Edgar Filing: Delaware Enhanced Global Dividend & Income Fund

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, 2011

Item 1. Reports to Stockholders





Annual Report	Delaware Enhanced Global Dividend and Income Fund

	November 30, 2011









	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.




	Closed-end fund

Table of contents

Portfolio management review	1
Performance summary	4
Security type/sector/country allocations	6
Statement of net assets	8
Statement of operations	23
Statements of changes in net assets	24
Statement of cash flows	25
Financial highlights	26
Notes to financial statements	27
Report of independent registered public accounting firm	37
Other Fund information	38
Board of trustees/directors and officers addendum	45
About the organization	48

Unless otherwise noted, views expressed herein are current as of Nov. 30, 2011, and 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, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

©2012 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
December 6, 2011

Performance preview (for the year ended November 30, 2011)
Delaware Enhanced Global Dividend and Income Fund @ market price	1-year return	-2.01%
Delaware Enhanced Global Dividend and Income Fund @ NAV	1-year return	+1.77%
Lipper Closed-end Global Funds Average @ market price	1-year return	-2.72%
Lipper Closed-end Global Funds Average @ NAV	1-year return	+2.05%

Past performance does not guarantee future results.
For complete, annualized performance for Delaware Enhanced 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 +1.77% at net asset value and -2.01% at market price (both figures reflect all distributions reinvested) for its fiscal year ended Nov. 30, 2011. Complete annualized performance information for the Fund is shown in the table on page 4.

An up-and-down year for investors

Global financial markets were highly volatile during the Fund’s fiscal year, but especially in the period’s second half, with much of the turmoil coming from the mounting debt crisis in Europe.

Greece remained at the center of the crisis, though other troubled countries shifted to the forefront of investors’ minds. Italy emerged as the newest and most serious trouble spot — given the nation’s role as the euro zone’s third-largest economy, coupled with its very high debt burden and low growth rate. Investors began to worry that the region’s political and monetary institutions were not up to the challenge of repairing the damage. Although these serious issues remained unresolved at the close of the Fund’s fiscal year in late November 2011, financial markets did respond favorably to several potentially productive steps taken by policy makers.

Global financial markets were also affected by concerns about the health of the U.S. economy. In the first half of the Fund’s fiscal year, evidence pointed to sluggish but steady economic growth. Against this backdrop, the S&P 500^® Index, a measure of the broad stock market in the United States, continued to trend upward. Beginning in late July 2011, however, market conditions began to deteriorate, due in part to skepticism about whether U.S. political leaders would successfully handle the nation’s own debt-related issues. In early August 2011, credit rating agency Standard & Poor’s demonstrated this uncertainty by downgrading the U.S. sovereign credit rating for the first time in history. Although corporate earnings remained healthy, a weak patch of economic data combined with mounting concerns about the budget caused the S&P 500 Index to fall significantly between July 22 and Oct. 3, 2011, when it reached its lowest level in more than a year.

In the final months of the Fund’s fiscal year, however, an increasing amount of data suggested an improving U.S. economy. Unemployment, although still high, drifted downward, and increased confidence in the direction of interest rates was another positive indicator for investors. The S&P 500 Index finished the Fund’s fiscal year on a strong upswing with an overall gain of 7.84% for the 12-month period.

The MSCI ACWI (All Country World Index), a broad measure of equity market performance around the world, followed a similar trajectory but significantly lagged the S&P 500 Index, declining 0.36% (net) over the same 12-month period. Emerging market equities fared worse, as investors appeared to remain cautious about risk and to question the sustainability of China’s economic growth.

Concern about credit risk weighed on the performance of other asset classes in which the Fund invests. High yield corporate bonds, for example, which made up roughly one-third of Fund assets at the end of the Fund’s fiscal year, found a difficult environment during those periods when risk aversion appeared greatest, though they also benefited considerably during times of positive investor sentiment. During the Fund’s fiscal year, the high yield bond market generated a modest gain of 3.63%, as

Unless otherwise noted, views expressed herein are current as of Nov. 30, 2011, and subject to change.

(continues) 1

Portfolio management review

Delaware Enhanced Global Dividend and Income Fund

measured by the BofA Merrill Lynch U.S. High Yield Constrained Index. Investment grade bonds, while not immune to credit-quality concerns, fared better than their lower-rated counterparts, as investors preferred higher-quality, lower-risk investments during much of the Fund’s fiscal year.

Credit worries posed a challenge for the securities of global property companies as well, given their dependence on affordable and available credit to help finance their operations and development activity. Emerging market real estate securities encountered difficulties as monetary policy makers in these fast-growing regions favored raising interest rates. The low-interest-rate environment of the U.S., in contrast, provided a better backdrop for real estate investment trusts (REITs). Overall, global real estate securities declined 0.81% during the Fund’s fiscal year, as measured by the FTSE EPRA/NAREIT Developed Index.

Shifting away from international securities, toward high yield

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, REITs, large-cap value stocks, convertible preferred stocks, international value stocks, emerging market equities, emerging market debt securities, and international currencies.

One notable change that we made to the Fund during its fiscal year was to generally reduce its exposure to international securities because of our mounting concerns about market and economic conditions in Europe and Asia. Accordingly, the Fund’s allocation to international equities dropped from about 19% at the beginning of the Fund’s fiscal year to roughly 12% at Nov. 30, 2011.

We boosted the Fund’s allocation to high yield bonds, as we believed a number of companies in this asset class held up relatively well despite daunting market conditions, and the Fund maintained a significant allocation throughout the entire fiscal year. This positioning aided the Fund’s return during the first several months of its fiscal year, as strong demand for yield gave the market a steady bid for high yield bonds. Our emphasis on higher-quality (less distressed) securities, however, slightly muted this positive effect. During the final months of the Fund’s fiscal year, this same allocation to high yield bonds hindered the Fund’s relative performance somewhat, as investors seemed to largely flee from risky securities. The relative higher quality of the Fund’s allocation to this asset class, however, helped diminish the negative effect of these holdings.

During the fiscal year we also increased the Fund’s exposure to U.S. large-cap value securities, which we believed offered stronger performance potential and increased defensiveness amid a difficult environment. As the fiscal year drew to a close, we believed valuations across U.S. equities were generally higher than they should be. Anticipating ongoing slow growth, we maintained the Fund’s defensive positioning among large-cap value, geared to emphasize less-cyclical stocks. While circumstances can change quickly, we expect to maintain this less cyclical positioning until we see more lasting improvements in market and economic conditions.

Areas of potential opportunity

Given recent market shifts, we believe that U.S. REITs are among market segments that have become attractively priced. Convertible securities, offering yields in the neighborhood of 4% at the end of the Fund’s fiscal year, also strike us as relatively inexpensive (data: Barclays Capital). High yield bonds remain vulnerable to credit risk, though high yield issuers’ balance sheets are generally stronger now than before the financial crisis, and we believe they are less vulnerable to serious credit-related challenges than they were in the past.

Looking elsewhere, we believe the decision of monetary policy makers in Asia to raise interest rates may provide a compelling reason to look to the region as a source of increased income.

Against this backdrop, we continue to keep a close eye on market conditions and the relative value between asset types. In keeping with the Fund’s investment objective, we will continue to seek to provide current income, diversified across multiple global asset classes.

Performance summary

Delaware Enhanced Global Dividend and Income Fund

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please obtain the performance data for the most recent month end by calling 800 523-1918.

Fund performance
Average annual total returns
through November 30, 2011	1 year	3 years	Lifetime

At market price (inception date June 29, 2007)	-2.01%	+36.69%	-0.70%
At net asset value (inception date June 29, 2007)	+1.77%	+22.36%	+0.17%

Instances of high double-digit returns are unusual, cannot be sustained, and were primarily achieved during favorable market conditions.

Diversification may not protect against market risk.

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 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.

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.

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 borrows through a line of credit for purposes of leveraging. Leveraging may result in higher degrees of volatility because the Fund’s net asset value could be subject to fluctuations in short-term interest rates and changes in market value of portfolio securities attributable to leverage.

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.

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 November 30, 2011

Fund objective

The Fund’s primary investment objective is to seek current income. Capital appreciation is a secondary objective.

Total Fund net assets

$ 179 million

Number of holdings

720

Fund start date

June 29, 2007

NYSE symbol

DEX

Market price versus net asset value (see notes below)
November 30, 2010, through November 30, 2011

	Starting value (Nov. 30, 2010)	Ending value (Nov. 30, 2011)
Delaware Enhanced Global Dividend and Income Fund @ NAV	$12.32	$11.35
Delaware Enhanced Global Dividend and Income Fund @ market price	$12.31	$10.92

Past performance is not a guarantee of future results.

Performance of a $10,000 investment
Average annual total returns from June 29, 2007 (Fund’s inception) through November 30, 2011

	Starting value (June 29, 2007)	Ending value (Nov. 30, 2011)
Delaware Enhanced Global Dividend and Income Fund @ NAV	$10,000	$10,075
Delaware Enhanced Global Dividend and Income Fund @ market price	$10,000	$9,693
Lipper Closed-end Global Funds Average @ NAV	$10,000	$8,891
Lipper Closed-end Global Funds Average @ market price	$10,000	$8,796

The “Performance of a $10,000 investment” graph assumes $10,000 invested in the Fund on June 29, 2007, and includes the reinvestment of all distributions at market value. The graph 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 graphs 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 funds that invest at least 25% of their portfolios in securities traded outside of the United States and that may own U.S. securities as well (source: Lipper).

The BofA Merrill Lynch U.S. High Yield Constrained Index, formerly the Merrill Lynch U.S. High Yield Master II Constrained Index, tracks the performance of U.S. dollar–denominated high yield corporate debt publicly issued in the U.S. domestic market, but caps individual issuer exposure at 2% of the benchmark.

The FTSE EPRA/NAREIT Developed Index tracks the performance of listed real estate companies and real estate investment trusts (REITs) worldwide, based in U.S. dollars.

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.

