UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF
PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
| 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: | February 29, 2016 |
Item 1. Schedule of Investments.
Schedule of investments
Delaware Enhanced Global Dividend and
Income Fund
February 29, 2016
(Unaudited)
| Number of | Value | |||||
| shares | (U.S. $) | |||||
| Common Stock – 70.75%❖ | ||||||
| Consumer Discretionary – 9.01% | ||||||
| Bayerische Motoren Werke | 14,898 | $ | 1,210,284 | |||
| Ford Motor | 64,700 | 809,397 | ||||
| Johnson Controls | 18,600 | 678,156 | ||||
| Kering | 6,238 | 1,085,367 | ||||
| Mattel | 20,500 | 666,660 | ||||
| Nitori Holdings | 19,008 | 1,459,924 | ||||
| Publicis Groupe | 10,567 | 654,859 | ||||
| Sumitomo Rubber Industries | 93,000 | 1,329,161 | ||||
| Target | 11,100 | 870,795 | ||||
| Techtronic Industries | 365,000 | 1,394,462 | ||||
| Toyota Motor | 45,005 | 2,346,453 | ||||
| Yue Yuen Industrial Holdings | 653,000 | 2,321,489 | ||||
| 14,827,007 | ||||||
| Consumer Staples – 7.77% | ||||||
| Archer-Daniels-Midland | 14,700 | 513,912 | ||||
| Aryzta † | 46,568 | 2,213,325 | ||||
| Carlsberg Class B | 18,687 | 1,611,482 | ||||
| Coca-Cola Amatil | 147,683 | 894,385 | ||||
| ConAgra Foods | 12,500 | 525,750 | ||||
| Japan Tobacco | 54,200 | 2,155,258 | ||||
| Kimberly-Clark | 7,600 | 990,280 | ||||
| Kraft Heinz | 13,600 | 1,047,472 | ||||
| Procter & Gamble | 12,300 | 987,567 | ||||
| Reynolds American | 13,064 | 658,818 | ||||
| Tesco † | 475,663 | 1,187,263 | ||||
| 12,785,512 | ||||||
| Diversified REITs – 0.79% | ||||||
| Gramercy Property Trust | 45,084 | 340,384 | ||||
| Investors Real Estate Trust | 10,260 | 62,996 | ||||
| Lexington Realty Trust | 29,584 | 228,980 | ||||
| Mapletree Logistics Trust | 70,996 | 49,203 | ||||
| Orix JREIT | 40 | 60,806 | ||||
| Stockland | 70,059 | 207,918 | ||||
| Vornado Realty Trust | 2,641 | 228,077 | ||||
| Wereldhave | 2,500 | 126,713 | ||||
| 1,305,077 | ||||||
| Energy – 5.07% | ||||||
| California Resources | 674 | 379 | ||||
| Chevron | 7,800 | 650,832 | ||||
| CNOOC | 986,000 | 1,027,106 | ||||
| ConocoPhillips | 20,000 | 676,600 | ||||
| Occidental Petroleum | 7,200 | 495,504 | ||||
| Royal Dutch Shell ADR | 22,300 | 1,019,333 | ||||
| Spectra Energy | 23,100 | 674,520 | ||||
| Subsea 7 † | 15,284 | 96,696 | ||||
| Suncor Energy | 42,700 | 1,043,988 | ||||
| TOTAL | 24,873 | 1,114,819 | ||||
| TOTAL ADR | 23,100 | 1,032,801 | ||||
| Williams | 31,900 | 510,081 | ||||
| 8,342,659 | ||||||
| Financials – 8.69% | ||||||
| Ashford † | 632 | 25,280 | ||||
| AXA | 86,144 | 1,894,008 | ||||
| Bank Rakyat Indonesia | ||||||
| Persero | 1,475,100 | 1,220,241 | ||||
| BB&T | 28,600 | 919,776 | ||||
| Gallagher (Arthur J.) | 25,000 | 996,250 | ||||
| ING Groep CVA | 129,195 | 1,540,177 | ||||
| Mitsubishi UFJ Financial | ||||||
| Group | 485,328 | 2,094,340 | ||||
| Nordea Bank | 183,171 | 1,821,853 | ||||
| Nordea Bank FDR | 43,363 | 431,051 | ||||
| Solar Capital | 8,309 | 143,330 | ||||
| Standard Chartered | 205,531 | 1,222,756 | ||||
| UniCredit | 283,041 | 1,051,383 | ||||
| Wells Fargo | 20,000 | 938,400 | ||||
| 14,298,845 | ||||||
| Healthcare – 8.95% | ||||||
| AbbVie | 17,900 | 977,519 | ||||
| AstraZeneca ADR | 33,700 | 966,179 | ||||
| Bristol-Myers Squibb | 7,800 | 483,054 | ||||
| Johnson & Johnson | 11,100 | 1,167,831 | ||||
| Merck | 21,700 | 1,089,557 | ||||
| Novartis | 30,967 | 2,205,732 | ||||
| Pfizer | 38,460 | 1,141,108 | ||||
| Sanofi | 32,077 | 2,541,726 | ||||
| STADA Arzneimittel | 44,209 | 1,495,523 | ||||
| Teva Pharmaceutical | ||||||
| Industries ADR | 47,900 | 2,663,240 | ||||
| 14,731,469 | ||||||
| Healthcare REITs – 0.14% | ||||||
| Healthcare Trust of America | ||||||
| Class A | 3,897 | 108,376 | ||||
| Omega Healthcare Investors | 917 | 29,399 | ||||
| Welltower | 1,589 | 101,346 | ||||
| 239,121 | ||||||
| Hotel REITs – 0.48% | ||||||
| Ashford Hospitality Prime | 14,889 | 146,359 | ||||
| Ashford Hospitality Trust | 61,800 | 341,754 | ||||
| Host Hotels & Resorts | 5,587 | 85,537 | ||||
| Pebblebrook Hotel Trust | 3,985 | 108,233 | ||||
(continues) NQ-DEX [2/16] 4/16 (16285) 1
Schedule of investments
Delaware Enhanced Global Dividend and Income Fund (Unaudited)
| Number of | Value | |||||
| shares | (U.S. $) | |||||
| Common Stock❖ (continued) | ||||||
| Hotel REITs (continued) | ||||||
| Summit Hotel Properties | 9,300 | $ | 100,533 | |||
| 782,416 | ||||||
| Industrial REITs – 0.37% | ||||||
| Goodman Group | 49,447 | 228,145 | ||||
| Prologis Property Mexico † | 116,800 | 170,400 | ||||
| Terreno Realty | 9,357 | 207,164 | ||||
| 605,709 | ||||||
| Industrials – 9.47% | ||||||
| Deutsche Post | 62,609 | 1,484,345 | ||||
| East Japan Railway | 24,461 | 2,142,039 | ||||
| ITOCHU | 186,702 | 2,201,068 | ||||
| Koninklijke Philips | 64,173 | 1,629,339 | ||||
| Meggitt | 230,888 | 1,335,691 | ||||
| Raytheon | 6,800 | 842,180 | ||||
| Rexel | 47,870 | 586,046 | ||||
| Teleperformance | 27,778 | 2,144,557 | ||||
| Vinci | 32,386 | 2,236,942 | ||||
| Waste Management | 17,600 | 982,960 | ||||
| 15,585,167 | ||||||
| Information Technology – 6.27% | ||||||
| CA @ | 45,200 | 1,323,908 | ||||
| Canon ADR | 22,700 | 640,140 | ||||
| CGI Group Class A † | 63,440 | 2,654,352 | ||||
| Cisco Systems | 44,200 | 1,157,156 | ||||
| Intel | 40,100 | 1,186,559 | ||||
| Playtech | 110,918 | 1,300,809 | ||||
| Samsung Electronics | 1,614 | 1,538,654 | ||||
| Xerox | 53,400 | 513,174 | ||||
| 10,314,752 | ||||||
| Mall REITs – 0.86% | ||||||
| General Growth Properties | 7,180 | 197,594 | ||||
| Pennsylvania Real Estate | ||||||
| Investment Trust | 8,500 | 162,860 | ||||
| Simon Property Group | 5,605 | 1,063,437 | ||||
| 1,423,891 | ||||||
| Manufactured Housing REIT – 0.13% | ||||||
| Equity LifeStyle Properties | 3,156 | 221,425 | ||||
| 221,425 | ||||||
| Materials – 2.67% | ||||||
| Alamos Gold | 71,988 | 329,878 | ||||
| Dow Chemical | 12,700 | 617,347 | ||||
| EI du Pont de Nemours | 9,700 | 590,439 | ||||
| Rexam | 193,224 | 1,636,093 | ||||
| Rio Tinto | 29,248 | 769,306 | ||||
| Tarkett | 6,400 | 187,535 | ||||
| Yamana Gold | 95,766 | 271,089 | ||||
| 4,401,687 | ||||||
| Mixed REITs – 0.17% | ||||||
| Duke Realty | 11,447 | 236,724 | ||||
| PS Business Parks | 400 | 36,724 | ||||
| 273,448 | ||||||
| Mortgage REITs – 0.26% | ||||||
| Colony Capital | 3,765 | 61,746 | ||||
| Starwood Property Trust | 20,900 | 366,586 | ||||
| 428,332 | ||||||
| Multifamily REITs – 0.50% | ||||||
| ADO Properties 144A #† | 9,915 | 297,047 | ||||
| Apartment Investment & | ||||||
| Management | 3,765 | 137,837 | ||||
| Equity Residential | 906 | 67,488 | ||||
| Gecina | 893 | 110,460 | ||||
| Post Properties | 2,620 | 146,013 | ||||
| Vonovia | 2,156 | 66,963 | ||||
| 825,808 | ||||||
| Office REITs – 1.57% | ||||||
| alstria office REIT | 33,657 | 425,452 | ||||
| Brandywine Realty Trust | 17,264 | 212,520 | ||||
| Champion REIT | 125,000 | 60,738 | ||||
| Easterly Government | ||||||
| Properties | 38,559 | 659,359 | ||||
| Equity Commonwealth @† | 11,822 | 314,820 | ||||
| Hudson Pacific Properties | 3,742 | 95,421 | ||||
| Intervest Offices & | ||||||
| Warehouses † | 2,500 | 64,278 | ||||
| Kenedix Office Investment | 50 | 290,332 | ||||
| Mack-Cali Realty | 4,327 | 86,107 | ||||
| Paramount Group | 8,608 | 130,153 | ||||
| Parkway Properties | 10,442 | 139,818 | ||||
| SL Green Realty | 1,235 | 108,902 | ||||
| 2,587,900 | ||||||
| Self-Storage REITs – 0.17% | ||||||
| Extra Space Storage | 2,646 | 217,369 | ||||
| Jernigan Capital | 4,000 | 59,800 | ||||
| 277,169 | ||||||
| Shopping Center REITs – 1.26% | ||||||
| Brixmor Property Group | 2,065 | 48,383 | ||||
| Charter Hall Retail REIT | 71,117 | 218,236 | ||||
| DDR | 9,513 | 159,152 | ||||
| First Capital Realty | 2,922 | 42,329 | ||||
| Kimco Realty | 12,857 | 343,925 | ||||
2 NQ-DEX [2/16] 4/16 (16285)
(Unaudited)
| Number of | Value | |||||
| shares | (U.S. $) | |||||
| Common Stock❖ (continued) | ||||||
| Shopping Center REITs (continued) | ||||||
