 |
# |
General Maritime 144A |
|
|
|
|
|
|
|
12.00%
11/15/17 |
|
|
80,000 |
|
|
83,400 |
|
Global Cash Access |
|
|
|
|
|
|
|
8.75%
3/15/12 |
|
|
40,000 |
|
|
39,350 |
# |
Harrah’s Operating 144A |
|
|
|
|
|
|
|
10.00%
12/15/18 |
|
|
225,000 |
|
|
172,125 |
* |
Hertz 10.50% 1/1/16 |
|
|
140,000 |
|
|
146,300 |
|
Kansas City Southern |
|
|
|
|
|
|
|
de
Mexico |
|
|
|
|
|
|
|
9.375%
5/1/12 |
|
|
250,000 |
|
|
256,875 |
|
MGM Mirage |
|
|
|
|
|
|
|
6.625%
7/15/15 |
|
|
60,000 |
|
|
45,000 |
|
7.50%
6/1/16 |
|
|
175,000 |
|
|
133,438 |
|
*7.625%
1/15/17 |
|
|
130,000 |
|
|
99,450 |
|
13.00%
11/15/13 |
|
|
95,000 |
|
|
108,181 |
|
Mohegan Tribal |
|
|
|
|
|
|
|
Gaming
Authority |
|
|
|
|
|
|
|
7.125%
8/15/14 |
|
|
95,000 |
|
|
60,325 |
*# |
NCL 144A |
|
|
|
|
|
|
|
11.75%
11/15/16 |
|
|
70,000 |
|
|
69,388 |
|
PHH 7.125% 3/1/13 |
|
|
135,000 |
|
|
126,563 |
|
Pinnacle Entertainment |
|
|
|
|
|
|
|
7.50%
6/15/15 |
|
|
330,000 |
|
|
295,350 |
|
Royal Caribbean Cruises |
|
|
|
|
|
|
|
6.875%
12/1/13 |
|
|
125,000 |
|
|
118,125 |
* |
RSC Equipment Rental |
|
|
|
|
|
|
|
9.50%
12/1/14 |
|
|
210,000 |
|
|
206,588 |
# |
Shingle Springs Tribal |
|
|
|
|
|
|
|
Gaming
Authority |
|
|
|
|
|
|
|
144A
9.375% 6/15/15 |
|
|
230,000 |
|
|
167,900 |
|
|
|
|
|
|
|
3,150,453 |
Services Non-Cyclical – 1.91% |
|
|
|
|
|
|
|
Accellent 10.50% 12/1/13 |
|
|
100,000 |
|
|
96,750 |
# |
Alliance HealthCare |
|
|
|
|
|
|
|
Services
144A |
|
|
|
|
|
|
|
8.00%
12/1/16 |
|
|
65,000 |
|
|
64,350 |
|
Allied Waste |
|
|
|
|
|
|
|
North
America |
|
|
|
|
|
|
|
6.875%
6/1/17 |
|
|
10,000 |
|
|
10,603 |
|
7.125%
5/15/16 |
|
|
105,000 |
|
|
111,444 |
* |
Bausch & Lomb |
|
|
|
|
|
|
|
9.875%
11/1/15 |
|
|
205,000 |
|
|
211,663 |
# |
CareFusion 144A |
|
|
|
|
|
|
|
6.375%
8/1/19 |
|
|
105,000 |
|
|
116,583 |
|
Casella Waste Systems |
|
|
|
|
|
|
|
9.75%
2/1/13 |
|
|
305,000 |
|
|
298,900 |
|
Cornell 10.75% 7/1/12 |
|
|
60,000 |
|
|
61,500 |
|
DJO Finance |
|
|
|
|
|
|
|
10.875%
11/15/14 |
|
|
120,000 |
|
|
126,900 |
|
HCA 9.25% 11/15/16 |
|
|
175,000 |
|
|
185,500 |
|
Hospira 6.40% 5/15/15 |
|
|
155,000 |
|
|
175,717 |
|
Inverness Medical |
|
|
|
|
|
|
|
Innovations |
|
|
|
