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, 2013

Item 1. Reports to Stockholders





Annual Report	Delaware Enhanced Global Dividend and Income Fund
	November 30, 2013









	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
	Schedule of investments	9
	Statement of assets and liabilities	24
	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	53

Unless otherwise noted, views expressed herein are current as of Nov. 30, 2013, 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 10, 2013

Performance preview (for the year ended November 30, 2013)
Delaware Enhanced Global Dividend and Income Fund @ market price	1-year return	+18.91%
Delaware Enhanced Global Dividend and Income Fund @ NAV	1-year return	+21.19%
Lipper Closed-end Global Funds Average @ market price	1-year return	+19.94%
Lipper Closed-end Global Funds Average @ NAV	1-year return	+19.00%
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, 2013, Delaware Enhanced Global Dividend and Income Fund returned +21.19% at net asset value (NAV) and +18.91% at market price (both figures reflect all distributions reinvested). Complete annualized performance for the Fund is shown in the table on page 4.

Outperformance from developed stock markets
Most developed stock markets significantly outperformed their emerging-market counterparts during this period. In large part, this was due to the presence of quantitative easing (QE) programs — large-scale economic stimulus efforts implemented by central banks in an effort to lift asset values — in developed regions and the lack of them in emerging economies.

In the United States, for example, where stocks have rallied for several years, the U.S. Federal Reserve implemented a third round of QE, consisting of $85 billion monthly purchases of Treasury and mortgage-backed securities. In May 2013, Fed Chairman Ben Bernanke announced the central bank’s intention to begin tapering these bond purchases if the U.S. economy were to demonstrate signs of sustained economic growth. Despite investors’ initial concerns about tapering QE, the bond-buying program stayed in place through the remainder of the Fund’s fiscal year, as the U.S. economy continued its subdued growth.

In Japan, meanwhile, the country’s new central bank chief announced in April 2013 an unprecedented level of economic stimulus. This took the form of plans to infuse $1.4 trillion into the country’s economy — nearly doubling the country’s monetary base — in an effort to end a long deflationary trend and achieve a goal of modest annual inflation. While the euro zone lacked a formal QE program, the European Central Bank maintained extremely low interest rates as part of its program to boost economic performance and protect the vulnerable euro currency.

Strength from international equities
The Fund maintained relatively high exposure to developed equity markets, providing a positive performance factor during the fiscal year. Global equities, as measured by the MSCI All Country World Index (ACWI), gained 23.45% (net) during the 12-month reporting period, while U.S. equities, as measured by the S&P 500^® Index, added 30.30% during the same time frame. At fiscal year end, the Fund had a global equity weighting of 30%, while its allocation to U.S. large-cap value stocks was 11%.

Among the Fund’s notable individual equity contributors during the period were German courier company Deutsche Post, which operates the well-known DHL brand; French telemarketing company Teleperformance, and Japanese telecommunication services provider KDDI.

The Fund’s largest single allocation was to high yield bonds, which at period end made up 32% of its net assets (compared to 33% a year earlier). This asset class, as measured by the BofA Merrill Lynch U.S. High Yield Constrained Index, returned 8.52%, a relatively meager number, given global equities’ strong performance during the fiscal year. Meanwhile, convertible securities (including convertible bonds and convertible preferred stocks), which occupied 12% of net assets at period end, also contributed to absolute performance.

Unless otherwise noted, views expressed herein are current as of Nov. 30, 2013, and subject to change.

(continues) 1

Portfolio management review

Delaware Enhanced Global Dividend and Income Fund

Difficulty in emerging markets
The biggest performance challenge during the fiscal year was the Fund’s allocation to emerging market debt. This asset class encountered an extremely challenging performance environment and, as a result, generated negative returns. Emerging markets were hurt by inflationary pressures as well as higher interest rates leading to unfavorable currency movements, among other factors. At period end, the portfolio had an 8% stake in emerging market debt, down from 12% a year earlier. The Fund had no allocation to emerging market equities during the fiscal year.

In addition, the Fund’s allocation to global real estate investment trusts (REITs), though modest at 3%, limited its upside. During the fiscal year, the global REIT market, as measured by the FTSE EPRA/NAREIT Developed Index, generated a relatively modest +8.23% return, lagging global equities by a wide margin. REITs are a highly interest rate sensitive asset class that encountered difficulty particularly during the summer months in the wake of the Fed’s tapering announcement.

Unlike in the U.S. (where QE is slowing), Japan embarked on a QE program that lifted inflation expectations and helped real estate companies deliver returns of more than 30% in 2013, thus demonstrating the potential for yield and inflation protection, two characteristics of real estate, to do well in periods of QE.

Of final note, the Fund maintained certain positions in derivative securities in an attempt to help manage the portfolio’s risk profile. These positions included a modest amount of foreign-currency hedges to manage currency risk associated with the Fund’s international fixed income investments. None of these hedges had a material impact on the Fund’s performance during the fiscal year.

Consistent portfolio positioning
During the fiscal year, we made few changes to the portfolio, as we continued to focus our management on the Fund’s primary objective: investing in yield-oriented securities in an attempt to provide shareholders with current income. When appropriate, we sought to own investments that we believed were attractively valued and to sell holdings that, in our view, no longer provided a good risk-return trade-off for investors.

The most notable portfolio shift during the fiscal year was that we increased the Fund’s international equity allocation to 30% of the portfolio, up from 24% at the beginning of the period.

Staying focused on income
By the end of the Fund’s fiscal year, the portfolio continued to emphasize equity investments; however, we had concluded that international stocks’ valuations, after a long rally, were no longer as attractive as they had been in prior quarters. Accordingly, we remained focused on trying to identify reasonably priced stocks that also would enable us to continue to meet our dividend objectives.

In addition, with emerging market debt performing poorly during the Fund’s fiscal year, which caused the portfolio’s allocation to drift downward, we were selectively watching this area as a possible source of value for the future.

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, 2013	1 year	5 years	Lifetime
At market price (inception date June 29, 2007)	+18.91%	+27.78%	+4.08%
At net asset value (inception date June 29, 2007)	+21.19%	+21.00%	+5.69%

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 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, 2013

Fund objective

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

Total Fund net assets

$214 million

Number of holdings

769

Fund start date

June 29, 2007

NYSE symbol

DEX

Market price versus net asset value (see notes below)
Nov. 30, 2012, through Nov. 30, 2013

Starting value (Nov. 30, 2012)			Ending value (Nov. 30, 2013)
	Delaware Enhanced Global Dividend and Income Fund @ NAV	$12.02	$13.52
	Delaware Enhanced Global Dividend and Income Fund @ market price	$11.10	$12.25
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, 2013

Starting value (June 29, 2007)			Ending value (Nov. 30, 2013)
	Delaware Enhanced Global Dividend and Income Fund @ market price	$10,000	$21,551
	Delaware Enhanced Global Dividend and Income Fund @ NAV	$10,000	$20,149
	Lipper Closed-end Global Funds Average @ market price	$10,000	$11,560
	Lipper Closed-end Global Funds Average @ NAV	$10,000	$10,713

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 also assumes $10,000 invested 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 2, 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, 2013 (Unaudited)

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.

	Percentage
Security type/sector	of net assets
Common Stock	65.87	%
Consumer Discretionary	8.66	%
Consumer Staples	6.68	%
Diversified REITs	0.72	%
Energy	6.49	%
Financials	8.06	%
Healthcare	7.98	%
Healthcare REITs	0.25	%
Hotel REITs	0.51	%
Industrial REITs	1.04	%
Industrials	7.20	%
Information Technology	5.16	%
Mall REITs	0.79	%
Manufactured Housing REITs	0.18	%
Materials	4.01	%
Mixed REITs	0.20	%
Mortgage REITs	0.30	%
Multifamily REITs	0.38	%
Office REITs	0.79	%
Real Estate Management & Development	0.01	%
Self-Storage REITs	0.19	%
Shopping Center REITs	0.93	%
Single Tenant REIT	0.08	%
Specialty REITs	0.61	%
Telecommunications	3.46	%
Utilities	1.19	%
Convertible Preferred Stock	3.51	%
Exchange-Traded Fund	0.13	%
Agency Collateralized Mortgage Obligations	0.07	%
Agency Mortgage-Backed Securities	0.49	%
Commercial Mortgage-Backed Securities	0.08	%
Convertible Bonds	11.92	%
Basic Industry	0.33	%
Capital Goods	0.75	%
Communications	2.00	%
Consumer Cyclical	1.70	%
Consumer Non-Cyclical	2.20	%
Energy	0.74	%
Financials	0.65	%
Industrials	0.15	%
Insurance	0.24	%
Real Estate Investment Trusts	0.84	%
Technology	2.32	%
Corporate Bonds	34.39	%
Automotives	1.38	%
Banking	1.31	%
Basic Industry	4.19	%
Brokerage	0.03	%
Capital Goods	2.17	%
Communications	3.33	%
Consumer Cyclical	2.74	%
Consumer Non-Cyclical	1.11	%
Energy	5.47	%
Financials	0.47	%
Healthcare	2.47	%
Insurance	1.16	%
Media	2.51	%
Natural Gas	0.12	%
Real Estate Investment Trusts	0.10	%
Services	2.64	%
Technology	1.97	%
Transportation	0.04	%
Utilities	1.18	%
Non-Agency Asset-Backed Security	0.01	%
Non-Agency Collateralized Mortgage Obligations	0.10	%
Senior Secured Loans	3.47	%
Sovereign Bonds	4.96	%
U.S. Treasury Obligations	0.37	%
Leveraged Non-Recourse Security	0.00	%
Limited Partnership	0.39	%
Preferred Stock	0.73	%
Short-Term Investments	4.68	%
Securities Lending Collateral	5.11	%
Total Value of Securities	136.28	%
Option Written	(0.01	%)
Obligation to Return Securities Lending Collateral	(5.11	%)
Borrowing Under Line of Credit	(30.65	%)
Liabilities Net of Receivables and Other Assets	(0.51	%)
Total Net Assets	100.00	%