| Kite Realty Group Trust | 12,316 | $ | 331,547 | |||
| Klepierre | 1,425 | 59,333 | ||||
| Link REIT | 33,000 | 185,975 | ||||
| Ramco-Gershenson Properties | ||||||
| Trust | 19,634 | 329,851 | ||||
| Scentre Group | 40,548 | 126,071 | ||||
| Urban Edge Properties | 1,320 | 32,102 | ||||
| Westfield | 16,989 | 120,827 | ||||
| Wheeler Real Estate | ||||||
| Investment Trust @ | 68,360 | 81,348 | ||||
| 2,079,079 | ||||||
| Single Tenant REIT – 0.15% | ||||||
| STORE Capital | 10,093 | 243,746 | ||||
| 243,746 | ||||||
| Specialty REITs – 0.19% | ||||||
| American Residential | ||||||
| Properties | 9,627 | 152,973 | ||||
| EPR Properties | 2,626 | 163,416 | ||||
| 316,389 | ||||||
| Telecommunications – 4.47% | ||||||
| AT&T | 32,000 | 1,182,400 | ||||
| Century Communications @=† | 125,000 | 0 | ||||
| Mobile TeleSystems ADR | 95,000 | 665,000 | ||||
| Nippon Telegraph & | ||||||
| Telephone | 70,302 | 2,977,101 | ||||
| NTT DOCOMO ADR | 22,000 | 512,600 | ||||
| Tele2 Class B | 164,029 | 1,354,579 | ||||
| Verizon Communications | 13,000 | 659,490 | ||||
| 7,351,170 | ||||||
| Utilities – 1.34% | ||||||
| American Water Works | 800 | 51,856 | ||||
| Edison International | 7,600 | 518,016 | ||||
| National Grid | 73,185 | 977,444 | ||||
| National Grid ADR | 9,700 | 652,616 | ||||
| 2,199,932 | ||||||
| Total Common Stock | ||||||
| (cost $119,479,076) | 116,447,710 | |||||
| Convertible Preferred Stock – 2.63% | ||||||
| Crown Castle International | ||||||
| 4.50% exercise price | ||||||
| $86.67, expiration date | ||||||
| 11/1/16 | 8,000 | 850,000 | ||||
| El Paso Energy Capital Trust I | ||||||
| 4.75% exercise price | ||||||
| $50.00, expiration date | ||||||
| 3/31/28 @ | 5,794 | 253,748 | ||||
| Exelon 6.50% exercise price | ||||||
| $43.75, expiration date | ||||||
| 6/1/17 | 12,500 | 554,375 | ||||
| Halcon Resources 5.75% | ||||||
| exercise price $30.78, | ||||||
| expiration date | ||||||
| 12/31/49 @ | 251 | 4,769 | ||||
| Huntington Bancshares | ||||||
| 8.50% exercise price | ||||||
| $11.95, expiration date | ||||||
| 12/31/49 @ | 510 | 690,540 | ||||
| Intelsat 5.75% exercise price | ||||||
| $22.05, expiration date | ||||||
| 5/1/16 @ | 5,189 | 26,620 | ||||
| Maiden Holdings 7.25% | ||||||
| exercise price $15.17, | ||||||
| expiration date 9/15/16 | 13,476 | 603,725 | ||||
| Wells Fargo 7.50% exercise | ||||||
| price $156.71, expiration | ||||||
| date 12/31/49 | 695 | 814,394 | ||||
| Weyerhaeuser 6.375% | ||||||
| exercise price $32.72, | ||||||
| expiration date 7/1/16 | 11,489 | 534,009 | ||||
| Total Convertible Preferred | ||||||
| Stock (cost $4,735,565) | 4,332,180 | |||||
| Exchange-Traded Note – 0.10% | ||||||
| iPATH S&P 500 VIX | ||||||
| Short-Term Futures ETN † | 6,250 | 155,313 | ||||
| Total Exchange-Traded Note | ||||||
| (cost $1,178,000) | 155,313 | |||||
| Principal | ||||||
| amount° | ||||||
| Agency Collateralized Mortgage Obligations – 0.05% | ||||||
| Fannie Mae REMICs | ||||||
| Series 2001-50 BA | ||||||
| 7.00% 10/25/41 | 56,717 | 66,172 | ||||
| Freddie Mac REMICs | ||||||
| Series 2557 WE | ||||||
| 5.00% 1/15/18 | 8,671 | 8,898 | ||||
| Total Agency Collateralized | ||||||
| Mortgage Obligations | ||||||
| (cost $66,567) | 75,070 | |||||
(continues) NQ-DEX [2/16] 4/16 (16285) 3
Schedule of investments
Delaware Enhanced Global Dividend and Income Fund (Unaudited)
| Principal | Value | |||||
| amount° | (U.S. $) | |||||
| Agency Mortgage-Backed Securities – 0.31% | ||||||
| Fannie Mae ARM | ||||||
| 2.27% 4/1/36 ● | 19,630 | $ | 20,787 | |||
| 2.29% 3/1/38 ● | 6,957 | 7,293 | ||||
| 2.365% 4/1/36 ● | 5,637 | 5,977 | ||||
| 2.411% 5/1/43 ● | 4,030 | 4,128 | ||||
| 2.424% 10/1/36 ● | 5,607 | 5,910 | ||||
| 2.496% 11/1/35 ● | 4,043 | 4,279 | ||||
| 2.553% 6/1/43 ● | 1,745 | 1,790 | ||||
| 2.572% 10/1/36 ● | 7,791 | 8,223 | ||||
| 3.277% 9/1/43 ● | 3,728 | 3,903 | ||||
| Fannie Mae S.F. 15 yr | ||||||
| 4.00% 11/1/25 | 60,915 | 65,030 | ||||
| 5.50% 1/1/23 | 8,712 | 9,506 | ||||
| Fannie Mae S.F. 20 yr | ||||||
| 4.00% 2/1/31 | 2,553 | 2,748 | ||||
| 5.50% 12/1/29 | 563 | 632 | ||||
| Fannie Mae S.F. 30 yr | ||||||
| 4.50% 7/1/36 | 1,371 | 1,495 | ||||
| 5.50% 7/1/40 | 3,431 | 3,884 | ||||
| 6.50% 6/1/36 | 6,741 | 7,732 | ||||
| 6.50% 10/1/36 | 6,087 | 6,982 | ||||
| Freddie Mac ARM | ||||||
| 2.405% 10/1/36 ● | 8,417 | 8,905 | ||||
| 2.487% 7/1/36 ● | 3,777 | 3,962 | ||||
| Freddie Mac S.F. 15 yr | ||||||
| 4.00% 5/1/25 | 493 | 524 | ||||
| 5.00% 6/1/18 | 1,890 | 1,953 | ||||
| 5.00% 12/1/22 | 11,281 | 12,108 | ||||
| Freddie Mac S.F. 30 yr | ||||||
| 5.00% 1/1/34 | 161,904 | 181,249 | ||||
| 6.00% 2/1/36 | 753 | 865 | ||||
| 7.00% 11/1/33 | 16,685 | 20,387 | ||||
| 9.00% 9/1/30 | 29,560 | 31,420 | ||||
| FREMF Mortgage Trust | ||||||
| Series 2011-K15 B 144A | ||||||
| 4.948% 8/25/44 #● | 10,000 | 10,787 | ||||
| Series 2012-K22 B 144A | ||||||
| 3.686% 8/25/45 #● | 10,000 | 9,821 | ||||
| GNMA I S.F. 30 yr | ||||||
| 7.50% 12/15/23 | 32,784 | 37,569 | ||||
| GNMA II S.F. 30 yr | ||||||
| 6.00% 11/20/28 | 32,002 | 36,553 | ||||
| Total Agency | ||||||
| Mortgage-Backed | ||||||
| Securities (cost $470,676) | 516,402 | |||||
| Commercial Mortgage-Backed Securities – 0.06% | ||||||
| Banc of America Commercial | ||||||
| Mortgage Trust | ||||||
| Series 2007-4 AM | ||||||
| 5.808% 2/10/51 ● | 35,000 | 36,419 | ||||
| JPMorgan Chase Commercial | ||||||
| Mortgage Securities Trust | ||||||
| Series 2006-LDP8 AM | ||||||
| 5.44% 5/15/45 | 35,000 | 35,381 | ||||
| LB-UBS Commercial | ||||||
| Mortgage Trust | ||||||
| Series 2006-C6 AJ | ||||||
| 5.452% 9/15/39 ● | 10,000 | 10,030 | ||||
| Series 2006-C6 AM | ||||||
| 5.413% 9/15/39 | 20,000 | 20,281 | ||||
| Total Commercial | ||||||
| Mortgage-Backed | ||||||
| Securities (cost $109,103) | 102,111 | |||||
| Convertible Bonds – 14.40% | ||||||
| Brokerage – 0.49% | ||||||
| Jefferies Group 3.875% | ||||||
| exercise price $44.53, | ||||||
| maturity date 11/1/29 | 818,000 | 806,753 | ||||
| 806,753 | ||||||
| Capital Goods – 0.07% | ||||||
| Titan Machinery 3.75% | ||||||
| exercise price $43.17, | ||||||
| maturity date 5/1/19 @ | 156,000 | 110,370 | ||||
| 110,370 | ||||||
| Communications – 1.84% | ||||||
| Alaska Communications | ||||||
| Systems Group 6.25% | ||||||
| exercise price $10.28, | ||||||
| maturity date 5/1/18 @ | 1,164,000 | 1,137,810 | ||||
| Clearwire Communications | ||||||
| 144A 8.25% exercise price | ||||||
| $7.08, maturity date | ||||||
| 12/1/40 #@ | 1,084,000 | 1,051,480 | ||||
| Liberty Interactive 144A | ||||||
| 1.00% exercise price | ||||||
| $64.23, maturity date | ||||||
| 9/30/43 # | 975,000 | 845,203 | ||||
| 3,034,493 | ||||||
| Consumer Cyclical – 0.95% | ||||||
| Huron Consulting Group | ||||||
| 1.25% exercise price | ||||||
| $79.89, maturity date | ||||||
| 10/1/19 | 565,000 | 533,572 | ||||
4 NQ-DEX [2/16] 4/16 (16285)
(Unaudited)
| Principal | Value | |||||
| amount° | (U.S. $) | |||||
| Convertible Bonds (continued) | ||||||
| Consumer Cyclical (continued) | ||||||
| Meritor 4.00% exercise price | ||||||
| $26.73, maturity date | ||||||
| 2/15/27 ϕ | 1,149,000 | $ | 1,027,637 | |||
| 1,561,209 | ||||||
| Consumer Non-Cyclical – 3.09% | ||||||
| HealthSouth 2.00% exercise | ||||||
| price $38.08, maturity date | ||||||
| 12/1/43 | 701,000 | 754,013 | ||||
| Hologic | ||||||
| 0.00% exercise price | ||||||
| $38.59, maturity date | ||||||
| 12/15/43 †ϕ | 607,000 | 759,888 | ||||
| 2.00% exercise price | ||||||
| $31.18, maturity date | ||||||
| 3/1/42 ϕ | 597,000 | 770,503 | ||||
| NuVasive 2.75% exercise | ||||||
| price $42.13, maturity date | ||||||
| 7/1/17 | 790,000 | 912,944 | ||||
| Spectrum Pharmaceuticals | ||||||
| 2.75% exercise price | ||||||
| $10.53, maturity date | ||||||
| 12/15/18 @ | 922,000 | 723,770 | ||||
| Vector Group | ||||||
| 1.75% exercise price | ||||||
| $24.64, maturity date | ||||||
| 4/15/20 ● | 838,000 | 930,704 | ||||
| 2.50% exercise price | ||||||
| $15.98, maturity date | ||||||
| 1/15/19 ● | 157,000 | 234,243 | ||||
| 5,086,065 | ||||||
| Energy – 0.17% | ||||||