|
|
|
|
9.00%
5/15/16 |
|
|
160,000 |
|
|
162,800 |
* |
Psychiatric Solutions |
|
|
|
|
|
|
|
7.75%
7/15/15 |
|
|
140,000 |
|
|
135,800 |
# |
Psychiatric Solutions 144A |
|
|
|
|
|
|
|
7.75%
7/15/15 |
|
|
60,000 |
|
|
56,700 |
|
Quest Diagnostic |
|
|
|
|
|
|
|
5.45%
11/1/15 |
|
|
120,000 |
|
|
132,456 |
|
6.40%
7/1/17 |
|
|
35,000 |
|
|
39,315 |
|
Select Medical |
|
|
|
|
|
|
|
7.625%
2/1/15 |
|
|
345,000 |
|
|
332,063 |
|
Tenet Healthcare |
|
|
|
|
|
|
|
7.375%
2/1/13 |
|
|
135,000 |
|
|
133,650 |
|
UnitedHealth Group |
|
|
|
|
|
|
|
5.50%
11/15/12 |
|
|
80,000 |
|
|
86,059 |
|
5.80%
3/15/36 |
|
|
10,000 |
|
|
9,367 |
|
6.00%
2/15/18 |
|
|
25,000 |
|
|
26,671 |
|
Universal Hospital Services |
|
|
|
|
|
|
|
PIK
8.50% 6/1/15 |
|
|
120,000 |
|
|
118,800 |
· |
US Oncology Holdings |
|
|
|
|
|
|
|
6.428%
3/15/12 |
|
|
280,000 |
|
|
253,400 |
|
WellPoint |
|
|
|
|
|
|
|
5.00%
1/15/11 |
|
|
15,000 |
|
|
15,575 |
|
5.00%
12/15/14 |
|
|
16,000 |
|
|
17,108 |
|
|
|
|
|
|
|
2,979,674 |
Technology – 0.70% |
|
|
|
|
|
|
|
CA 5.375% 12/1/19 |
|
|
20,000 |
|
|
20,543 |
|
Cisco Systems |
|
|
|
|
|
|
|
4.45%
1/15/20 |
|
|
35,000 |
|
|
35,673 |
|
First Data 9.875% 9/24/15 |
|
|
280,000 |
|
|
250,600 |
* |
Freescale Semiconductor |
|
|
|
|
|
|
|
8.875%
12/15/14 |
|
|
165,000 |
|
|
141,075 |
* |
Sanmina-SCI |
|
|
|
|
|
|
|
8.125%
3/1/16 |
|
|
231,000 |
|
|
225,803 |
* |
SunGard Data Systems |
|
|
|
|
|
|
|
10.25%
8/15/15 |
|
|
250,000 |
|
|
257,500 |
# |
Unisys 144A |
|
|
|
|
|
|
|
12.75%
10/15/14 |
|
|
110,000 |
|
|
123,200 |
|
Xerox 8.25% 5/15/14 |
|
|
35,000 |
|
|
40,758 |
|
|
|
|
|
|
|
1,095,152 |
Telecommunications – 5.21% |
|
|
|
|
|
|
|
American Tower |
|
|
|
|
|
|
|
7.00%
10/15/17 |
|
|
50,000 |
|
|
55,250 |
|
AT&T 6.50% 9/1/37 |
|
|
115,000 |
|
|
122,630 |
|
Cincinnati Bell |
|
|
|
|
|
|
|
8.25%
10/15/17 |
|
|
100,000 |
|
|
99,750 |
|
Citizens Utilities |
|
|
|
|
|
|
|
7.125%
3/15/19 |
|
|
120,000 |
|
|
112,500 |
# |
Clearwire Communications |
|
|
|
|
|
|
|
144A
12.00% 12/1/15 |
|
|
280,000 |
|
|
275,975 |
18
|
|
Principal |
|
Value |
|
|
Amount° |
|
(U.S.
$) |
Corporate Bonds (continued) |
|
|
|
|
|
|
Telecommunications (continued) |
|
|
|