Security type/sector/country allocations

Delaware Enhanced Global Dividend and Income Fund
As of November 30, 2011

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/sector	of Net Assets
Common Stock	55.04	%
Consumer Discretionary	5.09	%
Consumer Staples	6.69	%
Diversified REITs	0.50	%
Energy	5.26	%
Financials	5.05	%
Healthcare	7.38	%
Healthcare REITs	0.27	%
Hotel REITs	0.42	%
Industrial REITs	0.69	%
Industrials	5.80	%
Information Technology	4.13	%
Mall REITs	0.65	%
Manufactured Housing REIT	0.08	%
Materials	3.77	%
Mixed REITs	0.56	%
Mortgage REITs	0.23	%
Multifamily REITs	0.26	%
Office REITs	0.58	%
Real Estate Management & Development	0.13	%
Self-Storage REITs	0.14	%
Shopping Center REITs	0.72	%
Single Tenant REIT	0.16	%
Specialty REITs	0.29	%
Telecommunications	3.72	%
Utilities	2.47	%
Convertible Preferred Stock	2.12	%
Agency Collateralized Mortgage Obligations	0.21	%
Agency Mortgage-Backed Securities	1.30	%
Commercial Mortgage-Backed Securities	0.84	%
Convertible Bonds	11.21	%
Capital Goods	1.20	%
Communications	1.79	%
Consumer Cyclical	0.76	%
Consumer Non-Cyclical	1.87	%
Energy	0.40	%
Financials	1.08	%
Industrials	0.20	%
Real Estate	0.30	%
Services	0.56	%
Technology	3.05	%
Corporate Bonds	34.24	%
Automotive	1.51	%
Banking	1.20	%
Basic Industry	4.09	%
Brokerage	0.03	%
Capital Goods	2.34	%
Communications	3.48	%
Consumer Cyclical	2.04	%
Consumer Non-Cyclical	1.33	%
Energy	5.37	%
Financials	0.81	%
Healthcare	1.72	%
Industrials	0.03	%
Insurance	0.98	%
Media	2.19	%
Natural Gas	0.11	%
Real Estate	0.10	%
Services	3.61	%
Technology	2.22	%
Transportation	0.07	%
Utilities	1.01	%
Non-Agency Asset-Backed Securities	0.13	%
Non-Agency Collateralized Mortgage Obligations	0.15	%
Senior Secured Loans	0.68	%
Sovereign Bonds	5.69	%
U.S. Treasury Obligations	0.27	%
Leveraged Non-Recourse Security	0.00	%
Residual Interest Trust Certificate	0.00	%
Exchange-Traded Fund	2.41	%
Limited Partnership	0.02	%
Preferred Stock	0.81	%
Warrants	0.00	%
Short-Term Investments	11.07	%
Securities Lending Collateral	7.51	%
Total Value of Securities	133.70	%
Written Option	(0.00	%)
Obligation to Return Securities Lending Collateral	(7.73	%)
Borrowing Under Line of Credit	(28.27	%)
Receivables and Other Assets Net of Other Liabilities	2.30	%
Total Net Assets	100.00	%

	Percentage
Country	of Net Assets
Australia	1.54	%
Barbados	0.16	%
Bermuda	0.53	%
Brazil	4.14	%
Canada	3.70	%
Cayman Islands	0.62	%
Chile	0.38	%
China	0.93	%
Curacao	0.01	%
France	6.29	%
Germany	1.23	%
Hong Kong	1.02	%
Indonesia	0.67	%
Ireland	0.40	%
Israel	0.95	%
Japan	4.09	%
Jersey	0.23	%
Luxembourg	1.11	%
Mexico	1.02	%
Netherlands	1.64	%
Norway	0.01	%
Panama	1.02	%
Poland	0.58	%
Republic of Korea	0.25	%
Russia	0.42	%
Singapore	0.05	%
Spain	0.41	%
Supranational	0.11	%
Sweden	1.10	%
Switzerland	1.58	%
Taiwan	0.23	%
Thailand	0.14	%
Turkey	0.11	%
United Kingdom	5.82	%
United States	72.63	%
Total	115.12	%

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 8 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.

Statement of net assets

Delaware Enhanced Global Dividend and Income Fund
November 30, 2011

		Number of	Value
		Shares	(U.S. $)
Common Stock – 55.04%v
Consumer Discretionary – 5.09%
=∏	Avado Brands	272	$	0
	Bayerische Motoren Werke	10,414		789,484
†	DIRECTV Class A	2,250		106,245
	Don Quijote	28,500		982,408
*	Genuine Parts	14,800		865,800
	Hyundai Home Shopping Network	4,422		443,124
	Lowe’s	33,700		809,137
	Mattel	30,800		887,348
	PPR	3,401		509,675
	Promotora de Informaciones ADR	22,600		119,554
	Publicis Groupe	11,956		571,139
	Sumitomo Rubber Industries	16,961		203,466
*	Techtronic Industries	690,000		633,421
	Toyota Motor	36,105		1,189,110
	Yue Yuen Industrial Holdings	353,500		1,030,227
				9,140,138
Consumer Staples – 6.69%
	Aryzta	31,154		1,504,088
	Coca-Cola Amatil	95,733		1,168,239
	ConAgra Foods	50,200		1,268,052
	Greggs	187,667		1,466,689
	Kimberly-Clark	18,000		1,286,460
	Kraft Foods Class A	36,900		1,333,935
	Lorillard	11,100		1,238,982
	Safeway	63,300		1,266,000
	Tesco	229,866		1,468,168
				12,000,613
Diversified REITs – 0.50%
	Champion REIT	125,000		49,228
	Corio	2,648		118,085
	Cyrela Brazil Realty	4,100		34,078
*	Investors Real Estate Trust	10,260		72,025
	Lexington Realty Trust	32,170		243,849
	Mapletree Logistics Trust	70,000		45,804
	Nieuwe Steen Investments	89		1,181
	Orix JREIT	17		71,837
	Stockland	70,059		251,155
	Vornado Realty Trust	128		9,530
				896,772
Energy – 5.26%
	Banpu NVDR	13,863		250,468
	Chevron	8,100		832,842
	CNOOC	553,000		1,074,250
	ConocoPhillips	11,900		848,708
	Petroleo Brasileiro ADR	41,400		1,037,898
	Royal Dutch Shell ADR	17,400		1,256,106
	Spectra Energy	30,200		888,484
	Total	25,487		1,314,989
*	Total ADR	24,300		1,257,282
	Williams	21,200		684,336
				9,445,363
Financials – 5.05%
	Allstate	47,600		1,275,204
	AXA	35,522		514,365
	Bank of New York Mellon	30,900		601,314
*	Fifth Street Finance	29,454		288,060
	Gallagher (Arthur J.)	34,900		1,081,202
	Marsh & McLennan	28,100		848,339
*	Mitsubishi UFJ Financial Group	257,028		1,125,932
	Nordea Bank	97,015		772,373
	Nordea Bank FDR	24,123		192,092
	Solar Capital	8,100		186,462
	Standard Chartered	51,797		1,128,094
	Travelers	18,600		1,046,250
				9,059,687
Healthcare – 7.38%
	Abbott Laboratories	17,800		970,990
†	Alliance HealthCare Services	8,445		10,303
	Baxter International	11,700		604,422
	Bristol-Myers Squibb	36,000		1,177,920
	Johnson & Johnson	16,500		1,067,880
	Meda Class A	103,376		1,008,389
	Merck	43,100		1,540,825
	Novartis	24,674		1,332,574
	Pfizer	64,560		1,295,719
	Sanofi	21,231		1,485,079
	Sanofi ADR	29,900		1,046,799
	Teva Pharmaceutical Industries ADR	43,000		1,703,229
				13,244,129
Healthcare REITs – 0.27%
	Cogdell Spencer	18,100		67,875
	HCP	1,100		42,515
	Health Care REIT	1,875		94,069
	Ventas	5,342		281,844
				486,303
Hotel REITs – 0.42%
	Ashford Hospitality Trust	61,800		491,928
	DiamondRock Hospitality	17,600		154,528
	LaSalle Hotel Properties	1,200		28,092
	Summit Hotel Properties	9,300		78,306
				752,854
Industrial REITs – 0.69%
	BWP Trust	60,000		109,706
	DCT Industrial Trust	16,877		81,178
†	First Industrial Realty Trust	53,909		512,135
	Goodman Group	247,237		155,770
	ProLogis	385		10,711
	STAG Industrial	35,063		367,811
				1,237,311
Industrials – 5.80%
*	Alstom	19,981		691,913
	Asahi Glass	59,000		505,127
	Cie de Saint-Gobain	11,297		479,043
	Copa Holdings Class A	7,600		490,656
†	Delta Air Lines	6		49