| Helix Energy Solutions Group | ||||||
| 3.25% exercise price | ||||||
| $25.02, maturity date | ||||||
| 3/15/32 | 501,000 | 273,984 | ||||
| 273,984 | ||||||
| Financials – 1.42% | ||||||
| BGC Partners 4.50% exercise | ||||||
| price $9.84, maturity date | ||||||
| 7/15/16 | 872,000 | 897,615 | ||||
| GAIN Capital Holdings | ||||||
| 4.125% exercise price | ||||||
| $12.00, maturity date | ||||||
| 12/1/18 @ | 824,000 | 793,100 | ||||
| New Mountain Finance | ||||||
| 5.00% exercise price | ||||||
| $15.93, maturity date | ||||||
| 6/15/19 @ | 666,000 | 646,020 | ||||
| 2,336,735 | ||||||
| Industrials – 0.73% | ||||||
| Chart Industries 2.00% | ||||||
| exercise price $69.03, | ||||||
| maturity date 8/1/18 @ | 962,000 | 803,871 | ||||
| General Cable 4.50% exercise | ||||||
| price $33.38, maturity date | ||||||
| 11/15/29 @ϕ | 1,058,000 | 398,073 | ||||
| 1,201,944 | ||||||
| Real Estate Investment Trusts – 2.31% | ||||||
| Blackstone Mortgage Trust | ||||||
| 5.25% exercise price | ||||||
| $28.36, maturity date | ||||||
| 12/1/18 | 1,069,000 | 1,085,035 | ||||
| Campus Crest Communities | ||||||
| Operating Partnership | ||||||
| 144A 4.75% exercise price | ||||||
| $12.56, maturity date | ||||||
| 10/15/18 #@ | 877,000 | 871,519 | ||||
| Spirit Realty Capital 3.75% | ||||||
| exercise price $13.10, | ||||||
| maturity date 5/15/21 @ | 956,000 | 945,250 | ||||
| VEREIT 3.75% exercise price | ||||||
| $14.99, maturity date | ||||||
| 12/15/20 @ | 980,000 | 905,892 | ||||
| 3,807,696 | ||||||
| Technology – 3.33% | ||||||
| Blucora 4.25% exercise price | ||||||
| $21.66, maturity date | ||||||
| 4/1/19 | 416,000 | 303,680 | ||||
| Cardtronics 1.00% exercise | ||||||
| price $52.35, maturity date | ||||||
| 12/1/20 | 1,096,000 | 1,040,515 | ||||
| Ciena 144A 3.75% exercise | ||||||
| price $20.17, maturity date | ||||||
| 10/15/18 # | 469,000 | 577,749 | ||||
| Electronics For Imaging | ||||||
| 0.75% exercise price | ||||||
| $52.72, maturity date | ||||||
| 8/29/19 | 631,000 | 638,099 | ||||
| Intel 3.25% exercise price | ||||||
| $21.18, maturity date | ||||||
| 8/1/39 | 401,000 | 595,738 | ||||
| j2 Global 3.25% exercise | ||||||
| price $69.21, maturity date | ||||||
| 6/15/29 | 789,000 | 965,539 | ||||
| Nuance Communications | ||||||
| 2.75% exercise price | ||||||
| $32.30, maturity date | ||||||
| 11/1/31 | 712,000 | 707,105 | ||||
(continues) NQ-DEX [2/16] 4/16 (16285) 5
Schedule of investments
Delaware Enhanced Global Dividend and Income Fund (Unaudited)
| Principal | Value | |||||
| amount° | (U.S. $) | |||||
| Convertible Bonds (continued) | ||||||
| Technology (continued) | ||||||
| PROS Holdings 144A 2.00% | ||||||
| exercise price $33.79, | ||||||
| maturity date 12/1/19 # | 852,000 | $ | 651,780 | |||
| 5,480,205 | ||||||
| Total Convertible Bonds | ||||||
| (cost $24,575,432) | 23,699,454 | |||||
| Corporate Bonds – 43.31% | ||||||
| Automotive – 0.23% | ||||||
| Goodyear Tire & Rubber | ||||||
| 5.125% 11/15/23 | 370,000 | 382,025 | ||||
| 382,025 | ||||||
| Banking – 2.17% | ||||||
| Bank of America | ||||||
| 4.45% 3/3/26 | 5,000 | 5,000 | ||||
| Bank of New York Mellon | ||||||
| 2.50% 4/15/21 | 5,000 | 5,039 | ||||
| BB&T 2.45% 1/15/20 | 35,000 | 35,302 | ||||
| Citizens Financial Group | ||||||
| 4.30% 12/3/25 | 5,000 | 5,144 | ||||
| City National 5.25% 9/15/20 | 5,000 | 5,572 | ||||
| JPMorgan Chase | ||||||
| 2.55% 3/1/21 | 5,000 | 5,001 | ||||
| 4.25% 10/1/27 | 10,000 | 10,199 | ||||
| 6.75% 8/29/49 ● | 1,140,000 | 1,209,825 | ||||
| Lloyds Banking Group | ||||||
| 7.50% 4/30/49 ● | 245,000 | 229,687 | ||||
| Morgan Stanley | ||||||
| 3.875% 1/27/26 | 65,000 | 66,916 | ||||
| 3.95% 4/23/27 | 5,000 | 4,840 | ||||
| PNC Funding 5.625% 2/1/17 | 35,000 | 36,174 | ||||
| Popular 7.00% 7/1/19 | 485,000 | 466,206 | ||||
| Royal Bank of Scotland Group | ||||||
| 8.00% 12/29/49 ● | 610,000 | 558,150 | ||||
| Santander Holdings USA | ||||||
| 4.625% 4/19/16 | 10,000 | 10,036 | ||||
| Santander Issuances | ||||||
| 5.179% 11/19/25 | 200,000 | 186,341 | ||||
| Santander UK Group Holdings | ||||||
| 2.875% 10/16/20 | 15,000 | 14,736 | ||||
| State Street | ||||||
| 2.55% 8/18/20 | 5,000 | 5,110 | ||||
| 3.10% 5/15/23 | 5,000 | 5,041 | ||||
| 3.55% 8/18/25 | 5,000 | 5,281 | ||||
| SunTrust Banks | ||||||
| 2.35% 11/1/18 | 10,000 | 10,031 | ||||
| Toronto-Dominion Bank | ||||||
| 2.50% 12/14/20 | 5,000 | 5,061 | ||||
| US Bancorp | ||||||
| 5.125% 12/29/49 ● | 605,000 | 607,904 | ||||
| USB Capital IX 3.50% | ||||||
| 10/29/49 @● | 80,000 | 57,550 | ||||
| Wells Fargo | ||||||
| 2.50% 3/4/21 | 5,000 | 5,009 | ||||
| 2.55% 12/7/20 | 5,000 | 5,040 | ||||
| Zions Bancorporation | ||||||
| 4.50% 6/13/23 | 5,000 | 5,106 | ||||
| 3,565,301 | ||||||
| Basic Industry – 2.93% | ||||||
| AK Steel 7.625% 5/15/20 | 271,000 | 165,310 | ||||
| ArcelorMittal | ||||||
| 6.50% 3/1/21 | 230,000 | 208,150 | ||||
| 10.85% 6/1/19 | 115,000 | 121,613 | ||||
| BHP Billiton Finance USA | ||||||
| 144A 6.25% 10/19/75 #● | 330,000 | 326,700 | ||||
| Builders FirstSource | ||||||
| 144A 7.625% 6/1/21 # | 430,000 | 438,600 | ||||
| 144A 10.75% 8/15/23 # | 445,000 | 416,965 | ||||
| CF Industries 6.875% 5/1/18 | 10,000 | 10,792 | ||||
| Chemours | ||||||
| 144A 6.625% 5/15/23 # | 130,000 | 94,575 | ||||
| 144A 7.00% 5/15/25 # | 123,000 | 89,483 | ||||
| CPG Merger Sub 144A | ||||||
| 8.00% 10/1/21 #@ | 125,000 | 115,625 | ||||
| Dow Chemical | ||||||
| 8.55% 5/15/19 | 34,000 | 39,996 | ||||
| Freeport-Mcmoran | ||||||
| 2.30% 11/14/17 | 120,000 | 110,400 | ||||
| Georgia-Pacific | ||||||
| 8.00% 1/15/24 | 20,000 | 25,253 | ||||
| INVISTA Finance 144A | ||||||
| 4.25% 10/15/19 # | 10,000 | 9,600 | ||||
| James Hardie International | ||||||
| Finance 144A | ||||||
| 5.875% 2/15/23 # | 415,000 | 415,000 | ||||
| Joseph T Ryerson & Son | ||||||
| 11.25% 10/15/18 @ | 109,000 | 72,485 | ||||
| Kissner Milling 144A | ||||||
| 7.25% 6/1/19 #@ | 200,000 | 178,500 | ||||
| Methanex 4.25% 12/1/24 | 5,000 | 4,165 | ||||
| NCI Building Systems 144A | ||||||
| 8.25% 1/15/23 # | 225,000 | 234,000 | ||||
| New Gold | ||||||
| 144A 6.25% 11/15/22 # | 146,000 | 104,755 | ||||
| 144A 7.00% 4/15/20 # | 150,000 | 126,563 | ||||
| NOVA Chemicals 144A | ||||||
| 5.00% 5/1/25 # | 305,000 | 299,663 | ||||
6 NQ-DEX [2/16] 4/16 (16285)
(Unaudited)
| Principal | Value | |||||
| amount° | (U.S. $) | |||||
| Corporate Bonds (continued) | ||||||
| Basic Industry (continued) | ||||||
| PPG Industries | ||||||
| 2.30% 11/15/19 | 5,000 | $ | 5,028 | |||
| Rayonier AM Products 144A | ||||||
| 5.50% 6/1/24 # | 259,000 | 210,437 | ||||
| Steel Dynamics | ||||||
| 5.50% 10/1/24 | 350,000 | 329,000 | ||||
| Summit Materials | ||||||
| 6.125% 7/15/23 | 420,000 | 376,950 | ||||
| 144A 8.50% 4/15/22 # | 120,000 | 120,000 | ||||
| TPC Group 144A | ||||||
| 8.75% 12/15/20 # | 260,000 | 165,100 | ||||
| 4,814,708 | ||||||
| Brokerage – 0.02% | ||||||
| Jefferies Group | ||||||
| 5.125% 1/20/23 | 10,000 | 9,892 | ||||
| 6.45% 6/8/27 | 5,000 | 4,930 | ||||
| 6.50% 1/20/43 | 5,000 | 4,306 | ||||
| Lazard Group | ||||||
| 6.85% 6/15/17 | 6,000 | 6,310 | ||||
| 25,438 | ||||||
| Capital Goods – 4.12% | ||||||
| Ardagh Packaging Finance | ||||||
| 144A 6.00% 6/30/21 # | 400,000 | 368,000 | ||||
| Ball | ||||||
| 4.375% 12/15/20 | 145,000 | 151,797 | ||||
| 5.25% 7/1/25 | 630,000 | 659,137 | ||||
| Berry Plastics 144A | ||||||
| 6.00% 10/15/22 # | 305,000 | 318,725 | ||||
| BWAY Holding 144A | ||||||
| 9.125% 8/15/21 # | 473,000 | 394,955 | ||||
| Cemex | ||||||
| 144A 5.70% 1/11/25 # | 1,000,000 | 877,500 | ||||
| 144A 7.25% 1/15/21 # | 480,000 | 481,200 | ||||
| Crane 4.45% 12/15/23 | 10,000 | 10,446 | ||||
| Fortune Brands Home & | ||||||
| Security 3.00% 6/15/20 | 5,000 | 5,013 | ||||
| Gardner Denver 144A | ||||||
| 6.875% 8/15/21 # | 549,000 | 367,830 | ||||
| General Electric | ||||||
| 2.10% 12/11/19 | 35,000 | 35,684 | ||||
| 5.55% 5/4/20 | 5,000 | 5,725 | ||||
| 6.00% 8/7/19 | 10,000 | 11,511 | ||||
| Huntington Ingalls Industries | ||||||
| 144A 5.00% 12/15/21 # | 100,000 | 105,625 | ||||
