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, 2012

Item 1. Reports to Stockholders





Annual Report	Delaware Enhanced Global Dividend and Income Fund

	November 30, 2012









	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 and country allocations	7
Statement of net assets	9
Statement of operations	25
Statements of changes in net assets	26
Statement of cash flows	27
Financial highlights	28
Notes to financial statements	29
Report of independent registered public accounting firm	40
Other Fund information	41
Board of trustees/directors and officers addendum	50
About the organization	52

Unless otherwise noted, views expressed herein are current as of Nov. 30, 2012, 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.

All third-party marks cited are the property of their respective owners.

Portfolio management review

Delaware Enhanced Global Dividend and Income Fund
December 11, 2012

Performance preview (for the year ended November 30, 2012)
Delaware Enhanced Global Dividend and Income Fund @ market price	1-year return	+12.15%
Delaware Enhanced Global Dividend and Income Fund @ NAV	1-year return	+16.85%
Lipper Closed-end Global Funds Average @ market price	1-year return	+12.16%
Lipper Closed-end Global Funds Average @ NAV	1-year return	+10.65%

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.

For the fiscal year ended Nov. 30, 2012, Delaware Enhanced Global Dividend and Income Fund returned +16.85% at net asset value and +12.15% at market price (both figures reflect all distributions reinvested). Complete annualized performance information for the Fund is shown in the table on page 4.

Modest improvements in economic conditions

The U.S. economy continued its sluggish but steady growth during the 12 months ended Nov. 30, 2012. While U.S. gross domestic product — a measure of the goods and services produced by the nation — expanded rapidly in late 2011, growth slowed significantly thereafter. High unemployment continued to be a major challenge, with the country’s jobless rate finishing the Fund’s fiscal year at 7.9%, still uncomfortably high but notably improved from the 9.0% level at the beginning of this period. (Data: U.S. Commerce Department; U.S. Labor Department.)

Against this backdrop, the U.S. Federal Reserve continued its efforts to stimulate U.S. economic growth by keeping short-term interest rates at a historically low level and initiating a third round of so-called “quantitative easing” in the form of bond-buying programs. Policy action continued overseas as well, as European officials dealt with a lingering sovereign debt crisis. Many European countries were in recession when the Fund’s fiscal year drew to a close (source: Bloomberg).

Financial markets respond positively

Encouraged by the aggressive actions of central banks around the world, global financial markets delivered strong returns during the fiscal year, with riskier assets faring particularly well. U.S. equities, as measured by the S&P 500^® Index, generated a gain of 16.13%, while global equities, as measured by the MSCI ACWI (All Country World Index), advanced 13.33% (net). Emerging markets lagged their developed-market counterparts, however, with highly variable performance from country to country.

Central bank actions generally helped boost demand for many real estate securities, including real estate investment trusts (REITs), which tend to benefit when financing is readily available. As credit became more accessible throughout the fiscal year, REITs generally responded well, with global REITs gaining 25.06%, as measured by the FTSE EPRA/NAREIT Developed Index.

High yield bonds, as measured by the BofA Merrill Lynch U.S. High Yield Constrained Index, rose 16.57% for the Fund’s fiscal year. Other income-generating asset classes that gained ground included convertible securities, dividend-paying international equities, and investment grade bonds. (Performance data: Bloomberg.)

A global approach to income

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.

As part of the Fund’s global strategy, we invest at least 40% of the Fund’s net assets in non-U.S. securities under normal conditions. This includes investments in

Unless otherwise noted, views expressed herein are current as of Nov. 30, 2012, and subject to change.

(continues) 1

Portfolio management review

Delaware Enhanced Global Dividend and Income Fund

international equities, global real estate securities, and emerging market bonds. When we consider market conditions to be unfavorable, however, we can shift our tactical allocation below that guideline.

During the Fund’s fiscal year, we saw additional opportunity in international equities as investor sentiment began to calm somewhat in the wake of global central bank actions, including European Central Bank President Mario Draghi’s declaration in July 2012 that he would do “whatever it takes” to save the euro. As of Nov. 30, 2012, international equities amounted to 24% of the Fund’s total net assets.

The Fund’s allocation to U.S. large-cap value equity investments was lowered somewhat during the fiscal year. Domestic equities nonetheless provided a solid contribution to Fund performance, and we viewed them favorably at fiscal year end. Within the Fund’s large-cap value holdings, the consumer discretionary sector was particularly strong. The Fund’s holdings in the financial sector were likewise beneficial.

Notes on the Fund’s allocations to other asset types:

High yield securities play a prominent role in the Fund’s strategy of seeking income from a variety of asset types, and represented the largest allocation of assets within the Fund during the fiscal year. Our approach to the asset class is marked by an eye toward risk. As the Fund’s fiscal year progressed and bond prices continued to reach what we viewed as excessively high levels, we reassessed the Fund’s high yield exposure somewhat. We concluded that the overall risk-reward balance had become less attractive, and that increased caution was warranted, prompting us to take precautions against potential declines in bond prices.
Among global REITs, we favored real estate companies with strong fundamentals and relatively easy access to credit. We introduced small positions in several non-U.S. companies that we believed had become attractively valued, keeping in mind that prices for international REITs have generally trailed their U.S. counterparts in recent years.
In a market environment in which equities turned in robust results, convertibles did not generate comparable gains. The Fund’s focus on convertibles that exhibit defensive characteristics muted the Fund’s performance in this asset class.
The Fund’s exposure to emerging markets debt, though pared back slightly in 2011, remained relatively stable during the Fund’s fiscal year, with a particular focus on Latin American and Asian countries that we found attractive.

With monetary policy around the world driving rates lower, our preferred approach has been twofold:

Invest in hard assets as we aim to help shield the Fund’s portfolio from the potential inflationary results of central bank policies — as represented by our investments in global REITs.
Invest in financial assets as we aim to help provide what central banks’ policies are taking away — that is, yield — which we attempt to achieve by investing in securities such as high yield bonds, dividend-paying international equities, and convertibles.

A consistent management strategy

Our basic strategy remained the same during the Fund’s fiscal year, just as it has across all performance periods: We continued assembling a diversified collection of income-generating securities that seeks to provide competitive yield, while aiming to achieve greater upside potential than bonds and better downside protection than equities. Diversification, it should be noted, does not protect against losses.

We continued to emphasize reasonably priced securities when making new additions to the Fund. At the same time, we liquidated holdings that we believed had become expensive relative to their return prospects.

A more defensive posture going forward

As the Fund’s fiscal year came to an end, we believed that U.S. securities — especially large-cap value equities — had the potential to outperform non-U.S. securities. With European and Asian markets coming off long stretches

of positive performance, we believed it was not the right time to take on more risk by investing significantly in these regions.

In general, our overall sense of caution increased as the fiscal year progressed. After three years of strong market returns and proactive economic stimulus by the world’s central banks, we finished the fiscal year with a more defensive outlook, which translated to (1) seeking to avoid securities that we view as having an unfavorable risk-reward balance, (2) selling certain higher-priced securities, and (3) initiating steps to help hedge the portfolio’s risk. In the months ahead, we will be monitoring market conditions to see if an even more defensive stance may be warranted.

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, 2012	1 year			5 years			Lifetime
At market price (inception date June 29, 2007)	+	12.15	%	+	5.61	%	+	1.55	%
At net asset value (inception date June 29, 2007)	+	16.85	%	+	4.37	%	+	3.05	%

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.

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 above and the “Performance of a $10,000 investment” graph on page 5 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, 2012

Fund objective

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

Total Fund net assets

$191 million

Number of holdings

767

Fund start date

June 29, 2007

NYSE symbol

DEX

Market price versus net asset value (see notes below)
Nov. 30, 2011, through Nov. 30, 2012

	Starting value (Nov. 30, 2011)	Ending value (Nov. 30, 2012)
Delaware Enhanced Global Dividend and Income Fund @ NAV	$11.35	$12.02
Delaware Enhanced Global Dividend and Income Fund @ market price	$10.92	$11.10

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 Nov. 30, 2012

	Starting value (June 29, 2007)	Ending value (Nov. 30, 2012)
Delaware Enhanced Global Dividend and Income Fund @ market price	$10,000	$18,124
Delaware Enhanced Global Dividend and Income Fund @ NAV	$10,000	$16,625
Lipper Closed-end Global Funds Average @ market price	$10,000	$9,889
Lipper Closed-end Global Funds Average @ NAV	$10,000	$9,343

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 portfolio in securities traded outside of the United States and that may own U.S. securities as well (source: Lipper).

The S&P 500 Index, mentioned on page 1, measures the performance of 500 mostly large-cap stocks weighted by market value, and is often used to represent performance of the U.S. stock market.

(continues) 5

Performance summary

Delaware Enhanced Global Dividend and Income Fund

The MSCI ACWI Index, mentioned on page 1, is a free float-adjusted market capitalization index that is designed to measure equity market performance across developed and emerging markets worldwide. Index “net” return approximates the minimum possible dividend reinvestment, after deduction of withholding tax at the highest possible rate.

The FTSE EPRA/NAREIT Developed Index, mentioned on page 1, tracks the performance of listed real estate companies and real estate investment trusts (REITs) worldwide, based in U.S. dollars.

The BofA Merrill Lynch U.S. High Yield Constrained Index, mentioned on page 1, 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.