		Number of	Value
		Shares	(U.S. $)
Common Stock (continued)
Industrials (continued)
	Deutsche Post	71,337	$	1,078,327
	East Japan Railway	20,161		1,235,036
†	Flextronics International	7,400		44,178
	ITOCHU	99,202		1,008,259
	Koninklijke Philips Electronics	13,109		266,678
†	Mobile Mini	2,757		49,709
	Northrop Grumman	15,000		856,050
	Raytheon	28,000		1,275,960
	Teleperformance	50,577		997,969
	Vallourec	3,578		245,647
	Waste Management	37,700		1,180,010
				10,404,611
Information Technology – 4.13%
	Automatic Data Processing	20,400		1,042,236
	Canon ADR	18,400		828,184
†	CGI Group Class A	121,531		2,234,244
	HTC	25,273		416,182
	Intel	56,800		1,414,888
	Microsoft	35,300		902,974
*†	Sohu.com	11,400		563,616
				7,402,324
Mall REITs – 0.65%
	General Growth Properties	14,518		204,413
	Macerich	389		19,489
	Pennsylvania Real Estate
	Investment Trust	8,500		79,305
	Simon Property Group	6,908		858,941
				1,162,148
Manufactured Housing REIT – 0.08%
	Equity Lifestyle Properties	2,478		153,215
				153,215
Materials – 3.77%
†	AuRico Gold	91,370		915,581
	duPont (E.I.) deNemours	17,100		816,012
*	Lafarge	9,576		350,037
	MeadWestvaco	27,200		811,920
=∏†	PT Holdings	100		1
	Rexam	257,518		1,396,902
	Rio Tinto	14,439		760,441
	Yamana Gold	101,237		1,707,301
				6,758,195
Mixed REITs – 0.56%
*	Digital Realty Trust	10,200		647,700
	Duke Realty	11,447		132,785
	Dupont Fabros Technology	2,500		56,325
	Liberty Property Trust	4,797		142,999
	PS Business Parks	400		21,080
				1,000,889
Mortgage REITs – 0.23%
*	Chimera Investment	17,000		45,390
	Starwood Property Trust	20,900		372,856
				418,246
Multifamily REITs – 0.26%
	Apartment Investment
	& Management	1,732		37,723
	Associated Estates Realty	1,300		20,982
	BRE Properties	1,000		48,660
	Camden Property Trust	5,109		294,943
	Equity Residential	1,200		66,228
				468,536
Office REITs – 0.58%
	Alstria Office REIT	12,510		141,020
	Boston Properties	100		9,538
	Brandywine Realty Trust	2,300		20,033
	Commonwealth Property
	Office Fund	105,000		105,217
	Government Properties
	Income Trust	4,752		103,356
	Link REIT	33,000		118,873
	Mack-Cali Realty	11,500		293,021
	SL Green Realty	3,679		242,225
				1,033,283
Real Estate Management & Development – 0.13%
	Mitsubishi Estate	11,549		192,815
*	Renhe Commercial Holdings	264,000		37,902
				230,717
Self-Storage REITs – 0.14%
*	Extra Space Storage	4,555		109,776
	Public Storage	1,150		151,685
				261,461
Shopping Center REITs – 0.72%
	CFS Retail Property Trust	55,000		106,302
∏	Charter Hall Retail REIT	71,117		240,747
	Equity One	1,500		25,065
	First Capital Realty	2,922		48,819
	Kimco Realty	12,857		202,755
	Ramco-Gershenson Properties Trust	19,634		166,693
*	Regency Centers	900		33,444
	Unibail-Rodamco	1,399		260,801
	Westfield Group	16,989		146,746
	Westfield Retail Trust	21,112		56,406
				1,287,778
Single Tenant REIT – 0.16%
*	National Retail Properties	10,537		278,809
				278,809
Specialty REITs – 0.29%
	Entertainment Properties Trust	8,736		390,499
	Plum Creek Timber	1,520		55,997
	Potlatch	1,730		55,637
	Rayonier	450		18,288
				520,421
Telecommunications – 3.72%
	AT&T	43,500		1,260,630
=	Century Communications	125,000		0
	CenturyLink	24,200		907,984
	France Telecom ADR	900		15,543

(continues) 9

Statement of net assets

Delaware Enhanced Global Dividend and Income Fund

		Number of	Value
		Shares	(U.S. $)
Common Stock (continued)
Telecommunications (continued)
†	GeoEye	600	$	11,394
	Mobile TeleSystems ADR	36,800		635,904
†	NII Holdings	21,300		490,113
	Verizon Communications	22,800		860,244
	Vivendi	65,790		1,517,572
	Vodafone Group	360,039		975,037
				6,674,421
Utilities – 2.47%
	American Water Works	800		24,856
	Edison International	16,200		636,822
†	GenOn Energy	150		409
	National Grid	174,091		1,711,499
	National Grid ADR	16,800		830,256
	NorthWestern	3,800		132,544
	Progress Energy	20,200		1,098,476
				4,434,862
Total Common Stock (cost $101,470,607)				98,753,086


Convertible Preferred Stock – 2.12%
*	Apache 6.00%
	exercise price $109.12,
	expiration date 8/1/13	3,700		210,456
	Aspen Insurance
	Holdings 5.625%
	exercise price $29.28,
	expiration date 12/31/49	9,924		531,554
	#Chesapeake Energy 144A
	5.75% exercise price $27.94,
	expiration date 12/31/49	472		506,219
	El Paso Energy Capital Trust 4.75%
	exercise price $41.59,
	expiration date 3/31/28	1,950		89,642
	HealthSouth 6.50%
	exercise price $30.50,
	expiration date 12/31/49	835		730,834
	Lucent Technologies
	Capital Trust I 7.75%
	exercise price $24.80,
	expiration date 3/15/17	1,120		700,000
	PPL 9.50%
	exercise price $28.80,
	expiration date 7/1/13	9,600		546,816
	SandRidge Energy 8.50%
	exercise price $8.01,
	expiration date 12/31/49	4,155		491,329
Total Convertible Preferred Stock
	(cost $4,239,187)			3,806,850

		Principal
		Amount°
Agency Collateralized Mortgage Obligations – 0.21%
	Fannie Mae REMICs
	Series 2001-50 BA
	7.00% 10/25/41	USD 114,514		133,208
	Series 2003-122
	4.50% 2/25/28	51,829		53,120
	Freddie Mac
	Series 2557 WE
	5.00% 1/15/18	60,000		65,042
	Series 3131 MC
	5.50% 4/15/33	40,000		43,000
	Series 3173 PE
	6.00% 4/15/35	65,000		71,561
	Series 3337 PB
	5.50% 7/15/30	11,773		11,836
Total Agency Collateralized
	Mortgage Obligations
	(cost $344,150)			377,767

Agency Mortgage-Backed Securities – 1.30%
•	Fannie Mae ARM
	2.38% 10/1/36	7,496		7,911
	2.53% 4/1/36	12,831		13,530
	2.534% 10/1/36	11,900		12,632
	4.893% 3/1/38	24,766		26,393
	5.139% 11/1/35	17,670		18,736
	6.263% 4/1/36	64,292		69,098
	Fannie Mae S.F. 15 yr
	3.00% 11/1/26	46,936		48,157
	4.00% 7/1/25	108,979		114,500
	4.00% 11/1/25	166,602		176,656
	5.50% 1/1/23	37,746		40,877
	Fannie Mae S.F. 30 yr
	5.00% 12/1/36	126,179		135,744
	5.00% 12/1/37	14,934		16,066
	5.00% 2/1/38	11,762		12,654
	6.50% 6/1/36	25,830		28,967
	6.50% 10/1/36	17,884		19,981
	6.50% 12/1/37	32,287		36,410
	Freddie Mac 6.00% 1/1/17	24,971		26,155
•	Freddie Mac ARM
	2.495% 7/1/36	13,222		13,936
	5.84% 10/1/36	31,314		33,606
	Freddie Mac S.F. 15 yr
	5.00% 6/1/18	13,574		14,491
	5.00% 12/1/22	70,320		75,521
	Freddie Mac S.F. 30 yr
	5.00% 1/1/34	640,697		686,388
	7.00% 11/1/33	42,039		48,225
	9.00% 9/1/30	50,554		60,025
	GNMA I S.F. 30 yr
	7.50% 12/15/23	83,464		98,612
	7.50% 1/15/32	66,089		77,526
	9.50% 9/15/17	65,993		76,348
	12.00% 5/15/15	33,374		38,294

		Principal		Value
		Amount°		(U.S. $)
Agency Mortgage-Backed Securities (continued)
	GNMA II S.F. 30 yr
	6.00% 11/20/28	USD	77,014	$	87,065
	6.50% 2/20/30		188,916		213,972
Total Agency Mortgage-Backed
	Securities (cost $2,135,331)				2,328,476

Commercial Mortgage-Backed Securities – 0.84%
#	American Tower Trust 144A
	Series 2007-1A AFX
	5.42% 4/15/37		75,000		79,719
	BAML Mortgage
	•Series 2004-3 A5
	5.73% 6/10/39		44,987		48,793
	Series 2004-5 A3
	4.561% 11/10/41		18,051		18,044
	Series 2005-1 A3
	4.877% 11/10/42		22,709		22,701
	•Series 2005-6 A4
	5.367% 9/10/47		180,000		198,960
•	Bear Stearns Commercial
	Mortgage Securities
	Series 2006-PW12 A4
	5.903% 9/11/38		25,000		27,636
•w	Commercial Mortgage Pass
	Through Certificates
	Series 2005-C6 A5A
	5.116% 6/10/44		95,000		103,591
	Goldman Sachs Mortgage
	Securities II
	*Series 2004-GG2 A6
	5.396% 8/10/38		60,000		63,855
	Series 2005-GG4 A4A
	4.751% 7/10/39		115,000		122,218
	•Series 2006-GG6 A4
	5.553% 4/10/38		60,000		64,671
•	JPMorgan Chase
	Commercial
	Mortgage Securities
	Series 2005-LDP3 A4A
	4.936% 8/15/42		35,000		38,074
•	LB-UBS Commercial
	Mortgage Trust
	Series 2004-C4 A4
	5.497% 6/15/29		475,000		511,088
•	Morgan Stanley Capital I
	Series 2007-T27 A4
	5.794% 6/11/42		160,000		179,929
#	Timberstar Trust 144A
	Series 2006-1A A
	5.668% 10/15/36		25,000		27,847
Total Commercial Mortgage-Backed
	Securities (cost $1,303,242)				1,507,126

Convertible Bonds – 11.21%
Capital Goods – 1.20%
	AAR
	1.75% exercise price $29.27,
	expiration date 1/1/26		215,000		216,075
	#144A 1.75%
	exercise price $29.27,
	expiration date 2/1/26		90,000		90,450
	L-3 Communications Holdings
	3.00% exercise price $96.48,
	expiration date 8/1/35		868,000		835,450
#	Owens-Brockway Glass
	Container 144A 3.00%
	exercise price $47.47,
	expiration date 5/28/15		1,101,000		1,019,801
					2,161,776
Communications – 1.79%
#	Alaska Communications
	Systems Group 144A 6.25%
	exercise price $10.28,
	expiration date 4/27/18		538,000		425,693
#	Clearwire Communications 144A
	8.25% exercise price $7.08,
	expiration date 11/30/40		306,000		120,488
*	Leap Wireless International 4.50%
	exercise price $93.21,
	expiration date 7/15/14		826,000		722,750
	Level 3 Communications 3.50%
	exercise price $81.90,
	expiration date 12/10/11		1,005,000		1,011,280
	Rovi 2.625%
	exercise price $47.36,
	expiration date 2/10/40		238,000		240,975
	SBA Communications 4.00%
	exercise price $30.38,
	expiration date 10/1/14		464,000		681,500
					3,202,686
Consumer Cyclical – 0.76%
Φ	ArvinMeritor 4.00%
	exercise price $26.73,
	expiration date 2/15/27		777,000		508,935
	Pantry 3.00%
	exercise price $50.09,
	expiration date 11/15/12		871,000		849,225
					1,358,160
Consumer Non-Cyclical – 1.87%
*	Alere 3.00%
	exercise price $43.98,
	expiration date 5/15/16		705,000		664,462
	Amgen 0.375%
	exercise price $79.48,
	expiration date 2/1/13		510,000		506,175
	Dendreon 2.875%
	exercise price $51.24,
	expiration date 1/13/16		197,000		139,378
	LifePoint Hospitals 3.50%
	exercise price $51.79,
	expiration date 5/14/14		870,000		905,887

(continues) 11

Statement of net assets

Delaware Enhanced Global Dividend and Income Fund

		Principal		Value
		Amount°		(U.S. $)
Convertible Bonds (continued)
Consumer Non-Cyclical (continued)
	Medtronic 1.625%
	exercise price $54.00,
	expiration date 4/15/13	USD	346,000	$	347,730
	Mylan 3.75%
	exercise price $13.32,
	expiration date 9/10/15		261,000		421,515
	NuVasive
	2.25% exercise price $44.74,
	expiration date 3/15/13		111,000		104,895
	2.75% exercise price $42.13,
	expiration date 6/30/17		375,000		274,219
					3,364,261
Energy – 0.40%
	James River Coal 4.50%
	exercise price $25.78,
	expiration date 12/1/15		263,000		214,345
	Transocean 1.50%
	exercise price $164.09,
	expiration date 12/15/37		505,000		496,548
					710,893
Financials – 1.08%
#	Ares Capital 144A 5.75%
	exercise price $19.13,
	expiration date 2/1/16		561,000		532,950
#	BGC Partners 144A 4.50%
	exercise price $9.84,
	expiration date 7/13/16		365,000		331,238
	Euronet Worldwide 3.50%
	exercise price $40.48,
	expiration date 10/15/25		1,065,000		1,072,987
					1,937,175
Industrials – 0.20%
#	Altra Holdings 144A 2.75%
	exercise price $27.70,
	expiration date 2/27/31		147,000		136,526
ϕ	General Cable 4.50%
	exercise price $36.75,
	expiration date 11/15/29		225,000		221,344
					357,870
Real Estate – 0.30%
#	Lexington Master 144A 5.45%
	exercise price $19.49,
	expiration date 1/15/27		57,000		57,285
#	Lexington Realty Trust 144A 6.00%
	exercise price $7.09,
	expiration date 1/11/30		358,000		418,860
	National Retail
	Properties 5.125%
	exercise price $25.38,
	expiration date 6/15/28		48,000		54,900
					531,045
Services – 0.56%
	Live Nation Entertainment 2.875%
	exercise price $27.14,
	expiration date 7/14/27		1,128,000		1,013,790
					1,013,790
Technology – 3.05%
	Advanced Micro Devices
	5.75% exercise price $20.13,
	expiration date 8/15/12		145,000		146,631
	6.00% exercise price $28.08,
	expiration date 4/30/15		823,000		808,598
	#144A 6.00%
	exercise price $28.08,
	expiration date 4/30/15		31,000		30,458
	Alcatel-Lucent USA 2.875%
	exercise price $15.35,
	expiration date 6/15/25		39,000		34,125
#	Ciena 144A 3.75%
	exercise price $20.17,
	expiration date 10/15/18		376,000		353,440
	Equinix 4.75%
	exercise price $84.32,
	expiration date 6/15/16		220,000		306,900
ϕ	Hologic 2.00%
	exercise price $38.59,
	expiration date 12/15/37		1,055,000		1,002,250
	Intel 3.25%
	exercise price $22.45,
	expiration date 8/1/39		389,000		496,948
	Linear Technology 3.00%
	exercise price $44.11,
	expiration date 5/1/27		1,125,000		1,157,343
	SanDisk 1.50%
	exercise price $52.37,
	expiration date 8/11/17		404,000		471,670
	VeriSign 3.25%
	exercise price $34.37,
	expiration date 8/15/37		575,000		656,219
					5,464,582
Total Convertible Bonds
	(cost $20,021,519)				20,102,238

Corporate Bonds – 34.24%
Automotive – 1.51%
	American Axle & Manufacturing
	7.75% 11/15/19		55,000		52,938
	*7.875% 3/1/17		440,000		426,801
	ArvinMeritor 8.125% 9/15/15		281,000		250,090
#	Chrysler Group 144A
	8.25% 6/15/21		655,000		553,474
	Dana Holding 6.75% 2/15/21		245,000		247,144
	Ford Motor Credit
	12.00% 5/15/15		245,000		300,005
	Goodyear Tire & Rubber
	10.50% 5/15/16		6,000		6,615
#	International Automotive
	Components Group 144A
	9.125% 6/1/18		205,000		195,775
#	Jaguar Land Rover 144A
	8.125% 5/15/21		260,000		247,000

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Automotive (continued)
	Johnson Controls
	3.75% 12/1/21	USD	15,000	$	15,006
	Tomkins 9.00% 10/1/18		379,000		411,215
					2,706,063
Banking – 1.20%
	Abbey National Treasury Services
	4.00% 4/27/16		30,000		26,802
	BAC Capital Trust VI
	5.625% 3/8/35		515,000		417,907
	City National
	5.25% 9/15/20		15,000		14,715
	Fifth Third Bancorp
	3.625% 1/25/16		20,000		20,073
•	Fifth Third Capital Trust IV
	6.50% 4/15/37		420,000		407,400
•#	HBOS Capital Funding 144A
	6.071% 6/29/49		659,000		408,580
	HSBC Holdings 4.875% 1/14/22		20,000		20,172
	JPMorgan Chase 4.35% 8/15/21		10,000		9,779
	JPMorgan Chase Capital XXV
	6.80% 10/1/37		55,000		55,331
	KeyCorp 5.10% 3/24/21		20,000		20,302
	PNC Funding
	5.125% 2/8/20		30,000		33,225
	5.25% 11/15/15		60,000		64,826
	5.625% 2/1/17		35,000		38,222
•	Regions Financing Trust
	6.625% 5/15/47		515,000		417,149
	Santander Holdings USA
	4.625% 4/19/16		10,000		9,485
	SunTrust Banks 3.50% 1/20/17		15,000		14,752
	SVB Financial Group
	5.375% 9/15/20		25,000		25,312
	US Bancorp 4.125% 5/24/21		20,000		21,765
•	USB Capital IX 3.50% 10/29/49		80,000		56,341
	Wachovia
	•0.773% 10/15/16		10,000		8,796
	5.25% 8/1/14		20,000		21,128
	5.625% 10/15/16		35,000		37,410
					2,149,472
Basic Industry – 4.09%
*	AK Steel 7.625% 5/15/20		406,000		371,490
	Alcoa
	5.40% 4/15/21		10,000		9,543
	6.75% 7/15/18		20,000		21,408
#	Algoma Acquisition 144A
	9.875% 6/15/15		303,000		246,945
#	APERAM 144A 7.75% 4/1/18		225,000		193,500
	ArcelorMittal 9.85% 6/1/19		25,000		27,165
*	Associated Materials
	9.125% 11/1/17		185,000		157,481
	Barrick North America Finance
	4.40% 5/30/21		10,000		10,478
*#	Cemex Espana Luxembourg
	144A 9.25% 5/12/20		599,000		413,309
	Dow Chemical
	4.125% 11/15/21		5,000		4,964
	5.25% 11/15/41		15,000		14,674
	8.55% 5/15/19		34,000		42,886
#	FMG Resources August
	2006 144A
	6.875% 2/1/18		115,000		106,088
	7.00% 11/1/15		210,000		204,225
	Georgia-Pacific
	8.00% 1/15/24		20,000		25,306
	#144A 5.40% 11/1/20		15,000		16,158
	Headwaters 7.625% 4/1/19		310,000		265,825
	Hexion US Finance
	9.00% 11/15/20		172,000		135,880
#	Ineos Group Holdings 144A
	8.50% 2/15/16		310,000		243,350
	Interface 7.625% 12/1/18		205,000		214,225
	International Paper
	4.75% 2/15/22		5,000		5,082
	9.375% 5/15/19		15,000		19,236
#	International Wire Group
	Holdings 144A
	9.75% 4/15/15		190,000		193,775
	James River Coal 7.875% 4/1/19		270,000		206,550
#	JMC Steel Group 144A
	8.25% 3/15/18		305,000		288,225
#	Kinove German Bondco 144A
	9.625% 6/15/18		220,000		200,200
#	Longview Fibre Paper
	& Packaging 144A
	8.00% 6/1/16		305,000		308,050
	Lyondell Chemical
	11.00% 5/1/18		162,208		175,590
#	Lyondellbasell Industries 144A
	6.00% 11/15/21		160,000		164,000
#	MacDermid 144A
	9.50% 4/15/17		366,000		351,360
#	Masonite International 144A
	8.25% 4/15/21		300,000		283,500
#	Millar Western Forest Products
	144A 8.50% 4/1/21		225,000		172,125
	Momentive Performance
	Materials 9.00% 1/15/21		581,000		416,867
#	Murray Energy 144A
	10.25% 10/15/15		270,000		267,975
	Norcraft 10.50% 12/15/15		336,000		304,080
#	Nortek 144A 8.50% 4/15/21		320,000		264,800
*	Ply Gem Industries
	13.125% 7/15/14		275,000		262,625
	Polypore International
	7.50% 11/15/17		290,000		298,700
=@	Port Townsend 7.32% 8/27/12		30,617		13,931
	Rio Tinto Finance USA
	3.75% 9/20/21		20,000		20,286

(continues) 13

Statement of net assets

Delaware Enhanced Global Dividend and Income Fund

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
	Ryerson
	•7.804% 11/1/14	USD	166,000	$	151,890
	12.00% 11/1/15		201,000		202,508
	Teck Resources 9.75% 5/15/14		13,000		15,349
#	Xstrata Canada Financial 144A
	4.95% 11/15/21		30,000		29,320
					7,340,924
Brokerage – 0.03%
	Jefferies Group
	6.25% 1/15/36		5,000		3,788
	6.45% 6/8/27		10,000		7,940
	Lazard Group 6.85% 6/15/17		34,000		35,701
					47,429
Capital Goods – 2.34%
	Anixter 10.00% 3/15/14		15,000		17,100
	Berry Plastics
	*9.75% 1/15/21		307,000		294,720
	10.25% 3/1/16		160,000		148,000
#	DAE Aviation Holdings 144A
	11.25% 8/1/15		294,000		307,230
	Kratos Defense & Security
	Solutions 10.00% 6/1/17		265,000		268,313
*	Manitowoc 9.50% 2/15/18		255,000		264,563
*	Mueller Water Products
	7.375% 6/1/17		300,000		264,375
	Pregis 12.375% 10/15/13		287,000		268,345
#	Reynolds Group Issuer 144A
	8.25% 2/15/21		125,000		106,875
	9.00% 4/15/19		310,000		280,550
	9.875% 8/15/19		520,000		478,400
#	Sealed Air 144A
	8.125% 9/15/19		70,000		74,550
	8.375% 9/15/21		95,000		101,888
	Stanley Black & Decker
	3.40% 12/1/21		10,000		10,062
	TriMas 9.75% 12/15/17		210,000		224,700
#	Votorantim Cimentos 144A
	7.25% 4/5/41		1,118,000		1,092,844
	Waste Management
	2.60% 9/1/16		5,000		5,083
					4,207,598
Communications – 3.48%
	American Tower 5.90% 11/1/21		20,000		21,237
	CenturyLink 6.45% 6/15/21		10,000		9,659
#	Clearwire Communications 144A
	12.00% 12/1/15		524,000		445,399
#	Columbus International 144A
	11.50% 11/20/14		270,000		280,800
	Cricket Communications
	7.75% 5/15/16		130,000		130,325
	7.75% 10/15/20		180,000		141,750
#	Crown Castle Towers 144A
	4.883% 8/15/20		30,000		30,946
#	Digicel Group 144A
	8.875% 1/15/15		115,000		113,850
	9.125% 1/15/15		120,000		118,800
	10.50% 4/15/18		125,000		125,625
	DIRECTV Holdings 5.00% 3/1/21		15,000		15,590
#	EH Holding 144A
	7.625% 6/15/21		245,000		241,938
	Frontier Communications
	7.125% 3/15/19		120,000		108,600
#	Integra Telecom Holdings 144A
	10.75% 4/15/16		225,000		199,688
	Intelsat Bermuda
	11.25% 2/4/17		755,000		696,487
	PIK 11.50% 2/4/17		319,784		294,201
	Level 3 Communications
	11.875% 2/1/19		170,000		176,800
	Level 3 Financing 10.00% 2/1/18		297,000		305,910
	MetroPCS Wireless
	6.625% 11/15/20		165,000		144,375
	NII Capital 7.625% 4/1/21		150,000		153,000
	PAETEC Holding
	9.875% 12/1/18		195,000		212,063
	Qwest
	6.75% 12/1/21		10,000		10,475
	8.375% 5/1/16		60,000		68,325
	Qwest Communications
	International 7.50% 2/15/14		100,000		100,875
	Satmex Escrow 9.50% 5/15/17		145,000		147,900
	Sprint Capital 8.75% 3/15/32		348,000		272,310
	Sprint Nextel 8.375% 8/15/17		260,000		224,250
	Telecom Italia Capital
	5.25% 10/1/15		35,000		31,688
	Telefonica Emisiones
	5.462% 2/16/21		20,000		17,881
	Telesat Canada 12.50% 11/1/17		199,000		221,388
	Time Warner Cable
	5.50% 9/1/41		5,000		4,987
	8.25% 4/1/19		20,000		24,852
	Verizon Communications
	3.50% 11/1/21		15,000		14,956
#	VimpelCom Holdings 144A
	7.504% 3/1/22		275,000		240,281
#	Vivendi 144A 6.625% 4/4/18		25,000		28,197
	West 7.875% 1/15/19		300,000		301,500
#	Wind Acquisition Finance 144A
	11.75% 7/15/17		330,000		286,275
	Windstream
	7.50% 4/1/23		235,000		222,075
	7.875% 11/1/17		55,000		57,750
					6,243,008
Consumer Cyclical – 2.04%
	Brown Shoe 7.125% 5/15/19		240,000		226,800
#	Burlington Coat Factory
	Warehouse 144A
	10.00% 2/15/19		475,000		459,562

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
*	CKE Restaurants
	11.375% 7/15/18	USD	197,000	$	210,790
	CVS Caremark 5.75% 5/15/41		25,000		27,556
	Dave & Buster’s 11.00% 6/1/18		330,000		339,900
	DineEquity 9.50% 10/30/18		410,000		426,399
	Express 8.75% 3/1/18		118,000		124,490
	Hanesbrands 6.375% 12/15/20		280,000		278,250
	Historic TW 6.875% 6/15/18		20,000		23,570
#	Icon Health & Fitness 144A
	11.875% 10/15/16		108,000		87,480
	Michaels Stores
	11.375% 11/1/16		95,000		100,225
	13.00% 11/1/16		185,000		197,025
#	Needle Merger Sub 144A
	8.125% 3/15/19		245,000		226,625
	OSI Restaurant Partners
	10.00% 6/15/15		290,000		300,150
	Quiksilver 6.875% 4/15/15		250,000		233,750
	Rite Aid 8.625% 3/1/15		70,000		65,450
#	Sealy Mattress 144A
	10.875% 4/15/16		10,000		10,950
	Tops Holdings
	10.125% 10/15/15		281,000		291,538
	Western Union 3.65% 8/22/18		10,000		10,122
	Wyndham Worldwide
	5.625% 3/1/21		10,000		10,349
	5.75% 2/1/18		5,000		5,279
					3,656,260
Consumer Non-Cyclical – 1.33%
	Amgen 3.45% 10/1/20		30,000		28,772
#	Aristotle Holding 144A
	4.75% 11/15/21		20,000		20,245
#	Armored Autogroup 144A
	9.25% 11/1/18		335,000		269,675
	Bio-Rad Laboratories
	4.875% 12/15/20		5,000		5,215
#	Blue Merger Sub 144A
	7.625% 2/15/19		300,000		270,000
	Boston Scientific 6.00% 1/15/20		10,000		10,942
	CareFusion 6.375% 8/1/19		65,000		76,283
	Celgene 3.95% 10/15/20		20,000		20,051
	Covidien International Finance
	4.20% 6/15/20		20,000		21,786
*	Dean Foods 7.00% 6/1/16		219,000		213,525
	Dentsply International
	4.125% 8/15/21		35,000		36,022
	Dr. Pepper Snapple Group
	2.60% 1/15/19		5,000		4,921
	3.20% 11/15/21		5,000		4,939
	General Mills 3.15% 12/15/21		15,000		14,853
	Hospira 6.40% 5/15/15		95,000		105,801
	Medco Health Solutions
	4.125% 9/15/20		5,000		4,920
	7.125% 3/15/18		10,000		11,572
	NBTY 9.00% 10/1/18		318,000		340,260
*	Pinnacle Foods Finance
	10.625% 4/1/17		355,000		369,200
	Quest Diagnostics 4.70% 4/1/21		5,000		5,264
	Safeway 4.75% 12/1/21		10,000		9,975
	Sara Lee 4.10% 9/15/20		8,000		8,032
	Smucker (J.M.) 3.50% 10/15/21		25,000		24,968
	Teva Pharmaceutical Finance
	3.65% 11/10/21		25,000		24,621
*	Visant 10.00% 10/1/17		145,000		134,125
#	Viskase 144A 9.875% 1/15/18		273,000		273,683
#	Woolworths 144A
	3.15% 4/12/16		20,000		20,592
	4.55% 4/12/21		25,000		26,575
	Zimmer Holdings
	4.625% 11/30/19		30,000		32,279
					2,389,096
Energy – 5.37%
	American Petroleum Tankers
	Parent 10.25% 5/1/15		304,000		311,600
	Antero Resources Finance
	9.375% 12/1/17		266,000		281,960
	BHP Billiton Finance USA
	3.25% 11/21/21		15,000		15,121
#	Calumet Specialty
	Products Partners 144A
	9.375% 5/1/19		440,000		424,600
	Chaparral Energy 8.25% 9/1/21		445,000		440,550
	Chesapeake Energy
	6.50% 8/15/17		135,000		141,750
	6.625% 8/15/20		122,000		126,880
	6.875% 11/15/20		18,000		18,990
	Comstock Resources
	7.75% 4/1/19		305,000		289,750
	Copano Energy 7.75% 6/1/18		199,000		199,000
	Crosstex Energy 8.875% 2/15/18		210,000		224,700
	Encana 3.90% 11/15/21		30,000		29,405
	Ensco 4.70% 3/15/21		25,000		25,422
	EQT 4.875% 11/15/21		10,000		9,922
#	Helix Energy Solutions 144A
	9.50% 1/15/16		346,000		361,570
#	Hercules Offshore 144A
	10.50% 10/15/17		227,000		219,055
#	Hilcorp Energy I 144A
	8.00% 2/15/20		271,000		286,583
	Holly 9.875% 6/15/17		206,000		227,115
	Inergy 6.875% 8/1/21		25,000		23,875
#	Kodiak Oil & Gas 144A
	8.125% 12/1/19		270,000		274,388
#	Laredo Petroleum 144A
	9.50% 2/15/19		325,000		338,406
	Linn Energy
	8.625% 4/15/20		241,000		253,050
	#144A 6.50% 5/15/19		60,000		57,300

(continues) 15

Statement of net assets

Delaware Enhanced Global Dividend and Income Fund

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Energy (continued)
	MarkWest Energy Partners
	6.50% 8/15/21	USD	270,000	$	276,750
#	NFR Energy 144A
	9.75% 2/15/17		504,000		435,960
	Noble Energy 8.25% 3/1/19		20,000		25,812
#	Oasis Petroleum 144A
	7.25% 2/1/19		235,000		240,875
	Offshore Group Investments
	11.50% 8/1/15		240,000		258,600
	Pemex Project Funding Master
	Trust 6.625% 6/15/35		1,000,000		1,109,999
	Petrobras International Finance
	5.375% 1/27/21		15,000		15,329
	PetroHawk Energy
	7.25% 8/15/18		300,000		337,500
#	Petroleos Mexicanos 144A
	6.50% 6/2/41		512,000		555,519
	Petroleum Development
	12.00% 2/15/18		267,000		287,025
	Pioneer Drilling
	9.875% 3/15/18		276,000		286,005
	#144A 9.875% 3/15/18		85,000		88,081
	Pride International
	6.875% 8/15/20		20,000		23,081
	Quicksilver Resources
	9.125% 8/15/19		270,000		284,513
	SandRidge Energy
	7.50% 3/15/21		300,000		276,000
	8.75% 1/15/20		10,000		9,850
	Statoil 3.15% 1/23/22		20,000		20,044
*	TNK-BP Finance 7.875% 3/13/18		400,000		444,499
	Transocean 5.05% 12/15/16		15,000		14,986
	Weatherford Bermuda
	9.625% 3/1/19		15,000		19,226
#	Woodside Finance 144A
	8.125% 3/1/14		15,000		16,891
	8.75% 3/1/19		15,000		19,118
					9,626,655
Financials – 0.81%
	E Trade Financial PIK
	12.50% 11/30/17		257,000		291,695
	General Electric Capital
	4.65% 10/17/21		20,000		20,117
	6.00% 8/7/19		95,000		105,551
•#	ILFC E-Capital Trust I 144A
	4.77% 12/21/65		265,000		160,243
•#	ILFC E-Capital Trust II 144A
	6.25% 12/21/65		455,000		301,438
	International Lease Finance
	6.25% 5/15/19		12,000		10,687
	8.75% 3/15/17		20,000		20,200
	Nuveen Investments
	10.50% 11/15/15		445,000		427,199
	#144A 10.50% 11/15/15		130,000		123,500
					1,460,630
Healthcare – 1.72%
	Accellent 10.00% 11/1/17		140,000		110,600
#	AMGH Merger Sub 144A
	9.25% 11/1/18		285,000		284,288
	Becton, Dickinson
	3.125% 11/8/21		15,000		14,974
	Community Health Systems
	*8.875% 7/15/15		169,000		174,070
	#144A 8.00% 11/15/19		145,000		141,013
	HCA Holdings 7.75% 5/15/21		275,000		271,563
	HealthSouth 7.75% 9/15/22		60,000		58,500
#	Immucor 144A
	11.125% 8/15/19		140,000		143,500
#	inVentiv Health 144A
	10.00% 8/15/18		215,000		204,788
#	Kinetic Concepts 144A
	10.50% 11/1/18		85,000		81,813
	Lantheus Medical Imaging
	9.75% 5/15/17		376,000		313,019
	LVB Acquisition
	11.625% 10/15/17		289,000		310,674
#	Multiplan 144A 9.875% 9/1/18		323,000		323,807
*	Radiation Therapy Services
	9.875% 4/15/17		261,000		197,055
	Radnet Management
	10.375% 4/1/18		209,000		186,010
#	STHI Holding 144A
	8.00% 3/15/18		275,000		279,813
					3,095,487
Industrials – 0.03%
	PerkinElmer 5.00% 11/15/21		10,000		10,088
	Yale University 2.90% 10/15/14		45,000		47,582
					57,670
Insurance – 0.98%
•	American International Group
	8.175% 5/15/58		325,000		288,031
•	Chubb 6.375% 3/29/67		15,000		14,775
	Coventry Health Care
	5.45% 6/15/21		25,000		27,340
#	Highmark 144A
	4.75% 5/15/21		15,000		15,119
	6.125% 5/15/41		5,000		5,289
•	ING Groep 5.775% 12/29/49		795,000		536,624
•#	Liberty Mutual Group 144A
	7.00% 3/15/37		405,000		340,200
	MetLife 6.40% 12/15/36		100,000		91,364
	Prudential Financial
	3.875% 1/14/15		35,000		35,987
•	XL Group 6.50% 12/29/49		510,000		400,350
					1,755,079
Media – 2.19%
	Affinion Group
	7.875% 12/15/18		407,000		340,863
#	AMC Networks 144A
	7.75% 7/15/21		305,000		324,063

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Media (continued)
#	AMO Escrow 144A
	11.50% 12/15/17	USD	142,000	$	129,930
	Cablevision Systems
	8.00% 4/15/20		134,000		136,680
	CCO Holdings
	7.00% 1/15/19		25,000		25,281
	8.125% 4/30/20		370,000		392,199
	Clear Channel Communications
	9.00% 3/1/21		310,000		257,300
	Entravision Communications
	8.75% 8/1/17		375,000		368,438
	MDC Partners
	11.00% 11/1/16		262,000		280,340
	#144A 11.00% 11/1/16		125,000		132,500
	Nexstar Broadcasting
	8.875% 4/15/17		240,000		243,600
#	Ono Finance II 144A
	10.875% 7/15/19		390,000		325,650
#	UPC Holding 144A
	9.875% 4/15/18		345,000		357,075
	Videotron 9.125% 4/15/18		15,000		16,538
	Virgin Media Finance
	8.375% 10/15/19		120,000		129,000
	WMG Acquisition
	9.50% 6/15/16		175,000		184,625
#	WPP Finance 2010 144A
	4.75% 11/21/21		10,000		9,786
#	XM Satellite Radio 144A
	7.625% 11/1/18		260,000		269,100
					3,922,968
Natural Gas – 0.11%
	El Paso Pipeline Partners
	Operating 6.50% 4/1/20		10,000		11,046
•	Enbridge Energy Partners
	8.05% 10/1/37		25,000		26,195
	Energy Transfer Partners
	9.70% 3/15/19		15,000		18,187
	Enterprise Products Operating
	•7.034% 1/15/68		35,000		36,226
	9.75% 1/31/14		5,000		5,786
	Kinder Morgan Energy Partners
	9.00% 2/1/19		20,000		24,767
	Plains All American Pipeline
	8.75% 5/1/19		10,000		12,604
	Sempra Energy 6.15% 6/15/18		20,000		23,393
•	TransCanada Pipelines
	6.35% 5/15/67		35,000		35,000
					193,204
Real Estate – 0.10%
	Brandywine Operating
	Partnership 4.95% 4/15/18		15,000		14,517
	Developers Diversified Realty
	4.75% 4/15/18		5,000		4,684
	7.50% 4/1/17		5,000		5,436
	7.875% 9/1/20		20,000		21,677
	Digital Realty Trust
	5.25% 3/15/21		20,000		19,660
	5.875% 2/1/20		10,000		10,346
	Health Care REIT 5.25% 1/15/22		20,000		19,262
#	Host Hotels & Resorts 144A
	6.00% 10/1/21		21,000		21,158
	Regency Centers
	5.875% 6/15/17		20,000		21,710
	Simon Property Group
	4.125% 12/1/21		15,000		14,999
	Vornado Realty 5.00% 1/15/22		15,000		14,932
#	WEA Finance 144A
	4.625% 5/10/21		20,000		19,230
					187,611
Services – 3.61%
	ARAMARK 8.50% 2/1/15		173,000		178,190
#	ARAMARK Holdings PIK 144A
	8.625% 5/1/16		300,000		306,000
	Beazer Homes USA
	9.125% 6/15/18		80,000		53,200
	9.125% 5/15/19		355,000		233,413
	Cardtronics 8.25% 9/1/18		104,000		113,100
	Casella Waste Systems
	7.75% 2/15/19		310,000		303,025
	11.00% 7/15/14		10,000		10,850
*#	Delta Air Lines 144A
	12.25% 3/15/15		228,000		242,820
#	Equinox Holdings 144A
	9.50% 2/1/16		261,000		264,915
	Harrah’s Operating
	10.00% 12/15/18		707,000		456,014
	Host Marriott 6.375% 3/15/15		245,000		249,594
	Iron Mountain 8.375% 8/15/21		140,000		147,700
	Kansas City Southern de Mexico
	6.125% 6/15/21		60,000		62,100
	8.00% 2/1/18		227,000		249,700
	Kansas City Southern Railway
	13.00% 12/15/13		2,000		2,270
	M/I Homes 8.625% 11/15/18		486,000		428,895
*	Marina District Finance
	9.875% 8/15/18		98,000		87,955
	MGM Resorts International
	11.375% 3/1/18		813,000		880,072
	Peninsula Gaming
	10.75% 8/15/17		295,000		303,850
	PHH 9.25% 3/1/16		226,000		233,910
*	Pinnacle Entertainment
	8.75% 5/15/20		243,000		236,925
	RSC Equipment Rental
	8.25% 2/1/21		255,000		243,525
	10.25% 11/15/19		25,000		26,375
#	Seven Seas Cruises 144A
	9.125% 5/15/19		415,000		425,894
	Standard Pacific 10.75% 9/15/16		134,000		137,350

(continues) 17

Statement of net assets

Delaware Enhanced Global Dividend and Income Fund

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Services (continued)
*	Swift Services Holdings
	10.00% 11/15/18	USD	110,000	$	114,950
*#	Swift Transportation 144A
	12.50% 5/15/17		116,000		123,540
#	United Air Lines 144A
	12.00% 11/1/13		352,000		365,200
					6,481,332
Technology – 2.22%
	Advanced Micro Devices
	7.75% 8/1/20		440,000		444,400
	Aspect Software
	10.625% 5/15/17		234,000		238,680
	Avaya
	9.75% 11/1/15		45,000		35,438
	#144A 7.00% 4/1/19		300,000		270,000
	PIK 10.125% 11/1/15		190,000		151,050
	Broadcom 2.70% 11/1/18		10,000		9,848
	CDW 12.535% 10/12/17		335,000		333,325
*	First Data 11.25% 3/31/16		890,000		729,799
	GXS Worldwide 9.75% 6/15/15		292,000		270,830
	Hewlett-Packard
	4.30% 6/1/21		15,000		15,287
	4.375% 9/15/21		15,000		15,371
#	iGate 144A 9.00% 5/1/16		290,000		291,450
	MagnaChip Semiconductor
	10.50% 4/15/18		186,000		191,115
	National Semiconductor
	6.60% 6/15/17		20,000		24,348
#	Seagate HDD Cayman 144A
	7.75% 12/15/18		300,000		310,500
#	Seagate Technology International
	144A 10.00% 5/1/14		10,000		11,400
	Symantec 4.20% 9/15/20		5,000		5,002
#	Telcordia Technologies 144A
	11.00% 5/1/18		485,000		606,250
	Xerox
	4.50% 5/15/21		10,000		9,966
	6.35% 5/15/18		10,000		11,188
					3,975,247
Transportation – 0.07%
#	Brambles USA 144A
	3.95% 4/1/15		15,000		15,659
	5.35% 4/1/20		15,000		16,314
	Burlington Northern Santa Fe
	3.45% 9/15/21		5,000		5,071
	5.65% 5/1/17		5,000		5,735
	CSX
	4.25% 6/1/21		20,000		21,095
	5.50% 4/15/41		5,000		5,492
#	ERAC USA Finance 144A
	5.25% 10/1/20		35,000		37,008
	Ryder System 3.50% 6/1/17		25,000		25,719
					132,093
Utilities – 1.01%
	AES 8.00% 6/1/20		64,000		69,520
	Ameren Illinois 9.75% 11/15/18		80,000		106,530
#	American Transmission Systems
	144A 5.25% 1/15/22		25,000		27,047
	Baltimore Gas & Electric
	3.50% 11/15/21		10,000		9,962
#	Calpine 144A
	7.50% 2/15/21		175,000		179,375
	7.875% 1/15/23		120,000		124,500
	Carolina Power & Light
	3.00% 9/15/21		15,000		15,133
	CenterPoint Energy
	5.95% 2/1/17		13,000		14,667
	CMS Energy
	4.25% 9/30/15		10,000		10,013
	6.25% 2/1/20		5,000		5,179
	Commonwealth Edison
	3.40% 9/1/21		10,000		10,212
	4.00% 8/1/20		5,000		5,361
	5.80% 3/15/18		5,000		5,859
	Elwood Energy 8.159% 7/5/26		220,414		216,834
	Florida Power 5.65% 6/15/18		5,000		5,928
*	GenOn Energy
	9.50% 10/15/18		137,000		139,055
	9.875% 10/15/20		130,000		129,675
#	Ipalco Enterprises 144A
	5.00% 5/1/18		10,000		9,552
#	LG&E & KU Energy 144A
	4.375% 10/1/21		20,000		20,611
*	Mirant Americas 8.50% 10/1/21		345,000		319,126
	Nisource Finance
	4.45% 12/1/21		10,000		10,122
	5.80% 2/1/42		10,000		10,263
	Pennsylvania Electric
	5.20% 4/1/20		25,000		27,958
•	PPL Capital Funding
	6.70% 3/30/67		25,000		24,151
	PPL Electric Utilities
	3.00% 9/15/21		10,000		10,004
	Public Service Oklahoma
	5.15% 12/1/19		30,000		33,105
	Puget Energy 6.00% 9/1/21		5,000		5,001
•	Puget Sound Energy
	6.974% 6/1/67		210,000		208,523
	Southern California Edison
	5.50% 8/15/18		20,000		23,778
	Wisconsin Electric Power
	2.95% 9/15/21		10,000		10,046
•	Wisconsin Energy
	6.25% 5/15/67		20,000		20,023
					1,807,113
Total Corporate Bonds
	(cost $63,776,937)				61,434,939

		Principal		Value
		Amount°		(U.S. $)
Non-Agency Asset-Backed Securities – 0.13%
	Citicorp Residential
	Mortgage Securities
	Series 2006-3 A5
	5.948% 11/25/36	USD	100,000	$	74,133
	Discover Card Master Trust
	Series 2007-A1 A1
	5.65% 3/16/20		100,000		118,722
	John Deere Owner Trust
	Series 2009-A A4
	3.96% 5/16/16		25,000		25,356
	Series 2010-A 4A
	2.13% 10/17/16		15,000		15,295
•	Merrill Auto Trust Securitization
	Series 2007-1 A4
	0.309% 12/15/13		3,891		3,890
Total Non-Agency Asset-Backed
	Securities (cost $232,066)				237,396

Non-Agency Collateralized Mortgage Obligations – 0.15%
•@	Bear Stearns ARM Trust
	Series 2007-1 3A2
	5.341% 2/25/47		145,547		19,254
	Citicorp Mortgage Securities
	Series 2006-4 3A1
	5.50% 8/25/21		7,962		7,968
	Series 2007-1 2A1
	5.50% 1/25/22		54,821		53,970
•	Citigroup Mortgage Loan Trust
	Series 2007-AR8 1A3A
	5.661% 8/25/37		66,814		45,808
•	GSR Mortgage Loan Trust
	Series 2006-AR1 3A1
	5.029% 1/25/36		122,810		100,595
•	MASTR ARM Trust Series 2006-2
	4A1 4.877% 2/25/36		48,671		43,105
Total Non-Agency Collateralized
	Mortgage Obligations
	(cost $441,578)				270,700

«Senior Secured Loans – 0.68%
	Brock Holdings III
	10.00% 2/15/18		100,000		92,584
	Clear Channel Communications
	Tranche B 3.89% 1/29/16		370,000		277,113
	Dynegy Power Tranche 1st Lien
	9.25% 7/11/16		140,000		141,730
	PQ 6.74% 7/30/15		310,000		275,255
	Texas Competitive Electric
	Holdings 3.76% 10/10/14		590,000		430,700
Total Senior Secured Loans
	(cost $1,285,794)				1,217,382

Sovereign Bonds – 5.69%Δ
Brazil – 2.93%
	Brazil Notas do Tesouro
	Nacional Serie F
	10.00% 1/1/17	BRL	8,000,000		4,285,182
	Republic of Brazil
	5.625% 1/7/41	USD	857,000		974,837
					5,260,019
Chile – 0.38%
	Chile Government
	International Bond
	5.50% 8/5/20	CLP	330,000,000		670,368
					670,368
Indonesia – 0.67%
	Indonesia Treasury Bond
	11.00% 11/15/20	IDR	8,504,000,000		1,203,434
					1,203,434
Mexico – 0.45%
	Mexican Bonos
	6.50% 6/10/21	MXN	3,020,000		225,530
	7.50% 6/3/27	MXN	742,200		56,819
	8.50% 5/31/29	MXN	6,420,300		530,768
					813,117
Panama – 0.51%
	Panama Government
	International Bond
	6.70% 1/26/36	USD	700,000		910,000
					910,000
Poland – 0.58%
	Poland Government
	5.25% 10/25/17	PLN	1,851,000		543,198
	Poland Government
	International Bond
	5.00% 3/23/22	USD	508,000		494,665
					1,037,863
Russia – 0.06%
	Russia-Eurobond
	7.50% 3/31/30		95,065		111,701
					111,701
Turkey – 0.11%
	Turkey Government
	International Bond
	7.375% 2/5/25		170,000		193,800
					193,800
Total Sovereign Bonds
	(cost $10,109,429)				10,200,302

U.S. Treasury Obligations – 0.27%
	U.S. Treasury Bond
	4.375% 5/15/41		60,000		75,722
	U.S. Treasury Notes
	*0.875% 11/30/16		185,000		184,321
	*1.00% 10/31/16		155,000		155,557
	1.375% 9/30/18		10,000		9,926
	*2.00% 11/15/21		50,000		49,695
Total U.S. Treasury Obligations
	(cost $468,335)				475,221

(continues) 19

Statement of net assets

Delaware Enhanced Global Dividend and Income Fund

		Principal			Value
		Amount°			(U.S. $)
Leveraged Non-Recourse Security – 0.00%
w@#	JPMorgan Fixed Income
	Pass Through Trust
	144A Series 2007-B
	8.845% 1/15/87	USD	500,000		$	0
Total Leveraged Non-Recourse
	Security (cost $425,000)					0

		Number of
		Shares
Residual Interest Trust Certificate – 0.00%
=w@#	Freddie Mac Auction Pass
	Through Trust 144A
	Series 2007-6		150,000			0
Total Residual Interest Trust
	Certificate (cost $163,257)					0

Exchange-Traded Fund – 2.41%
*	iShares IBOXX $ High Yield
	Corporate Bond Fund		50,000			4,330,000
Total Exchange Traded Fund
	(cost $4,499,835)					4,330,000

Limited Partnership – 0.02%
*	Brookfield Infrastructure Partners		1,600			41,040
Total Limited Partnership
	(cost $30,407)					41,040

Preferred Stock – 0.81%
	Alabama Power 5.625%		410			10,340
	Ally Financial
	•∏8.50%		5,000			86,750
	#144A 7.00%		800			560,499
@	Cogdell Spencer 8.50%		5,100			110,313
	DDR 7.50%		1,925			46,932
	Freddie Mac 6.02%		34,000			54,825
•	GMAC Capital Trust I 8.125%		15,000			285,000
•†	PNC Financial Services
	Group 8.25%		10,000			10,330
	ProLogis 6.75%		7,050			172,514
=	PT Holdings		20			0
*	Vornado Realty Trust 6.625%		3,700			91,649
†@	W2007 Grace Acquisitions 8.75%		10,000			25,625
Total Preferred Stock
	(cost $2,563,000)					1,454,777

Warrants – 0.00%
=	Nieuwe Steen		100			0
=@∏	Port Townsend		20			0
Total Warrants (cost $480)						0

		Principal
		Amount°
Short-Term Investments – 11.07%
≠Discount Note – 0.25%
	Federal Home Loan Bank
	0.01% 12/23/11	USD	455,874			455,871
						455,871
Repurchase Agreement – 10.82%
	BNP Paribas 0.08%, dated
	11/30/11, to be repurchased
	on 12/1/11, repurchase price
	$19,416,043 (collateralized
	by U.S. government
	obligations 0.00%-4.25%
	1/13/12-5/15/21; market
	value $19,804,320)		19,416,000			19,416,000
						19,416,000
Total Short-Term Investments
	(cost $19,871,871)					19,871,871

Total Value of Securities Before
	Securities Lending Collateral – 126.19%
	(cost $233,382,025)					226,409,171

		Number of
		Shares
Securities Lending Collateral – 7.51%**
Investment Companies
	BNY Mellon SL DBT II
	Liquidating Fund		163,947			157,207
	Delaware Investments
	Collateral Fund No.1		13,309,882			13,309,882
@†	Mellon GSL
	Reinvestment Trust II		385,685			0
Total Securities Lending Collateral
	(cost $13,859,514)					13,467,089
Total Value of Securities – 133.70%
	(cost $247,241,539)					239,876,260	©

		Number of
		Contracts
Written Option – (0.00%)
Call Option – (0.00%)
	AHT, strike price $10.00, expires
	12/17/11 (MSC)		(120	)		(600	)
Total Written Option
	(premium received $(2,241))					(600	)

Obligation to Return Securities
	Lending Collateral – (7.73%)**					(13,859,514	)
Borrowing Under Line of Credit – (28.27%)						(50,725,000	)
Receivables and Other Assets
	Net of Other Liabilities – 2.30%					4,123,214
Net Assets Applicable to 15,803,127
	Shares Outstanding; Equivalent to
	$11.35 Per Share – 100.00%				$	179,414,360


Components of Net Assets at November 30, 2011:
Shares of beneficial interest
(unlimited authorization – no par)	$	248,106,522
Distributions in excess of net investment income		(992,926	)
Accumulated net realized loss on investments		(60,636,749	)
Net unrealized depreciation of investments
and derivatives		(7,062,487	)
Total net assets	$	179,414,360

v	Securities have been classified by type of business. Classification by country of origin has been presented on page 7 in “Security type/sector/country allocations.”
=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At November 30, 2011, the aggregate amount of fair valued securities was $13,932, which represented 0.01% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”
∏	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 November 30, 2011, the aggregate amount of the restricted securities was $327,498, which represented 0.18% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
†	Non income producing security.
*	Fully or partially on loan.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At November 30, 2011, the aggregate amount of Rule 144A securities was $27,222,414, which represented 15.15% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
°	Principal amount shown is stated in the currency in which each security is denominated.
•	Variable rate security. The rate shown is the rate as of November 30, 2011. Interest rates reset periodically.
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.
ϕ	Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at November 30, 2011.
@	Illiquid security. At November 30, 2011, the aggregate amount of illiquid securities was $169,123, which represented 0.09% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
«	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. Stated rate in effect at November 30, 2011.
Δ	Securities have been classified by country of origin.
≠	The rate shown is the effective yield at the time of purchase.
**	See Note 10 in “Notes to financial statements” for additional information on securities lending collateral and non-cash collateral.
©	Includes $14,066,858 of securities loaned.

The following foreign currency exchange contracts and swap contracts were outstanding at November 30, 2011:¹

Foreign Currency Exchange Contracts

								Unrealized
	Contracts to						Settlement	Appreciation
Counterparty	Receive (Deliver)			In Exchange For			Date	(Depreciation)
MNB	AUD	12,480		USD	(12,892	)	12/5/11		$	(65	)
MNB	CAD	53,661		USD	(52,983	)	12/2/11			(372	)
MNB	CHF	27,881		USD	(30,739	)	12/5/11			(216	)
MNB	EUR	14,610		USD	(19,766	)	12/2/11			(133	)
MNB	EUR	71,767		USD	(97,094	)	12/5/11			(651	)
MNB	GBP	39,416		USD	(62,175	)	12/5/11			(314	)
MNB	HKD	226,790		USD	(29,196	)	12/2/11			(3	)
MNB	JPY	(656,672	)	USD	8,493		12/1/11			25
MNB	JPY	5,256,037		USD	(67,978	)	12/5/11			(192	)
MNB	KRW	5,396,140		USD	(4,804	)	12/2/11			(74	)
MNB	SEK	126,885		USD	(18,839	)	12/5/11			(94	)
MNB	THB	109,812		USD	(3,558	)	12/6/11			(8	)
									$	(2,097	)

Swap Contracts

CDS Contracts

Swap

Annual

Unrealized

Referenced

Notional

Protection

Termination

Appreciation

Counterparty

Obligation

Value

Payments

Date

(Depreciation)

Protection

Purchased:

BAML

ITRAXX Europe

Subordinate

Financials 16.1

5 yr CDS

EUR 80,000

5.00%

12/20/16

233

BCLY

ITRAXX Europe

Subordinate

Financials 16.1

5 yr CDS

EUR 95,000

5.00%

12/20/16

916

1,149

Protection Sold /

Moody’s Rating:

JPMC

Tyson Foods

CDS / Ba

USD 15,000

1.00%

3/20/16

203

Total

1,352

The use of foreign currency exchange contracts and swaps contracts involves elements of market risk and risks in excess of the amounts 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 9 in “Notes to financial statements.”

(continues) 21

Statement of net assets

Delaware Enhanced Global Dividend and Income Fund

Summary of Abbreviations:
ADR — American Depositary Receipt
AHT — Ashford Hospitality Trust
ARM — Adjustable Rate Mortgage
AUD — Australian Dollar
BAML — Bank of America Merrill Lynch
BCLY — Barclays Bank
BRL — Brazilian Real
CAD — Canadian Dollar
CDS — Credit Default Swap
CHF — Swiss Franc
CLP — Chilean Peso
EUR — European Monetary Unit
FDR — Fiduciary Depositary Receipt
GBP — British Pound Sterling
GNMA — Government National Mortgage Association
HKD — Hong Kong Dollar
IDR — Indonesian Rupiah
JPMC — JPMorgan Chase Bank
JPY — Japanese Yen
KRW — South Korean Won
MASTR — Mortgage Asset Securitization Transactions, Inc.
MNB — Mellon National Bank
MSC — Morgan Stanley Capital
MXN — Mexican Peso
NVDR — Non-voting Depository Receipt
PIK — Pay-in-kind
PLN — Polish Zloty
REIT — Real Estate Investment Trust
REMIC — Real Estate Mortgage Investment Conduits
S.F. — Single Family
SEK — Swedish Krona
THB — Thailand Baht
USD — United States Dollar
yr — Year

Statement of operations

Delaware Enhanced Global Dividend and Income Fund
Year Ended November 30, 2011

Investment Income:
Interest	$	7,048,213
Dividends		4,070,610
Securities lending income		184,381
Foreign tax withheld		(163,881	)	$	11,139,323

Expenses:
Management fees		2,070,162
Reports to shareholders		104,490
Legal fees		103,819
Accounting and administration expenses		81,920
Taxes		70,000
Dividend disbursing and transfer agent fees and expenses		43,025
Custodian fees		41,255
Consulting fees		34,326
Audit and tax		27,762
Leverage expenses		25,048
NYSE fees		23,988
Pricing fees		17,596
Trustees’ fees		9,003
Dues and services		8,041
Insurance fees		4,988
Registration fees		1,242
Trustees’ expenses		643
Total operating expenses (before interest expense)					2,667,308
Interest expense					639,757
Total operating expenses (after interest expense)					3,307,065
Net Investment Income					7,832,258

Net Realized and Unrealized Gain (Loss) on Investments and Derivatives:
Net realized gain (loss) on:
Investments					2,386,144
Options written					147,102
Swap contracts					26,747
Foreign currency exchange contracts					(122,861	)
Foreign currencies					(576,773	)
Net realized gain					1,860,359
Net change in unrealized appreciation/depreciation of investments and derivatives					(6,475,978	)
Net Realized and Unrealized Loss on Investments and Derivatives					(4,615,619	)

Net Increase in Net Assets Resulting from Operations				$	3,216,639

See accompanying notes, which are an integral part of the financial statements.

Statements of changes in net assets

Delaware Enhanced Global Dividend and Income Fund

	Year Ended
	11/30/11			11/30/10
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	7,832,258		$	7,373,688
Net realized gain		1,860,359			3,678,581
Net change in unrealized appreciation (depreciation)		(6,475,978	)		8,310,279
Net increase in net assets resulting from operations		3,216,639			19,362,548

Dividends and Distributions to Shareholders from:¹
Net investment income		(9,958,352	)		(11,913,695	)
Return of capital		(6,379,270	)		(4,052,200	)
		(16,337,622	)		(15,965,895	)

Capital Share Transactions:
Cost of shares reinvested²		675,989			1,020,065
Net assets from Fund merger³		31,394,740			—
Increase in net assets derived from capital share transactions		32,070,729			1,020,065

Net Increase in Net Assets		18,949,746			4,416,718

Net Assets:
Beginning of year		160,464,614			156,047,896
End of year (including distributions in excess of net investment income of $992,926 and $787,504, respectively)	$	179,414,360		$	160,464,614

¹See Note 4 in “Notes to financial statements.”
²See Note 6 in “Notes to financial statements.”
³See Note 7 in “Notes to financial statements.”

See accompanying notes, which are an integral part of the financial statements.

Statement of cash flows

Delaware Enhanced Global Dividend and Income Fund
Year Ended November 30, 2011

Net Cash (Including Foreign Currency) Provided by Operating Activities:
Net increase in net assets resulting from operations	$	3,216,639

Adjustments to reconcile net increase in net assets from
operations to cash provided by operating activities:
Amortization of premium and discount on investments purchased		(59,020	)
Increase in receivable from Fund merger		3,259,866
Increase in payable from Fund merger		(319,120	)
Purchase of investment securities		(141,237,523	)
Purchase of short-term investment securities, net		(7,116,225	)
Proceeds from disposition of investment securities		153,344,184
Net realized gain on investment transactions		(2,151,008	)
Net change in unrealized appreciation/depreciation		6,475,977
Increase in receivable for investments sold		(600,835	)
Increase in interest and dividends receivable		(409,654	)
Decrease in payable for investments purchased		(435,675	)
Decrease in interest payable		(3,900	)
Increase in accrued expenses and other liabilities		246,738
Total adjustments		10,993,805
Net cash provided by operating activities		14,210,444

Cash Flows Used for Financing Activities:
Cash dividends and distributions paid		(16,337,622	)
Cost of fund shares reinvested		675,989
Net cash used for financing activities		(15,661,633	)
Effect of exchange rates on cash		67,199
Net decrease in cash		(1,383,990	)
Cash at beginning of year		4,079,857
Cash at end of year	$	2,695,867

Interest paid for borrowings during the year	$	643,657

Noncash transactions from Fund merger:
Line of credit		10,725,000
Cost of investment securities		39,610,389
Cost of securities lending collateral		74,168

See accompanying notes, which are an integral part of the financial statements.

Financial highlights

Delaware Enhanced Global Dividend and Income Fund

Selected data for each share of the Fund outstanding throughout each period were as follows:

6/29/07¹