| KLX 144A 5.875% 12/1/22 # | 270,000 | 258,525 | ||||
| Lockheed Martin | ||||||
| 3.55% 1/15/26 | 5,000 | 5,248 | ||||
| MTW Foodservice Escrow | ||||||
| 144A 9.50% 2/15/24 # | 110,000 | 116,463 | ||||
| Orbital ATK 144A | ||||||
| 5.50% 10/1/23 # | 205,000 | 212,687 | ||||
| Plastipak Holdings 144A | ||||||
| 6.50% 10/1/21 # | 405,000 | 390,825 | ||||
| Reynolds Group Issuer | ||||||
| 6.875% 2/15/21 | 280,000 | 290,500 | ||||
| 8.25% 2/15/21 | 210,000 | 207,375 | ||||
| Signode Industrial Group | ||||||
| 144A 6.375% 5/1/22 # | 360,000 | 307,800 | ||||
| Standard Industries | ||||||
| 144A 5.125% 2/15/21 # | 75,000 | 76,875 | ||||
| 144A 5.50% 2/15/23 # | 125,000 | 127,187 | ||||
| 144A 6.00% 10/15/25 # | 215,000 | 219,569 | ||||
| StandardAero Aviation | ||||||
| Holdings 144A | ||||||
| 10.00% 7/15/23 # | 400,000 | 374,000 | ||||
| TransDigm | ||||||
| 6.00% 7/15/22 | 125,000 | 122,500 | ||||
| 6.50% 7/15/24 | 275,000 | 269,500 | ||||
| 6,772,202 | ||||||
| Communications – 4.73% | ||||||
| 21st Century Fox America | ||||||
| 4.95% 10/15/45 | 5,000 | 4,891 | ||||
| American Tower Trust I 144A | ||||||
| 3.07% 3/15/23 # | 20,000 | 20,260 | ||||
| AT&T | ||||||
| 3.60% 2/17/23 | 15,000 | 15,285 | ||||
| 4.125% 2/17/26 | 5,000 | 5,170 | ||||
| CC Holdings GS V | ||||||
| 3.849% 4/15/23 | 5,000 | 5,045 | ||||
| CCO Safari II 144A | ||||||
| 4.908% 7/23/25 # | 295,000 | 303,085 | ||||
| CenturyLink | ||||||
| 5.80% 3/15/22 | 210,000 | 204,750 | ||||
| 6.75% 12/1/23 | 440,000 | 431,750 | ||||
| Cisco Systems | ||||||
| 2.20% 2/28/21 | 20,000 | 20,202 | ||||
| Cogent Communications | ||||||
| Finance 144A | ||||||
| 5.625% 4/15/21 #@ | 320,000 | 304,800 | ||||
| Cogent Communications | ||||||
| Group 144A | ||||||
| 5.375% 3/1/22 # | 125,000 | 121,563 | ||||
| Crown Castle Towers 144A | ||||||
| 4.883% 8/15/20 # | 30,000 | 32,310 | ||||
| Digicel 144A 6.75% 3/1/23 # | 355,000 | 304,413 | ||||
(continues) NQ-DEX [2/16] 4/16 (16285) 7
Schedule of investments
Delaware Enhanced Global Dividend and Income Fund (Unaudited)
| Principal | Value | |||||
| amount° | (U.S. $) | |||||
| Corporate Bonds (continued) | ||||||
| Communications (continued) | ||||||
| Digicel Group | ||||||
| 144A 7.125% 4/1/22 # | 1,250,000 | $ | 900,000 | |||
| 144A 8.25% 9/30/20 # | 475,000 | 372,875 | ||||
| Frontier Communications | ||||||
| 144A 10.50% 9/15/22 # | 165,000 | 167,269 | ||||
| 144A 11.00% 9/15/25 # | 355,000 | 356,775 | ||||
| Historic TW 6.875% 6/15/18 | 25,000 | 27,701 | ||||
| Lamar Media 144A | ||||||
| 5.75% 2/1/26 # | 360,000 | 373,723 | ||||
| Level 3 Financing | ||||||
| 144A 5.375% 1/15/24 # | 370,000 | 380,175 | ||||
| 5.375% 5/1/25 | 460,000 | 469,775 | ||||
| Sable International Finance | ||||||
| 144A 6.875% 8/1/22 # | 290,000 | 277,675 | ||||
| SES GLOBAL Americas | ||||||
| Holdings 144A | ||||||
| 5.30% 3/25/44 # | 15,000 | 13,828 | ||||
| Sprint | ||||||
| 7.125% 6/15/24 | 545,000 | 391,037 | ||||
| 7.25% 9/15/21 | 115,000 | 87,113 | ||||
| Sprint Communications | ||||||
| 144A 7.00% 3/1/20 # | 150,000 | 148,125 | ||||
| 144A 9.00% 11/15/18 # | 230,000 | 239,913 | ||||
| T-Mobile USA | ||||||
| 6.00% 3/1/23 | 195,000 | 201,825 | ||||
| 6.375% 3/1/25 | 85,000 | 86,169 | ||||
| 6.50% 1/15/26 | 110,000 | 112,021 | ||||
| Verizon Communications | ||||||
| 4.862% 8/21/46 | 10,000 | 9,808 | ||||
| Virgin Media Secured Finance | ||||||
| 144A 5.25% 1/15/26 # | 410,000 | 410,000 | ||||
| Wind Acquisition Finance | ||||||
| 144A 7.375% 4/23/21 # | 365,000 | 337,625 | ||||
| Zayo Group 6.00% 4/1/23 | 655,000 | 648,450 | ||||
| 7,785,406 | ||||||
| Consumer Cyclical – 4.51% | ||||||
| American Builders & | ||||||
| Contractors Supply 144A | ||||||
| 5.75% 12/15/23 # | 215,000 | 221,987 | ||||
| American Tire Distributors | ||||||
| 144A 10.25% 3/1/22 # | 360,000 | 311,400 | ||||
| Aramark Services 144A | ||||||
| 5.125% 1/15/24 # | 345,000 | 362,250 | ||||
| AutoNation 4.50% 10/1/25 | 5,000 | 5,110 | ||||
| Beacon Roofing Supply 144A | ||||||
| 6.375% 10/1/23 # | 290,000 | 307,400 | ||||
| Boyd Gaming | ||||||
| 6.875% 5/15/23 | 325,000 | 335,563 | ||||
| Caleres 6.25% 8/15/23 | 285,000 | 283,575 | ||||
| General Motors Financial | ||||||
| 3.45% 4/10/22 | 10,000 | 9,446 | ||||
| Group 1 Automotive 144A | ||||||
| 5.25% 12/15/23 # | 255,000 | 240,337 | ||||
| Harman International | ||||||
| Industries 4.15% 5/15/25 | 5,000 | 4,904 | ||||
| Home Depot | ||||||
| 2.00% 4/1/21 | 5,000 | 5,033 | ||||
| 3.00% 4/1/26 | 10,000 | 10,353 | ||||
| Hyundai Capital America | ||||||
| 144A 2.55% 2/6/19 # | 10,000 | 10,037 | ||||
| L Brands 144A | ||||||
| 6.875% 11/1/35 # | 415,000 | 442,494 | ||||
| Landry’s 144A | ||||||
| 9.375% 5/1/20 # | 785,000 | 826,213 | ||||
| LKQ 4.75% 5/15/23 | 175,000 | 168,875 | ||||
| Lowe’s 3.375% 9/15/25 | 5,000 | 5,254 | ||||
| M/I Homes 6.75% 1/15/21 | 400,000 | 389,000 | ||||
| Marriott International | ||||||
| 3.375% 10/15/20 | 5,000 | 5,146 | ||||
| MGM Resorts International | ||||||
| 6.00% 3/15/23 | 595,000 | 611,363 | ||||
| Mohegan Tribal Gaming | ||||||
| Authority | ||||||
| 144A 9.75% 9/1/21 # | 215,000 | 215,000 | ||||
| 9.75% 9/1/21 | 170,000 | 170,000 | ||||
| PulteGroup 5.50% 3/1/26 | 90,000 | 91,463 | ||||
| QVC 5.45% 8/15/34 | 5,000 | 4,189 | ||||
| Rite Aid 144A | ||||||
| 6.125% 4/1/23 # | 450,000 | 482,063 | ||||
| Sabre GLBL 144A | ||||||
| 5.25% 11/15/23 # | 390,000 | 397,800 | ||||
| Sally Holdings | ||||||
| 5.625% 12/1/25 | 390,000 | 407,550 | ||||
| Scotts Miracle-Gro 144A | ||||||
| 6.00% 10/15/23 # | 380,000 | 397,100 | ||||
| Signet UK Finance | ||||||
| 4.70% 6/15/24 | 10,000 | 10,063 | ||||
| Starbucks 2.70% 6/15/22 | 5,000 | 5,155 | ||||
| Starwood Hotels & Resorts | ||||||
| Worldwide | ||||||
| 3.75% 3/15/25 @ | 5,000 | 5,051 | ||||
| Tempur Sealy International | ||||||
| 144A 5.625% 10/15/23 # | 365,000 | 372,300 | ||||
| Toyota Motor Credit | ||||||
| 2.80% 7/13/22 | 5,000 | 5,107 | ||||
8 NQ-DEX [2/16] 4/16 (16285)
(Unaudited)
| Principal | Value | |||||
| amount° | (U.S. $) | |||||
| Corporate Bonds (continued) | ||||||
| Consumer Cyclical (continued) | ||||||
| Wynn Las Vegas 144A | ||||||
| 5.50% 3/1/25 # | 325,000 | $ | 311,594 | |||
| 7,430,175 | ||||||
| Consumer Non-Cyclical – 3.88% | ||||||
| Anheuser-Busch Inbev | ||||||
| Finance | ||||||
| 3.30% 2/1/23 | 5,000 | 5,143 | ||||
| 3.65% 2/1/26 | 25,000 | 25,837 | ||||
| AstraZeneca | ||||||
| 3.375% 11/16/25 | 5,000 | 5,094 | ||||
| Becton Dickinson | ||||||
| 3.734% 12/15/24 | 5,000 | 5,173 | ||||
| 6.375% 8/1/19 | 10,000 | 11,300 | ||||
| Campbell Soup | ||||||
| 3.30% 3/19/25 | 10,000 | 10,225 | ||||
| Celgene 3.875% 8/15/25 | 5,000 | 5,164 | ||||
| Constellation Brands | ||||||
| 4.25% 5/1/23 | 140,000 | 145,775 | ||||
| 4.75% 11/15/24 | 180,000 | 189,225 | ||||
| 4.75% 12/1/25 | 110,000 | 115,363 | ||||
| Cott Beverages | ||||||
| 5.375% 7/1/22 | 125,000 | 124,687 | ||||
| 6.75% 1/1/20 | 150,000 | 158,250 | ||||
| Covidien International | ||||||
| Finance 4.20% 6/15/20 | 20,000 | 21,765 | ||||
| Dean Foods 144A | ||||||
| 6.50% 3/15/23 # | 310,000 | 326,954 | ||||
| ExamWorks Group | ||||||
| 5.625% 4/15/23 | 405,000 | 408,544 | ||||
| Express Scripts Holding | ||||||
| 2.25% 6/15/19 | 5,000 | 4,971 | ||||
| JBS USA 144A | ||||||
| 5.75% 6/15/25 # | 1,530,000 | 1,323,450 | ||||
| Kronos Acquisition Holdings | ||||||
| 144A 9.00% 8/15/23 # | 355,000 | 310,625 | ||||
| PepsiCo 4.45% 4/14/46 | 5,000 | 5,375 | ||||
| Pinnacle Foods Finance 144A | ||||||
| 5.875% 1/15/24 # | 265,000 | 280,237 | ||||
| Post Holdings | ||||||
| 7.375% 2/15/22 | 265,000 | 281,894 | ||||
| 144A 7.75% 3/15/24 # | 320,000 | 351,200 | ||||
| Prestige Brands | ||||||
| 144A 5.375% 12/15/21 # | 405,000 | 401,963 | ||||
| 144A 6.375% 3/1/24 # | 70,000 | 72,450 | ||||
| Reynolds American | ||||||
| 4.00% 6/12/22 | 5,000 | 5,396 | ||||
| 4.45% 6/12/25 | 5,000 | 5,440 | ||||
| Spectrum Brands | ||||||
| 6.125% 12/15/24 | 500,000 | 531,250 | ||||
| 6.625% 11/15/22 | 265,000 | 286,531 | ||||
| St. Jude Medical | ||||||