(continues) 7

Security type/sector and country allocations

Delaware Enhanced Global Dividend and Income Fund

	Percentage
*Country	of net assets
Australia	0.81	%
Austria	0.39	%
Barbados	0.14	%
Bermuda	0.81	%
Brazil	3.74	%
Canada	4.29	%
Cayman Islands	0.88	%
China/Hong Kong	2.30	%
Denmark	0.97	%
France	9.09	%
Germany	2.70	%
Indonesia	0.97	%
Ireland	0.75	%
Israel	1.23	%
Italy	1.73	%
Japan	7.73	%
Jersey	0.40	%
Luxembourg	2.58	%
Marshall Islands	0.20	%
Mexico	1.63	%
Netherlands	1.72	%
Norway	0.01	%
Panama	0.20	%
Russia	0.76	%
Singapore	0.03	%
Spain	0.09	%
Sweden	1.61	%
Switzerland	3.93	%
Turkey	0.13	%
United Kingdom	6.73	%
United States	67.94	%
Total	126.49	%

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

The percentage of net assets exceeds 100.00% because the Fund utilizes a line of credit with The Bank of New York Mellon, as described in Note 7 in “Notes to financial statements.” The Fund utilizes leveraging techniques in an attempt to obtain a higher return for the Fund. There is no assurance that the Fund will achieve its investment objectives through the use of such techniques.

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund
November 30, 2013

		Number of	Value
		Shares	(U.S. $)
vCommon Stock – 65.87%
Consumer Discretionary – 8.66%
∞	Abercrombie & Fitch Class A	8,928	$	306,052
	Bayerische Motoren Werke	11,752		1,350,118
	Carnival	49,100		1,773,001
†	DIRECTV Class A	2,250		148,748
	Don Quijote Holdings	12,400		759,369
	Genuine Parts	9,300		770,412
†	Hertz Global Holdings	7,700		186,802
	Kering	5,922		1,313,304
	Mattel	17,200		795,844
	Nitori Holdings	19,904		1,844,889
	Publicis Groupe	25,111		2,219,329
†	Quiksilver	31,219		277,849
†	Tarkett	6,400		251,259
	Techtronic Industries	346,500		931,878
	Toyota Motor	58,305		3,633,208
†	United Rentals	1,929		132,580
	Yue Yuen Industrial Holdings	601,500		1,881,470
				18,576,112
Consumer Staples – 6.68%
†	Akorn	7,950		204,713
	Archer-Daniels-Midland	14,500		583,625
†	Aryzta	51,777		3,858,286
	Carlsberg Class B	19,049		2,086,568
	ConAgra Foods	35,300		1,164,547
	Kimberly-Clark	10,400		1,135,264
	Kraft Foods Group	20,500		1,088,960
	Lorillard	21,400		1,098,462
	Safeway	27,500		961,675
	Tesco	375,170		2,136,294
				14,318,394
Diversified REITs – 0.72%
	Champion REIT	125,000		56,110
	Fibra Uno Administracion	87,563		275,906
	Investors Real Estate Trust	10,260		90,391
	Lexington Realty Trust	52,975		544,054
	Mapletree Logistics Trust	70,996		59,397
	Nieuwe Steen Investments	89		557
	Orix JREIT	40		49,890
	Stockland	70,059		245,721
	Vornado Realty Trust	2,641		232,223
				1,554,249
Energy – 6.49%
	Chevron	6,100		746,884
	CNOOC	935,000		1,915,190
	ConocoPhillips	10,000		728,000
†	Halcon Resources	3,045		12,212
†	Kodiak Oil & Gas	21,435		243,073
	Occidental Petroleum	5,600		531,776
	Range Resources	2,499		194,047
*	Royal Dutch Shell ADR	15,600		1,091,064
	Saipem	64,737		1,452,801
	Spectra Energy	20,800		697,840
	Subsea 7	69,367		1,349,667
	Total	33,627		2,037,127
	Total ADR	18,100		1,091,792
	Transocean	25,500		1,284,690
	Williams	15,200		535,344
				13,911,507
Financials – 8.06%
	AXA	115,643		3,029,581
	Bank Rakyat Indonesia Persero	1,152,000		717,442
	BB&T	32,700		1,135,998
	Fifth Street Finance	16,638		159,059
	Gallagher (Arthur J.)	23,400		1,089,036
	Home Loan Servicing Solutions	32,995		767,794
	Marsh & McLennan	16,100		763,945
	Mitsubishi UFJ Financial Group	460,728		2,965,471
	Nordea Bank	173,925		2,248,310
	Nordea Bank FDR	43,312		558,659
	Solar Capital	8,309		192,353
	Standard Chartered	67,899		1,609,526
	UniCredit	281,858		2,044,633
				17,281,807
Healthcare – 7.98%
	AbbVie	15,200		736,440
	AstraZeneca ADR	14,300		817,817
	Baxter International	8,300		568,135
	Bristol-Myers Squibb	16,600		852,908
	Cardinal Health	8,600		555,560
	Johnson & Johnson	10,100		956,066
	Meda Class A	18,438		227,378
	Merck	29,500		1,469,985
	Novartis	36,388		2,876,117
	Pfizer	39,060		1,239,374
	Sanofi	27,388		2,896,055
	Stada Arzneimittel	24,747		1,278,644
	Teva Pharmaceutical Industries ADR	64,700		2,637,172
				17,111,651
Healthcare REITs – 0.25%
	HCP	3,404		125,165
	Health Care REIT	1,875		104,981
	Ventas	5,342		303,586
				533,732
Hotel REITs – 0.51%
†	Ashford Hospitality Prime	12,360		252,886
	Ashford Hospitality Trust	61,800		507,378
	DiamondRock Hospitality	17,600		201,168
	LaSalle Hotel Properties	1,200		37,584
	Summit Hotel Properties	9,300		84,444
				1,083,460

(continues) 9

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund

		Number of	Value
		Shares	(U.S. $)
vCommon Stock (continued)
Industrial REITs – 1.04%
	DCT Industrial Trust	16,877	$	125,902
	First Industrial Realty Trust	63,827		1,114,419
	Goodman Group	49,447		218,024
	Prologis	385		14,603
	STAG Industrial	35,063		760,166
				2,233,114
Industrials – 7.20%
	Delta Air Lines	6		174
	Deutsche Post	77,603		2,744,078
	East Japan Railway	10,161		832,649
	ITOCHU	177,202		2,236,118
	Koninklijke Philips Electronics	60,933		2,180,692
	Mueller Water Products Class A	12,090		104,095
	Northrop Grumman	6,700		754,956
	Raytheon	12,900		1,143,972
†	Rexnord	3,280		79,737
	Vinci	37,378		2,402,984
	Waste Management	24,500		1,119,160
	Westjet Airlines	70,543		1,833,580
				15,432,195
Information Technology – 5.16%
	Applied Materials	50,700		877,110
*	Canon ADR	22,700		756,364
*†	CGI Group Class A	92,440		3,430,862
	Cisco Systems	39,900		847,875
	Intel	53,700		1,280,208
	Microsoft	23,600		899,868
	Teleperformance	35,595		2,025,550
	Xerox	84,000		955,920
				11,073,757
Mall REITs – 0.79%
	CBL & Associates Properties	11,234		202,886
	General Growth Properties	12,497		259,313
	Macerich	389		22,150
	Pennsylvania Real Estate
	Investment Trust	8,500		152,915
*	Rouse Properties	748		18,244
	Simon Property Group	6,908		1,035,163
				1,690,671
Manufactured Housing REITs – 0.18%
	Equity Lifestyle Properties	3,156		112,038
	Sun Communities	6,586		268,709
				380,747
Materials – 4.01%
	AuRico Gold	142,573		553,186
	Dow Chemical	15,500		605,430
	duPont (E.I.) deNemours	10,900		669,042
	Lafarge	27,648		1,962,803
	Rexam	206,405		1,687,558
	Rio Tinto	40,741		2,174,528
	Rockwood Holdings	1,289		88,245
	Yamana Gold	95,566		857,696
				8,598,488
Mixed REITs – 0.20%
	Duke Realty	11,447		173,765
*	DuPont Fabros Technology	2,500		58,675
	Liberty Property Trust	4,797		155,375
	PS Business Parks	400		31,328
				419,143
Mortgage REITs – 0.30%
	Chimera Investment	17,000		50,150
	Starwood Property Trust	20,900		582,483
				632,633
Multifamily REITs – 0.38%
	Apartment Investment
	& Management	15,728		394,931
	BRE Properties	1,000		51,230
	Camden Property Trust	5,109		295,913
	Equity Residential	1,597		82,309
				824,383
Office REITs – 0.79%
†	Alstria Office REIT	33,657		423,928
*	Commonwealth Property
	Office Fund	105,000		121,482
	Corporate Office
	Properties Trust	11,690		259,869
	Government Properties
	Income Trust	4,752		117,897
	Link REIT	33,000		161,751
	Mack-Cali Realty	11,500		234,140
*	Parkway Properties	20,673		378,109
				1,697,176
Real Estate Management & Development – 0.01%
	Cyrela Brazil Realty	4,100		27,453
				27,453
Self-Storage REITs – 0.19%
	Extra Space Storage	5,300		222,176
	Public Storage	1,150		175,605
				397,781
Shopping Center REITs – 0.93%
	Agree Realty	12,473		365,458
	Charter Hall Retail REIT	71,117		245,545
*	Corio	2,685		116,426
	Equity One	1,500		33,600
*	First Capital Realty	2,922		48,267
	Kimco Realty	12,857		265,111
	Ramco-Gershenson
	Properties Trust	19,634		314,144
	Regency Centers	900		42,156
	Unibail-Rodamco	910		237,905
	Westfield Group	16,989		160,961

			Number of	Value
			Shares	(U.S. $)
vCommon Stock (continued)
Shopping Center REITs (continued)
	Westfield Retail Trust		21,112	$	58,661
*	Wheeler Real Estate
	Investment Trust		23,907		100,409
					1,988,643
Single Tenant REIT – 0.08%
	National Retail Properties		5,420		172,085
					172,085
Specialty REITs – 0.61%
	EPR Properties		8,736		439,333
*	Gladstone Land		18,590		304,690
	Nippon Prologis REIT		50		483,469
	Plum Creek Timber		1,520		66,485
	Rayonier		450		19,850
					1,313,827
Telecommunications – 3.46%
	AT&T		29,100		1,024,611
†=	Century Communications		125,000		0
	CenturyLink		5,543		170,170
	KDDI		18,670		1,172,516
	Mobile TeleSystems ADR		77,200		1,627,376
	Nippon Telegraph & Telephone		20,071		1,007,618
*	NTT DoCoMo ADR		51,600		829,212
	Orange ADR		900		11,682
	Verizon Communications		14,700		729,414
	Vodafone Group		230,405		855,167
					7,427,766
Utilities – 1.19%
	American Water Works		800		33,880
	Edison International		11,200		517,552
	National Grid		69,484		881,257
	National Grid ADR		11,900		753,984
	NorthWestern		3,800		167,124
	NRG Energy		7,753		205,144
					2,558,941
Total Common Stock
	(cost $114,843,618)				141,239,715

Convertible Preferred Stock – 3.51%
#	Chesapeake Energy 144A
	5.75% exercise price
	$27.83, expiration
	date 12/31/49		592		680,060
	El Paso Energy Capital
	Trust I 4.75% exercise
	price $34.49, expiration
	date 3/31/28		1,950		109,980
	Goodyear Tire & Rubber
	5.875% exercise price
	$18.21, expiration
	date 3/31/14		7,150		453,354
	Halcon Resources 5.75%
	exercise price $6.16,
	expiration date 12/31/49		883		760,153
	HealthSouth 6.50% exercise
	price $30.50, expiration
	date 12/31/49		611		809,727
	Huntington Bancshares 8.50%
	exercise price $11.95,
	expiration date 12/31/49		510		650,250
	Intelsat 5.75% exercise
	price $22.05, expiration
	date 5/1/16		13,601		787,634
	Maiden Holdings 7.25% exercise
	price $15.50, expiration
	date 9/15/16		14,400		725,328
	MetLife 5.00% exercise
	price $44.27, expiration
	date 3/26/14		23,200		715,952
	SandRidge Energy
	7.00% exercise price $7.76,
	expiration date 12/31/49		3,600		339,975
	8.50% exercise price $8.01,
	expiration date 12/31/49		4,205		419,617
	Wells Fargo 7.50% exercise
	price $156.71, expiration
	date 12/31/49		695		782,744
	Weyerhaeuser 6.375% exercise
	price $33.30, expiration
	date 7/1/16		5,289		289,943
Total Convertible Preferred Stock
	(cost $7,111,444)				7,524,717

Exchange-Traded Fund – 0.13%
*†	iPATH S&P 500 VIX Short-Term
	Futures ETN		6,250		283,688
Total Exchange-Traded Fund
	(cost $1,178,000)				283,688

		Principal
		Amount°
Agency Collateralized Mortgage Obligations – 0.07%
	Fannie Mae REMIC
	Series 2001-50 BA
	7.00% 10/25/41	USD	83,629		96,760
	Freddie Mac REMICs
	Series 2557 WE
	5.00% 1/15/18		33,750		35,846
	Series 3173 PE
	6.00% 4/15/35		9,510		9,665
Total Agency Collateralized
	Mortgage Obligations
	(cost $128,613)				142,271

(continues) 11

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund

		Principal		Value
		Amount°		(U.S. $)
Agency Mortgage-Backed Securities – 0.49%
•	Fannie Mae ARM
	2.256% 10/1/36	USD	5,946	$	6,295
	2.37% 3/1/38		10,493		11,091
	2.412% 10/1/36		9,476		9,970
	2.413% 5/1/43		4,680		4,629
	2.451% 11/1/35		8,208		8,673
	2.452% 4/1/36		28,265		30,258
	2.546% 6/1/43		1,999		1,988
	2.555% 4/1/36		8,463		9,004
	3.293% 9/1/43		5,981		6,181
	Fannie Mae S.F. 15 yr
	4.00% 11/1/25		100,747		108,011
	5.50% 1/1/23		15,366		16,806
	Fannie Mae S.F. 20 yr
	5.50% 12/1/29		1,121		1,229
	Fannie Mae S.F. 30 yr
	3.50% 6/1/43		1,957		1,976
	4.00% 11/1/40		1,943		2,027
	4.00% 9/1/41		1,325		1,383
	4.50% 7/1/36		1,637		1,747
	6.50% 6/1/36		14,832		16,719
	6.50% 10/1/36		10,634		11,849
	Freddie Mac 6.00% 1/1/17		1,872		1,891
•	Freddie Mac ARM
	2.265% 10/1/36		10,730		11,468
	2.498% 7/1/36		6,556		6,999
	Freddie Mac S.F. 15 yr
	5.00% 6/1/18		6,008		6,386
	5.00% 12/1/22		30,358		32,908
	Freddie Mac S.F. 30 yr
	5.00% 1/1/34		282,525		306,888
	7.00% 11/1/33		25,199		28,870
	9.00% 9/1/30		41,758		45,857
	GNMA I S.F. 30 yr
	7.50% 12/15/23		53,995		62,709
	7.50% 1/15/32		43,811		52,053
	9.50% 9/15/17		32,043		35,114
	12.00% 5/15/15		9,319		9,737
	GNMA II S.F. 30 yr
	6.00% 11/20/28		49,774		55,284
	6.50% 2/20/30		138,165		153,907
Total Agency Mortgage-Backed
	Securities (cost $972,281)				1,059,907

Commercial Mortgage-Backed Securities – 0.08%
•	Bear Stearns Commercial
	Mortgage Securities
	Series 2006-PW12 A4
	5.899% 9/11/38		25,000		27,477
	Goldman Sachs Mortgage
	Securities II
	•Series 2004-GG2 A6
	5.396% 8/10/38		53,541		54,298
	Goldman Sachs Mortgage
	Securities II (continued)
	Series 2005-GG4 A4A
	4.751% 7/10/39		30,000		31,197
	•Series 2006-GG6 A4
	5.553% 4/10/38		10,000		10,819
	JPMorgan Chase Commercial
	Mortgage Securities
	Trust 2006-LDP8 AM
	5.44% 5/15/45		25,000		27,553
	WF-RBS Commercial Mortgage
	Trust Series 2013-C11 A5
	3.071% 3/15/45		10,000		9,626
Total Commercial Mortgage-
	Backed Securities
	(cost $142,080)				160,970

Convertible Bonds – 11.92%
Basic Industry – 0.33%
*	Peabody Energy 4.75%
	exercise price $57.95,
	expiration date 12/15/41		391,000		315,733
	Steel Dynamics 5.125%
	exercise price $17.17,
	expiration date 6/15/14		341,000		388,526
					704,259
Capital Goods – 0.75%
	L-3 Communications
	Holdings 3.00%
	exercise price $90.24,
	expiration date 8/1/35		769,000		904,536
	Titan Machinery 3.75%
	exercise price $43.17,
	expiration date 4/30/19		797,000		692,892
					1,597,428
Communications – 2.00%
#	Alaska Communications
	Systems Group
	144A 6.25%
	exercise price $10.28,
	expiration date 4/27/18		672,000		562,380
#	Blucora 144A 4.25%
	exercise price $21.66,
	expiration date 3/29/19		317,000		470,349
#	Clearwire Communications
	144A 8.25%
	exercise price $7.08,
	expiration date 11/30/40		959,000		1,101,651
	Equinix 4.75%
	exercise price $84.32,
	expiration date 6/13/16		76,000		151,858
#	Liberty Interactive 144A
	0.75% exercise price
	$1,000.00, expiration
	date 3/30/43		544,000		682,040

		Principal		Value
		Amount°		(U.S. $)
Convertible Bonds (continued)
Communications (continued)
#	Liberty Interactive 144A (continued)
	1.00% exercise price
	$74.31, expiration
	date 9/28/43	USD	975,000	$	1,009,125
	SBA Communications 4.00%
	exercise price $30.38,
	expiration date 9/29/14		109,000		306,154
					4,283,557
Consumer Cyclical – 1.70%
ϕ	ArvinMeritor 4.00%
	exercise price $26.73,
	expiration date 2/12/27		1,149,000		1,062,107
	Iconix Brand Group 2.50%
	exercise price $30.75,
	expiration date 5/31/16		436,000		603,315
*	International Game
	Technology 3.25%
	exercise price $19.86
	expiration date 5/1/14		481,000		506,253
	Live Nation Entertainment
	2.875% exercise price
	$27.14, expiration
	date 7/14/27		807,000		823,140
	MGM Resorts International
	4.25% exercise price
	$18.58, expiration
	date 4/10/15		537,000		651,448
					3,646,263
Consumer Non-Cyclical – 2.20%
*	Alere 3.00%
	exercise price $43.98,
	expiration date 5/15/16		705,000		779,025
	Dendreon 2.875%
	exercise price $51.24,
	expiration date 1/13/16		418,000		270,655
ϕ	Hologic
	*2.00% exercise price
	$31.17, expiration
	date 2/27/42		597,000		611,179
	2.00% exercise price
	$38.59, expiration
	date 12/15/43		607,000		642,282
#	Illumina 144A 0.25%
	exercise price $83.55,
	expiration date 3/11/16		297,000		378,304
	Mylan 3.75%
	exercise price $13.32,
	expiration date 9/15/15		188,000		628,273
	NuVasive 2.75%
	exercise price $42.13,
	expiration date 6/30/17		1,077,000		1,179,314
*#	Opko Health 144A 3.00%
	exercise price $7.07,
	expiration date 1/28/33		143,000		224,421
					4,713,453
Energy – 0.74%
	Chesapeake Energy 2.50%
	exercise price $50.90,
	expiration date 5/15/37		349,000		357,943
#	Energy XXI Bermuda 144A
	3.00% exercise price
	$40.40, expiration
	date 12/13/18		219,000		217,358
	Helix Energy Solutions
	Group 3.25%
	exercise price $25.02,
	expiration date 3/12/32		378,000		454,309
#	Vantage Drilling 144A 5.50%
	exercise price $2.39,
	expiration date 7/15/43		509,000		554,809
					1,584,419
Financials – 0.65%
	Ares Capital 5.75%
	exercise price $19.13,
	expiration date 2/1/16		561,000		607,984
	BGC Partners 4.50%
	exercise price $9.84,
	expiration date 7/13/16		749,000		786,917
					1,394,901
Industrials – 0.15%
ϕ	General Cable 5.00%
	exercise price $36.11,
	expiration date 11/15/29		310,000		331,119
					331,119
Insurance – 0.24%
	WellPoint 2.75%
	exercise price $75.31,
	expiration date 10/15/42		374,000		515,653
					515,653
Real Estate Investment Trusts – 0.84%
	Blackstone Mortgage Trust
	5.25% exercise price
	$28.66, expiration
	date 12/1/18		474,000		481,110
#	Campus Crest Communities
	Operating Partnership
	144A 4.75% exercise
	price $12.56, expiration
	date 10/11/18		603,000		615,814
#	Forest City Enterprises
	144A 3.625% exercise
	price $24.21, expiration
	date 8/14/20		155,000		160,813
#	Lexington Realty Trust 144A
	6.00% exercise price $6.84,
	expiration date 1/11/30		358,000		547,516
					1,805,253

(continues) 13

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund

		Principal		Value
		Amount°		(U.S. $)
Convertible Bonds (continued)
Technology – 2.32%
#	Ciena 144A 3.75%
	exercise price $20.17,
	expiration date 10/15/18	USD	535,000	$	737,966
	Intel 3.25%
	exercise price $21.94,
	expiration date 8/1/39		401,000		513,031
	Linear Technology 3.00%
	exercise price $40.93
	expiration date 4/30/27		541,000		585,633
	Nuance Communications 2.75%
	exercise price $32.30,
	expiration date 11/1/31		766,000		735,360
	SanDisk 1.50%
	exercise price $52.00
	expiration date 8/11/17		529,000		760,106
	TIBCO Software 2.25%
	exercise price $50.57,
	expiration date 4/30/32		904,000		910,214
	VeriSign 3.25%
	exercise price $34.37,
	expiration date 8/15/37		424,000		734,050
					4,976,360
Total Convertible Bonds
	(cost $22,594,924)				25,552,665

Corporate Bonds – 34.39%
Automotives – 1.38%
	American Axle & Manufacturing
	7.75% 11/15/19		55,000		62,700
#	Chassix 144A 9.25% 8/1/18		210,000		225,750
*	Chrysler Group 8.25% 6/15/21		715,000		816,887
û#	Cooper-Standard Holdings PIK
	144A 7.375% 4/1/18		380,000		385,700
#	International Automotive
	Components Group 144A
	9.125% 6/1/18		445,000		462,800
#	Jaguar Land Rover
	Automotive 144A
	8.125% 5/15/21		260,000		295,750
#	LKQ 144A 4.75% 5/15/23		405,000		381,713
	Meritor
	6.75% 6/15/21		225,000		227,250
	10.625% 3/15/18		80,000		86,600
#	TRW Automotive 144A
	4.45% 12/1/23		5,000		4,975
					2,950,125
Banking – 1.31%
	Bank of America
	2.60% 1/15/19		15,000		15,178
	3.875% 3/22/17		10,000		10,754
*•	Barclays 8.25% 12/29/49		200,000		206,625
	Barclays Bank
	7.625% 11/21/22		375,000		395,156
	Citigroup 5.50% 9/13/25		10,000		10,609
*	City National 5.25% 9/15/20		15,000		16,139
#	Credit Suisse 144A
	6.50% 8/8/23		380,000		403,165
	Fifth Third Bancorp
	4.30% 1/16/24		5,000		4,973
	•5.10% 12/29/49		10,000		8,875
#•	HBOS Capital Funding 144A
	6.071% 6/29/49		864,000		865,079
	HSBC Holdings 4.00% 3/30/22		20,000		20,634
	JPMorgan Chase
	5.625% 8/16/43		10,000		10,231
	*•6.00% 12/29/49		270,000		261,225
	KeyCorp 2.30% 12/13/18		5,000		5,025
	Morgan Stanley
	4.10% 5/22/23		25,000		24,150
	5.00% 11/24/25		5,000		5,015
	Northern Trust
	3.95% 10/30/25		5,000		4,941
	PNC Funding
	5.125% 2/8/20		30,000		33,739
	5.625% 2/1/17		35,000		39,032
	Santander Holdings USA
	4.625% 4/19/16		10,000		10,707
	State Street 3.10% 5/15/23		10,000		9,346
	SunTrust Banks 2.35% 11/1/18		10,000		10,059
*	SVB Financial Group
	5.375% 9/15/20		25,000		27,410
#	Turkiye Halk Bankasi 144A
	3.875% 2/5/20		300,000		276,750
•	USB Capital IX 3.50% 10/29/49		80,000		63,200
•	Wachovia 0.614% 10/15/16		10,000		9,915
	Wells Fargo
	#144A 4.48% 1/16/24		20,000		19,909
	5.375% 11/2/43		10,000		9,908
	Zions Bancorp
	4.50% 3/27/17		5,000		5,368
	4.50% 6/13/23		10,000		9,965
	7.75% 9/23/14		5,000		5,253
					2,798,335
Basic Industry – 4.19%
*	AK Steel 7.625% 5/15/20		221,000		209,950
#	APERAM 144A 7.75% 4/1/18		225,000		233,438
	ArcelorMittal
	6.125% 6/1/18		690,000		752,099
	10.35% 6/1/19		15,000		19,013
	Barrick Gold 4.10% 5/1/23		10,000		9,033
	Barrick North America Finance
	5.75% 5/1/43		5,000		4,412
	BHP Billiton Finance USA
	5.00% 9/30/43		20,000		20,288

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
*#	Builders FirstSource 144A
	7.625% 6/1/21	USD	405,000	$	421,200
#	Cemex 144A 7.25% 1/15/21		230,000		233,738
#	Cemex Espana Luxembourg
	144A 9.25% 5/12/20		169,000		184,421
	CF Industries 6.875% 5/1/18		25,000		29,512
#	CPG Merger Sub 144A
	8.00% 10/1/21		380,000		398,050
	Dow Chemical 8.55% 5/15/19		34,000		44,047
#	Essar Steel Algoma 144A
	9.375% 3/15/15		205,000		200,388
	FMC 4.10% 2/1/24		10,000		10,037
*#	FMG Resources August 2006 144A
	6.875% 2/1/18		115,000		121,900
	6.875% 4/1/22		465,000		504,524
	Freeport-McMoRan Copper &
	Gold 3.875% 3/15/23		5,000		4,705
	Georgia-Pacific 8.00% 1/15/24		20,000		25,986
#	Glencore Funding 144A
	2.50% 1/15/19		15,000		14,500
	HD Supply 11.50% 7/15/20		345,000		413,138
	Headwaters 7.625% 4/1/19		310,000		335,575
#	Inmet Mining 144A 8.75% 6/1/20		300,000		327,750
	International Paper
	6.00% 11/15/41		10,000		10,828
	7.50% 8/15/21		5,000		6,184
#	JMC Steel Group 144A
	8.25% 3/15/18		385,000		384,038
#	LSB Industries 144A
	7.75% 8/1/19		190,000		199,500
#	Masonite International 144A
	8.25% 4/15/21		365,000		401,956
	Mosaic 5.45% 11/15/33		15,000		15,373
#	New Gold 144A 6.25% 11/15/22		380,000		375,250
	Norcraft 10.50% 12/15/15		186,000		191,542
	Nortek 8.50% 4/15/21		320,000		355,200
	Nucor 4.00% 8/1/23		5,000		4,930
	Packaging of America
	4.50% 11/1/23		5,000		5,064
#	Perstorp Holding 144A
	8.75% 5/15/17		400,000		430,000
	Rio Tinto Finance USA
	3.50% 11/2/20		5,000		5,050
	Rock-Tenn
	3.50% 3/1/20		5,000		4,987
	4.00% 3/1/23		10,000		9,731
	Ryerson
	9.00% 10/15/17		245,000		258,169
	11.25% 10/15/18		105,000		110,775
#	Sappi Papier Holding 144A
	8.375% 6/15/19		405,000		442,969
#	Taminco Global Chemical 144A
	9.75% 3/31/20		290,000		331,325
*	Teck Resources 3.75% 2/1/23		5,000		4,676
#	TPC Group 144A
	8.75% 12/15/20		425,000		451,030
#	U.S. Coatings Acquisition 144A
	7.375% 5/1/21		230,000		244,950
#	WESCO Distribution 144A
	5.375% 12/15/21		40,000		40,400
	Weyerhaeuser 4.625% 9/15/23		10,000		10,284
#	Wise Metals Group 144A
	8.75% 12/15/18		170,000		175,100
					8,987,015
Brokerage – 0.03%
	Jefferies Group
	5.125% 1/20/23		10,000		10,211
	6.45% 6/8/27		5,000		5,213
	6.50% 1/20/43		5,000		4,931
	Lazard Group 6.85% 6/15/17		34,000		38,570
					58,925
Capital Goods – 2.17%
*#	Accudyne Industries 144A
	7.75% 12/15/20		215,000		227,900
#	Allegion US Holding 144A
	5.75% 10/1/21		235,000		244,988
z#	BOE Intermediate Holding PIK
	144A 9.00% 11/1/17		151,598		156,903
û#	BOE Merger PIK 144A
	9.50% 11/1/17		375,000		399,375
#	Consolidated Container 144A
	10.125% 7/15/20		385,000		414,838
	Flowserve 4.00% 11/15/23		5,000		4,977
#	Ingersoll-Rand Global
	Holding 144A
	2.875% 1/15/19		5,000		5,008
	4.25% 6/15/23		20,000		19,821
#	Milacron 144A 7.75% 2/15/21		375,000		395,625
#	Plastipak Holdings 144A
	6.50% 10/1/21		300,000		312,750
	Reynolds Group Issuer
	*8.25% 2/15/21		305,000		322,538
	9.875% 8/15/19		655,000		730,324
	TransDigm 7.50% 7/15/21		325,000		351,000
#	Votorantim Cimentos 144A
	7.25% 4/5/41		1,118,000		1,073,279
					4,659,326
Communications – 3.33%
#	American Tower Trust I 144A
	1.551% 3/15/43		5,000		4,888
	3.07% 3/15/23		20,000		18,786
	AT&T
	2.375% 11/27/18		5,000		5,022
	4.30% 12/15/42		5,000		4,187
	CC Holdings GS V
	3.849% 4/15/23		5,000		4,722

(continues) 15

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Communications (continued)
	CenturyLink
	5.80% 3/15/22	USD	210,000	$	208,425
	6.75% 12/1/23		240,000		245,850
#	Columbus International 144A
	11.50% 11/20/14		270,000		292,950
#	Cox Communications 144A
	3.25% 12/15/22		20,000		18,349
#	Crown Castle Towers 144A
	4.883% 8/15/20		30,000		31,926
#	Digicel Group 144A
	8.25% 9/30/20		530,000		556,499
	Hughes Satellite Systems
	7.625% 6/15/21		280,000		310,100
#	Intelsat Luxembourg 144A
	7.75% 6/1/21		355,000		373,194
	8.125% 6/1/23		695,000		735,830
	Level 3 Communications
	8.875% 6/1/19		190,000		209,238
	Level 3 Financing
	#144A 6.125% 1/15/21		10,000		10,175
	7.00% 6/1/20		375,000		399,375
#	MetroPCS Wireless 144A
	6.25% 4/1/21		180,000		187,875
	Omnicom Group
	3.625% 5/1/22		5,000		4,876
	Qwest 6.75% 12/1/21		10,000		10,890
#	SES 144A 3.60% 4/4/23		20,000		19,189
#	Sprint 144A
	7.25% 9/15/21		185,000		200,956
	7.875% 9/15/23		145,000		159,138
	Sprint Capital 6.90% 5/1/19		405,000		441,450
	Sprint Nextel 8.375% 8/15/17		170,000		198,050
	Time Warner Cable 8.25% 4/1/19		20,000		23,502
	T-Mobile USA
	6.125% 1/15/22		115,000		117,444
	6.50% 1/15/24		70,000		71,050
	6.731% 4/28/22		115,000		120,319
	Verizon Communications
	5.15% 9/15/23		30,000		32,076
	6.40% 9/15/33		10,000		11,196
	Viacom 5.85% 9/1/43		10,000		10,450
#	Vimpel Communications 144A
	7.748% 2/2/21		275,000		297,000
#	Wind Acquisition Finance 144A
	7.25% 2/15/18		535,000		564,424
	11.75% 7/15/17		190,000		202,113
	Windstream
	7.50% 4/1/23		235,000		241,756
	#144A 7.75% 10/1/21		235,000		252,038
	Zayo Group 10.125% 7/1/20		467,000		541,719
					7,137,027
Consumer Cyclical – 2.74%
	Amazon.com 2.50% 11/29/22		20,000		18,315
û#	BI-LO Finance PIK 144A
	8.625% 9/15/18		265,000		275,931
	Burlington Coat Factory
	Warehouse 10.00% 2/15/19		325,000		366,031
û#	Burlington Holdings PIK 144A
	9.00% 2/15/18		74,000		76,590
#	CDR DB Sub 144A
	7.75% 10/15/20		485,000		482,575
û#	Chinos Intermediate Holdings
	PIK 144A 7.75% 5/1/19		410,000		414,100
	Cummins 3.65% 10/1/23		15,000		15,065
	Dave & Buster’s 11.00% 6/1/18		330,000		365,478
#^	Dave & Buster’s Entertainment
	144A 10.004% 2/15/16		510,000		422,025
	eBay 4.00% 7/15/42		10,000		8,423
#	General Motors 144A
	3.50% 10/2/18		10,000		10,238
	Historic TW 6.875% 6/15/18		25,000		30,154
	Home Depot 3.75% 2/15/24		5,000		5,043
	Host Hotels & Resorts
	4.75% 3/1/23		20,000		20,342
	International Game Technology
	5.35% 10/15/23		15,000		15,610
#	Landry’s 144A 9.375% 5/1/20		455,000		498,225
	Marriott International
	3.375% 10/15/20		5,000		4,992
û#	Michaels Finco Holdings PIK
	144A 7.50% 8/1/18		280,000		291,200
	Michaels Stores
	11.375% 11/1/16		61,000		62,678
	Pantry 8.375% 8/1/20		405,000		434,363
*	Party City Holdings
	8.875% 8/1/20		435,000		485,025
#	Quiksilver 144A 7.875% 8/1/18		430,000		465,475
	QVC 4.375% 3/15/23		20,000		19,057
*	Rite Aid 6.75% 6/15/21		340,000		356,575
	Tempur Sealy International
	6.875% 12/15/20		285,000		309,225
	Western Union 3.65% 8/22/18		5,000		5,139
#	Wok Acquisition 144A
	10.25% 6/30/20		375,000		406,875
	Wyndham Worldwide
	4.25% 3/1/22		5,000		4,926
	5.625% 3/1/21		10,000		10,761
*	Yum Brands 3.875% 11/1/23		5,000		4,891
					5,885,327
Consumer Non-Cyclical – 1.11%
#	Beverage Packaging Holdings
	144A 5.625% 12/15/16		185,000		190,088
	Boston Scientific
	2.65% 10/1/18		5,000		5,063
	6.00% 1/15/20		15,000		17,301

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	CareFusion 6.375% 8/1/19	USD	65,000	$	74,757
	Celgene 3.95% 10/15/20		15,000		15,533
	Covidien International Finance
	4.20% 6/15/20		20,000		21,394
#	Crestview DS Merger Sub II
	144A 10.00% 9/1/21		255,000		271,575
	Del Monte 7.625% 2/15/19		300,000		313,499
	Energizer Holdings
	4.70% 5/24/22		20,000		20,327
#	ESAL 144A 6.25% 2/5/23		200,000		182,000
#	JBS Investments 144A
	7.75% 10/28/20		200,000		202,000
#	JBS USA 144A 8.25% 2/1/20		290,000		314,649
	Laboratory Corp. of America
	Holdings 2.20% 8/23/17		15,000		15,122
#	Mylan 144A 3.125% 1/15/23		10,000		9,203
	Smithfield Foods 6.625% 8/15/22		275,000		291,844
#	Spectrum Brands Escrow 144A
	6.375% 11/15/20		75,000		80,063
	6.625% 11/15/22		280,000		298,899
	Zimmer Holdings
	4.625% 11/30/19		30,000		33,048
	Zoetis 3.25% 2/1/23		15,000		14,148
					2,370,513
Energy – 5.47%
	AmeriGas Finance 7.00% 5/20/22		300,000		326,250
	Calumet Specialty
	Products Partners
	#144A 7.625% 1/15/22		215,000		217,150
	9.375% 5/1/19		375,000		417,188
	Chaparral Energy
	7.625% 11/15/22		180,000		195,750
	8.25% 9/1/21		160,000		176,400
	CHC Helicopter 9.375% 6/1/21		210,000		213,675
	Chesapeake Energy
	5.375% 6/15/21		80,000		83,000
	6.125% 2/15/21		55,000		59,400
	6.625% 8/15/20		335,000		376,875
	Comstock Resources
	7.75% 4/1/19		365,000		385,075
	Continental Resources
	4.50% 4/15/23		15,000		14,925
#	Drill Rigs Holdings 144A
	6.50% 10/1/17		390,000		424,125
#	Exterran Partners 144A
	6.00% 4/1/21		395,000		395,000
	Genesis Energy 5.75% 2/15/21		440,000		447,700
	Halcon Resources
	8.875% 5/15/21		425,000		433,500
#	Hercules Offshore 144A
	7.50% 10/1/21		190,000		200,450
	8.75% 7/15/21		115,000		127,650
	Key Energy Services
	6.75% 3/1/21		390,000		400,725
	Laredo Petroleum
	7.375% 5/1/22		75,000		81,563
	9.50% 2/15/19		325,000		364,000
	Linn Energy
	6.50% 5/15/19		60,000		60,750
	#144A 7.00% 11/1/19		200,000		200,000
	8.625% 4/15/20		81,000		87,075
#	MidAmerican Energy Holdings
	144A 3.75% 11/15/23		10,000		9,937
	Midstates Petroleum
	9.25% 6/1/21		390,000		409,013
#	Murphy Oil USA 144A
	6.00% 8/15/23		295,000		302,375
	Newfield Exploration
	5.625% 7/1/24		10,000		10,025
	Northern Oil & Gas
	8.00% 6/1/20		370,000		389,425
	NuStar Logistics 6.75% 2/1/21		240,000		248,400
#	Oasis Petroleum 144A
	6.875% 3/15/22		435,000		469,800
	Offshore Group Investment
	7.125% 4/1/23		180,000		186,300
	PDC Energy 7.75% 10/15/22		380,000		413,250
	Pemex Project Funding Master
	Trust 6.625% 6/15/35		1,000,000		1,029,999
	Petrobras International Finance
	5.375% 1/27/21		39,000		39,316
	Petroleos Mexicanos
	5.50% 6/27/44		512,000		456,015
	Pioneer Energy Services
	9.875% 3/15/18		296,000		318,200
	Pride International
	6.875% 8/15/20		20,000		24,016
	Public Service of New
	Hampshire 3.50% 11/1/23		5,000		4,960
	Rosetta Resources
	5.625% 5/1/21		250,000		252,188
#	Samson Investment 144A
	10.50% 2/15/20		315,000		342,169
	SandRidge Energy
	7.50% 3/15/21		155,000		163,138
	8.125% 10/15/22		395,000		418,206
	8.75% 1/15/20		10,000		10,850
	Statoil
	2.90% 11/8/20		5,000		5,045
	3.70% 3/1/24		5,000		5,015
	4.80% 11/8/43		10,000		10,084
	Talisman Energy 5.50% 5/15/42		25,000		22,931
	TNK-BP Finance
	7.875% 3/13/18		400,000		460,000

(continues) 17

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Energy (continued)
	Total Capital 2.125% 8/10/18	USD	15,000	$	15,277
#	Woodside Finance 144A
	8.125% 3/1/14		15,000		15,273
	8.75% 3/1/19		15,000		19,328
					11,738,761
Financials – 0.47%
	E Trade Financial 6.375% 11/15/19		390,000		419,250
	General Electric Capital
	2.10% 12/11/19		35,000		34,721
	4.375% 9/16/20		35,000		38,256
	6.00% 8/7/19		15,000		17,934
	International Lease Finance
	*6.25% 5/15/19		12,000		13,185
	8.75% 3/15/17		20,000		23,625
	Invesco Finance 4.00% 1/30/24		5,000		5,026
*#	Nuveen Investments 144A
	9.50% 10/15/20		455,000		449,313
					1,001,310
Healthcare – 2.47%
	Air Medical Group Holdings
	9.25% 11/1/18		257,000		280,130
	Alere 6.50% 6/15/20		220,000		226,600
	Biomet 6.50% 10/1/20		390,000		407,549
	Community Health Systems
	7.125% 7/15/20		290,000		300,513
	8.00% 11/15/19		265,000		289,513
û#	Healthcare Technology
	Intermediate PIK 144A
	7.375% 9/1/18		380,000		392,350
	Immucor 11.125% 8/15/19		275,000		309,375
	Kinetic Concepts
	10.50% 11/1/18		250,000		286,875
	12.50% 11/1/19		180,000		200,700
û#	MPH Intermediate Holding 2
	PIK 144A 8.375% 8/1/18		190,000		197,363
	Par Pharmaceutical
	7.375% 10/15/20		575,000		606,624
	Radnet Management
	10.375% 4/1/18		209,000		218,405
#	Service International 144A
	5.375% 1/15/22		220,000		222,750
	Tenet Healthcare
	#144A 6.00% 10/1/20		365,000		382,109
	8.125% 4/1/22		235,000		255,563
	Truven Health Analytics
	10.625% 6/1/20		125,000		142,031
#	Valeant Pharmaceuticals
	International 144A
	5.625% 12/1/21		265,000		266,988
	6.375% 10/15/20		220,000		232,925
	7.00% 10/1/20		75,000		80,813
					5,299,176
Insurance – 1.16%
•	Allstate 5.75% 8/15/53		10,000		10,169
	American International Group
	6.40% 12/15/20		5,000		5,967
	•8.175% 5/15/58		450,000		542,475
	Berkshire Hathaway Finance
	2.90% 10/15/20		10,000		10,073
•	Chubb 6.375% 3/29/67		15,000		16,373
#	Highmark 144A
	4.75% 5/15/21		5,000		4,754
	6.125% 5/15/41		5,000		4,550
#	Hockey Merger Sub 144A
	7.875% 10/1/21		285,000		296,044
•	ING US 5.65% 5/15/53		5,000		4,875
#	Liberty Mutual Group 144A
	4.25% 6/15/23		15,000		14,739
	4.95% 5/1/22		5,000		5,221
	6.50% 5/1/42		5,000		5,607
	•7.00% 3/15/37		385,000		402,325
	MetLife 6.40% 12/15/36		100,000		103,000
#	Onex USI Acquisition 144A
	7.75% 1/15/21		395,000		405,863
	Prudential Financial
	3.875% 1/14/15		35,000		36,254
•	XL Group 6.50% 12/29/49		625,000		615,624
					2,483,913
Media – 2.51%
	CCO Holdings 5.25% 9/30/22		385,000		364,788
#	Cequel Communications
	Holdings 144A
	6.375% 9/15/20		300,000		311,250
	Clear Channel Worldwide
	Holdings 7.625% 3/15/20		465,000		492,599
	CSC Holdings 6.75% 11/15/21		265,000		286,863
	DISH DBS 5.00% 3/15/23		215,000		205,863
#	Gray Television 144A
	7.50% 10/1/20		375,000		396,563
#	MDC Partners 144A
	6.75% 4/1/20		425,000		444,125
#	Nara Cable Funding 144A
	8.875% 12/1/18		400,000		429,000
#	Nielsen 144A 5.50% 10/1/21		245,000		251,125
#	Ono Finance II 144A
	10.875% 7/15/19		240,000		261,600
#	RCN Telecom Services 144A
	8.50% 8/15/20		205,000		208,075
	Satelites Mexicanos
	9.50% 5/15/17		160,000		176,000
	Thomson Reuters
	4.30% 11/23/23		10,000		10,043
#	Univision Communications
	144A 8.50% 5/15/21		735,000		817,687

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Media (continued)
#	UPCB Finance VI 144A
	6.875% 1/15/22	USD	300,000	$	323,250
#	Virgin Media Finance 144A
	6.375% 4/15/23		400,000		415,000
					5,393,831
Natural Gas – 0.12%
#•	DCP Midstream 144A
	5.85% 5/21/43		15,000		14,006
	El Paso Pipeline Partners
	Operating 6.50% 4/1/20		15,000		17,478
•	Enbridge Energy Partners
	8.05% 10/1/37		25,000		28,105
	Energy Transfer Partners
	3.60% 2/1/23		10,000		9,426
	5.95% 10/1/43		15,000		15,406
	6.50% 2/1/42		5,000		5,430
	9.70% 3/15/19		7,000		9,110
	Enterprise Products Operating
	•7.034% 1/15/68		25,000		27,587
	9.75% 1/31/14		5,000		5,073
	Kinder Morgan Energy Partners
	3.50% 9/1/23		5,000		4,671
	9.00% 2/1/19		20,000		25,902
	Nisource Finance
	5.80% 2/1/42		5,000		5,043
	6.125% 3/1/22		15,000		16,809
	Plains All American Pipeline
	8.75% 5/1/19		10,000		12,959
	Schlumberger Investment
	3.65% 12/1/23		10,000		10,058
•	TransCanada Pipelines
	6.35% 5/15/67		30,000		31,184
	Williams Partners 7.25% 2/1/17		20,000		23,316
					261,563
Real Estate Investment Trusts – 0.10%
	Alexandria Real Estate Equities
	4.60% 4/1/22		15,000		15,237
	CBL & Associates
	5.25% 12/1/23		5,000		5,032
	Corporate Office Properties
	3.60% 5/15/23		5,000		4,611
	5.25% 2/15/24		10,000		10,340
	DDR
	4.75% 4/15/18		5,000		5,470
	7.50% 4/1/17		5,000		5,878
	7.875% 9/1/20		20,000		24,850
	Digital Realty Trust
	*5.25% 3/15/21		20,000		20,713
	5.875% 2/1/20		10,000		10,919
	Duke Realty 3.625% 4/15/23		5,000		4,674
	Liberty Property 4.40% 2/15/24		10,000		9,971
	Mid-America Apartments
	4.30% 10/15/23		5,000		4,934
	National Retail Properties
	3.30% 4/15/23		5,000		4,594
	3.80% 10/15/22		5,000		4,811
	Prologis 3.35% 2/1/21		10,000		9,828
	Regency Centers 5.875% 6/15/17		20,000		22,474
	UDR
	3.70% 10/1/20		5,000		5,102
	4.625% 1/10/22		15,000		15,631
#	WEA Finance 144A
	4.625% 5/10/21		10,000		10,566
	Weingarten Realty Investors
	3.50% 4/15/23		10,000		9,289
					204,924
Services – 2.64%
#	Algeco Scotsman Global
	Finance 144A
	8.50% 10/15/18		175,000		189,875
	10.75% 10/15/19		615,000		642,674
	Avis Budget Car Rental
	5.50% 4/1/23		350,000		342,125
#	Carlson Wagonlit 144A
	6.875% 6/15/19		290,000		301,600
#	DigitalGlobe 144A 5.25% 2/1/21		365,000		357,700
	H&E Equipment Services
	7.00% 9/1/22		350,000		384,125
	M/I Homes 8.625% 11/15/18		376,000		407,960
*#	Mattamy Group 144A
	6.50% 11/15/20		390,000		386,100
	MGM Resorts International
	6.75% 10/1/20		215,000		231,663
	7.75% 3/15/22		180,000		200,700
	11.375% 3/1/18		318,000		407,835
	PHH
	6.375% 8/15/21		155,000		156,744
	7.375% 9/1/19		205,000		222,425
	Pinnacle Entertainment
	7.75% 4/1/22		125,000		136,875
	8.75% 5/15/20		58,000		64,380
#	PNK Finance 144A
	6.375% 8/1/21		170,000		176,375
	Seven Seas Cruises
	9.125% 5/15/19		385,000		426,868
	Swift Services Holdings
	10.00% 11/15/18		370,000		413,938
#	Watco 144A 6.375% 4/1/23		185,000		185,463
	Yale University
	2.90% 10/15/14		22,000		22,458
					5,657,883

(continues) 19

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Technology – 1.97%
#	ACI Worldwide 144A
	6.375% 8/15/20	USD	230,000	$	239,488
#	Activision Blizzard 144A
	5.625% 9/15/21		280,000		291,550
	6.125% 9/15/23		125,000		131,250
	Altera 2.50% 11/15/18		10,000		9,943
	Apple 2.40% 5/3/23		20,000		18,164
#	BMC Software Finance 144A
	8.125% 7/15/21		605,000		644,324
	Broadridge Financial Solutions
	3.95% 9/1/20		5,000		5,076
	EMC 2.65% 6/1/20		5,000		4,954
	Fidelity National Information
	Services 3.50% 4/15/23		15,000		13,792
	First Data
	*11.25% 3/31/16		135,000		137,194
	#144A 11.25% 1/15/21		510,000		563,550
	#144A 11.75% 8/15/21		375,000		390,938
	Freescale Semiconductor
	#144A 6.00% 1/15/22		190,000		192,375
	10.75% 8/1/20		35,000		39,900
	Infor US 9.375% 4/1/19		340,000		385,050
	j2 Global 8.00% 8/1/20		585,000		633,263
	Maxim Integrated Products
	2.50% 11/15/18		10,000		9,971
	Microsoft 2.125% 11/15/22		10,000		9,048
	National Semiconductor
	6.60% 6/15/17		20,000		23,410
	NetApp
	2.00% 12/15/17		5,000		5,034
	3.25% 12/15/22		10,000		9,174
#	Seagate HDD Cayman 144A
	3.75% 11/15/18		10,000		10,113
	Symantec 4.20% 9/15/20		5,000		5,123
	Total System Services 3.75% 6/1/23		15,000		13,989
#	Viasystems 144A
	7.875% 5/1/19		395,000		431,538
	Xerox 6.35% 5/15/18		10,000		11,587
					4,229,798
Transportation – 0.04%
#	Brambles USA 144A
	5.35% 4/1/20		15,000		16,503
	Burlington Northern Santa Fe
	5.15% 9/1/43		15,000		15,256
#	ERAC USA Finance 144A
	5.25% 10/1/20		35,000		38,809
	Norfolk Southern
	4.80% 8/15/43		5,000		4,886
	United Parcel Service
	5.125% 4/1/19		10,000		11,537
					86,991
Utilities – 1.18%
	AES
	7.375% 7/1/21		295,000		334,825
	8.00% 6/1/20		64,000		75,200
	Ameren Illinois 9.75% 11/15/18		45,000		60,062
#	American Transmission Systems
	144A 5.25% 1/15/22		25,000		26,495
	American Water Capital
	3.85% 3/1/24		10,000		9,954
#	Calpine 144A
	5.875% 1/15/24		90,000		90,000
	6.00% 1/15/22		365,000		376,862
	CenterPoint Energy 5.95% 2/1/17		8,000		9,083
	CMS Energy 6.25% 2/1/20		5,000		5,796
	Commonwealth Edison
	5.80% 3/15/18		5,000		5,829
	Elwood Energy 8.159% 7/5/26		216,742		231,101
#•	Enel 144A 8.75% 9/24/73		200,000		218,250
	Entergy Louisiana 4.05% 9/1/23		15,000		15,493
	Exelon Generation 4.25% 6/15/22		20,000		19,420
•	FPL Group Capital 6.35% 10/1/66		20,000		20,113
	GenOn Energy 9.875% 10/15/20		390,000		439,724
	Great Plains Energy
	4.85% 6/1/21		5,000		5,284
	5.292% 6/15/22		15,000		16,169
•	Integrys Energy Group
	6.11% 12/1/66		15,000		15,141
	IPALCO Enterprises 5.00% 5/1/18		10,000		10,575
	LG&E & KU Energy
	4.375% 10/1/21		20,000		20,681
*	Mirant Americas 8.50% 10/1/21		335,000		366,825
#	Narragansett Electric 144A
	4.17% 12/10/42		5,000		4,433
•	National Rural Utilities
	Cooperative Finance
	4.75% 4/30/43		10,000		9,338
	NextEra Energy Capital
	Holdings 3.625% 6/15/23		5,000		4,751
	NV Energy 6.25% 11/15/20		10,000		11,672
	Pennsylvania Electric
	5.20% 4/1/20		25,000		26,854
•	PPL Capital Funding
	6.70% 3/30/67		10,000		10,095
	PPL Electric Utilities
	3.00% 9/15/21		10,000		9,954
	Public Service Oklahoma
	5.15% 12/1/19		30,000		33,754
	Puget Energy 6.00% 9/1/21		5,000		5,527
•	Puget Sound Energy
	6.974% 6/1/67		20,000		20,483
	SCANA 4.125% 2/1/22		10,000		9,869
•	Wisconsin Energy 6.25% 5/15/67		20,000		20,491
					2,540,103
Total Corporate Bonds
	(cost $70,243,297)				73,744,846

		Principal		Value
		Amount°		(U.S. $)
Non-Agency Asset-Backed Security – 0.01%
•	Nissan Master Owner Trust
	Receivables Series 2012-A A
	0.638% 5/15/17	USD	25,000	$	25,043
Total Non-Agency Asset-Backed
	Security (cost $25,086)				25,043

Non-Agency Collateralized Mortgage Obligations – 0.10%
	Citicorp Mortgage Securities
	Trust Series 2007-1 2A1
	5.50% 1/25/22		11,311		11,406
	Citicorp Residential Mortgage
	Trust Series 2006-3 A5
	5.948% 11/25/36		100,000		95,714
•	GSR Mortgage Loan Trust
	Series 2006-AR1 3A1
	2.936% 1/25/36		92,222		79,911
•	MASTR ARM Trust Series
	2006-2 4A1 2.63% 2/25/36		30,949		29,778
Total Non-Agency Collateralized
	Mortgage Obligations
	(cost $219,331)				216,809

«Senior Secured Loans – 3.47%
	Akorn Tranche B 4.50% 11/13/20		215,000		216,008
	Allegion U.S. Holding Tranche B
	3.00% 12/26/20		120,000		120,450
	Azure Midstream Tranche B
	6.50% 10/21/18		125,000		125,859
	BJ’s Wholesale Club 2nd Lien
	8.50% 3/31/20		205,000		209,549
	BMC Software 1st Lien
	5.00% 8/9/20		185,000		186,869
	Borgata Tranche B 1st Lien
	6.75% 8/15/18		390,000		391,950
	CityCenter Holdings Tranche B
	5.00% 10/9/20		195,000		197,722
	Clear Channel Communications
	Tranche B 3.65% 1/29/16		215,000		208,445
	Tranche D 6.75% 1/30/19		190,000		180,203
	Drillships Financing Holding
	Tranche B1 6.00% 2/17/21		190,000		194,370
	Exopack Tranche B 1st Lien
	5.25% 4/24/19		230,000		233,881
	Gentiva Health Services
	Tranche B 6.50% 10/10/19		395,000		390,309
	Getty Images Tranche B
	4.75% 9/19/19		254,359		236,213
	Gray Television
	4.50% 10/11/19		271,000		272,807
	Hostess Brands 1st Lien
	6.75% 3/12/20		300,000		309,750
	Hudson’s Bay 2nd Lien
	8.25% 10/7/21		175,000		179,638
	Ineos US Finance 4.50% 5/4/18		375,000		376,276
	KIK Custom Products
	1st Lien 5.50% 5/23/19		55,000		54,278
	2nd Lien 9.50% 11/23/19		30,000		30,000
	LTS Buyer 2nd Lien
	8.00% 3/15/21		95,000		95,831
	Moxie Liberty Tranche B
	7.50% 8/21/20		405,000		414,112
	Neiman Marcus Group
	5.00% 10/18/20		410,000		413,045
	Nuveen Investments 2nd Lien
	6.50% 2/28/19		205,000		201,199
	Otter Products Tranche B
	5.25% 4/29/19		75,000		75,250
	Panda Temple Power II Tranche B
	1st Lien 7.25% 3/28/19		320,000		329,600
@	Polymer Group Bridge Loan
	7.00% 2/1/19		375,000		376,875
	Quickrete 2nd Lien
	7.00% 3/19/21		35,000		35,886
	Ranpak 2nd Lien
	8.50% 4/10/20		53,000		54,590
	Rite Aid 2nd Lien
	5.75% 8/3/20		198,000		203,857
	Samson Investment 2nd Lien
	6.00% 9/10/18		190,000		191,663
	Smart & Final 2nd Lien
	10.50% 11/8/20		294,359		300,246
	State Class Tankers II 1st Lien
	6.75% 6/10/20		260,000		262,925
	Toys R Us Property Tranche B
	6.00% 7/31/19		180,000		175,635
	USI Insurance Services Tranche B
	5.00% 12/14/19		190,000		191,188
Total Senior Secured Loans
	(cost $7,350,546)				7,436,479

ΔSovereign Bonds – 4.96%
Brazil – 3.23%
	Brazil Notas do Tesouro
	Nacional Series F
	10.00% 1/1/17	BRL	9,600,000		3,888,507
	10.00% 1/1/18	BRL	7,651,000		3,035,740
					6,924,247
Indonesia – 0.64%
	Republic of Indonesia
	6.625% 2/17/37	USD	1,350,000		1,373,625
					1,373,625

(continues) 21

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund

		Principal			Value
		Amount°			(U.S. $)
ΔSovereign Bonds (continued)
Mexico – 1.09%
	Mexican Bonos
	8.00% 6/11/20	MXN	27,000,000		$	2,344,823
						2,344,823
Total Sovereign Bonds
	(cost $12,810,868)					10,642,695

U.S. Treasury Obligations – 0.37%
	U.S. Treasury Note
	1.25% 11/30/18	USD	100,000			99,441
	U.S. Treasury Bonds
	*2.75% 11/15/23		635,000			635,546
	2.875% 5/15/43		65,000			53,960

Total U.S. Treasury Obligations
	(cost $791,223)					788,947

Leveraged Non-Recourse Security – 0.00%
t#@	JPMorgan Fixed Income Pass
	Through Trust Series 2007-B
	144A 8.845% 1/15/87		500,000			0
Total Leveraged Non-Recourse
	Security (cost $425,000)					0

		Number of
		Shares
Limited Partnership – 0.39%
*	Brookfield Infrastructure Partners		5,400			206,712
*	Lehigh Gas Partners		22,400			634,368
Total Limited Partnership
	(cost $607,629)					841,080

Preferred Stock – 0.73%
	Alabama Power 5.625%		410			9,422
#	Ally Financial 144A 7.00%		400			386,387
†	Freddie Mac 6.02%		40,000			294,400
•	GMAC Capital Trust I 8.125%		12,000			322,080
•	Integrys Energy Group 6.00%		300			7,215
*	National Retail Properties 5.70%		200			3,882
	Public Storage 5.20%		200			3,980
	Regions Financial 6.375%		16,000			356,320
*	Vornado Realty 6.625%		3,700			88,985
=@	Wheeler Real Estate Investment
	Trust 9.00%		86			89,714
Total Preferred Stock
	(cost $2,253,185)					1,562,385

		Principal
		Amount°
Short-Term Investments – 4.68%
≠Discount Note – 0.04%
	Federal Home Loan Bank
	0.05% 12/27/13	USD	81,737			81,736
						81,736
Repurchase Agreements – 3.48%
	Bank of America 0.04%, dated
	11/29/13, to be repurchased
	on 12/2/13, repurchase price
	$1,380,491 (collateralized
	by U.S. government
	obligations 0.375%-1.875%
	11/15/14–6/30/15; market
	value $1,408,096)		1,380,486			1,380,486
	BNP Paribas 0.06%, dated
	11/29/13, to be repurchased
	on 12/2/13, repurchase price
	$6,085,544 (collateralized
	by U.S. government
	obligations 0.625%-2.625%
	6/30/14–11/30/19; market
	value $6,207,224)		6,085,514			6,085,514
						7,466,000
#U.S. Treasury Obligations – 1.16%
	U.S. Treasury Bills
	0.02% 12/19/13		1,312,384			1,312,376
	0.033% 1/23/14		534,583			534,574
	0.065% 4/24/14		641,499			641,273
						2,488,223
Total Short-Term Investments
	(cost $10,035,994)					10,035,959
Total Value of Securities Before Securities
	Lending Collateral – 131.17%
	(cost $251,733,119)					281,258,176

		Number of
		Shares
**Securities Lending Collateral – 5.11%
	Investment Companies
	Delaware Investments
	Collateral Fund No.1		10,964,575			10,964,575
Securities Lending Collateral
	(cost $10,964,575)					10,964,575
©Total Value of Securities – 136.28%
	(cost $262,697,694)				$	292,222,751

		Number of
		Contracts
Option Written – (0.01%)
Equity Call Option – (0.01%)
	Abercrombie & Fitch,
	strike price $34.00,
	expires 12/21/13 (MSC)		(89	)		(11,392	)
Total Option Written
	(premium received ($9,940))				$	(11,392	)


v	Securities have been classified by type of business. Classification by country of origin has been presented on page 8 in “Security type/sector and country allocations.”
∞	All or a portion of the security has been pledged as collateral in connection with outstanding options written.
†	Non income producing security.
*	Fully or partially on loan.
=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At Nov. 30, 2013, the aggregate value of fair valued securities was $89,714, which represented 0.04% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Nov. 30, 2013, the aggregate value of Rule 144A securities was $45,710,022, which represented 21.32% 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 Nov. 30, 2013. Interest rates reset periodically.
Φ	Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at Nov. 30, 2013.
û	100.00% of the income received was in the form of cash.
z	100.00% of the income received was in the form of additional par.
^	Zero coupon security. The rate shown is the yield at the time of purchase.
«	Senior secured loans generally pay interest at rates that 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 Nov. 30, 2013.
@	Illiquid security. At Nov. 30, 2013, the aggregate value of illiquid securities was $466,589, which represented 0.22% of the Fund’s net assets. See Note 11 in “Notes to financial statements.”
Δ	Securities have been classified by country of origin.
t	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.
≠	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 $12,515,345 of securities loaned.

Summary of Abbreviations:
ADR — American Depositary Receipt
ARM — Adjustable Rate Mortgage
BRL— Brazilian Real
ETN — Exchange-Traded Note
FDR — Finnish Depositary Receipt
GNMA — Government National Mortgage Association
MASTR — Mortgage Asset Securitization Transactions, Inc.
MSC — Morgan Stanley Capital
MXN — Mexican Peso
PIK — Pay-in-kind
REIT — Real Estate Investment Trust
REMIC — Real Estate Mortgage Investment Conduit
S.F. — Single Family
USD — United States Dollar
yr — Year

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

Statement of assets and liabilities

Delaware Enhanced Global Dividend and Income Fund
November 30, 2013

Assets:
Investments, at value (including $12,515,345 of securities loaned)¹	$	271,222,217
Short-term investments, at value²		10,035,959
Short-term investments held as collateral for loaned securities, at value³		10,964,575
Foreign currencies, at value⁴		19,390
Receivable for securities sold		413,879
Dividend and interest receivable		2,383,405
Securities lending income receivable		7,561
Other assets		1,858
Total assets		295,048,844

Liabilities:
Cash overdraft		943,942
Borrowing under line of credit		65,725,000
Obligation to return securities lending collateral		10,964,575
Payable for securities purchased		2,559,036
Investment management fees payable		218,115
Interest payable on leverage		61,362
Option written, at value⁵		11,392
Other accrued expenses		125,192
Trustees’ fees and expenses payable		1,500
Other affiliates payable		10,063
Total liabilities		80,620,177

Total Net Assets	$	214,428,667

Net Assets Consist of:
Paid-in capital	$	235,674,702
Distributions in excess of net investment income		(1,261,955	)
Accumulated net realized loss on investments		(49,495,596	)
Net unrealized appreciation of investments and derivatives		29,511,516
Total Net Assets	$	214,428,667

¹Investments, at cost	$	241,697,125
²Short-term investments, at cost		10,035,994
³Short-term investments held as collateral for loaned securities, at cost		10,964,575
⁴Foreign currencies, at cost		19,992
⁵Option written, premium received		(9,940	)

Net Asset Value

Common Shares
Net assets	$	214,428,667
Shares of beneficial interest outstanding, unlimited authorization, no par		15,863,616
Net asset value per share	$	13.52

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

Statement of operations

Delaware Enhanced Global Dividend and Income Fund
Year Ended November 30, 2013

Investment Income:
Interest	$	8,150,815
Dividends		4,973,103
Securities lending income		110,365
Foreign tax withheld		(240,060	)	$	12,994,223

Expenses:
Management fees		2,568,714
Reports to shareholders		177,552
Accounting and administration expenses		104,791
Legal fees		55,695
Custodian fees		53,823
Dividend disbursing and transfer agent fees and expenses		52,748
Audit and tax		38,309
Trustees’ fees and expenses		10,784
Registration fees		1,058
Other expenses		54,261
Total operating expenses (before interest expense)					3,117,735
Interest expense					727,874
Total operating expenses (after interest expense)					3,845,609
Net Investment Income					9,148,614

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
*Investments					12,034,995
Foreign currencies					(232,831	)
Foreign currency exchange contracts					(188,767	)
Options written					161,506
Swap contracts					(13,690	)
Net realized gain					11,761,213
Net change in unrealized appreciation (depreciation) of:
Investments					17,115,722
Foreign currencies					78,568
Foreign currency exchange contracts					779
Options written					(1,452	)
Net change in unrealized appreciation (depreciation)					17,193,617
Net Realized and Unrealized Gain					28,954,830

Net Increase in Net Assets Resulting from Operations				$	38,103,444

*Includes $78,028 capital gain taxes paid

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
	11/30/13			11/30/12
Increase in Net Assets from Operations:
Net investment income	$	9,148,614		$	8,814,467
Net realized gain		11,761,213			448,599
Net change in unrealized appreciation (depreciation)		17,193,617			19,380,386
Net increase in net assets resulting from operations		38,103,444			28,643,452

Dividends and Distributions to Shareholders from:
Net investment income		(14,277,254	)		(9,927,316	)
Return of capital		—			(8,242,639	)
		(14,277,254	)		(18,169,955	)

Capital Share Transactions:
Cost of shares reinvested¹		—			714,620
Increase in net assets derived from capital share transactions		—			714,620

Net Increase in Net Assets