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 and country allocations

Delaware Enhanced Global Dividend and Income Fund
As of November 30, 2012

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may also 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.

Security type/sector	Percentage of Net Assets
Common Stock		59.18	%
Consumer Discretionary		7.82	%
Consumer Staples		6.62	%
Diversified REITs		0.58	%
Energy		5.78	%
Financials		5.62	%
Healthcare		7.10	%
Healthcare REITs		0.26	%
Hotel REITs		0.43	%
Industrial REITs		1.05	%
Industrials		7.46	%
Information Technology		2.78	%
Mall REITs		0.84	%
Manufactured Housing REITs		0.22	%
Materials		4.71	%
Mixed REITs		0.56	%
Mortgage REITs		0.28	%
Multifamily REITs		0.45	%
Office REITs		0.68	%
Real Estate Management & Development		0.02	%
Self-Storage REITs		0.17	%
Shopping Center REITs		0.84	%
Single Tenant REIT		0.17	%
Specialty REITs		0.63	%
Telecommunications		2.70	%
Utilities		1.41	%
Convertible Preferred Stock		2.40	%
Exchange-Traded Fund		0.39	%
Agency Collateralized Mortgage Obligations		0.14	%
Agency Mortgage-Backed Securities		0.89	%
Commercial Mortgage-Backed Securities		0.42	%
Convertible Bonds		12.78	%
Basic Industry		0.18	%
Capital Goods		1.27	%
Communications		1.31	%
Consumer Cyclical		1.34	%
Consumer Non-Cyclical		2.08	%
Energy		0.82	%
Financials		1.00	%
Industrials		0.32	%
Insurance		0.20	%
Real Estate		0.27	%
Services		1.16	%
Technology		2.83	%
Corporate Bonds		44.32	%
Automotive		1.24	%
Banking		1.06	%
Basic Industry		5.50	%
Brokerage		0.03	%
Capital Goods		2.60	%
Communications		3.88	%
Consumer Cyclical		3.24	%
Consumer Non-Cyclical		1.34	%
Energy		6.73	%
Financials		0.88	%
Healthcare		3.38	%
Industrials		0.02	%
Insurance		1.52	%
Media		3.67	%
Natural Gas		0.12	%
Real Estate		0.50	%
Services		5.04	%
Technology		2.75	%
Transportation		0.05	%
Utilities		0.77	%
Non-Agency Asset-Backed Securities		0.13	%
Non-Agency Collateralized Mortgage Obligations		0.09	%
Senior Secured Loans		1.81	%
Sovereign Bonds		8.54	%
U.S. Treasury Obligations		0.46	%
Leveraged Non-Recourse Security		0.00	%
Limited Partnership		0.32	%
Residual Interest Trust Certificate		0.00	%
Preferred Stock		0.86	%
Warrant		0.00	%
Short-Term Investments		2.64	%
Securities Lending Collateral		8.05	%
Total Value of Securities		143.42	%
Obligation to Return Securities Lending Collateral		(8.25	%)
Borrowing Under Line of Credit		(34.48	%)
Other Liabilities Net of Receivables and Other Assets		(0.69	%)
Total Net Assets		100.00	%

(continues) 7

Security type/sector and country allocations

Delaware Enhanced Global Dividend and Income Fund

*Country	Percentage of Net Assets
Australia		1.41	%
Austria		0.23	%
Barbados		0.16	%
Bermuda		0.79	%
Brazil		3.73	%
British Virgin Island		0.16	%
Canada		4.98	%
Cayman Islands		0.83	%
China		0.75	%
Denmark		0.66	%
France		8.14	%
Germany		1.85	%
Hong Kong		1.65	%
Indonesia		3.65	%
Ireland		0.68	%
Israel		1.39	%
Japan		6.55	%
Jersey		0.28	%
Luxembourg		2.39	%
Marshall Islands		0.20	%
Mexico		1.51	%
Multinational		0.16	%
Netherlands		2.10	%
Norway		0.01	%
Panama		1.37	%
Poland		0.35	%
Republic of Korea		0.53	%
Russia		0.49	%
Singapore		0.06	%
Spain		0.18	%
Sweden		1.36	%
Switzerland		2.92	%
United Kingdom		7.48	%
United States		73.73	%
Total		132.73	%

*	Allocation includes all investments except for short-term investments and securities lending collateral.

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 9 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, 2012

		Number of Shares	Value (U.S. $)
vCommon Stock – 59.18%
Consumer Discretionary – 7.82%
	Bayerische Motoren Werke	13,422	$	1,190,323
†	DIRECTV Class A	2,250		111,825
	Don Quijote	43,500		1,691,447
	Genuine Parts	10,800		702,972
	Hyundai Home
	Shopping Network	9,042		1,014,876
	Mattel	18,500		693,935
	Nitori Holdings	13,904		1,034,049
	PPR	8,514		1,587,851
*	Publicis Groupe	15,657		885,676
	Sumitomo Rubber Industries	61,461		724,781
	Techtronic Industries	551,500		1,085,893
	Toyota Motor	55,005		2,359,026
	Yue Yuen Industrial Holdings	519,500		1,819,879
				14,902,533
Consumer Staples – 6.62%
	Archer-Daniels-Midland	18,700		499,290
†	Aryzta	47,431		2,397,909
	Carlsberg Class B	12,908		1,256,754
	Coca-Cola Amatil	70,650		1,013,152
	ConAgra Foods	34,500		1,030,170
	Greggs	107,397		827,268
	Kimberly-Clark	11,100		951,492
†	Kraft Foods Group	22,100		999,362
	Lorillard	8,500		1,029,860
*	Safeway	55,700		953,027
	TESCO	318,609		1,659,452
				12,617,736
Diversified REITs – 0.58%
	Champion REIT	125,000		62,902
*	Investors Real Estate Trust	10,260		87,107
	Lexington Reality Trust	40,304		386,516
	Mapletree Logistics Trust	70,000		63,657
*	Nieuwe Steen Investments	89		712
	Orix JREIT	17		85,077
	Stockland	70,059		247,879
	Vornado Realty Trust	2,361		180,451
				1,114,301
Energy – 5.78%
	Chevron	5,700		602,433
	CNOOC	667,000		1,426,913
	ConocoPhillips	11,700		666,198
	Marathon Oil	16,300		502,855
	Royal Dutch Shell ADR	13,700		946,396
	Spectra Energy	22,400		626,080
*	Subsea 7	70,335		1,607,863
*	Total	38,803		1,941,650
	Total ADR	19,800		993,168
	Transocean	27,100		1,252,020
	Williams	13,500		443,340
				11,008,916
Financials – 5.62%
	Allstate	24,200		979,616
	AXA	98,208		1,613,798
	Bank of New York Mellon	21,700		519,498
*	Fifth Street Finance	29,454		317,514
	Gallagher (Arthur J.)	21,900		799,788
	Marsh & McLennan	19,300		679,746
	Mitsubishi UFJ Financial Group	391,328		1,789,878
	Nordea Bank	147,703		1,352,028
	Nordea Bank FDR	36,812		335,610
	Solar Capital	8,100		185,490
	Standard Chartered	57,662		1,344,133
	Travelers	11,300		800,266
				10,717,365
Healthcare – 7.10%
	Abbott Laboratories	9,600		624,000
†	Alliance HealthCare Services	8,445		10,472
	AstraZeneca ADR	14,700		698,838
	Baxter International	8,000		530,160
	Bristol-Myers Squibb	23,400		763,542
	Johnson & Johnson	11,400		794,922
*	Meda Class A	49,345		508,058
	Merck	26,400		1,169,520
	Novartis	30,902		1,912,409
	Pfizer	41,460		1,037,329
	Sanofi	23,258		2,076,841
	Sanofi ADR	17,100		763,002
	Teva Pharmaceutical
	Industries ADR	65,600		2,646,960
				13,536,053
Healthcare REITs – 0.26%
	HCP	1,100		49,555
	Health Care REIT	1,875		110,419
	Ventas	5,342		340,018
				499,992
Hotel REITs – 0.43%
	Ashford Hospitality Trust	61,800		559,290
	DiamondRock Hospitality	17,600		153,824
	LaSalle Hotel Properties	1,200		28,932
	Summit Hotel Properties	9,300		81,654
				823,700
Industrial REITs – 1.05%
	BWP Trust	60,000		133,385
*	DCT Industrial Trust	16,877		105,481
†	First Industrial Realty Trust	63,827		842,516
	Goodman Group	49,447		238,428
	ProLogis	385		13,067
	STAG Industrial	35,063		660,938
				1,993,815

(continues) 9

Statement of net assets

Delaware Enhanced Global Dividend and Income Fund

		Number of Shares	Value (U.S. $)
vCommon Stock (continued)
Industrials – 7.46%
	Alstom	28,998	$	1,055,411
	Cie de Saint-Gobain	17,200		686,295
	Copa Holdings Class A	13,700		1,299,308
†	Delta Air Lines	6		60
	Deutsche Post	65,902		1,367,913
	East Japan Railway	24,961		1,638,326
†	Flextronics International	7,400		42,846
	ITOCHU	151,202		1,511,561
	Koninklijke Philips Electronics	51,746		1,336,543
	Northrop Grumman	9,500		633,650
	Raytheon	17,500		999,775
	Teleperformance	77,000		2,679,809
	Waste Management	29,900		973,843
				14,225,340
Information Technology – 2.78%
	Applied Materials	74,600		800,458
*	Canon ADR	18,900		664,902
†	CGI Group Class A	101,891		2,338,667
	Intel	44,000		861,080
	Microsoft	24,000		638,880
				5,303,987
Mall REITs – 0.84%
	CBL & Associates Properties	4,199		94,519
	General Growth Properties	14,518		281,214
	Macerich	389		21,979
	Pennsylvania Real Estate
	Investment Trust	8,500		141,610
*	Rouse Properties	748		11,220
	Simon Property Group	6,908		1,050,914
				1,601,456
Manufactured Housing REITs – 0.22%
	Equity Lifestyle Properties	2,478		162,656
	Sun Communities	6,586		254,220
				416,876
Materials – 4.71%
†	AuRico Gold	184,251		1,456,053
	duPont (E.I.) deNemours	12,600		543,564
	Lafarge	14,580		847,033
	MeadWestvaco	20,100		621,291
	Rexam	254,027		1,781,337
	Rio Tinto	25,961		1,286,652
	Yamana Gold	129,764		2,445,445
				8,981,375
Mixed REITs – 0.56%
*	Digital Realty Trust	10,200		658,307
	Duke Realty	11,447		154,535
*	DuPont Fabros Technology	2,500		57,725
	Liberty Property Trust	4,797		167,080
	PS Business Parks	400		25,796
				1,063,443
Mortgage REITs – 0.28%
	Chimera Investment	17,000		46,580
	Starwood Property Trust	20,900		477,774
				524,354
Multifamily REITs – 0.45%
	Apartment Investment
	& Management	15,728		394,301
	Associated Estates Realty	1,300		19,669
	BRE Properties	1,000		48,650
	Camden Property Trust	5,109		335,661
	Equity Residential	1,200		66,612
				864,893
Office REITs – 0.68%
*	Alstria Office REIT	33,657		413,345
	Commonwealth Property
	Office Fund	105,000		111,780
*	Government Properties
	Income Trust	4,752		109,534
	Link REIT	33,000		179,047
	Mack-Cali Realty	11,500		290,720
	Parkway Properties	13,650		183,456
				1,287,882
Real Estate Management & Development – 0.02%
	Cyrela Brazil Realty	4,100		34,203
				34,203
Self-Storage REITs – 0.17%
	Extra Space Storage	4,555		160,108
	Public Storage	1,150		161,736
				321,844
Shopping Center REITs – 0.84%
*∏	Charter Hall Retail REIT	71,117		265,725
*	Corio	2,685		120,316
	Equity One	1,500		31,005
	First Capital Realty	2,922		54,272
	Kimco Realty	12,857		247,626
	Ramco-Gershenson
	Properties Trust	19,634		262,703
	Regency Centers	900		42,165
	Unibail-Rodamco	1,399		328,324
	Westfield Group	16,989		184,761
	Westfield Retail Trust	21,112		65,883
				1,602,780
Single Tenant REIT – 0.17%
	National Retail Properties	10,537		323,697
				323,697
Specialty REITs – 0.63%
	EPR Properties	8,736		396,178
	Home Loan Servicing Solution	32,995		645,051
	Plum Creek Timber	1,520		65,132
	Potlatch	1,730		67,384
	Rayonier	450		22,428
				1,196,173

		Number of Shares		Value (U.S. $)
vCommon Stock (continued)
Telecommunications – 2.70%
	AT&T		30,500	$	1,040,965
=†	Century Communications		125,000		0
	CenturyLink		16,800		652,512
	France Telecom ADR		900		9,639
†	GeoEye		600		18,336
	KDDI		13,200		976,888
	Mobile TeleSystems ADR		54,000		941,220
	Verizon Communications		15,100		666,212
	Vodafone Group		326,843		843,838
					5,149,610
Utilities – 1.41%
	American Water Works		800		30,536
=†	Calpine Tracking		70,000		0
	Edison International		10,500		477,540
†	GenOn Energy		150		383
†	Mirant (Escrow)		50,000		0
*	National Grid		122,709		1,385,974
*	National Grid ADR		11,500		651,360
	NorthWestern		3,800		131,822
					2,677,615
Total Common Stock
	(cost $104,947,961)				112,789,939

Convertible Preferred Stock – 2.40%
	Aspen Insurance Holdings
	5.625% exercise price
	$29.28, expiration
	date 12/31/49		10,874		643,945
#	Chesapeake Energy 5.75%
	144A exercise price $27.90,
	expiration date 12/31/49		240		213,600
	El Paso Energy Capital Trust I
	4.75% exercise price
	$34.49, expiration
	date 3/31/28		1,950		106,782
	HealthSouth 6.50%
	exercise price $30.50,
	expiration date 12/31/49		835		873,828
	Huntington Bancshares 8.50%
	exercise price $11.95,
	expiration date 12/31/49		318		394,288
	MetLife 5.00%
	exercise price $44.28,
	expiration date 9/4/13		13,000		579,670
	PPL 9.50%
	exercise price $28.80,
	expiration date 7/1/13		12,650		688,034
	SandRidge Energy 8.50%
	exercise price $8.01,
	expiration date 12/31/49		2,205		222,021
	Wells Fargo 7.50%
	exercise price $156.71,
	expiration date 12/31/49		695		859,020
Total Convertible Preferred Stock
	(cost $4,337,871)				4,581,188

Exchange-Traded Fund – 0.39%
*	iPATH S&P 500 VIX Short-Term
	Futures ETN		25,000		740,500
Total Exchange-Traded Fund
	(cost $1,178,000)				740,500

		Principal Amount°
Agency Collateralized Mortgage Obligations – 0.14%
	Fannie Mae REMICs
	Series 2001-50 BA
	7.00% 10/25/41	USD	97,750		104,171
	Series 2003-122 AJ
	4.50% 2/25/28		23,757		23,987
	Freddie Mac
	Series 2557 WE
	5.00% 1/15/18		52,985		56,570
	Series 3131 MC
	5.50% 4/15/33		31,152		31,809
	Series 3173 PE
	6.00% 4/15/35		55,610		57,858
Total Agency Collateralized
	Mortgage Obligations
	(cost $262,838)				274,395

Agency Mortgage-Backed Securities – 0.89%
•	Fannie Mae ARM
	2.715% 10/1/36		6,759		7,244
	2.78% 4/1/36		11,238		12,017
	2.873% 11/1/35		11,767		12,608
	2.883% 10/1/36		10,036		10,726
	3.847% 3/1/38		15,661		16,641
	6.176% 4/1/36		39,736		42,567
	Fannie Mae S.F. 15 yr
	4.00% 11/1/25		136,108		147,956
	5.50% 1/1/23		24,984		27,065
	Fannie Mae S.F. 15 yr TBA
	2.50% 1/1/27		79,000		82,506
	3.00% 1/1/27		113,000		119,052
	Fannie Mae S.F. 20 yr
	5.50% 12/1/29		1,909		2,078
	Fannie Mae S.F. 30 yr
	6.50% 6/1/36		20,648		23,424
	6.50% 10/1/36		13,863		15,642
	6.50% 12/1/37		23,359		26,494
	Freddie Mac 6.00% 1/1/17		9,837		10,042

(continues) 11

Statement of net assets

Delaware Enhanced Global Dividend and Income Fund

		Principal Amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
•	Freddie Mac ARM
	2.764% 7/1/36	USD	9,337	$	9,973
	5.811% 10/1/36		18,108		19,607
	Freddie Mac S.F. 15 yr
	5.00% 6/1/18		9,272		9,943
	5.00% 12/1/22		47,394		51,147
	Freddie Mac S.F. 30 yr
	5.00% 1/1/34		427,911		463,461
	7.00% 11/1/33		33,289		39,333
	9.00% 9/1/30		46,372		51,207
	GNMA I S.F. 30 yr
	7.50% 12/15/23		67,856		81,095
	7.50% 1/15/32		55,263		67,602
	9.50% 9/15/17		56,920		65,143
	12.00% 5/15/15		21,692		23,585
	GNMA II S.F. 30 yr
	6.00% 11/20/28		63,702		71,852
	6.50% 2/20/30		162,408		187,788
Total Agency Mortgage-Backed
	Securities (cost $1,554,898)				1,697,798

Commercial Mortgage-Backed Securities – 0.42%
#	American Tower Trust 144A
	Series 2007-1A AFX
	5.42% 4/15/37		75,000		77,465
	BAML Commercial Mortgage
	Series 2005-1 A3
	4.877% 11/10/42		5,662		5,660
	•Series 2005-6 A4
	5.363% 9/10/47		180,000		201,314
•	Bear Stearns Commercial
	Mortgage Securities
	Series 2006-PW12 A4
	5.894% 9/11/38		25,000		28,707
•t	Commercial Mortgage Pass
	Through Certificates
	Series 2005-C6 A5A
	5.116% 6/10/44		10,000		11,057
	Goldman Sachs Mortgage
	Securities II
	•Series 2004-GG2 A6
	5.396% 8/10/38		60,000		63,854
	Series 2005-GG4 A4A
	4.751% 7/10/39		115,000		124,341
	•Series 2006-GG6 A4
	5.553% 4/10/38		10,000		11,295
•	JPMorgan Chase Commercial
	Mortgage Securities
	Series 2005-LDP3 A4A
	4.936% 8/15/42		35,000		38,558
•	Morgan Stanley Capital I
	Series 2007-T27 A4
	5.82% 6/13/42		160,000		190,443
#	Timberstar Trust 144A
	Series 2006-1A A
	5.668% 10/15/36		25,000		28,170
	WF-RBS Commercial Mortgage
	Trust Series 2012-C9 A3
	2.87% 11/15/45		10,000		10,311
Total Commercial Mortgage-
	Backed Securities
	(cost $643,642)				791,175

Convertible Bonds – 12.78%
Basic Industry – 0.18%
	Steel Dynamics 5.125%
	exercise price $17.32,
	expiration date 6/15/14		314,000		335,391
					335,391
Capital Goods – 1.27%
	AAR
	1.75% exercise price $28.62,
	expiration date 1/1/26		215,000		216,075
	#144A 1.75%
	exercise price $28.62,
	expiration date 1/1/26		90,000		90,450
	L-3 Communications
	Holdings 3.00%
	exercise price $91.21,
	expiration date 8/1/35		868,000		876,680
#	Owens-Brockway Glass
	Container 144A 3.00%
	exercise price $47.47,
	expiration date 5/28/15		1,245,000		1,235,663
					2,418,868
Communications – 1.31%
#	Alaska Communications
	Systems Group 144A 6.25%
	exercise price $10.28,
	expiration date 4/27/18		538,000		364,495
#	Clearwire Communications
	144A 8.25%
	exercise price $7.08,
	expiration date 11/30/40		371,000		358,015
*	Leap Wireless International
	4.50% exercise price
	$93.21, expiration
	date 7/15/14		826,000		787,281
	Rovi 2.625%
	exercise price $47.36,
	expiration date 2/10/40		363,000		362,093
	SBA Communications 4.00%
	exercise price $30.38,
	expiration date 7/22/14		274,000		632,769
					2,504,653

		Principal		Value
		Amount°		(U.S. $)
Convertible Bonds (continued)
Consumer Cyclical – 1.34%
ϕ	ArvinMeritor 4.00%
	exercise price $26.73,
	expiration date 2/15/27	USD	1,493,000	$	1,108,553
#	Iconix Brand Group 144A
	2.50% exercise price
	$30.75, expiration
	date 5/31/16		634,000		642,322
	International Game
	Technology 3.25%
	exercise price $19.97,
	expiration date 5/1/14		493,000		513,644
#	Titan Machinery 144A 3.75%
	exercise price $43.17,
	expiration date 4/30/19		313,000		285,808
					2,550,327
Consumer Non-Cyclical – 2.08%
*	Alere 3.00%
	exercise price $43.98,
	expiration date 5/15/16		705,000		664,463
	Dendreon 2.875%
	exercise price $51.24,
	expiration date 1/13/16		197,000		133,098
#	Illumina 144A 0.25%
	exercise price $83.55,
	expiration date 3/11/16		513,000		492,801
	LifePoint Hospitals 3.50%
	exercise price $51.79,
	expiration date 5/14/14		870,000		895,012
	Medtronic 1.625%
	exercise price $53.13,
	expiration date 4/15/13		346,000		347,081
	Mylan 3.75%
	exercise price $13.32,
	expiration date 9/10/15		261,000		550,873
	NuVasive
	2.25% exercise price $44.74,
	expiration date 3/15/13		111,000		111,139
	2.75% exercise price $42.13,
	expiration date 6/30/17		890,000		763,730
					3,958,197
Energy – 0.82%
*	Chesapeake Energy 2.50%
	exercise price $51.14,
	expiration date 5/15/37		341,000		306,048
	Helix Energy
	Solutions Group 3.25%
	exercise price $25.02,
	expiration date 3/12/32		691,000		768,737
	Transocean 1.50%
	exercise price $158.97,
	expiration date 12/15/37		491,000		494,069
					1,568,854
Financials – 1.00%
	Ares Capital 5.75%
	exercise price $19.13,
	expiration date 2/1/16		561,000		605,529
	BGC Partners 4.50%
	exercise price $9.84,
	expiration date 7/13/16		365,000		332,606
	PHH 4.00%
	exercise price $25.80,
	expiration date 9/1/14		867,000		967,248
					1,905,383
Industrials – 0.32%
ϕ	General Cable 4.50%
	exercise price $36.75,
	expiration date 11/15/29		584,000		616,120
					616,120
Insurance – 0.20%
#	WellPoint 144A 2.75%
	exercise price $75.57,
	expiration date 10/15/42		374,000		389,661
					389,661
Real Estate – 0.27%
#	Lexington Realty Trust 144A
	6.00% exercise price $6.93,
	expiration date 1/11/30		358,000		518,876
					518,876
Services – 1.16%
	Live Nation Entertainment
	2.875% exercise price
	$27.14, expiration
	date 7/14/27		1,435,000		1,436,794
	MGM Resorts International
	4.25% exercise price
	$18.58, expiration
	date 4/10/15		752,000		767,510
					2,204,304
Technology – 2.83%
	Advanced Micro Devices
	6.00% exercise price
	$28.08, expiration
	date 4/30/15		898,000		832,895
	#144A 6.00%
	exercise price $28.08,
	expiration date 4/30/15		31,000		28,753
	Alcatel-Lucent USA 2.875%
	exercise price $15.35,
	expiration date 6/15/25		729,000		722,621
#	Ciena 144A 3.75%
	exercise price $20.17,
	expiration date 10/15/18		517,000		572,254
	Hologic 2.00%
	exercise price $31.17,
	expiration date 2/27/42		597,000		578,717

(continues) 13

Statement of net assets

Delaware Enhanced Global Dividend and Income Fund

		Principal		Value
		Amount°		(U.S. $)
Convertible Bonds (continued)
Technology (continued)
	Intel 3.25%
	exercise price $22.20,
	expiration date 8/1/39	USD	501,000	$	579,281
	Linear Technology 3.00%
	exercise price $42.07,
	expiration date 5/1/27		959,000		997,359
*	SanDisk 1.50%
	exercise price $52.37,
	expiration date 8/11/17		529,000		591,158
	VeriSign 3.25%
	exercise price $34.37,
	expiration date 8/15/37		424,000		494,225
					5,397,263
Total Convertible Bonds
	(cost $23,278,232)				24,367,897

Corporate Bonds – 44.32%
Automotive – 1.24%
*	American Axle & Manufacturing
	7.75% 11/15/19		55,000		60,775
	7.875% 3/1/17		225,000		233,438
*	ArvinMeritor 8.125% 9/15/15		281,000		299,265
*	Chrysler Group 8.25% 6/15/21		715,000		790,968
	Dana Holding 6.75% 2/15/21		119,000		127,925
	Ford Motor Credit
	12.00% 5/15/15		245,000		302,575
#	International Automotive
	Components Group 144A
	9.125% 6/1/18		290,000		271,150
#	Jaguar Land Rover 144A
	8.125% 5/15/21		260,000		286,000
					2,372,096
Banking – 1.06%
	Abbey National Treasury
	Services 4.00% 4/27/16		30,000		31,758
	Bank of America
	3.75% 7/12/16		10,000		10,696
	3.875% 3/22/17		10,000		10,885
*	Barclays Bank 7.625% 11/21/22		375,000		372,188
	City National 5.25% 9/15/20		15,000		16,525
•	Fifth Third Capital Trust IV
	6.50% 4/15/37		5,000		5,031
*•#	HBOS Capital Funding 144A
	6.071% 6/29/49		659,000		543,675
	HSBC Holdings 4.00% 3/30/22		25,000		27,529
	JPMorgan Chase 2.00% 8/15/17		5,000		5,100
	PNC Financial Services Group
	2.854% 11/9/22		5,000		5,115
	PNC Funding
	5.125% 2/8/20		30,000		35,946
	5.625% 2/1/17		35,000		40,675
•	Regions Financial Trust II
	6.625% 5/15/47		720,000		724,367
	Santander Holdings USA
	4.625% 4/19/16		10,000		10,634
*	SVB Financial Group
	5.375% 9/15/20		25,000		28,429
•	USB Capital IX 3.50% 10/29/49		80,000		71,952
	Wachovia
	•0.71% 10/15/16		10,000		9,772
	5.25% 8/1/14		20,000		21,435
	5.625% 10/15/16		35,000		40,342
	Zions Bancorp
	4.50% 3/27/17		5,000		5,256
	7.75% 9/23/14		5,000		5,494
					2,022,804
Basic Industry – 5.50%
*	AK Steel 7.625% 5/15/20		221,000		185,088
	Alcoa
	5.40% 4/15/21		10,000		10,577
	6.75% 7/15/18		15,000		17,415
#	APERAM 144A 7.75% 4/1/18		225,000		193,500
	ArcelorMittal
	*6.125% 6/1/18		360,000		359,781
	10.35% 6/1/19		15,000		17,773
	Barrick Gold 3.85% 4/1/22		15,000		16,054
	Barrick North America Finance
	4.40% 5/30/21		5,000		5,548
	Cabot
	2.55% 1/15/18		15,000		15,489
	3.70% 7/15/22		5,000		5,138
#	Cemex Espana Luxembourg
	144A 9.25% 5/12/20		309,000		331,403
	CF Industries 6.875% 5/1/18		25,000		30,770
	CONSOL Energy 8.25% 4/1/20		300,000		321,750
	Domtar 4.40% 4/1/22		5,000		5,147
	Dow Chemical 8.55% 5/15/19		34,000		46,074
#	Essar Steel Algoma 144A
	9.375% 3/15/15		205,000		188,600
*#	FMG Resources
	August 2006 144A
	6.875% 2/1/18		115,000		113,706
	6.875% 4/1/22		275,000		269,156
	Georgia-Pacific 8.00% 1/15/24		30,000		42,539
#	HD Supply 144A
	11.00% 4/15/20		355,000		411,800
	Headwaters 7.625% 4/1/19		310,000		327,825
	Immucor 11.125% 8/15/19		275,000		310,063
*#	Ineos Group Holdings 144A
	8.50% 2/15/16		790,000		778,149
#	Inmet Mining 144A
	8.75% 6/1/20		300,000		325,500
	Interface 7.625% 12/1/18		205,000		221,656
	International Paper
	4.75% 2/15/22		5,000		5,682
	9.375% 5/15/19		5,000		6,936

			Principal		Value
			Amount°		(U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
#	JMC Steel Group 144A
		8.25% 3/15/18	USD	305,000	$	315,675
#	Longview Fibre Paper &
		Packaging 144A
		8.00% 6/1/16		305,000		321,013
#	MacDermid 144A
		9.50% 4/15/17		396,000		413,819
#	Masonite International 144A
		8.25% 4/15/21		370,000		397,750
	Millar Western Forest Products
		8.50% 4/1/21		225,000		198,000
#	Murray Energy 144A
		10.25% 10/15/15		270,000		257,850
#	New Gold 144A
		6.25% 11/15/22		380,000		389,975
	Newell Rubbermaid
		2.05% 12/1/17		5,000		5,029
	Norcraft 10.50% 12/15/15			186,000		186,930
	Nortek 8.50% 4/15/21			320,000		349,600
#	Orion Engineered
		Carbons Bondco 144A
		9.625% 6/15/18		320,000		348,000
	Peabody Energy 6.25% 11/15/21			300,000		312,750
*#	Perstorp Holding 144A
		8.75% 5/15/17		400,000		404,000
#	Ply Gem Industries 144A
		9.375% 4/15/17		185,000		195,638
	Rio Tinto Finance USA
		2.875% 8/21/22		20,000		20,415
	Rockwood Specialties Group
		4.625% 10/15/20		360,000		369,450
#	Ryerson 144A
		9.00% 10/15/17		245,000		243,469
		11.25% 10/15/18		105,000		100,144
#	Sappi Papier Holding 144A
		8.375% 6/15/19		405,000		430,818
#	Taminco Global Chemical
		144A 9.75% 3/31/20		580,000		629,299
	Teck Resources
		3.00% 3/1/19		5,000		5,094
		3.75% 2/1/23		5,000		5,042
	Vale Overseas 4.375% 1/11/22			20,000		21,284
						10,484,163
Brokerage – 0.03%
	Jefferies Group
		6.25% 1/15/36		5,000		5,125
		6.45% 6/8/27		5,000		5,300
	Lazard Group 6.85% 6/15/17			34,000		39,304
						49,729
Capital Goods – 2.60%
	Anixter 10.00% 3/15/14			15,000		16,369
	Berry Plastics
		9.75% 1/15/21		217,000		247,923
	*	10.25% 3/1/16		160,000		166,200
#	Consolidated Container 144A
		10.125% 7/15/20		385,000		411,950
	Kratos Defense &
		Security Solutions
		10.00% 6/1/17		275,000		301,125
	Mueller Water Products
		7.375% 6/1/17		300,000		311,250
	Reynolds Group Issuer
		8.25% 2/15/21		125,000		124,688
		9.00% 4/15/19		310,000		320,850
		9.875% 8/15/19		775,000		825,375
#	Sealed Air 144A
		8.125% 9/15/19		70,000		78,050
		8.375% 9/15/21		475,000		536,750
#	Spectrum Brands Escrow 144A
		6.375% 11/15/20		75,000		78,000
		6.625% 11/15/22		280,000		294,000
#	Votorantim Cimentos 144A
		7.25% 4/5/41		1,118,000		1,238,184
						4,950,714
Communications – 3.88%
	American Tower
		4.70% 3/15/22		240,000		265,623
		5.90% 11/1/21		30,000		35,973
	CenturyLink 5.80% 3/15/22			210,000		222,316
#	Clearwire Communications
		144A 14.75% 12/1/16		180,000		225,000
#	Columbus International 144A
		11.50% 11/20/14		270,000		302,400
	Comcast 4.65% 7/15/42			15,000		15,965
#	Cox Communications 144A
		3.25% 12/15/22		5,000		5,072
	Cricket Communications
		7.75% 5/15/16		130,000		138,125
		7.75% 10/15/20		180,000		186,750
#	Crown Castle Towers 144A
		4.883% 8/15/20		30,000		34,252
#	Digicel Group 144A
		8.25% 9/30/20		200,000		213,500
		10.50% 4/15/18		330,000		366,300
	DIRECTV Holdings
		3.80% 3/15/22		15,000		15,340
		5.15% 3/15/42		5,000		5,041
	Frontier Communications
		7.125% 3/15/19		120,000		129,900
	Hughes Satellite Systems
		7.625% 6/15/21		280,000		313,600
#	Intelsat Jackson Holdings
		144A 7.25% 10/15/20		75,000		80,250
	Intelsat Luxembourg
		11.25% 2/4/17		570,000		606,337
		PIK 11.50% 2/4/17		319,784		340,570

(continues) 15

Statement of net assets

Delaware Enhanced Global Dividend and Income Fund

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Communications (continued)
	Interpublic Group
	2.25% 11/15/17	USD	5,000	$	4,940
	3.75% 2/15/23		10,000		9,847
	4.00% 3/15/22		15,000		15,219
	Level 3 Communications
	*#144A 8.875% 6/1/19		190,000		200,213
	11.875% 2/1/19		345,000		395,025
#	Level 3 Financing 144A
	7.00% 6/1/20		175,000		178,719
	Qwest 6.75% 12/1/21		10,000		11,753
	Satelites Mexicanos
	9.50% 5/15/17		160,000		170,800
	Sprint Capital 8.75% 3/15/32		178,000		212,265
	Sprint Nextel
	8.375% 8/15/17		475,000		553,374
	9.125% 3/1/17		125,000		147,500
	Telecom Italia Capital
	5.25% 10/1/15		35,000		37,144
	Telefonica Emisiones
	5.462% 2/16/21		20,000		20,350
	Time Warner Cable
	8.25% 4/1/19		20,000		26,712
#	UPCB Finance VI 144A
	6.875% 1/15/22		150,000		162,750
	Verizon Communications
	2.45% 11/1/22		10,000		10,061
#	VimpelCom Holdings 144A
	7.504% 3/1/22		275,000		300,880
#	Vivendi 144A
	3.45% 1/12/18		5,000		5,169
	*6.625% 4/4/18		25,000		29,383
#	Wind Acquisition Finance 144A
	7.25% 2/15/18		535,000		532,324
	11.75% 7/15/17		190,000		195,225
	Windstream
	7.50% 4/1/23		235,000		243,813
	7.875% 11/1/17		55,000		61,188
	Zayo Group 10.125% 7/1/20		320,000		360,000
					7,386,968
Consumer Cyclical – 3.24%
	Amazon.com 2.50% 11/29/22		15,000		14,959
	Burlington Coat
	Factory Warehouse
	10.00% 2/15/19		325,000		357,500
#	CDR DB Sub 144A
	7.75% 10/15/20		450,000		445,499
	CKE Restaurants 11.375% 7/15/18		175,000		203,219
	CVS Caremark 2.75% 12/1/22		20,000		20,101
	Darden Restaurants
	3.35% 11/1/22		20,000		20,113
	Dave & Buster’s 11.00% 6/1/18		330,000		370,425
#^	Dave & Buster’s Entertainment
	144A 10.004% 2/15/16		510,000		383,138
	DineEquity 9.50% 10/30/18		410,000		465,862
	eBay 4.00% 7/15/42		30,000		29,361
	Express 8.75% 3/1/18		118,000		128,178
	Historic TW 6.875% 6/15/18		25,000		31,620
#	Landry’s 144A 9.375% 5/1/20		315,000		335,475
*	Levi Strauss 7.625% 5/15/20		300,000		327,375
	Lowe’s 3.12% 4/15/22		15,000		15,903
	Michaels Stores
	11.375% 11/1/16		95,000		99,631
#	Pantry 144A 8.375% 8/1/20		405,000		420,187
#	Party City Holdings 144A
	8.875% 8/1/20		435,000		463,274
*	Quiksilver 6.875% 4/15/15		250,000		246,563
#	QVC 144A 5.125% 7/2/22		10,000		10,617
	Rite Aid 9.25% 3/15/20		385,000		394,625
	Sealy Mattress
	*8.25% 6/15/14		310,000		311,553
	#144A 10.875% 4/15/16		10,000		10,900
	Tops Holding
	10.125% 10/15/15		281,000		296,982
	Toys R Us Property
	8.50% 12/1/17		300,000		321,750
	Walgreen 3.10% 9/15/22		15,000		15,291
	Western Union 3.65% 8/22/18		10,000		10,676
#	Wok Acquisition 144A
	10.25% 6/30/20		375,000		396,563
	Wyndham Worldwide
	4.25% 3/1/22		5,000		5,185
	5.625% 3/1/21		10,000		11,144
	5.75% 2/1/18		5,000		5,620
					6,169,289
Consumer Non-Cyclical – 1.34%
#	AbbVie 144A 2.90% 11/6/22		10,000		10,233
#	Alphabet Holding PIK 144A
	7.75% 11/1/17		145,000		148,263
	Amgen
	3.625% 5/15/22		10,000		10,765
	3.875% 11/15/21		5,000		5,517
	5.375% 5/15/43		5,000		5,933
	Boston Scientific 6.00% 1/15/20		10,000		11,795
	CareFusion 6.375% 8/1/19		65,000		78,356
	Celgene
	3.25% 8/15/22		5,000		5,146
	3.95% 10/15/20		15,000		16,452
	Constellation Brands
	4.625% 3/1/23		190,000		196,650
	6.00% 5/1/22		290,000		333,138
	Covidien International Finance
	4.20% 6/15/20		20,000		22,894
*	Dean Foods 7.00% 6/1/16		219,000		235,973
	Del Monte 7.625% 2/15/19		300,000		309,750

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	Energizer Holdings
	4.70% 5/24/22	USD	20,000	$	21,617
#	Heineken 144A
	2.75% 4/1/23		5,000		4,964
	3.40% 4/1/22		15,000		15,821
#	JBS USA 144A 8.25% 2/1/20		290,000		302,325
#	Kraft Foods Group 144A
	5.00% 6/4/42		20,000		22,527
	Laboratory Corp of America
	Holdings 2.20% 8/23/17		15,000		15,498
	McKesson 2.70% 12/15/22		5,000		5,061
	NBTY 9.00% 10/1/18		318,000		359,339
	Quest Diagnostics 4.70% 4/1/21		5,000		5,590
	Reynolds American
	3.25% 11/1/22		10,000		10,195
	4.75% 11/1/42		10,000		10,185
*	Safeway 4.75% 12/1/21		15,000		15,577
	Smithfield Foods
	6.625% 8/15/22		185,000		196,563
	Visant 10.00% 10/1/17		145,000		126,875
#	Woolworths 144A
	3.15% 4/12/16		10,000		10,531
	Zimmer Holdings
	4.625% 11/30/19		30,000		34,413
					2,547,946
Energy – 6.73%
	American Petroleum Tankers
	Parent 10.25% 5/1/15		304,000		320,340
	AmeriGas Finance
	7.00% 5/20/22		300,000		328,500
	Antero Resources Finance
	9.375% 12/1/17		266,000		293,930
	Apache 2.625% 1/15/23		10,000		10,064
	Calumet Specialty Products
	Partners 9.375% 5/1/19		455,000		492,537
	Chaparral Energy
	#144A 7.625% 11/15/22		180,000		184,050
	8.25% 9/1/21		335,000		361,800
	Chesapeake Energy
	*6.125% 2/15/21		55,000		55,963
	6.625% 8/15/20		335,000		352,588
	Chevron 2.355% 12/5/22		10,000		10,117
	Comstock Resources
	7.75% 4/1/19		165,000		167,063
	Copano Energy
	7.125% 4/1/21		65,000		68,819
	7.75% 6/1/18		199,000		210,194
	Crosstex Energy
	#144A 7.125% 6/1/22		135,000		138,375
	8.875% 2/15/18		210,000		228,900
#	Drill Rigs Holdings 144A
	6.50% 10/1/17		390,000		389,025
	EOG Resources
	2.625% 3/15/23		5,000		5,088
#	Halcon Resources 144A
	8.875% 5/15/21		250,000		259,375
#	Helix Energy Solutions 144A
	9.50% 1/15/16		79,000		81,271
#	Hercules Offshore 144A
	10.50% 10/15/17		547,000		583,922
#	Hilcorp Energy I 144A
	8.00% 2/15/20		271,000		298,100
	Holly 9.875% 6/15/17		206,000		225,828
#	Holly Energy Partners 144A
	6.50% 3/1/20		85,000		89,675
#	Key Energy Services 144A
	6.75% 3/1/21		450,000		451,125
	Kodiak Oil & Gas
	8.125% 12/1/19		430,000		470,849
	Laredo Petroleum
	7.375% 5/1/22		75,000		81,563
	9.50% 2/15/19		325,000		365,625
	Linn Energy
	6.50% 5/15/19		60,000		61,200
	8.625% 4/15/20		241,000		264,498
	MarkWest Energy Partners
	6.50% 8/15/21		270,000		294,975
	Murphy Oil
	2.50% 12/1/17		10,000		10,071
	3.70% 12/1/22		5,000		5,012
	Oasis Petroleum 7.25% 2/1/19		235,000		251,450
	Occidental Petroleum
	2.70% 2/15/23		5,000		5,185
	Offshore Group Investments
	11.50% 8/1/15		127,000		140,018
#	PDC Energy 144A
	7.75% 10/15/22		185,000		187,775
	Pemex Project Funding Master
	Trust 6.625% 6/15/35		1,000,000		1,269,999
	Petrobras International Finance
	3.875% 1/27/16		10,000		10,646
	5.375% 1/27/21		39,000		44,054
*#	Petroleos Mexicanos 144A
	5.50% 6/27/44		512,000		564,479
	Pioneer Energy Services
	9.875% 3/15/18		361,000		392,588
	Pride International
	6.875% 8/15/20		20,000		25,620
	Quicksilver Resources
	9.125% 8/15/19		165,000		150,975
	Range Resources 5.00% 8/15/22		300,000		314,250
	Regency Energy Partners
	6.875% 12/1/18		200,000		218,000
#	Samson Investment 144A
	9.75% 2/15/20		440,000		467,499

(continues) 17

Statement of net assets

Delaware Enhanced Global Dividend and Income Fund

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Energy (continued)
	SandRidge Energy
	7.50% 3/15/21	USD	155,000	$	162,363
	8.125% 10/15/22		150,000		161,250
	8.75% 1/15/20		10,000		10,875
	SESI 7.125% 12/15/21		285,000		318,488
	Shell International Finance
	2.25% 1/6/23		10,000		9,969
#	Sinopec Group Overseas
	Development 144A
	2.75% 5/17/17		300,000		313,499
	Statoil 2.45% 1/17/23		10,000		9,999
	Talisman Energy 5.50% 5/15/42		25,000		28,410
	TNK-BP Finance
	7.875% 3/13/18		400,000		486,047
	Transocean
	3.80% 10/15/22		25,000		25,575
	5.05% 12/15/16		20,000		22,285
	Weatherford International
	4.50% 4/15/22		15,000		15,382
	9.625% 3/1/19		15,000		19,347
#	Woodside Finance 144A
	8.125% 3/1/14		15,000		16,268
	8.75% 3/1/19		15,000		19,943
					12,822,680
Financials – 0.88%
	E Trade Financial
	6.375% 11/15/19		390,000		395,363
	General Electric Capital
	5.55% 5/4/20		5,000		5,966
	5.625% 5/1/18		5,000		5,964
	6.00% 8/7/19		95,000		116,353
•#	ILFC E-Capital Trust II 144A
	6.25% 12/21/65		455,000		370,825
	International Lease Finance
	5.875% 4/1/19		330,000		341,764
	6.25% 5/15/19		12,000		12,750
	8.75% 3/15/17		20,000		22,975
#	Nuveen Investments 144A
	9.50% 10/15/20		395,000		400,925
					1,672,885
Healthcare – 3.38%
	Air Medical Group Holdings
	9.25% 11/1/18		285,000		309,225
	Alere
	#144A 7.25% 7/1/18		195,000		195,975
	9.00% 5/15/16		255,000		269,025
#	Biomet 144A 6.50% 10/1/20		390,000		388,050
#	CDRT Holding PIK 144A
	9.25% 10/1/17		190,000		190,950
	Community Health Systems
	7.125% 7/15/20		290,000		307,038
	8.00% 11/15/19		265,000		289,844
	DaVita HealthCare Partners
	6.625% 11/1/20		300,000		324,375
#	Fresenius Medical Care
	US Finance II 144A
	5.875% 1/31/22		300,000		323,250
	HCA 5.875% 3/15/22		310,000		338,675
*	HCA Holdings 7.75% 5/15/21		275,000		299,750
	HealthSouth 7.75% 9/15/22		54,000		59,468
#	Hologic 144A 6.25% 8/1/20		390,000		416,324
#	Kinetic Concepts 144A
	10.50% 11/1/18		250,000		261,250
	12.50% 11/1/19		215,000		204,250
#	MultiPlan 144A
	9.875% 9/1/18		428,000		476,149
	Radnet Management
	10.375% 4/1/18		209,000		212,658
#	Sky Growth Acquisition 144A
	7.375% 10/15/20		590,000		584,837
#	STHI Holding 144A
	8.00% 3/15/18		275,000		300,438
	Tenet Healthcare 6.25% 11/1/18		300,000		331,500
#	Truven Health Analytics 144A
	10.625% 6/1/20		125,000		134,375
#	VPI Escrow 144A
	6.375% 10/15/20		220,000		234,850
					6,452,256
Industrials – 0.02%
	Yale University 2.90% 10/15/14		45,000		47,054
					47,054
Insurance – 1.52%
	Alleghany 4.95% 6/27/22		5,000		5,507
	American International Group
	6.40% 12/15/20		15,000		18,421
	•8.175% 5/15/58		435,000		545,925
•	Chubb 6.375% 3/29/67		15,000		16,069
#	Highmark 144A
	4.75% 5/15/21		5,000		5,165
	6.125% 5/15/41		5,000		5,308
#	Hub International 144A
	8.125% 10/15/18		450,000		469,125
•*	ING Groep 5.775% 12/29/49		725,000		682,406
#	ING US 144A 5.50% 7/15/22		10,000		10,894
#	Liberty Mutual Group 144A
	4.95% 5/1/22		10,000		10,876
	6.50% 5/1/42		10,000		11,111
	•7.00% 3/15/37		385,000		383,075
	MetLife 6.40% 12/15/36		100,000		106,737
	Montpelier Re Holdings
	4.70% 10/15/22		5,000		5,146
	Prudential Financial
	3.875% 1/14/15		35,000		37,119
	WellPoint 3.30% 1/15/23		20,000		20,621
•	XL Group 6.50% 12/29/49		625,000		569,375
					2,902,880

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Media – 3.67%
	AMC Networks 7.75% 7/15/21	USD	205,000	$	233,700
	Cablevision Systems
	8.00% 4/15/20		264,000		293,040
	CCO Holdings
	5.25% 9/30/22		385,000		389,812
	7.00% 1/15/19		25,000		27,188
#	Cequel Communications
	Escrow 1 144A
	6.375% 9/15/20		175,000		180,688
	Clear Channel Communications
	9.00% 3/1/21		655,000		581,312
	Clear Channel Worldwide
	Holdings 7.625% 3/15/20		390,000		383,700
#	CSC Holdings 144A
	6.75% 11/15/21		170,000		187,850
	DISH DBS
	5.875% 7/15/22		215,000		231,394
	7.875% 9/1/19		200,000		237,500
	Entravision Communications
	8.75% 8/1/17		357,000		388,238
#	Griffey Intermediate 144A
	7.00% 10/15/20		330,000		336,600
	MDC Partners 11.00% 11/1/16		387,000		426,667
#	Nara Cable Funding 144A
	8.875% 12/1/18		400,000		381,000
#	Nexstar Broadcasting 144A
	6.875% 11/15/20		290,000		292,900
#	Nielsen Finance 144A
	4.50% 10/1/20		185,000		185,463
#	Ono Finance II 144A
	10.875% 7/15/19		390,000		345,150
#	Sinclair Television Group 144A
	6.125% 10/1/22		385,000		403,287
#	Unitymedia Hessen 144A
	5.50% 1/15/23		200,000		200,000
#	Univision Communications
	144A 8.50% 5/15/21		755,000		781,424
#	UPC Holding 144A
	9.875% 4/15/18		245,000		275,319
*#	Viacom 144A 4.375% 3/15/43		15,000		14,583
	Videotron 9.125% 4/15/18		15,000		16,088
	Virgin Media Finance
	4.875% 2/15/22		200,000		206,500
	Walt Disney 2.35% 12/1/22		5,000		5,031
					7,004,434
Natural Gas – 0.12%
	El Paso Pipeline Partners
	Operating 6.50% 4/1/20		15,000		18,331
•	Enbridge Energy Partners
	8.05% 10/1/37		25,000		28,279
	Energy Transfer Partners
	9.70% 3/15/19		7,000		9,445
	Enterprise Products Operating
	•7.034% 1/15/68		35,000		39,504
	9.75% 1/31/14		5,000		5,506
#	GDF Suez 144A
	2.875% 10/10/22		10,000		10,059
	Kinder Morgan Energy
	Partners 9.00% 2/1/19		20,000		26,750
	Plains All American Pipeline
	8.75% 5/1/19		10,000		13,720
	Sempra Energy 2.875% 10/1/22		15,000		15,133
•	TransCanada Pipelines
	6.35% 5/15/67		30,000		32,276
	Williams Partners
	7.25% 2/1/17		20,000		24,409
					223,412
Real Estate – 0.50%
	Alexandria Real Estate Equities
	4.60% 4/1/22		15,000		16,175
	Brandywine Operating
	Partnership 4.95% 4/15/18		15,000		16,416
	BRE Properties 3.375% 1/15/23		10,000		9,995
	DDR
	4.75% 4/15/18		5,000		5,540
	7.50% 4/1/17		5,000		6,023
	7.875% 9/1/20		20,000		25,837
	Digital Realty Trust
	5.25% 3/15/21		20,000		22,372
	5.875% 2/1/20		10,000		11,607
	Host Hotels & Resorts
	*4.75% 3/1/23		20,000		21,300
	5.25% 3/15/22		300,000		330,750
	Liberty Property 4.125% 6/15/22		5,000		5,294
	Mack-Cali Realty
	2.50% 12/15/17		5,000		5,017
	4.50% 4/18/22		10,000		10,698
#	Mattamy Group 144A
	6.50% 11/15/20		390,000		391,950
	National Retail Properties
	3.80% 10/15/22		5,000		5,129
	Regency Centers 5.875% 6/15/17		20,000		23,312
	UDR 4.625% 1/10/22		15,000		16,671
#	WEA Finance 144A
	3.375% 10/3/22		10,000		10,205
	4.625% 5/10/21		10,000		11,186
					945,477
Services – 5.04%
*#	Algeco Scotsman Global
	Finance 144A
	8.50% 10/15/18		750,000		778,124
	Ameristar Casinos
	7.50% 4/15/21		285,000		304,950
	ARAMARK 8.50% 2/1/15		173,000		175,164

(continues) 19

Statement of net assets

Delaware Enhanced Global Dividend and Income Fund

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Services (continued)
#	Caesars Entertainment
	Operating 144A
	8.50% 2/15/20	USD	380,000	$	373,350
	Cardtronics 8.25% 9/1/18		104,000		116,480
#	Carlson Wagonlit 144A
	6.875% 6/15/19		290,000		304,500
#	CEVA Group 144A
	8.375% 12/1/17		450,000		441,000
	CityCenter Holdings PIK
	10.75% 1/15/17		200,000		216,500
#	Equinox Holdings 144A
	9.50% 2/1/16		261,000		277,182
#	H&E Equipment Services 144A
	7.00% 9/1/22		335,000		355,100
	Iron Mountain 8.375% 8/15/21		140,000		155,400
	Kansas City Southern de Mexico
	6.125% 6/15/21		60,000		67,800
	8.00% 2/1/18		227,000		251,970
	M/I Homes 8.625% 11/15/18		486,000		528,525
	Meritage Homes 7.00% 4/1/22		60,000		65,400
	MGM Resorts International
	#144A 6.75% 10/1/20		215,000		217,150
	7.75% 3/15/22		180,000		190,350
	11.375% 3/1/18		643,000		766,778
	Monitronics International
	9.125% 4/1/20		140,000		144,200
	NCL 9.50% 11/15/18		55,000		60,981
	PHH
	7.375% 9/1/19		205,000		223,450
	9.25% 3/1/16		196,000		229,075
	Pinnacle Entertainment
	7.75% 4/1/22		125,000		134,375
	*8.75% 5/15/20		58,000		63,510
	Seven Seas Cruises
	9.125% 5/15/19		305,000		318,725
	Standard Pacific 10.75% 9/15/16		134,000		164,820
	Swift Services Holdings
	10.00% 11/15/18		370,000		408,850
#	Taylor Morrison Communities
	144A 7.75% 4/15/20		385,000		406,175
#	United Air Lines 144A
	12.00% 11/1/13		352,000		357,720
	United Rentals North America
	#144A 5.75% 7/15/18		55,000		59,469
	6.125% 6/15/23		70,000		72,100
	#144A 7.625% 4/15/22		85,000		94,456
	8.25% 2/1/21		255,000		286,875
	9.25% 12/15/19		275,000		314,188
	10.25% 11/15/19		25,000		29,125
	West 7.875% 1/15/19		300,000		305,250
	Wynn Las Vegas 7.75% 8/15/20		300,000		345,750
					9,604,817
Technology – 2.75%
	Aspect Software
	10.625% 5/15/17		234,000		215,280
	Avaya
	9.75% 11/1/15		45,000		35,888
	10.125% 11/1/15		355,000		284,000
#	Bombardier 144A
	5.75% 3/15/22		305,000		312,625
	CDW
	8.50% 4/1/19		225,000		243,563
	12.535% 10/12/17		215,000		231,125
	Fidelity National Information
	Services 5.00% 3/15/22		300,000		315,000
	First Data 11.25% 3/31/16		785,000		779,112
	Fiserv 3.50% 10/1/22		10,000		10,187
	GXS Worldwide 9.75% 6/15/15		302,000		316,345
*	iGate 9.00% 5/1/16		290,000		316,825
	Infor US 9.375% 4/1/19		445,000		498,399
	j2 Global 8.00% 8/1/20		585,000		605,474
#	Legend Acquisition Sub 144A
	10.75% 8/15/20		310,000		296,050
	MagnaChip Semiconductor
	10.50% 4/15/18		276,000		311,190
	Microsoft 2.125% 11/15/22		10,000		10,003
	National Semiconductor
	6.60% 6/15/17		20,000		24,878
	Oracle
	2.50% 10/15/22		15,000		15,222
	5.75% 4/15/18		5,000		6,135
#	Seagate Technology
	International 144A
	10.00% 5/1/14		10,000		10,863
	Symantec 4.20% 9/15/20		5,000		5,285
#	Viasystems 144A 7.875% 5/1/19		395,000		386,112
	Xerox 6.35% 5/15/18		10,000		11,667
					5,241,228
Transportation – 0.05%
#	Brambles USA 144A
	3.95% 4/1/15		15,000		15,679
	5.35% 4/1/20		15,000		16,901
#	ERAC USA Finance 144A
	5.25% 10/1/20		35,000		40,371
#	Penske Truck Leasing 144A
	3.375% 3/15/18		5,000		5,011
	4.875% 7/11/22		15,000		15,456
					93,418
Utilities – 0.77%
	AES
	7.375% 7/1/21		135,000		150,188
	8.00% 6/1/20		64,000		74,240
	Ameren Illinois 9.75% 11/15/18		45,000		62,681

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Utilities (continued)
#	American Transmission
	Systems 144A
	5.25% 1/15/22	USD	25,000	$	29,170
#	APT Pipelines 144A
	3.875% 10/11/22		5,000		5,001
	CenterPoint Energy
	5.95% 2/1/17		13,000		15,248
	CMS Energy
	4.25% 9/30/15		10,000		10,686
	6.25% 2/1/20		5,000		5,921
	Commonwealth Edison
	5.80% 3/15/18		5,000		6,093
	Elwood Energy 8.159% 7/5/26		193,593		200,369
	GenOn Energy 9.875% 10/15/20		390,000		443,626
	Great Plains Energy
	5.292% 6/15/22		15,000		16,991
•	Integrys Energy Group
	6.11% 12/1/66		15,000		15,839
	Ipalco Enterprises 5.00% 5/1/18		10,000		10,324
	LG&E and KU Energy
	4.375% 10/1/21		20,000		22,230
#	Niagara Mohawk Power 144A
	2.721% 11/28/22		15,000		15,131
	Nisource Finance
	5.25% 2/15/43		10,000		10,765
	5.80% 2/1/42		5,000		5,718
	Pennsylvania Electric
	5.20% 4/1/20		25,000		29,161
	PPL Capital Funding
	4.20% 6/15/22		5,000		5,335
	•6.70% 3/30/67		25,000		26,467
	PPL Electric Utilities
	3.00% 9/15/21		10,000		10,734
	Public Service Oklahoma
	5.15% 12/1/19		30,000		35,425
	Puget Energy 6.00% 9/1/21		5,000		5,619
•	Puget Sound Energy
	6.974% 6/1/67		210,000		222,838
	SCANA 4.125% 2/1/22		15,000		15,751
•	Wisconsin Energy
	6.25% 5/15/67		20,000		21,621
	Wisconsin Power & Light
	2.25% 11/15/22		5,000		5,004
					1,478,176
Total Corporate Bonds
	(cost $79,800,671)				84,472,426

Non-Agency Asset-Backed Securities – 0.13%
	Citicorp Residential Mortgage
	Securities Series 2006-3 A5
	5.948% 11/25/36		100,000		90,662
	Discover Card Master Trust
	Series 2007-A1 A1
	5.65% 3/16/20		100,000		121,673
•	Nissan Master Owner Trust
	Receivables Series 2012-A A
	0.678% 5/15/17		25,000		25,062
	World Financial Network
	Credit Card Master Trust
	Series 2012-B A
	1.76% 5/17/21		10,000		10,139
Total Non-Agency Asset-Backed
	Securities (cost $221,907)				247,536


Non-Agency Collateralized Mortgage Obligations – 0.09%
	Citicorp Mortgage Securities
	Series 2006-4 3A1
	5.50% 8/25/21		5,582		5,809
	Series 2007-1 2A1
	5.50% 1/25/22		21,783		21,902
•	GSR Mortgage Loan Trust
	Series 2006-AR1 3A1
	3.889% 1/25/36		107,568		98,294
•	MASTR ARM Trust Series
	2006-2 4A1 3.41% 2/25/36		39,763		37,881
Total Non-Agency Collateralized
	Mortgage Obligations
	(cost $171,388)				163,886

«Senior Secured Loans – 1.81%
	BJ’s Wholesale Club
	9.75% 3/29/19		75,000		77,363
	Brock Holdings III
	10.00% 2/15/18		100,000		101,000
	Dynegy Power Tranche 1st
	Lien 9.25% 8/5/16		106,782		111,747
	Equipower Resources
	Holdings Tranche 2nd Lien
	10.00% 5/23/19		150,000		153,625
§@	GenCorp 9.00% 7/22/13		415,000		415,000
§@	Silver II Acquisition
	8.00% 9/25/20		630,000		630,000
	Smart & Final 2nd Lien
	10.50% 11/8/20		410,000		401,800
	SUPERVALU Tranche B
	8.00% 8/1/18		174,563		176,477
§@	Tempur-Pedic International
	4.75% 9/27/13		415,000		415,000
§@	TPC Group 8.25% 8/27/13		725,000		725,000
	WideOpenWest Finance 1st
	Lien 6.25% 7/17/18		244,388		247,628
Total Senior Secured Loans
	(cost $3,420,044)				3,454,640

(continues) 21

Statement of net assets

Delaware Enhanced Global Dividend and Income Fund

		Principal		Value
		Amount°		(U.S. $)
ΔSovereign Bonds – 8.54%
Brazil – 3.06%
	Brazil Government
	International
	5.625% 1/7/41	USD	857,000	$	1,135,525
	Brazil Notas do Tesouro
	Nacional Serie F
	10.00% 1/1/17	BRL	9,600,000		4,698,446
					5,833,971
Indonesia – 3.65%
	Indonesia Government
	International
	6.625% 2/17/37	USD	1,350,000		1,839,375
	Indonesia Treasury Bonds
	7.00% 5/15/27	IDR	33,900,000,000		3,903,863
	11.00% 11/15/20	IDR	8,504,000,000		1,213,529
					6,956,767
Mexico – 0.95%
	Mexican Bonos
	6.00% 6/18/15	MXN	5,735,000		456,151
	8.00% 12/17/15	MXN	16,186,500		1,358,474
					1,814,625
Panama – 0.53%
	Panama Government
	International
	6.70% 1/26/36	USD	700,000		1,001,700
					1,001,700
Poland – 0.35%
	Poland Government
	4.00% 10/25/23	PLN	624,000		197,713
	5.75% 10/25/21	PLN	1,318,000		476,016
					673,729
Total Sovereign Bonds
	(cost $16,108,455)				16,280,792

U.S. Treasury Obligations – 0.46%
	U.S. Treasury Bond
	3.00% 5/15/42	USD	20,000		20,922
	U.S. Treasury Notes
	0.625% 11/30/17		5,000		5,004
	*0.75% 10/31/17		345,000		347,507
	*1.625% 11/15/22		505,000		505,946
Total U.S. Treasury Obligations
	(cost $874,068)				879,379

Leveraged Non-Recourse Security – 0.00%
t@#	JPMorgan Fixed Income
	Pass Through Trust
	144A Series 2007-B
	0.00% 1/15/87		500,000		0
Total Leveraged Non-Recourse
	Security (cost $425,000)				0

			Number of
			Shares
Limited Partnership – 0.32%
	Brookfield Infrastructure Partners		5,400		183,438
	*Lehigh Gas Partners		22,400		433,440
Total Limited Partnership
	(cost $607,629)				616,878

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

Preferred Stock – 0.86%
	Alabama Power 5.625%		410		10,545
#	Ally Financial 144A 7.00%		600		584,213
	BB&T 5.85%		225		5,834
†	Freddie Mac 6.02%		34,000		50,320
•	GMAC Capital Trust I 8.125%		12,000		312,600
•†	PNC Financial Services
	Group 8.25%		10,000		10,214
*	ProLogis 6.75%		7,050		178,577
	Regions Financial 6.375%		16,000		396,320
	Vornado Realty 6.625%		3,700		93,758
Total Preferred Stock
	(cost $2,208,141)				1,642,381

Warrant – 0.00%
=†	Nieuwe Steen Investments		100		0
Total Warrant (cost $0)					0

			Principal
			Amount°
Short-Term Investments – 2.64%
≠Discount Notes – 0.56%
	Federal Home Loan Bank
	0.10% 1/18/13	USD	116,578		116,569
	0.10% 1/23/13		581,182		581,133
	0.13% 2/6/13		306,785		306,746
	0.135% 2/15/13		67,493		67,483
					1,071,931
Repurchase Agreements – 2.08%
	Bank of America 0.19%,
	dated 11/30/12, to
	be repurchased on
	12/3/12, repurchase price
	$1,417,380 (collateralized
	by U.S. government
	obligations 0.00%-0.25%
	1/3/13–11/30/14; market
	value $1,445,705)		1,417,358		1,417,358

		Principal		Value
		Amount°		(U.S. $)
Short-Term Investments (continued)
Repurchase Agreements (continued)
	BNP Paribas 0.20%, dated
	11/30/12, to be repurchased
	on 12/3/12, repurchase price
	$2,537,685 (collateralized
	by U.S. government
	obligations 0.25%-2.50%
	3/31/14–11/30/17; market
	value $2,590,323)	USD	2,537,642	$	2,537,642
					3,955,000
Total Short-Term Investments