| 2.80% 9/15/20 | 5,000 | 5,066 | ||||
| Sterigenics-Nordion Holdings | ||||||
| 144A 6.50% 5/15/23 # | 430,000 | 405,275 | ||||
| SUPERVALU 7.75% 11/15/22 | 380,000 | 298,300 | ||||
| Valeant Pharmaceuticals | ||||||
| International | ||||||
| 144A 5.375% 3/15/20 # | 160,000 | 145,600 | ||||
| 144A 6.75% 8/15/18 # | 85,000 | 82,450 | ||||
| Zimmer Biomet Holdings | ||||||
| 4.625% 11/30/19 | 30,000 | 32,370 | ||||
| 6,388,342 | ||||||
| Electric – 0.35% | ||||||
| Alabama Power | ||||||
| 4.30% 1/2/46 | 20,000 | 21,078 | ||||
| Ameren Illinois | ||||||
| 3.25% 3/1/25 | 5,000 | 5,205 | ||||
| 9.75% 11/15/18 | 45,000 | 53,953 | ||||
| American Transmission | ||||||
| Systems 144A | ||||||
| 5.25% 1/15/22 # | 15,000 | 16,457 | ||||
| Berkshire Hathaway Energy | ||||||
| 3.75% 11/15/23 | 10,000 | 10,663 | ||||
| Cleveland Electric Illuminating | ||||||
| 5.50% 8/15/24 | 15,000 | 17,407 | ||||
| CMS Energy 6.25% 2/1/20 | 5,000 | 5,681 | ||||
| Commonwealth Edison | ||||||
| 5.80% 3/15/18 | 5,000 | 5,417 | ||||
| Dominion Resources | ||||||
| 3.90% 10/1/25 | 5,000 | 5,075 | ||||
| DPL 6.75% 10/1/19 | 215,000 | 216,613 | ||||
| DTE Energy 144A | ||||||
| 3.30% 6/15/22 # | 5,000 | 5,110 | ||||
| Duke Energy | ||||||
| 3.75% 4/15/24 | 5,000 | 5,167 | ||||
| 4.80% 12/15/45 | 10,000 | 10,454 | ||||
| Entergy Louisiana | ||||||
| 4.05% 9/1/23 | 15,000 | 16,046 | ||||
| Exelon 144A | ||||||
| 3.95% 6/15/25 # | 10,000 | 10,141 | ||||
| Great Plains Energy | ||||||
| 4.85% 6/1/21 | 5,000 | 5,406 | ||||
| Interstate Power & Light | ||||||
| 3.40% 8/15/25 | 5,000 | 5,172 | ||||
| IPALCO Enterprises | ||||||
| 5.00% 5/1/18 | 10,000 | 10,475 | ||||
(continues) NQ-DEX [2/16] 4/16 (16285) 9
Schedule of investments
Delaware Enhanced Global Dividend and Income Fund (Unaudited)
| Principal | Value | |||||
| amount° | (U.S. $) | |||||
| Corporate Bonds (continued) | ||||||
| Electric (continued) | ||||||
| ITC Holdings 3.65% 6/15/24 | 5,000 | $ | 4,961 | |||
| Kansas City Power & Light | ||||||
| 3.65% 8/15/25 | 10,000 | 10,305 | ||||
| LG&E & KU Energy | ||||||
| 4.375% 10/1/21 | 20,000 | 21,524 | ||||
| National Rural Utilities | ||||||
| Cooperative Finance | ||||||
| 2.85% 1/27/25 | 5,000 | 4,978 | ||||
| 4.75% 4/30/43 ● | 10,000 | 9,550 | ||||
| NextEra Energy Capital | ||||||
| Holdings 2.40% 9/15/19 | 10,000 | 10,004 | ||||
| NV Energy 6.25% 11/15/20 | 5,000 | 5,789 | ||||
| Pennsylvania Electric | ||||||
| 5.20% 4/1/20 | 10,000 | 10,537 | ||||
| PPL Electric Utilities | ||||||
| 3.00% 9/15/21 | 10,000 | 10,389 | ||||
| Public Service of New | ||||||
| Hampshire | ||||||
| 3.50% 11/1/23 | 5,000 | 5,296 | ||||
| Public Service of Oklahoma | ||||||
| 5.15% 12/1/19 | 30,000 | 32,589 | ||||
| Puget Energy 6.00% 9/1/21 | 5,000 | 5,701 | ||||
| SCANA 4.125% 2/1/22 | 10,000 | 10,149 | ||||
| Westar Energy | ||||||
| 3.25% 12/1/25 | 5,000 | 5,213 | ||||
| Xcel Energy 3.30% 6/1/25 | 10,000 | 10,159 | ||||
| 582,664 | ||||||
| Energy – 2.43% | ||||||
| AmeriGas Finance | ||||||
| 7.00% 5/20/22 | 300,000 | 309,375 | ||||
| Calumet Specialty Products | ||||||
| Partners 7.625% 1/15/22 | 440,000 | 264,550 | ||||
| Dominion Gas Holdings | ||||||
| 4.60% 12/15/44 | 5,000 | 4,724 | ||||
| Ecopetrol 5.875% 5/28/45 | 615,000 | 432,037 | ||||
| Enbridge Energy Partners | ||||||
| 8.05% 10/1/37 ● | 25,000 | 17,063 | ||||
| Energy Transfer Partners | ||||||
| 9.70% 3/15/19 | 7,000 | 7,336 | ||||
| EnLink Midstream Partners | ||||||
| 4.15% 6/1/25 | 5,000 | 3,458 | ||||
| Exxon Mobil 3.043% 3/1/26 | 5,000 | 5,000 | ||||
| Genesis Energy | ||||||
| 5.75% 2/15/21 | 360,000 | 298,800 | ||||
| Murphy Oil USA | ||||||
| 6.00% 8/15/23 | 395,000 | 405,863 | ||||
| Noble Energy | ||||||
| 5.05% 11/15/44 | 5,000 | 3,689 | ||||
| 5.625% 5/1/21 | 350,000 | 316,406 | ||||
| NuStar Logistics | ||||||
| 6.75% 2/1/21 | 360,000 | 307,800 | ||||
| Petroleos Mexicanos | ||||||
| 5.50% 6/27/44 | 512,000 | 395,930 | ||||
| 6.625% 6/15/35 | 1,000,000 | 908,500 | ||||
| Plains All American Pipeline | ||||||
| 8.75% 5/1/19 | 10,000 | 10,278 | ||||
| Regency Energy Partners | ||||||
| 5.875% 3/1/22 | 10,000 | 8,798 | ||||
| Targa Resources Partners | ||||||
| 144A 6.75% 3/15/24 # | 300,000 | 255,750 | ||||
| Williams Partners | ||||||
| 7.25% 2/1/17 | 20,000 | 20,029 | ||||
| Woodside Finance 144A | ||||||
| 8.75% 3/1/19 # | 15,000 | 17,145 | ||||
| 3,992,531 | ||||||
| Financials – 0.52% | ||||||
| Affiliated Managers Group | ||||||
| 3.50% 8/1/25 | 5,000 | 4,924 | ||||
| Ally Financial | ||||||
| 5.75% 11/20/25 | 485,000 | 472,269 | ||||
| Aviation Capital Group | ||||||
| 144A 4.875% 10/1/25 # | 5,000 | 4,806 | ||||
| 144A 6.75% 4/6/21 # | 5,000 | 5,406 | ||||
| International Lease Finance | ||||||
| 5.875% 8/15/22 | 350,000 | 373,625 | ||||
| 861,030 | ||||||
| Healthcare – 4.36% | ||||||
| Air Medical Merger Sub 144A | ||||||
| 6.375% 5/15/23 # | 430,000 | 376,250 | ||||
| Amsurg 5.625% 7/15/22 | 395,000 | 408,331 | ||||
| Centene Escrow | ||||||
| 144A 5.625% 2/15/21 # | 175,000 | 183,313 | ||||
| 144A 6.125% 2/15/24 # | 105,000 | 111,694 | ||||
| Community Health Systems | ||||||
| 6.875% 2/1/22 | 436,000 | 376,050 | ||||
| DaVita HealthCare Partners | ||||||
| 5.00% 5/1/25 | 585,000 | 585,000 | ||||
| 5.125% 7/15/24 | 145,000 | 147,809 | ||||
| HCA | ||||||
| 5.375% 2/1/25 | 715,000 | 729,300 | ||||
| 5.875% 2/15/26 | 110,000 | 113,575 | ||||
| HealthSouth | ||||||
| 144A 5.75% 11/1/24 # | 225,000 | 228,375 | ||||
| 5.75% 11/1/24 | 195,000 | 197,925 | ||||
| 144A 5.75% 9/15/25 # | 205,000 | 204,487 | ||||
| Hill-Rom Holdings 144A | ||||||
| 5.75% 9/1/23 # | 395,000 | 407,837 | ||||
10 NQ-DEX [2/16] 4/16 (16285)
(Unaudited)
| Principal | Value | |||||
| amount° | (U.S. $) | |||||
| Corporate Bonds (continued) | ||||||
| Healthcare (continued) | ||||||
| IASIS Healthcare | ||||||
| 8.375% 5/15/19 | 635,000 | $ | 606,425 | |||
| Kinetic Concepts | ||||||
| 10.50% 11/1/18 | 155,000 | 143,763 | ||||
| 12.50% 11/1/19 | 325,000 | 252,891 | ||||
| LifePoint Health | ||||||
| 5.875% 12/1/23 | 435,000 | 453,487 | ||||
| Mallinckrodt International | ||||||
| Finance | ||||||
| 4.75% 4/15/23 | 40,000 | 35,500 | ||||
| 144A 5.625% 10/15/23 # | 360,000 | 355,500 | ||||
| MEDNAX 144A | ||||||
| 5.25% 12/1/23 # | 395,000 | 410,306 | ||||
| MPH Acquisition Holdings | ||||||
| 144A 6.625% 4/1/22 # | 370,000 | 373,700 | ||||
| Tenet Healthcare | ||||||
| 6.75% 6/15/23 | 75,000 | 68,344 | ||||
| 8.125% 4/1/22 | 405,000 | 400,189 | ||||
| 7,170,051 | ||||||
| Insurance – 0.82% | ||||||
| ACE INA Holdings | ||||||
| 3.35% 5/3/26 | 5,000 | 5,130 | ||||
| American International Group | ||||||
| 4.125% 2/15/24 | 5,000 | 5,078 | ||||
| Berkshire Hathaway Finance | ||||||
| 2.90% 10/15/20 | 35,000 | 36,574 | ||||
| Highmark | ||||||
| 144A 4.75% 5/15/21 #@ | 5,000 | 5,074 | ||||
| 144A 6.125% 5/15/41 #@ | 5,000 | 5,242 | ||||
| HUB International | ||||||
| 144A 7.875% 10/1/21 # | 435,000 | 390,413 | ||||
| 144A 9.25% 2/15/21 # | 110,000 | 112,750 | ||||
| Liberty Mutual Group 144A | ||||||
| 4.95% 5/1/22 # | 5,000 | 5,411 | ||||
| MetLife 6.40% 12/15/36 | 100,000 | 98,046 | ||||
| Prudential Financial | ||||||
| 5.375% 5/15/45 ● | 5,000 | 4,719 | ||||
| TIAA Asset Management | ||||||
| Finance | ||||||
| 144A 2.95% 11/1/19 # | 5,000 | 5,029 | ||||
| 144A 4.125% 11/1/24 # | 10,000 | 10,288 | ||||
| USI 144A 7.75% 1/15/21 # | 420,000 | 387,975 | ||||
| Voya Financial | ||||||
| 5.65% 5/15/53 ● | 5,000 | 4,668 | ||||
| XLIT | ||||||
| 4.45% 3/31/25 | 5,000 | 4,909 | ||||
| 5.50% 3/31/45 | 10,000 | 9,546 | ||||
| 6.50% 12/29/49 ● | 365,000 | 256,413 | ||||
| 1,347,265 | ||||||
| Media – 4.73% | ||||||
| Altice Luxembourg 144A | ||||||
| 7.75% 5/15/22 # | 230,000 | 223,675 | ||||
| Altice US Finance 144A | ||||||
| 7.75% 7/15/25 # | 325,000 | 303,063 | ||||
| CCO Holdings | ||||||
| 144A 5.375% 5/1/25 # | 155,000 | 153,837 | ||||
| 144A 5.875% 4/1/24 # | 50,000 | 51,187 | ||||
| 144A 5.875% 5/1/27 # | 305,000 | 305,763 | ||||
| CCOH Safari 144A | ||||||
| 5.75% 2/15/26 # | 365,000 | 366,872 | ||||
| Columbus International 144A | ||||||
| 7.375% 3/30/21 # | 470,000 | 489,623 | ||||
| Comcast 3.15% 3/1/26 | 15,000 | 15,405 | ||||
| CSC Holdings 5.25% 6/1/24 | 435,000 | 373,013 | ||||
| DISH DBS 5.875% 11/15/24 | 315,000 | 284,225 | ||||
| Gray Television | ||||||
| 7.50% 10/1/20 | 590,000 | 622,450 | ||||
| Midcontinent Communications | ||||||
| & Midcontinent | ||||||
| Finance 144A | ||||||
| 6.875% 8/15/23 # | 235,000 | 240,287 | ||||
| Neptune Finco | ||||||
| 144A 6.625% 10/15/25 # | 200,000 | 211,500 | ||||
| 144A | ||||||
| 10.875% 10/15/25 # | 200,000 | 216,500 | ||||
| Nielsen Finance 144A | ||||||
| 5.00% 4/15/22 # | 400,000 | 406,500 | ||||
| Numericable-SFR 144A | ||||||
| 6.00% 5/15/22 # | 260,000 | 258,700 | ||||
| RCN Telecom Services 144A | ||||||
| 8.50% 8/15/20 # | 315,000 | 305,156 | ||||
| Sinclair Television Group | ||||||
| 144A 5.625% 8/1/24 # | 720,000 | 721,800 | ||||
| Sirius XM Radio 144A | ||||||
| 5.375% 4/15/25 # | 470,000 | 470,000 | ||||
| Tribune Media 144A | ||||||
| 5.875% 7/15/22 # | 355,000 | 355,887 | ||||
| Unitymedia 144A | ||||||
| 6.125% 1/15/25 # | 200,000 | 206,750 | ||||
| Univision Communications | ||||||
| 144A 8.50% 5/15/21 # | 390,000 | 393,413 | ||||
| VTR Finance 144A | ||||||
| 6.875% 1/15/24 # | 430,000 | 405,275 | ||||
(continues) NQ-DEX [2/16] 4/16 (16285) 11
Schedule of investments
Delaware Enhanced Global Dividend and Income Fund (Unaudited)
| Principal | Value | |||||
| amount° | (U.S. $) | |||||
| Corporate Bonds (continued) | ||||||
| Media (continued) | ||||||
| WideOpenWest Finance | ||||||
| 10.25% 7/15/19 | 445,000 | $ | 407,175 | |||
| 7,788,056 | ||||||
| Natural Gas – 0.00% | ||||||
| NiSource Finance | ||||||
| 6.125% 3/1/22 | 5,000 | 5,805 | ||||
| 5,805 | ||||||
| Real Estate Investment Trusts – 1.19% | ||||||
| Carey (W.P.) 4.60% 4/1/24 | 5,000 | 5,070 | ||||
| CBL & Associates | ||||||
| 4.60% 10/15/24 | 5,000 | 4,577 | ||||
| Communications Sales & | ||||||
| Leasing | ||||||
| 144A 6.00% 4/15/23 # | 170,000 | 164,439 | ||||
| 8.25% 10/15/23 | 165,000 | 148,087 | ||||
| Corporate Office Properties | ||||||
| 3.60% 5/15/23 | 5,000 | 4,662 | ||||
| 5.25% 2/15/24 | 10,000 | 10,343 | ||||
| Crown Castle International | ||||||
| 4.45% 2/15/26 | 365,000 | 371,004 | ||||
| DDR | ||||||
| 3.625% 2/1/25 | 5,000 | 4,764 | ||||
| 7.50% 4/1/17 | 5,000 | 5,278 | ||||
| 7.875% 9/1/20 | 20,000 | 24,057 | ||||
| Education Realty Operating | ||||||
| Partnership | ||||||
| 4.60% 12/1/24 | 5,000 | 5,039 | ||||
| Equinix 5.875% 1/15/26 | 385,000 | 403,287 | ||||
| ESH Hospitality 144A | ||||||
| 5.25% 5/1/25 # | 580,000 | 565,500 | ||||
| Hospitality Properties Trust | ||||||
| 4.50% 3/15/25 | 5,000 | 4,729 | ||||
| Host Hotels & Resorts | ||||||
| 4.50% 2/1/26 | 5,000 | 4,994 | ||||
| Iron Mountain | ||||||
| 144A 6.00% 10/1/20 # | 180,000 | 191,250 | ||||
| 6.00% 8/15/23 | 20,000 | 21,300 | ||||
| Regency Centers | ||||||
| 5.875% 6/15/17 | 15,000 | 15,763 | ||||
| Simon Property Group | ||||||
| 3.30% 1/15/26 | 5,000 | 5,066 | ||||
| 1,959,209 | ||||||
| Services – 2.49% | ||||||
| ADT 6.25% 10/15/21 | 385,000 | 377,300 | ||||
| Ashtead Capital 144A | ||||||
| 6.50% 7/15/22 # | 215,000 | 221,987 | ||||
| Avis Budget Car Rental 144A | ||||||
| 5.25% 3/15/25 # | 500,000 | 444,375 | ||||
| BlueLine Rental Finance 144A | ||||||
| 7.00% 2/1/19 # | 295,000 | 217,563 | ||||
| GEO Group | ||||||
| 5.125% 4/1/23 | 165,000 | 158,400 | ||||
| 5.875% 10/15/24 | 275,000 | 271,563 | ||||
| GFL Escrow 144A | ||||||
| 9.875% 2/1/21 # | 260,000 | 265,200 | ||||
| Hertz 7.50% 10/15/18 | 85,000 | 86,275 | ||||
| Mattamy Group 144A | ||||||
| 6.50% 11/15/20 # | 485,000 | 421,950 | ||||
| Pinnacle Entertainment | ||||||
| 6.375% 8/1/21 | 205,000 | 218,581 | ||||
| 7.75% 4/1/22 | 145,000 | 158,775 | ||||
| Service International | ||||||
| 5.375% 5/15/24 | 200,000 | 213,750 | ||||
| Team Health 144A | ||||||
| 7.25% 12/15/23 # | 325,000 | 342,063 | ||||
| United Rentals North America | ||||||
| 5.50% 7/15/25 | 130,000 | 123,825 | ||||
| 5.75% 11/15/24 | 530,000 | 519,294 | ||||
| Vander Intermediate Holding | ||||||
| II 144A PIK 9.75% | ||||||
| 2/1/19 #❆ | 165,000 | 58,163 | ||||
| 4,099,064 | ||||||
| Technology – 2.80% | ||||||
| Apple 3.45% 2/9/45 | 5,000 | 4,361 | ||||
| CDK Global 4.50% 10/15/24 | 5,000 | 4,891 | ||||
| CDW 5.50% 12/1/24 | 187,000 | 193,545 | ||||
| CommScope 144A | ||||||
| 5.50% 6/15/24 # | 280,000 | 272,650 | ||||
| CommScope Technologies | ||||||
| Finance 144A | ||||||
| 6.00% 6/15/25 # | 240,000 | 238,800 | ||||
| Emdeon 144A | ||||||
| 6.00% 2/15/21 # | 350,000 | 326,375 | ||||
| Entegris 144A | ||||||
| 6.00% 4/1/22 # | 415,000 | 421,744 | ||||
| First Data 144A | ||||||
| 7.00% 12/1/23 # | 1,106,000 | 1,108,765 | ||||
| Infor US | ||||||
| 144A 5.75% 8/15/20 # | 140,000 | 141,400 | ||||
| 144A 6.50% 5/15/22 # | 375,000 | 326,250 | ||||
| Micron Technology | ||||||
| 144A 5.25% 1/15/24 # | 180,000 | 151,650 | ||||
| 144A 5.625% 1/15/26 # | 80,000 | 65,000 | ||||
| Microsemi 144A | ||||||
| 9.125% 4/15/23 # | 370,000 | 393,125 | ||||
| National Semiconductor | ||||||
| 6.60% 6/15/17 | 20,000 | 21,362 | ||||
12 NQ-DEX [2/16] 4/16 (16285)
(Unaudited)
| Principal | Value | |||||
| amount° | (U.S. $) | |||||
| Corporate Bonds (continued) | ||||||
| Technology (continued) | ||||||
| NXP 144A 5.75% 3/15/23 # | 395,000 | $ | 409,813 | |||
| Oracle 4.30% 7/8/34 | 25,000 | 25,634 | ||||
| Sensata Technologies UK | ||||||
| Financing 144A | ||||||
| 6.25% 2/15/26 # | 350,000 | 371,000 | ||||
| Solera 144A | ||||||
| 10.50% 3/1/24 # | 145,000 | 137,750 | ||||
| 4,614,115 | ||||||
| Transportation – 0.49% | ||||||
| Air Canada 2015-1 Class A | ||||||
| Pass Through Trust 144A | ||||||
| 3.60% 3/15/27 #⧫ | 5,000 | 4,781 | ||||
| American Airlines 2014-1 | ||||||
| Class A Pass Through Trust | ||||||
| 3.70% 10/1/26 ⧫ | 4,709 | 4,627 | ||||
| American Airlines 2015-1 | ||||||
| Class A Pass Through Trust | ||||||
| 3.375% 5/1/27 ⧫ | 4,899 | 4,758 | ||||
| Burlington Northern Santa Fe | ||||||
| 4.15% 4/1/45 | 15,000 | 14,565 | ||||
| CSX 3.35% 11/1/25 | 5,000 | 4,999 | ||||
| ERAC USA Finance 144A | ||||||
| 5.25% 10/1/20 # | 15,000 | 16,559 | ||||
| OPE KAG Finance Sub 144A | ||||||
| 7.875% 7/31/23 # | 330,000 | 321,337 | ||||
| Penske Truck Leasing 144A | ||||||
| 3.30% 4/1/21 # | 5,000 | 4,987 | ||||
| Trinity Industries | ||||||
| 4.55% 10/1/24 @ | 10,000 | 8,546 | ||||
| United Airlines 2014-1 Class | ||||||
| A Pass Through Trust | ||||||
| 4.00% 4/11/26 ⧫ | 4,851 | 4,967 | ||||
| United Airlines 2014-2 Class | ||||||
| A Pass Through Trust | ||||||
| 3.75% 9/3/26 ⧫ | 5,000 | 5,037 | ||||
| United Parcel Service | ||||||
| 5.125% 4/1/19 | 10,000 | 11,069 | ||||
| XPO Logistics 144A | ||||||
| 6.50% 6/15/22 # | 420,000 | 399,000 | ||||
| 805,232 | ||||||
| Utilities – 0.54% | ||||||
| AES 5.50% 4/15/25 | 345,000 | 312,225 | ||||
| American Water Capital | ||||||
| 3.40% 3/1/25 | 5,000 | 5,248 | ||||
| Calpine | ||||||
| 5.375% 1/15/23 | 175,000 | 164,063 | ||||
| 5.50% 2/1/24 | 205,000 | 185,525 | ||||
| Enel 144A | ||||||
| 8.75% 9/24/73 #● | 200,000 | 218,000 | ||||
| 885,061 | ||||||
| Total Corporate Bonds | ||||||
| (cost $75,189,425) | 71,273,680 | |||||
| Non-Agency Asset-Backed Securities – 0.02% | ||||||
| Nissan Auto Receivables | ||||||
| Owner Trust | ||||||
| Series 2013-C A3 | ||||||
| 0.67% 8/15/18 | 13,118 | 13,096 | ||||
| Series 2016-A A2B | ||||||
| 0.777% 2/15/19 ● | 25,000 | 25,003 | ||||
| Total Non-Agency | ||||||
| Asset-Backed Securities | ||||||
| (cost $38,115) | 38,099 | |||||
| Non-Agency Collateralized Mortgage Obligations – 0.06% | ||||||
| Citicorp Mortgage Securities | ||||||
| Trust | ||||||
| Series 2007-1 2A1 5.50% | ||||||
| 1/25/22 @ | 4,441 | 4,436 | ||||
| Citicorp Residential Mortgage | ||||||
| Trust | ||||||
| Series 2006-3 A5 5.948% | ||||||
| 11/25/36 ϕ | 100,000 | 99,124 | ||||
| Total Non-Agency | ||||||
| Collateralized Mortgage | ||||||
| Obligations (cost $91,347) | 103,560 | |||||
| Senior Secured Loans – 3.73%« | ||||||
| Accudyne Industries Borrower | ||||||
| 1st Lien 4.00% 12/13/19 | 239,407 | 197,361 | ||||
| Albertson’s Tranche B4 1st | ||||||
| Lien 5.50% 8/25/21 | 389,930 | 380,778 | ||||
| Amaya Holdings 1st Lien | ||||||
| 5.00% 8/1/21 | 405,000 | 377,156 | ||||
| Applied Systems 2nd Lien | ||||||
| 7.50% 1/23/22 @ | 401,719 | 370,083 | ||||
| Atkore International 2nd Lien | ||||||
| 7.75% 10/9/21 | 77,000 | 70,455 | ||||
| Avago Technologies Cayman | ||||||
| Finance Tranche B 1st Lien | ||||||
| 4.25% 2/1/23 | 400,000 | 394,062 | ||||
| BJ’s Wholesale Club 2nd Lien | ||||||
| 8.50% 3/31/20 @ | 420,000 | 350,437 | ||||
| Blue Ribbon 1st Lien | ||||||
| 5.50% 11/13/21 | 225,000 | 222,750 | ||||
(continues) NQ-DEX [2/16] 4/16 (16285) 13
Schedule of investments
Delaware Enhanced Global Dividend and Income Fund (Unaudited)
| Principal | Value | |||||
| amount° | (U.S. $) | |||||
| Senior Secured Loans« (continued) | ||||||
| Blue Ribbon 2nd Lien | ||||||
| 9.25% 11/13/22 | 75,000 | $ | 73,125 | |||
| Flint Group 2nd Lien | ||||||
| 8.25% 9/7/22 @ | 375,000 | 347,813 | ||||
| FMG Resources August 2006 | ||||||
| Pty 1st Lien | ||||||
| 4.25% 6/30/19 | 248,791 | 192,191 | ||||
| Hertz Tranche B2 1st Lien | ||||||
| 3.00% 3/11/18 | 74,808 | 73,461 | ||||
| Hilton Worldwide Finance | ||||||
| Tranche B2 | ||||||
| 3.50% 10/25/20 | 585,000 | 583,903 | ||||
| KIK Custom Products 1st Lien | ||||||
| 6.00% 8/26/22 @ | 184,538 | 171,927 | ||||
| MacDermid Tranche B 1st Lien | ||||||
| 5.50% 6/7/20 | 174,563 | 159,670 | ||||
| Maple Holdings Acquisition | ||||||
| Tranche B 1st Lien | ||||||
| 5.25% 1/23/23 | 245,000 | 240,749 | ||||
| Marina District Tranche B 1st | ||||||
| Lien 6.50% 8/15/18 | 324,975 | 325,720 | ||||
| Mauser Holdings 2nd Lien | ||||||
| 8.75% 7/31/22 @ | 184,000 | 155,020 | ||||
| Microsemi Tranche B 1st Lien | ||||||
| 5.25% 1/15/23 | 53,382 | 53,329 | ||||
| Penney (J.C.) 1st Lien | ||||||
| 6.00% 5/22/18 | 385,026 | 381,897 | ||||
| PET Acquisition Merger Sub | ||||||
| Tranche B1 1st Lien | ||||||
| 5.75% 1/15/23 @ | 375,000 | 367,828 | ||||
| Rite Aid 2nd Lien | ||||||
| 5.75% 8/21/20 | 163,000 | 163,407 | ||||
| Solera Holdings Tranche B 1st | ||||||
| Lien 5.75% 2/28/23 | 140,000 | 135,800 | ||||
| Stardust Finance Holdings | ||||||
| Tranche B 1st Lien | ||||||
| 6.50% 3/13/22 @ | 375,000 | 342,656 | ||||
| Total Senior Secured Loans | ||||||
| (cost $6,382,833) | 6,131,578 | |||||
| Sovereign Bonds – 3.67%Δ | ||||||
| Indonesia – 2.68% | ||||||
| Indonesia Government | ||||||
| International Bonds | ||||||
| 144A 5.125% 1/15/45 # | 1,000,000 | 951,493 | ||||
| 6.625% 2/17/37 | 1,350,000 | 1,471,210 | ||||
| 144A 6.75% 1/15/44 # | 1,800,000 | 1,994,270 | ||||
| 4,416,973 | ||||||
| Mexico – 0.99% | ||||||
| Mexico Government | ||||||
| International Bond | ||||||
| 3.60% 1/30/25 | 1,632,000 | 1,627,920 | ||||
| 1,627,920 | ||||||
| Total Sovereign Bonds | ||||||
| (cost $6,502,337) | 6,044,893 | |||||
| U.S. Treasury Obligations – 0.95% | ||||||
| U.S. Treasury Bond | ||||||
| 3.00% 11/15/45 | 120,000 | 129,647 | ||||
| U.S. Treasury Notes | ||||||
| 1.375% 1/31/21 | 290,000 | 291,903 | ||||
| 2.25% 11/15/25 | 1,095,000 | 1,143,804 | ||||
| Total U.S. Treasury | ||||||
| Obligations | ||||||
| (cost $1,518,704) | 1,565,354 | |||||
| Leveraged Non-Recourse Security – 0.00% | ||||||
| JPMorgan Fixed Income | ||||||
| Auction Pass Through Trust | ||||||
| Series 2007-B 144A | ||||||
| 0.00% 1/15/87 #⧫ | 500,000 | 0 | ||||
| Total Leveraged | ||||||
| Non-Recourse Security | ||||||
| (cost $425,000) | 0 | |||||
| Number of | ||||||
| shares | ||||||
| Master Limited Partnership – 0.19% | ||||||
| Ares Management | 9,000 | 107,100 | ||||
| Brookfield Infrastructure | ||||||
| Partners | 5,400 | 203,310 | ||||
| Total Master Limited | ||||||
| Partnership (cost $322,709) | 310,410 | |||||
| Preferred Stock – 1.18% | ||||||
| Bank of America 6.50% ● | 760,000 | 776,150 | ||||
| Freddie Mac 6.02% | 40,000 | 100,800 | ||||
| General Electric 5.00% ● | 10,000 | 10,163 | ||||
| GMAC Capital Trust I | ||||||
| 6.402% ● | 12,000 | 291,120 | ||||
| Integrys Energy Group | ||||||
| 6.00% @● | 300 | 7,669 | ||||
| Morgan Stanley 5.55% ● | 610,000 | 592,463 | ||||
| Northstar Realty Finance | ||||||
| 8.50% | 3,580 | 74,822 | ||||
14 NQ-DEX [2/16] 4/16 (16285)
(Unaudited)
| Number of | Value | ||||
| shares | (U.S. $) | ||||
| Preferred Stock (continued) | |||||
| Vornado Realty Trust 6.625% | 3,700 | $ | 95,460 | ||
| Total Preferred Stock | |||||
| (cost $2,920,967) | 1,948,647 | ||||
| Rights – 0.02% | |||||
| Safeway CVR =† | 23,200 | 23,546 | |||
| Safeway CVR =† | 23,200 | 1,132 | |||
| Total Rights (cost $0) | 24,678 | ||||
| Warrant – 0.00% | |||||
| Wheeler Real Estate | |||||
| Investment Trust strike | |||||
| price $5.50, expiration | |||||
| date 4/29/19 † | 12,540 | 315 | |||
| Total Warrant (cost $104) | 315 | ||||
| Principal | |||||
| amount° | |||||
| Short-Term Investments – 2.94% | |||||
| Discount Notes – 1.53%≠ | |||||
| Federal Home Loan Bank | |||||
| 0.18% 3/7/16 | 166,944 | 166,936 | |||
| 0.19% 3/22/16 | 181,437 | 181,408 | |||
| 0.303% 3/2/16 | 71,452 | 71,452 | |||
| 0.31% 3/14/16 | 189,569 | 189,550 | |||
| 0.32% 4/13/16 | 207,661 | 207,583 | |||
| 0.33% 4/22/16 | 326,136 | 325,988 | |||
| 0.335% 5/2/16 | 393,779 | 393,549 | |||
| 0.375% 5/18/16 | 486,412 | 486,053 | |||
| 0.387% 5/27/16 | 489,445 | 489,043 | |||
| 2,511,562 | |||||
| Repurchase Agreements – 1.41% | |||||
| Bank of America Merrill Lynch | |||||
| 0.24%, dated 2/29/16, to | |||||
| be repurchased on 3/1/16, | |||||
| repurchase price $705,163 | |||||
| (collateralized by U.S. | |||||
| government obligations | |||||
| 0.00% 11/15/18–5/15/26; | |||||
| market value $719,262) | 705,159 | 705,159 | |||
| Bank of Montreal | |||||
| 0.28%, dated 2/29/16, to | |||||
| be repurchased on 3/1/16, | |||||
| repurchase price | |||||
| $1,175,274 (collateralized | |||||
| by U.S. government | |||||
| obligations | |||||
| 0.00%–8.75% | |||||
| 4/15/16–2/15/44; market | |||||
| value $1,198,770) | 1,175,264 | 1,175,264 | |||
| BNP Paribas | |||||
| 0.29%, dated 2/29/16, to | |||||
| be repurchased on 3/1/16, | |||||
| repurchase price $446,581 | |||||
| (collateralized by | |||||
| U.S. government | |||||
| obligations 0.00%–4.50% | |||||
| 10/31/19–2/15/43; | |||||
| market value $455,509) | 446,577 | 446,577 | |||
| 2,327,000 | |||||
| Total Short-Term | |||||
| Investments | |||||
| (cost $4,838,474) | 4,838,562 | ||||
| Total Value of | |||||
| Securities – 144.37% | |||||
| (cost $248,844,434) | 237,608,016 | ||||
| Borrowing Under Line of | |||||
| Credit – (45.57%) | (75,000,000 | ) | |||
| Receivables and Other | |||||
| Assets Net of | |||||
| Liabilities – 1.20%★ | 1,973,516 | ||||
| Net Assets Applicable to | |||||
| 15,863,616 Shares | |||||
| Outstanding – 100.00% | $ | 164,581,532 | |||
| # |
Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 29, 2016, the aggregate value of Rule 144A securities was $47,462,797, which represents 28.84% of the Fund’s net assets. |
| @ |
Illiquid security. At Feb. 29, 2016, the aggregate value of illiquid securities was $13,953,650, which represents 8.48% of the Fund’s net assets. |
| ⧫ |
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. |
| ❖ |
Securities have been classified by type of business. |
(continues) NQ-DEX [2/16] 4/16 (16285) 15
Schedule of investments
Delaware Enhanced Global Dividend and Income Fund (Unaudited)
| ❆ |
100% of the income received was in the form of cash. |
| ★ |
Includes $1,812 cash collateral for swap contracts as of Feb. 29, 2016. |
| = |
Security is being fair valued in accordance with the Fund’s fair valuation policy. At Feb. 29, 2016,the aggregate value of fair valued securities was $24,678, which represents 0.01% of the Fund’s net assets. |
| ≠ |
The rate shown is the effective yield at the time of purchase. |
| ° |
Principal amount shown is stated in U.S. dollars. |
| † |
Non-income-producing security. |
| ● | Variable rate security. The rate shown is the rate as of Feb. 29, 2016. Interest rates reset periodically. |
| Δ | Securities have been classified by country of origin. |
| « | Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Interbank 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 Feb. 29, 2016. |
| ϕ |
Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at Feb. 29, 2016. |
The following swap contract was outstanding at Feb. 29, 2016:
Swap Contract
CDS Contract1
| Swap | Annual | Upfront | Unrealized | |||||||||||
| Referenced | Notional | Protection | Termination | Payment | Appreciation | |||||||||
| Counterparty | Obligation | Value2 | Payments | Date | Received | (Depreciation)3 | ||||||||
| Protection Purchased: | ||||||||||||||
| JPMC - iTraxx Europe | ||||||||||||||
| ICE | Crossover Series 24.14 | EUR | 20,000 | 5.00% | 12/20/20 | $ | 1,800 | 964 | ||||||
The use of swap contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The notional value presented above represents the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.
1A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as realized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as unrealized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement.
2Notional value shown is stated in U.S. Dollars unless noted that the swap is denominated in another currency.
3Unrealized appreciation (depreciation) does not include periodic interest payments on swap contracts accrued daily in the amount of $(1,417).
4Markit’s iTraxx® Europe Crossover index is composed of up to fifty (50) European entities with non-investment grade credit ratings that trade in the CDS market.
Summary of
abbreviations:
ADR – American Depositary
Receipt
ARM – Adjustable Rate Mortgage
CDS – Credit Default Swap
CVA –
Dutch Certificate
CVR – Contingent Value Rights
ETN – Exchange-Traded
Note
EUR – European Monetary Unit
FDR – Finnish Depositary
Receipt
GNMA – Government National Mortgage
Association
ICE – Intercontinental Exchange, Inc.
JPMC – JPMorgan Chase Bank
PIK – Payment-in-kind
REIT – Real Estate
Investment Trust
REMIC – Real Estate Mortgage
Investment Conduit
S.F. – Single Family
yr – Year
16 NQ-DEX [2/16] 4/16 (16285)
Notes
Delaware Enhanced Global Dividend and
Income Fund
February 29, 2016
(Unaudited)
1. Significant Accounting Policies
The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by Delaware Enhanced Global Dividend and Income Fund (Fund). This report covers the period of time since the Fund’s last fiscal year end.
Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Other debt securities and credit default swap contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities, and U.S. government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral; yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’s Board of Trustees. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Fund may frequently value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).
2. Investments
At Feb. 29, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Feb. 29, 2016, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:
| Cost of investments | $ | 248,844,434 | |
| Aggregate unrealized appreciation of investments | $ | 21,764,595 | |
| Aggregate unrealized depreciation of investments | (33,001,013 | ) | |
| Net unrealized depreciation of investments | $ | (11,236,418 | ) |
(continues) NQ-DEX [2/16] 4/16 (16285) 17
(Unaudited)
2. Investments (continued)
U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.
| Level 1 | – | Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts) |
|
Level 2 |
– |
Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates), or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities) |
|
Level 3 |
– |
Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities) |
Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.
18 NQ-DEX [2/16] 4/16 (16285)
(Unaudited)
The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Feb. 29, 2016:
| Securities | Level 1 | Level 2 | Level 3 | Total | |||||||||
| Common Stock | |||||||||||||
| Consumer Discretionary | $ | 3,025,008 | $ | 11,801,999 | $ | — | $ | 14,827,007 | |||||
| Consumer Staples | 4,723,799 | 8,061,713 | — | 12,785,512 | |||||||||
| Diversified REITs | 860,437 | 444,640 | — | 1,305,077 | |||||||||
| Energy | 6,104,038 | 2,238,621 | — | 8,342,659 | |||||||||
| Financials | 3,023,036 | 11,275,809 | — | 14,298,845 | |||||||||
| Healthcare | 8,488,488 | 6,242,981 | — | 14,731,469 | |||||||||
| Healthcare REITs | 239,121 | — | — | 239,121 | |||||||||
| Hotel REITs | 782,416 | — | — | 782,416 | |||||||||
| Industrial REITs | 377,564 | 228,145 | — | 605,709 | |||||||||
| Industrials | 1,825,140 | 13,760,027 | — | 15,585,167 | |||||||||
| Information Technology | 7,475,289 | 2,839,463 | — | 10,314,752 | |||||||||
| Mall REITs | 1,423,891 | — | — | 1,423,891 | |||||||||
| Manufactured Housing REIT | 221,425 | — | — | 221,425 | |||||||||
| Materials | 1,808,753 | 2,592,934 | — | 4,401,687 | |||||||||
| Mixed REITs | 273,448 | — | — | 273,448 | |||||||||
| Mortgage REITs | 428,332 | — | — | 428,332 | |||||||||
| Multifamily REITs | 648,385 | 177,423 | — | 825,808 | |||||||||
| Office REITs | 2,236,830 | 351,070 | — | 2,587,900 | |||||||||
| Self-Storage REITs | 277,169 | — | — | 277,169 | |||||||||
| Shopping Center REITs | 1,368,637 | 710,442 | — | 2,079,079 | |||||||||
| Single Tenant REIT | 243,746 | — | — | 243,746 | |||||||||
| Specialty REITs | 316,389 | — | — | 316,389 | |||||||||
| Telecommunications | 3,019,490 | 4,331,680 | — | 7,351,170 | |||||||||
| Utilities | 1,222,488 | 977,444 | — | 2,199,932 | |||||||||
| Convertible Preferred Stock1 | 4,327,411 | 4,769 | — | 4,332,180 | |||||||||
| Exchange-Traded Note | 155,313 | — | — | 155,313 | |||||||||
| Agency, Asset-Backed and | |||||||||||||
| Mortgage-Backed Securities | — | 835,242 | — | 835,242 | |||||||||
| Corporate Debt | — | 94,973,134 | — | 94,973,134 | |||||||||
| Foreign Debt | — | 6,044,893 | — | 6,044,893 | |||||||||
| Senior Secured Loans | — | 6,131,578 | — | 6,131,578 | |||||||||
| Master Limited Partnership | 310,410 | — | — | 310,410 | |||||||||
| Preferred Stock1 | 469,071 | 1,479,576 | — | 1,948,647 | |||||||||
| Rights | — | — | 24,678 | 24,678 | |||||||||
| Warrant | 315 | — | — | 315 | |||||||||
| U.S. Treasury Obligations | — | 1,565,354 | — | 1,565,354 | |||||||||
| Short-Term Investments | — | 4,838,562 | — | 4,838,562 | |||||||||
| Total Value of Securities | $ | 55,675,839 | $ | 181,907,499 | $ | 24,678 | $ | 237,608,016 | |||||
| Swap Contract | $ | — | $ | 964 | $ | — | $ | 964 | |||||
The securities that have been valued at zero on the “Schedule of investments” are considered to be Level 3 investments in this table.
(continues) NQ-DEX [2/16] 4/16 (16285) 19
(Unaudited)
2. Investments (continued)
1 Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types:
| Level 1 | Level 2 | Level 3 | Total | |||||
| Convertible Preferred Stock | 99.89% | 0.11% | — | 100.00% | ||||
| Preferred Stock | 24.07% | 75.93% | — | 100.00% |
As a result of utilizing international fair value pricing at Feb. 29, 2016, the majority of the Fund’s common stock was categorized as Level 2.
During the period ended Feb. 29, 2016, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities in the Fund occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Fund’s net asset value (NAV) is determined) are established using a separate pricing feed from a third party vendor designed to establish a price for each such security as of the time that the Fund’s NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels.
A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.
3. Subsequent Events
Management has determined that no material events or transactions occurred subsequent to Feb. 29, 2016 that would require recognition or disclosure in the Fund’s “Schedule of investments.”
20 NQ-DEX [2/16] 4/16 (16285)
Item 2. Controls and Procedures.
The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.
There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 3. Exhibits.
File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below: