N-Q 1 deenhancedgbldiv_nq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

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: August 31, 2015



Item 1. Schedule of Investments.

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund
August 31, 2015 (Unaudited)

              Number of       Value
shares (U.S. $)
Common Stock69.29%
Consumer Discretionary – 7.84%
Ford Motor 67,100 $ 930,677
Kering 6,467 1,106,577
Mattel 31,800 745,074
Nitori Holdings 29,208 2,318,178
Publicis Groupe 10,955 779,554
Sumitomo Rubber Industries 96,400 1,362,024
Target 11,800 916,978
Techtronic Industries 378,500 1,368,807
Toyota Motor 46,605 2,754,533
Yue Yuen Industrial Holdings 677,000 2,422,485
  14,704,887
Consumer Staples – 7.10%
Archer-Daniels-Midland 12,500 562,375
Aryzta † 48,276 2,474,354
Carlsberg Class B 19,373 1,463,624
Coca-Cola Amatil 153,105 914,846
ConAgra Foods 13,300 554,344
Japan Tobacco 56,200 1,997,232
Kimberly-Clark 10,100 1,075,953
Kraft Heinz 14,500 1,053,570
Procter & Gamble 15,100 1,067,117
Reynolds American 8,532 714,555
Tesco 493,093 1,431,307
13,309,277
Diversified REITs – 0.48%
Intervest Offices &  
     Warehouses 2,500 62,764
Investors Real Estate Trust 10,260 68,639
Lexington Realty Trust 29,584 238,743
Mapletree Logistics Trust 70,996 49,278
Orix JREIT 40 50,392
Stockland 70,059 194,669
Vornado Realty Trust 2,641 230,269
894,754
Energy – 5.86%
Chevron 9,800 793,702
CNOOC 1,022,000 1,281,050
ConocoPhillips 16,400 806,060
Marathon Oil 36,500 631,085
Occidental Petroleum 8,200 598,682
Royal Dutch Shell ADR 21,300 1,127,409
Saipem † 70,685 679,497
Spectra Energy 25,500 741,285
Subsea 7 † 15,845 136,314
Suncor Energy 44,300 1,254,603
TOTAL 25,785 1,188,641
TOTAL ADR 25,400 1,178,560
Williams 11,700 563,940
10,980,828
Financials – 9.70%
Ashford † 632 46,294
AXA 126,262 3,179,846
Bank Rakyat Indonesia
     Persero 1,529,200 1,157,723
BB&T 29,800 1,100,216
Gallagher (Arthur J.) 25,300 1,106,116
ING Groep CVA 133,934 2,051,829
Mitsubishi UFJ Financial
     Group 503,128 3,318,586
Nordea Bank 189,897 2,242,795
Nordea Bank FDR 44,954 530,171
Solar Capital 8,309 147,152
Standard Chartered 157,136 1,830,888
UniCredit 226,766 1,478,810
18,190,426
Healthcare – 9.44%
AbbVie 17,500 1,092,175
AstraZeneca ADR 28,600 894,608
Baxter International 13,800 530,610
Bristol-Myers Squibb 8,800 523,336
Johnson & Johnson 9,400 883,412
Merck 22,900 1,233,165
Novartis 32,103 3,132,635
Pfizer 38,460 1,239,181
Sanofi 29,902 2,940,687
STADA Arzneimittel 45,831 1,572,507
Teva Pharmaceutical
     Industries ADR 56,800 3,658,488
17,700,804
Healthcare REITs – 0.41%
Care Capital Properties † 864 27,451
Health Care REIT 4,426 280,387
Healthcare Trust of America
     Class A 7,610 182,716
Omega Healthcare Investors 2,612 88,233
Ventas 3,454 190,039
768,826
Hotel REITs – 0.65%
Ashford Hospitality Prime 14,889 205,915
Ashford Hospitality Trust 61,800 478,332
Host Hotels & Resorts 5,587 99,058

(continues)     NQ-DEX [8/15] 10/15 (15216) 1



Schedule of investments

Delaware Enhanced Global Dividend and Income Fund (Unaudited)

              Number of       Value
shares (U.S. $)
Common Stock❖ (continued)
Hotel REITs (continued)
Pebblebrook Hotel Trust 3,985 $ 151,669
Strategic Hotels & Resorts † 12,516 168,841
  Summit Hotel Properties 9,300 112,809
1,216,624
Industrial REITs – 0.46%
Goodman Group 49,447 213,721
Prologis Property Mexico 294,100 462,051
Terreno Realty 9,357 190,321
866,093
Industrials – 8.05%
Deutsche Post 64,906 1,782,810
East Japan Railway 25,361 2,342,979
ITOCHU 193,502 2,320,623
Koninklijke Philips 66,528 1,709,365
Meggitt 164,861 1,199,155
Raytheon 10,300 1,056,368
Rexel 49,624 760,061
Vinci 33,573 2,159,148
Waste Management 21,600 1,081,296
WestJet Airlines @ 37,443 683,033
15,094,838
Information Technology – 6.48%
CA 53,000 1,446,370
Canon ADR 25,100 765,048
CGI Group Class A † 65,740 2,428,430
Cisco Systems 48,600 1,257,768
Intel 46,900 1,338,526
Playtech 114,987 1,503,485
Samsung Electronics 868 798,777
Teleperformance 28,797 2,024,140
Xerox 57,700 586,809
12,149,353
Mall REITs – 0.80%
General Growth Properties 13,029 330,676
Pennsylvania Real Estate
     Investment Trust 8,500 168,640
Simon Property Group 5,605 1,005,089
1,504,405
Manufactured Housing REIT – 0.09%
Equity LifeStyle Properties 3,156 175,979
175,979
Materials – 2.49%
Alamos Gold 74,588 307,275
Dow Chemical 15,200 665,152
duPont (E.I.) deNemours 11,900 612,850
Rexam 200,319 1,643,514
Rio Tinto 30,321 1,107,147
Tarkett 6,400 149,067
Yamana Gold 99,266 186,362
4,671,367
Mixed REITs – 0.12%
Duke Realty 11,447 206,733
PS Business Parks 400 29,184
235,917
Mortgage REITs – 0.49%
Colony Capital 7,380 160,220
Gramercy Property Trust 14,134 312,503
Starwood Property Trust 20,900 444,752
917,475
Multifamily REITs – 0.45%
ADO Properties 144A #† 14,847 323,990
Equity Residential 2,480 176,700
Essex Property Trust 617 132,421
Post Properties 3,769 208,652
841,763
Office REITs – 1.34%
alstria office REIT 33,657 450,365
Brandywine Realty Trust 21,686 262,834
Champion REIT 125,000 62,621
Easterly Government
     Properties 38,559 604,605
Equity Commonwealth † 13,433 345,094
Hudson Pacific Properties 3,742 106,235
Kenedix Office Investment 50 222,340
Paramount Group 8,608 141,516
Parkway Properties 10,442 165,401
SL Green Realty 1,499 155,161
2,516,172
Self-Storage REITs – 0.14%
Extra Space Storage 2,646 194,428
Jernigan Capital 4,000 75,280
269,708
Shopping Center REITs – 1.05%
Charter Hall Retail REIT 71,117 202,926
DDR 9,513 145,454
First Capital Realty 2,922 38,622
Kimco Realty 12,857 296,354
Kite Realty Group Trust 12,316 289,549
Klepierre 2,006 88,266
Link REIT 33,000 174,988

2 NQ-DEX [8/15] 10/15 (15216)



(Unaudited)

Number of Value
      shares (U.S. $)
Common Stock (continued)            
Shopping Center REITs (continued)
Ramco-Gershenson Properties
     Trust 19,634 $ 304,327
Scentre Group 40,548 109,841
Urban Edge Properties 1,320 27,601
Westfield 16,989 117,653
Wheeler Real Estate
     Investment Trust 88,713 171,216
1,966,797
Single Tenant REIT – 0.07%
Spirit Realty Capital 13,069 125,462
125,462
Specialty REITs – 0.16%
American Residential
     Properties 9,627 163,178
EPR Properties 2,626 133,637
296,815
Telecommunications – 4.37%
AT&T 38,200 1,268,240
Century Communications =† 125,000 0
Mobile TeleSystems ADR 98,400 750,792
Nippon Telegraph &
     Telephone 83,202 3,173,373
  NTT DOCOMO ADR 26,000 546,260
Tele2 Class B 170,047 1,676,441
Verizon Communications 16,800 772,968
8,188,074
Utilities – 1.25%
Abengoa Yield 2,010 45,748
American Water Works 800 41,552
Edison International 9,100 532,168
National Grid 75,866 999,681
National Grid ADR 10,900 721,362
2,340,511
 
Total Common Stock
(cost $125,458,968) 129,927,155
 
Convertible Preferred Stock 3.36%
Chesapeake Energy 5.75%
     exercise price $26.10,
     expiration date 12/31/49 240 112,800
Crown Castle International
     4.50% exercise price
     $88.50, expiration date
     11/1/16 8,000 835,120
Dynegy 5.375% exercise price
     $38.75, expiration date
     11/1/17 @ 4,840 452,782
El Paso Energy Capital Trust I
     4.75% exercise price
     $34.49, expiration date
     3/31/28 1,950 100,835
Exelon 6.50% exercise price
     $43.75, expiration date
     6/1/17 12,500 566,125
Halcon Resources 5.75%
     exercise price $6.16,
     expiration date 12/31/49 397 71,816
Huntington Bancshares
     8.50% exercise price
     $11.95, expiration date
     12/31/49 510 683,400
Intelsat 5.75% exercise price
     $22.05, expiration date
     5/1/16 17,989 508,189
Laclede Group 6.75%
     exercise price $57.81,
     expiration date 4/1/17 4,379 232,963
Maiden Holdings 7.25%
     exercise price $15.26,
     expiration date 9/15/16 16,736 856,716
T-Mobile US 5.50% exercise
     price $31.02, expiration
     date 12/15/17 6,674 460,573
Wells Fargo 7.50% exercise
     price $156.71, expiration
     date 12/31/49 695 819,405
Weyerhaeuser 6.375%
     exercise price $33.13,
     expiration date 7/1/16 11,489 563,535
Wheeler Real Estate
     Investment Trust 9.00%
     exercise price $5.00,
     expiration date
     12/31/49 @=† 34 35,226
Total Convertible Preferred
Stock (cost $6,984,586) 6,299,485
 
Exchange-Traded Note 0.09%
iPATH S&P 500 VIX
     Short-Term Futures ETN † 6,250 167,813
Total Exchange-Traded Note
(cost $1,178,000) 167,813

(continues)     NQ-DEX [8/15] 10/15 (15216) 3



Schedule of investments

Delaware Enhanced Global Dividend and Income Fund (Unaudited)

      Principal Value
      amount°       (U.S. $)
Agency Collateralized Mortgage Obligations0.04%
Fannie Mae REMICs
     Series 2001-50 BA
     7.00% 10/25/41 61,937 $ 71,616
Freddie Mac REMICs
     Series 2557 WE
     5.00% 1/15/18 12,952 13,406
Total Agency Collateralized
Mortgage Obligations
(cost $76,149) 85,022
 
Agency Mortgage-Backed Securities0.35%
Fannie Mae ARM
     2.088% 3/1/38 ● 8,047 8,509
     2.137% 10/1/36 ● 5,681 6,046
     2.27% 4/1/36 ● 20,015 21,302
     2.295% 10/1/36 ● 8,466 9,004
     2.357% 4/1/36 ● 6,037 6,452
     2.384% 11/1/35 ● 4,120 4,378
     2.417% 5/1/43 ● 4,263 4,332
     2.553% 6/1/43 ● 1,748 1,786
     3.288% 9/1/43 ● 4,313 4,486
Fannie Mae S.F. 15 yr  
     4.00% 11/1/25 69,624 74,176
     5.50% 1/1/23 10,176 11,200
Fannie Mae S.F. 20 yr
       4.00% 2/1/31 2,825 3,027
     5.50% 12/1/29 646 722
Fannie Mae S.F. 30 yr
     4.00% 11/1/40 1,510 1,613
     4.50% 7/1/36 1,470 1,599
     5.50% 7/1/40 4,004 4,537
     6.50% 6/1/36 8,616 9,892
     6.50% 10/1/36 7,979 9,611
Freddie Mac ARM
     2.308% 10/1/36 ● 8,931 9,528
     2.478% 7/1/36 ● 4,497 4,793
Freddie Mac S.F. 15 yr
     4.00% 5/1/25 568 600
     5.00% 6/1/18 2,598 2,706
     5.00% 12/1/22 15,466 16,629
Freddie Mac S.F. 30 yr
     5.00% 1/1/34 181,783 202,987
     6.00% 2/1/36 851 967
     7.00% 11/1/33 18,088 21,750
     9.00% 9/1/30 32,509 34,952
FREMF Mortgage Trust
     Series 2011-K10 B 144A
     4.781% 11/25/49 # 10,000 10,719
     Series 2011-K15 B 144A
     5.116% 8/25/44 # 10,000 10,936
     Series 2012-K22 B 144A
     3.812% 8/25/45 # 10,000 10,202
GNMA I S.F. 30 yr
     7.50% 12/15/23 37,658 43,383
     7.50% 1/15/32 34,281 42,505
     9.50% 9/15/17 18,237 18,514
GNMA II S.F. 30 yr
     6.00% 11/20/28 34,828 39,129
Total Agency
Mortgage-Backed
Securities (cost $595,532) 652,972
 
Commercial Mortgage-Backed Securities0.07%
Banc of America Commercial
     Mortgage Trust
     Series 2006-1 AM
     5.421% 9/10/45 ● 10,000 10,069
     Series 2007-4 AM
     6.002% 2/10/51 ● 35,000 37,311
CD Commercial Mortgage
     Trust
     Series 2005-CD1 AJ
     5.337% 7/15/44 ● 20,000 19,978
GS Mortgage Securities Trust
     Series 2006-GG6 A4
     5.553% 4/10/38 ● 6,981 6,989
JPMorgan Chase Commercial
     Mortgage Securities Trust
     Series 2006-LDP8 AM
     5.44% 5/15/45 35,000 36,037
LB-UBS Commercial
     Mortgage Trust
     Series 2006-C6 AJ
     5.452% 9/15/39 ● 10,000 10,371
     Series 2006-C6 AM
     5.413% 9/15/39 20,000 20,726
Total Commercial
Mortgage-Backed
Securities (cost $145,798) 141,481
 
Convertible Bonds14.04%
Capital Goods – 0.61%
Abengoa 144A 5.125%
     exercise price $38.08,
     expiration date 2/23/17 # 1,000,000 691,250

4 NQ-DEX [8/15] 10/15 (15216)



(Unaudited)

Principal Value
            amount°       (U.S. $)
Convertible Bonds (continued)
Capital Goods (continued)
Cemex 3.72% exercise price
     $11.90, expiration date
     3/15/20 342,000 $ 339,007
Titan Machinery 3.75%
     exercise price $43.17,
     expiration date 4/30/19 156,000 121,387
1,151,644
Communications – 1.42%
Alaska Communications
     Systems Group 6.25%
     exercise price $10.28,
     expiration date 4/27/18 1,164,000 1,177,095
Clearwire Communications
     144A 8.25% exercise price
     $7.08, expiration date
     11/30/40 # 562,000 598,530
Liberty Interactive 144A
     1.00% exercise price
     $64.28, expiration date
     9/28/43 # 975,000 892,125
  2,667,750
Consumer Cyclical – 0.96%
Huron Consulting Group
     144A 1.25% exercise price
     $79.89, expiration date
     9/27/19 # 565,000 618,322
Meritor 4.00% exercise price  
     $26.73, expiration date
     2/12/27 ϕ 1,149,000 1,174,134
1,792,456
Consumer Non-Cyclical – 3.11%
BioMarin Pharmaceutical
     1.50% exercise price
     $94.15, expiration date
     10/13/20 343,000 529,292
HealthSouth 2.00% exercise
     price $38.30, expiration
     date 11/30/43 497,000 607,893
Hologic
     2.00% exercise price
     $31.17, expiration date
     2/27/42 ϕ 597,000 799,607
     2.00% exercise price
     $38.59, expiration date
     12/15/43 ϕ 607,000 765,958
NuVasive 2.75% exercise
     price $42.13, expiration
     date 6/30/17 790,000 1,074,400
Spectrum Pharmaceuticals
     2.75% exercise price
     $10.53, expiration date
     12/13/18 922,000 890,883
Vector Group
     1.75% exercise price
     $25.87, expiration date
     4/15/20 ● 838,000 931,228
     2.50% exercise price
     $16.78, expiration date
     1/14/19 ● 157,000 232,986
  5,832,247
Energy – 0.38%
Chesapeake Energy 2.50%
     exercise price $47.55,
     expiration date 5/15/37 349,000 305,811
Helix Energy Solutions Group
     3.25% exercise price
     $25.02, expiration date
     3/12/32 501,000 415,517
721,328
Financials – 1.44%
Ares Capital 5.75% exercise
     price $19.13, expiration
     date 2/1/16 718,000 726,975
BGC Partners 4.50% exercise
     price $9.84, expiration
     date 7/13/16 791,000 844,887
GAIN Capital Holdings
     4.125% exercise price
     $12.00, expiration date
     11/30/18 446,000 449,345
New Mountain Finance
     5.00% exercise price
     $15.93, expiration date
     6/14/19 666,000 678,487
2,699,694
Industrials – 0.81%
Chart Industries 2.00%
     exercise price $69.03,
     expiration date 7/30/18 844,000 755,907
General Cable 4.50% exercise
     price $33.77, expiration
     date 11/15/29 ϕ 1,058,000 753,825
1,509,732

(continues)     NQ-DEX [8/15] 10/15 (15216) 5



Schedule of investments

Delaware Enhanced Global Dividend and Income Fund (Unaudited)

            Principal       Value
amount° (U.S. $)
Convertible Bonds (continued)      
Real Estate Investment Trusts – 1.53%
Blackstone Mortgage Trust
     5.25% exercise price
     $28.66, expiration date
     12/1/18 1,069,000 $ 1,131,136
Campus Crest Communities
     Operating Partnership
     144A 4.75% exercise price
     $12.56, expiration date
     10/11/18 # 877,000 838,631
VEREIT 3.75% exercise price
     $15.15, expiration date
     12/14/20 980,000 905,280
  2,875,047
Technology – 3.78%
Blucora 4.25% exercise price
     $21.66, expiration date
       3/29/19 416,000 398,060
Cardtronics 1.00% exercise
     price $52.35, expiration
     date 11/27/20 1,096,000 1,065,860
Ciena 144A 3.75% exercise
     price $20.17, expiration
     date 10/15/18 # 683,000 898,145
Electronics For Imaging 144A
     0.75% exercise price
     $52.72, expiration date
     8/29/19 # 631,000 656,240
Intel 3.25% exercise price
     $21.47, expiration date
     8/1/39 401,000 581,452
j2 Global 3.25% exercise
     price $69.37, expiration
     date 6/14/29 789,000 932,006
Nuance Communications
     2.75% exercise price
     $32.30, expiration date
     11/1/31 712,000 719,120
PROS Holdings 144A 2.00%
     exercise price $33.79,
     expiration date 11/27/19 # 852,000 832,830
SanDisk 1.50% exercise price
     $50.68, expiration date
     8/11/17 181,000 226,363
SunEdison 144A 3.375%
     exercise price $38.65,
     expiration date 5/30/25 # 533,000 320,466
VeriSign 4.297% exercise
     price $34.37, expiration
     date 8/15/37 220,000 451,000
    7,081,542
Total Convertible Bonds
(cost $25,429,677) 26,331,440
 
Corporate Bonds 43.42%
Automotive – 0.58%
Gates Global 144A
     6.00% 7/15/22 # 480,000 393,648
International Automotive
     Components Group 144A
     9.125% 6/1/18 # 450,000 461,250
Meritor 6.75% 6/15/21 225,000 229,500
  1,084,398
Banking – 2.15%
Australia & New Zealand
     Banking Group
     4.903% 6/20/22 ● AUD 1,799,000 1,312,229
Bank of America
     3.875% 8/1/25 5,000 5,060
     3.95% 4/21/25 10,000 9,699
BB&T 2.45% 1/15/20 35,000 35,055
City National 5.25% 9/15/20 5,000 5,664
Credit Suisse Group 144A
     7.50% 12/29/49 # 400,000 423,875
Goldman Sachs Group
     5.375% 12/29/49 ● 170,000 166,706
HSBC Holdings
     6.375% 12/29/49 ● 200,000 198,000
ING Groep
     6.50% 12/29/49 ● 285,000 274,847
JPMorgan Chase
     3.90% 7/15/25 10,000 10,167
     4.125% 12/15/26 5,000 4,979
     6.75% 1/29/49 ● 410,000 433,063
Lloyds Banking Group
     7.50% 4/30/49 445,000 465,581
Morgan Stanley
     2.80% 6/16/20 5,000 5,021
     4.00% 7/23/25 20,000 20,437
     4.35% 9/8/26 5,000 5,005
MUFG Americas Holdings
     2.25% 2/10/20 5,000 4,965
     3.00% 2/10/25 15,000 14,308
PNC Funding 5.625% 2/1/17 35,000 36,924
Popular 7.00% 7/1/19 485,000 471,056

6 NQ-DEX [8/15] 10/15 (15216)



(Unaudited)

      Principal Value
      amount°       (U.S. $)
Corporate Bonds (continued)
Banking (continued)
Santander Holdings USA
     4.625% 4/19/16 10,000 $ 10,220
State Street
     2.55% 8/18/20 5,000 5,037
     3.10% 5/15/23 5,000 4,887
     3.55% 8/18/25 5,000 5,033
SunTrust Banks
     2.35% 11/1/18 10,000 10,056
USB Capital IX
     3.50% 10/29/49 ● 80,000 65,200
Wells Fargo
     4.30% 7/22/27 15,000 15,271
     5.875% 6/15/50 ● 5,000 5,125
Zions Bancorporation
     4.50% 6/13/23 5,000 5,155
  4,028,625
Basic Industry – 3.84%
AK Steel
     7.625% 5/15/20 296,000 195,360
     7.625% 10/1/21 205,000 129,150
ArcelorMittal
     5.125% 6/1/20 105,000 103,950
     6.125% 6/1/25 110,000 101,750
     6.25% 3/1/21 120,000 118,800
     10.60% 6/1/19 15,000 17,531
AVINTIV Specialty Materials
     144A 6.875% 6/1/19 # 500,000 509,375
Builders FirstSource
     144A 7.625% 6/1/21 # 430,000 453,650
     144A 10.75% 8/15/23 # 480,000 489,600
CF Industries 6.875% 5/1/18 25,000 27,853
Chemours
     144A 6.625% 5/15/23 # 170,000 148,325
     144A 7.00% 5/15/25 # 373,000 319,847
CPG Merger Sub 144A
     8.00% 10/1/21 # 325,000 332,313
Dow Chemical
     8.55% 5/15/19 34,000 41,102
FMG Resources August 2006
     Pty 144A 9.75% 3/1/22 # 245,000 224,481
Georgia-Pacific
     8.00% 1/15/24 20,000 25,815
Hexion 10.00% 4/15/20 205,000 209,869
International Paper
     3.80% 1/15/26 5,000 4,871
     5.00% 9/15/35 5,000 4,842
INVISTA Finance 144A
     4.25% 10/15/19 # 10,000 9,950
Kissner Milling 144A
     7.25% 6/1/19 # 200,000 211,000
LSB Industries 7.75% 8/1/19 115,000 116,437
Lundin Mining 144A
     7.875% 11/1/22 # 430,000 424,625
LyondellBasell Industries
     4.625% 2/26/55 10,000 8,644
Methanex 4.25% 12/1/24 10,000 9,808
NCI Building Systems 144A
     8.25% 1/15/23 # 220,000 229,350
New Gold 144A
     6.25% 11/15/22 # 326,000 277,100
Norbord 144A
     6.25% 4/15/23 # 165,000 166,650
NOVA Chemicals 144A
     5.00% 5/1/25 # 45,000 45,113
Potash of Saskatchewan
     3.00% 4/1/25 10,000 9,356
PPG Industries
     2.30% 11/15/19 5,000 4,986
Rayonier AM Products 144A
     5.50% 6/1/24 # 550,000 378,125
Rockwood Specialties Group
     4.625% 10/15/20 5,000 5,191
Ryerson
     9.00% 10/15/17 315,000 288,225
     11.25% 10/15/18 109,000 101,915
Steel Dynamics
     5.50% 10/1/24 260,000 253,175
Summit Materials 144A
     6.125% 7/15/23 # 195,000 195,000
TPC Group 144A
     8.75% 12/15/20 # 730,000 657,000
Tronox Finance 144A
     7.50% 3/15/22 # 290,000 234,175
Weyerhaeuser
     4.625% 9/15/23 10,000 10,626
Wise Metals Intermediate
     Holdings 144A
     9.75% 6/15/19 # 115,000 106,231
  7,201,166
Brokerage – 0.01%
Jefferies Group
     5.125% 1/20/23 10,000 10,340
     6.45% 6/8/27 5,000 5,166
     6.50% 1/20/43 5,000 4,716
Lazard Group
     6.85% 6/15/17 6,000 6,497
26,719

(continues)     NQ-DEX [8/15] 10/15 (15216) 7



Schedule of investments

Delaware Enhanced Global Dividend and Income Fund (Unaudited)

Principal Value
            amount°       (U.S. $)
Corporate Bonds (continued)
Capital Goods – 3.12%
Accudyne Industries Borrower
     144A 7.75% 12/15/20 # 270,000 $ 236,250
Ardagh Packaging Finance
     144A 6.00% 6/30/21 # 400,000 398,920
BWAY Holding 144A
     9.125% 8/15/21 # 640,000 652,800
Cemex
     144A 5.70% 1/11/25 # 1,000,000 940,000
     144A 7.25% 1/15/21 # 480,000 503,856
Crane 4.45% 12/15/23 10,000 10,512
Fortune Brands Home &
     Security 3.00% 6/15/20 5,000 4,997
Gardner Denver 144A
     6.875% 8/15/21 # 694,000 621,130
Ingersoll-Rand Global Holding
     4.25% 6/15/23 10,000 10,282
KLX 144A 5.875% 12/1/22 # 380,000 374,300
Masco 4.45% 4/1/25 5,000 5,012
Milacron 144A
     7.75% 2/15/21 # 220,000 226,600
Owens-Brockway Glass
     Container 144A
     5.875% 8/15/23 # 95,000 96,841
Plastipak Holdings 144A
     6.50% 10/1/21 # 470,000 462,950
Reynolds Group Issuer
     8.25% 2/15/21 310,000 320,463
Signode Industrial Group
     144A 6.375% 5/1/22 # 360,000 349,200
StandardAero Aviation
     Holdings 144A
     10.00% 7/15/23 # 155,000 153,256
TransDigm
     6.00% 7/15/22 210,000 207,931
     6.50% 7/15/24 275,000 270,187
5,845,487
Communications – 6.39%
Altice
     144A 7.625% 2/15/25 # 200,000 190,500
     144A 7.75% 5/15/22 # 630,000 615,825
Altice Financing 144A
     6.625% 2/15/23 # 470,000 468,825
Altice US Finance 144A
     7.75% 7/15/25 # 325,000 312,000
American Tower Trust I 144A
     3.07% 3/15/23 # 20,000 19,567
AT&T
     3.40% 5/15/25 20,000 19,099
     4.50% 5/15/35 5,000 4,608
     4.75% 5/15/46 10,000 9,150
Blue Coat Holdings 144A
     8.375% 6/1/23 # 410,000 412,870
CBS 4.00% 1/15/26 10,000 9,832
CC Holdings GS V
     3.849% 4/15/23 5,000 4,931
CCO Safari II
     144A 3.579% 7/23/20 # 5,000 4,999
     144A 4.908% 7/23/25 # 210,000 208,326
CenturyLink
     5.80% 3/15/22 210,000 200,025
     6.75% 12/1/23 240,000 234,300
Cogent Communications
     Finance 144A
     5.625% 4/15/21 # 375,000 352,500
Cogent Communications
     Group 144A
     5.375% 3/1/22 # 125,000 121,563
Comcast 3.375% 8/15/25 15,000 14,972
Crown Castle Towers 144A
     4.883% 8/15/20 # 30,000 32,299
Digicel 144A 6.75% 3/1/23 # 355,000 326,600
Digicel Group
     144A 7.125% 4/1/22 # 1,250,000 1,095,313
     144A 8.25% 9/30/20 # 875,000 813,750
Equinix 5.75% 1/1/25 270,000 271,350
Historic TW 6.875% 6/15/18 25,000 28,295
Hughes Satellite Systems
     7.625% 6/15/21 280,000 307,300
Intelsat Jackson Holdings
     7.25% 4/1/19 40,000 39,250
Intelsat Luxembourg
     7.75% 6/1/21 110,000 82,830
     8.125% 6/1/23 1,395,000 1,032,300
Level 3 Communications
     5.75% 12/1/22 370,000 370,000
Level 3 Financing 144A
     5.375% 5/1/25 # 460,000 445,050
Millicom International Cellular
     144A 6.625% 10/15/21 # 200,000 200,100
Sable International Finance
     144A 6.875% 8/1/22 # 290,000 294,350
Scripps Networks Interactive
     3.95% 6/15/25 5,000 4,884
SES 144A 3.60% 4/4/23 # 10,000 10,052

8 NQ-DEX [8/15] 10/15 (15216)



(Unaudited)

Principal Value
            amount°       (U.S. $)
Corporate Bonds (continued)
Communications (continued)
SES GLOBAL Americas
     Holdings 144A
     5.30% 3/25/44 # 15,000 $ 14,748
Sprint
     7.125% 6/15/24 1,015,000 941,098
     7.25% 9/15/21 220,000 214,500
     7.875% 9/15/23 140,000 134,925
T-Mobile USA
     6.00% 3/1/23 195,000 199,288
     6.25% 4/1/21 180,000 186,354
     6.375% 3/1/25 275,000 281,737
Verizon Communications
     4.40% 11/1/34 5,000 4,625
     4.862% 8/21/46 30,000 28,381
Viacom 4.85% 12/15/34 15,000 12,654
Wind Acquisition Finance
     144A 7.375% 4/23/21 # 365,000 374,125
Windstream Services
     7.50% 4/1/23 225,000 177,190
     7.75% 10/1/21 165,000 135,302
WPP Finance 2010
     5.625% 11/15/43 10,000 10,420
Zayo Group 144A
     6.00% 4/1/23 # 700,000 700,840
  11,973,802
Consumer Cyclical – 3.18%
American Tire Distributors
     144A 10.25% 3/1/22 # 200,000 206,000
Bed Bath & Beyond
     4.915% 8/1/34 5,000 4,760
Boyd Gaming
     6.875% 5/15/23 325,000 335,563
Caesars Growth Properties
     Holdings 9.375% 5/1/22 280,000 235,900
Caleres 144A
     6.25% 8/15/23 # 285,000 289,275
CDK Global 4.50% 10/15/24 10,000 9,986
CVS Health 3.875% 7/20/25 20,000 20,515
DBP Holding 144A
     7.75% 10/15/20 # 216,000 144,180
Delphi 4.15% 3/15/24 10,000 10,203
Eldorado Resorts 144A
     7.00% 8/1/23 # 240,000 239,400
General Motors Financial
     3.45% 4/10/22 10,000 9,524
     4.00% 1/15/25 5,000 4,751
     4.375% 9/25/21 5,000 5,055
Harman International
     Industries 4.15% 5/15/25 10,000 9,853
Hyundai Capital America
     144A 2.55% 2/6/19 # 10,000 9,975
Kohl’s 4.25% 7/17/25 5,000 4,877
Landry’s 144A
     9.375% 5/1/20 # 785,000 842,894
Magna International
     3.625% 6/15/24 30,000 29,326
Marriott International
     3.375% 10/15/20 5,000 5,148
MGM Resorts International
     6.00% 3/15/23 595,000 605,413
Midas Intermediate Holdco II
     144A 7.875% 10/1/22 # 285,000 282,863
Mohegan Tribal Gaming
     Authority 144A
     9.75% 9/1/21 # 215,000 224,675
Neiman Marcus Group 144A
     PIK 8.75% 10/15/21 # 400,000 430,000
Party City Holdings 144A
     6.125% 8/15/23 # 130,000 131,544
PF Chang’s China Bistro 144A
     10.25% 6/30/20 # 205,000 206,025
QVC
     4.375% 3/15/23 15,000 14,374
     5.45% 8/15/34 10,000 8,899
Rite Aid 144A
     6.125% 4/1/23 # 450,000 463,500
RSI Home Products 144A
     6.50% 3/15/23 # 310,000 317,750
Sabre GLBL 144A
     5.375% 4/15/23 # 185,000 182,225
Signet UK Finance
     4.70% 6/15/24 10,000 10,101
Starbucks 2.70% 6/15/22 5,000 5,001
Starwood Hotels & Resorts
     Worldwide
     3.75% 3/15/25 5,000 4,875
Target 2.30% 6/26/19 5,000 5,076
Toyota Motor Credit
     2.80% 7/13/22 5,000 4,978
Univar USA 144A
     6.75% 7/15/23 # 165,000 164,587
Wynn Las Vegas 144A
     5.50% 3/1/25 # 525,000 487,594
5,966,665
Consumer Non-Cyclical – 2.89%
AbbVie 3.60% 5/14/25 10,000 9,865

(continues)     NQ-DEX [8/15] 10/15 (15216) 9



Schedule of investments

Delaware Enhanced Global Dividend and Income Fund (Unaudited)

      Principal       Value
      amount° (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Actavis Funding
     3.45% 3/15/22 5,000 $ 4,892
     3.80% 3/15/25 5,000 4,848
Baxalta 144A
     4.00% 6/23/25 # 5,000 4,981
Becton Dickinson
     3.734% 12/15/24 5,000 4,995
     6.375% 8/1/19 10,000 11,463
Boston Scientific
     6.00% 1/15/20 15,000 16,823
Campbell Soup
     3.30% 3/19/25 10,000 9,856
Celgene
     3.875% 8/15/25 10,000 9,959
     5.00% 8/15/45 5,000 5,065
Cott Beverages
     5.375% 7/1/22 125,000 123,125
     6.75% 1/1/20 395,000 410,800
Covidien International
     Finance 4.20% 6/15/20 20,000 21,566
EMD Finance 144A
     2.95% 3/19/22 # 5,000 4,908
ExamWorks Group
     5.625% 4/15/23 405,000 416,137
Express Scripts Holding
     2.25% 6/15/19 5,000 4,949
     3.50% 6/15/24 5,000 4,833
JBS Investments
     144A 7.25% 4/3/24 # 200,000 202,000
     144A 7.75% 10/28/20 # 315,000 337,523
JBS USA 144A
     5.75% 6/15/25 # 635,000 617,537
Kronos Acquisition Holdings
     144A 9.00% 8/15/23 # 450,000 409,500
Merck 2.75% 2/10/25 15,000 14,420
Post Holdings
     7.375% 2/15/22 200,000 205,750
     144A 7.75% 3/15/24 # 110,000 113,850
Prestige Brands 144A
     5.375% 12/15/21 # 290,000 289,275
Reynolds American
     3.25% 6/12/20 5,000 5,071
     4.00% 6/12/22 5,000 5,145
Spectrum Brands
     144A 6.125% 12/15/24 # 500,000 522,500
     6.625% 11/15/22 265,000 285,863
Sterigenics-Nordion Holdings
     144A 6.50% 5/15/23 # 430,000 439,666
SUPERVALU 7.75% 11/15/22 470,000 488,800
Valeant Pharmaceuticals
     International
     144A 5.875% 5/15/23 # 95,000 97,138
     144A 6.125% 4/15/25 # 260,000 268,450
Zimmer Biomet Holdings
     4.625% 11/30/19 30,000 32,667
Zoetis 3.25% 2/1/23 20,000 18,952
  5,423,172
Electric – 0.19%
Ameren Illinois
     3.25% 3/1/25 5,000 5,035
     9.75% 11/15/18 45,000 55,670
American Transmission
     Systems 144A
     5.25% 1/15/22 # 25,000 27,543
Berkshire Hathaway Energy
     3.75% 11/15/23 10,000 10,233
CMS Energy 6.25% 2/1/20 5,000 5,750
Commonwealth Edison
     5.80% 3/15/18 5,000 5,511
DTE Energy 144A
     3.30% 6/15/22 # 5,000 5,067
Entergy Louisiana
     4.05% 9/1/23 15,000 15,882
Exelon 3.95% 6/15/25 10,000 10,045
Great Plains Energy
     4.85% 6/1/21 15,000 16,498
Integrys Energy Group
     6.11% 12/1/66 ● 15,000 12,904
Interstate Power & Light
     3.40% 8/15/25 5,000 4,998
IPALCO Enterprises
     5.00% 5/1/18 10,000 10,650
ITC Holdings 3.65% 6/15/24 5,000 4,963
LG&E & KU Energy
     4.375% 10/1/21 20,000 21,660
National Rural Utilities
     Cooperative Finance
     2.85% 1/27/25 5,000 4,831
     4.75% 4/30/43 10,000 9,923
NextEra Energy Capital
     Holdings
     2.40% 9/15/19 10,000 9,912
     3.625% 6/15/23 5,000 5,031
NV Energy 6.25% 11/15/20 5,000 5,799
Pennsylvania Electric
     5.20% 4/1/20 25,000 27,203
PPL Electric Utilities
     3.00% 9/15/21 10,000 10,195

10 NQ-DEX [8/15] 10/15 (15216)



(Unaudited)

Principal Value
            amount°       (U.S. $)
Corporate Bonds (continued)
Electric (continued)
Public Service of New
     Hampshire
     3.50% 11/1/23 5,000 $ 5,169
Public Service of Oklahoma
     5.15% 12/1/19 30,000 33,323
Puget Energy 6.00% 9/1/21 5,000 5,738
SCANA 4.125% 2/1/22 10,000 10,075
Xcel Energy 3.30% 6/1/25 10,000 9,812
349,420
Energy – 5.31%
Baytex Energy 144A
     5.625% 6/1/24 # 275,000 230,868
California Resources
     5.50% 9/15/21 380,000 296,544
     6.00% 11/15/24 130,000 96,720
Calumet Specialty Products
     Partners 7.625% 1/15/22 570,000 558,600
Chaparral Energy
     7.625% 11/15/22 265,000 115,275
     8.25% 9/1/21 215,000 98,900
Chesapeake Energy
     4.875% 4/15/22 435,000 317,550
     5.75% 3/15/23 205,000 153,855
     6.125% 2/15/21 110,000 85,732
Columbia Pipeline Group
     144A 2.45% 6/1/18 # 5,000 5,004
     144A 4.50% 6/1/25 # 5,000 4,781
Comstock Resources 144A
     10.00% 3/15/20 # 495,000 399,713
Continental Resources
     4.50% 4/15/23 15,000 13,535
CSI Compressco
     7.25% 8/15/22 300,000 247,500
Dominion Gas Holdings
     3.60% 12/15/24 10,000 9,831
Ecopetrol 5.875% 5/28/45 615,000 498,150
Enbridge Energy Partners
     8.05% 10/1/37 ● 25,000 25,063
Energy Transfer Equity
     5.875% 1/15/24 323,000 313,310
Energy Transfer Partners
     9.70% 3/15/19 7,000 8,379
EnLink Midstream Partners
     4.15% 6/1/25 5,000 4,621
     5.05% 4/1/45 5,000 4,197
Ensco 4.70% 3/15/21 10,000 9,172
Enterprise Products Operating
     7.034% 1/15/68 ● 25,000 26,750
EP Energy 6.375% 6/15/23 205,000 175,275
Exterran Partners
     6.00% 4/1/21 210,000 169,050
Exxon Mobil 2.397% 3/6/22 5,000 4,877
Genesis Energy
     5.75% 2/15/21 360,000 340,200
     6.00% 5/15/23 65,000 59,800
     6.75% 8/1/22 155,000 151,125
Halcon Resources
     144A 8.625% 2/1/20 # 275,000 242,344
     9.75% 7/15/20 425,000 157,250
Kinder Morgan 144A
     5.00% 2/15/21 # 5,000 5,166
Kinder Morgan Energy
     Partners 9.00% 2/1/19 20,000 23,510
Laredo Petroleum
     5.625% 1/15/22 330,000 298,650
     7.375% 5/1/22 120,000 117,600
Linn Energy 6.25% 11/1/19 80,000 31,600
Marathon Oil 3.85% 6/1/25 10,000 9,157
MarkWest Energy Partners
     4.875% 12/1/24 210,000 195,825
Murphy Oil USA
     6.00% 8/15/23 400,000 414,000
Newfield Exploration
     5.625% 7/1/24 10,000 9,780
NiSource Finance
     6.125% 3/1/22 5,000 5,788
Noble Energy
     5.05% 11/15/44 5,000 4,471
Northern Oil & Gas
     8.00% 6/1/20 355,000 271,575
NuStar Logistics
     6.75% 2/1/21 240,000 246,554
Oasis Petroleum
     6.875% 3/15/22 500,000 417,500
Ocean Rig UDW 144A
     7.25% 4/1/19 # 202,000 107,060
PDC Energy 7.75% 10/15/22 245,000 246,225
Petrobras Global Finance
     3.00% 1/15/19 39,000 34,070
Petroleos Mexicanos
     5.50% 6/27/44 512,000 445,568
     6.625% 6/15/35 1,000,000 1,024,500
Pioneer Energy Services
     6.125% 3/15/22 440,000 253,000
Plains All American Pipeline
     8.75% 5/1/19 10,000 11,689

(continues)     NQ-DEX [8/15] 10/15 (15216) 11



Schedule of investments

Delaware Enhanced Global Dividend and Income Fund (Unaudited)

            Principal       Value
amount° (U.S. $)
Corporate Bonds (continued)
Energy (continued)
Pride International
     6.875% 8/15/20 10,000 $ 10,520
Regency Energy Partners
     5.875% 3/1/22 10,000 10,304
Rose Rock Midstream 144A
     5.625% 11/15/23 # 210,000 189,000
Sabine Pass Liquefaction
     144A 5.625% 3/1/25 # 265,000 257,216
Sunoco Logistics Partners
     Operations
     3.45% 1/15/23 10,000 9,040
Talisman Energy
     5.50% 5/15/42 10,000 8,444
Transocean
     4.30% 10/15/22 115,000 80,213
     6.875% 12/15/21 195,000 156,000
Valero Energy  
     4.90% 3/15/45 5,000 4,540
Weatherford International
     4.50% 4/15/22 235,000 198,507
Williams Partners
     7.25% 2/1/17 20,000 21,387
Woodside Finance 144A
     8.75% 3/1/19 # 15,000 17,917
  9,960,347
Financials – 0.39%
Affiliated Managers Group
     3.50% 8/1/25 5,000 4,789
Aviation Capital Group 144A
     6.75% 4/6/21 # 5,000 5,669
General Electric Capital
     2.10% 12/11/19 35,000 35,096
     5.55% 5/4/20 5,000 5,680
     6.00% 8/7/19 10,000 11,413
Infinity Acquisition 144A
     7.25% 8/1/22 # 265,000 243,800
James Hardie International
     Finance 144A
     5.875% 2/15/23 # 415,000 429,525
  735,972
Healthcare – 3.36%
21st Century Oncology 144A
     11.00% 5/1/23 # 165,000 158,813
Air Medical Merger Sub 144A
     6.375% 5/15/23 # 590,000 551,650
Community Health Systems
     6.875% 2/1/22 670,000 713,758
DaVita HealthCare Partners
     5.00% 5/1/25 505,000 496,163
     5.125% 7/15/24 145,000 144,637
HCA 5.375% 2/1/25 340,000 345,950
HealthSouth
     144A 5.75% 11/1/24 # 225,000 228,690
     5.75% 11/1/24 195,000 198,198
Hill-Rom Holdings 144A
     5.75% 9/1/23 # 255,000 260,737
IASIS Healthcare
     8.375% 5/15/19 720,000 748,001
Immucor 11.125% 8/15/19 925,000 975,875
Kinetic Concepts
     10.50% 11/1/18 155,000 163,913
     12.50% 11/1/19 180,000 193,950
Mallinckrodt International
     Finance
     4.75% 4/15/23 40,000 38,100
     144A 5.50% 4/15/25 # 220,000 219,175
Par Pharmaceutical
     7.375% 10/15/20 115,000 122,533
Tenet Healthcare
     5.00% 3/1/19 170,000 170,338
     6.75% 6/15/23 75,000 77,625
     8.125% 4/1/22 450,000 499,500
6,307,606
Insurance – 0.70%
American International Group
     4.125% 2/15/24 5,000 5,184
Berkshire Hathaway Finance
     2.90% 10/15/20 35,000 36,005
Highmark
     144A 4.75% 5/15/21 # 5,000 5,154
     144A 6.125% 5/15/41 # 5,000 5,035
HUB International 144A
     7.875% 10/1/21 # 435,000 435,000
Liberty Mutual Group 144A
     4.95% 5/1/22 # 5,000 5,344
MetLife 6.40% 12/15/36 100,000 110,125
Prudential Financial
     5.375% 5/15/45 ● 5,000 4,952
TIAA Asset Management
     Finance
     144A 2.95% 11/1/19 # 5,000 5,037
     144A 4.125% 11/1/24 # 10,000 10,127
USI 144A 7.75% 1/15/21 # 395,000 384,631
Voya Financial
     5.65% 5/15/53 ● 5,000 5,075

12 NQ-DEX [8/15] 10/15 (15216)



(Unaudited)

      Principal Value
      amount°       (U.S. $)
Corporate Bonds (continued)
Insurance (continued)
XLIT
     4.45% 3/31/25 10,000 $ 9,895
     5.50% 3/31/45 5,000 4,667
     6.50% 10/29/49 ● 365,000 288,350
1,314,581
Media – 4.51%
CCO Holdings
     144A 5.375% 5/1/25 # 155,000 150,931
     144A 5.875% 5/1/27 # 305,000 299,663
Columbus International 144A
     7.375% 3/30/21 # 470,000 496,437
CSC Holdings 5.25% 6/1/24 435,000 404,767
DISH DBS 5.875% 11/15/24 240,000 219,300
Gray Television
     7.50% 10/1/20 640,000 664,192
iHeartCommunications
     9.00% 12/15/19 75,000 70,875
     9.00% 9/15/22 1,130,000 987,337
LIN Television 144A
     5.875% 11/15/22 # 515,000 513,713
Midcontinent Communi-
     cations & Midcontinent
     Finance 144A
     6.875% 8/15/23 # 135,000 136,350
Nexstar Broadcasting 144A  
     6.125% 2/15/22 # 55,000 55,550
Numericable-SFR 144A
     6.00% 5/15/22 # 660,000 661,650
RCN Telecom Services 144A
     8.50% 8/15/20 # 315,000 334,294
Sinclair Television Group
     144A 5.625% 8/1/24 # 720,000 687,600
Sirius XM Radio 144A
     5.375% 4/15/25 # 470,000 465,300
Tribune Media 144A
     5.875% 7/15/22 # 355,000 358,550
Univision Communications
     144A 5.125% 5/15/23 # 240,000 237,600
VTR Finance 144A
     6.875% 1/15/24 # 865,000 854,188
WideOpenWest Finance
     10.25% 7/15/19 630,000 654,413
     13.375% 10/15/19 190,000 201,400
  8,454,110
Real Estate Investment Trusts – 0.27%
Alexandria Real Estate
     Equities 4.60% 4/1/22 15,000 15,589
AvalonBay Communities
     3.45% 6/1/25 5,000 4,901
     3.50% 11/15/24 5,000 4,947
CBL & Associates
     4.60% 10/15/24 5,000 4,861
Communications Sales &
     Leasing 144A
     8.25% 10/15/23 # 165,000 150,563
Corporate Office Properties
     3.60% 5/15/23 5,000 4,601
     5.25% 2/15/24 10,000 10,149
DDR
     3.625% 2/1/25 5,000 4,714
     7.50% 4/1/17 5,000 5,419
     7.875% 9/1/20 20,000 24,360
Education Realty Operating
     Partnership
     4.60% 12/1/24 5,000 5,054
ESH Hospitality 144A
     5.25% 5/1/25 # 225,000 219,375
Excel Trust 4.625% 5/15/24 5,000 4,799
Hospitality Properties Trust
     4.50% 3/15/25 5,000 4,909
Omega Healthcare Investors
     144A 4.50% 4/1/27 # 5,000 4,820
Regency Centers
     5.875% 6/15/17 20,000 21,480
Ventas Realty
     4.125% 1/15/26 5,000 4,966
WP Carey 4.60% 4/1/24 5,000 5,058
  500,565
Services – 2.55%
AECOM
     144A 5.75% 10/15/22 # 165,000 165,413
     144A 5.875% 10/15/24 # 235,000 237,350
Algeco Scotsman Global
     Finance
     144A 8.50% 10/15/18 # 400,000 360,000
     144A 10.75% 10/15/19 # 215,000 127,925
Avis Budget Car Rental 144A
     5.25% 3/15/25 # 500,000 475,625
BlueLine Rental Finance 144A
     7.00% 2/1/19 # 295,000 280,250
Covanta Holding
     5.875% 3/1/24 160,000 156,800
GEO Group
     5.125% 4/1/23 165,000 165,000
     5.875% 10/15/24 275,000 283,937

(continues)     NQ-DEX [8/15] 10/15 (15216) 13



Schedule of investments

Delaware Enhanced Global Dividend and Income Fund (Unaudited)

Principal Value
            amount°       (U.S. $)
Corporate Bonds (continued)
Services (continued)
Mattamy Group 144A
     6.50% 11/15/20 # 485,000 $ 470,450
Navios South American
     Logistics 144A
     7.25% 5/1/22 # 375,000 347,344
OPE KAG Finance Sub 144A
     7.875% 7/31/23 # 330,000 337,425
Pinnacle Entertainment
     7.75% 4/1/22 145,000 160,950
United Rentals North America
     5.50% 7/15/25 130,000 125,937
     5.75% 11/15/24 625,000 618,750
Vander Intermediate Holding
     II 144A PIK 9.75%
     2/1/19 #❆ 165,000 144,788
West 144A
     5.375% 7/15/22 # 345,000 325,594
  4,783,538
Technology – 2.01%
Apple
     3.20% 5/13/25 25,000 24,910
     3.45% 2/9/45 5,000 4,243
Audatex North America 144A
     6.125% 11/1/23 # 505,000 502,419
Avaya 144A 7.00% 4/1/19 # 80,000 72,200
Cisco Systems
     2.45% 6/15/20 5,000 5,052
CommScope 144A
     5.50% 6/15/24 # 415,000 404,625
CommScope Technologies
     Finance 144A
     6.00% 6/15/25 # 240,000 234,000
Corning 2.90% 5/15/22 15,000 14,951
Emdeon 144A
     6.00% 2/15/21 # 350,000 345,625
Entegris 144A
     6.00% 4/1/22 # 415,000 421,744
First Data 11.75% 8/15/21 535,500 604,579
Flextronics International 144A
     4.75% 6/15/25 # 10,000 9,699
Infor Software Parent 144A
     PIK 7.125% 5/1/21 # 485,000 441,350
Infor US 144A
     5.75% 8/15/20 # 140,000 140,700
Intel 3.70% 7/29/25 5,000 5,063
Italics Merger Sub 144A
     7.125% 7/15/23 # 165,000 160,015
Micron Technology
     144A 5.25% 1/15/24 # 205,000 190,650
     144A 5.625% 1/15/26 # 80,000 72,800
Molex Electronic Technologies
     144A 2.878% 4/15/20 # 10,000 9,765
     144A 3.90% 4/15/25 # 5,000 4,816
Motorola Solutions
     4.00% 9/1/24 10,000 9,211
National Semiconductor
     6.60% 6/15/17 20,000 21,888
Oracle
     2.95% 5/15/25 5,000 4,817
     4.125% 5/15/45 5,000 4,733
     4.30% 7/8/34 25,000 24,865
QUALCOMM
     3.00% 5/20/22 5,000 4,861
     3.45% 5/20/25 5,000 4,695
Seagate HDD Cayman
     4.75% 1/1/25 15,000 14,296
Xerox 6.35% 5/15/18 10,000 11,018
  3,769,590
Transportation – 0.18%
Air Canada 2015-1 Class A
     Pass Through Trust 144A
     3.60% 3/15/27 #⧫ 5,000 4,856
American Airlines 2014-1
     Class A Pass Through Trust
     3.70% 10/1/26 4,853 4,850
American Airlines 2015-1
     Class A Pass Through Trust
     3.375% 5/1/27 5,000 4,894
Brambles USA 144A
     5.35% 4/1/20 # 15,000 16,614
Burlington Northern Santa Fe
     4.15% 4/1/45 15,000 13,680
ERAC USA Finance 144A
     5.25% 10/1/20 # 15,000 16,737
Trinity Industries
     4.55% 10/1/24 10,000 9,409
United Airlines 2014-1 Class
     A Pass Through Trust
     4.00% 4/11/26 5,000 5,056
United Airlines 2014-2 Class
     A Pass Through Trust
     3.75% 9/3/26 5,000 5,019
United Parcel Service
     5.125% 4/1/19 10,000 11,136
XPO Logistics 144A
     6.50% 6/15/22 # 245,000 241,938
334,189

14 NQ-DEX [8/15] 10/15 (15216)



(Unaudited)

     

 

Principal Value
      amount°       (U.S. $)
Corporate Bonds (continued)      
Utilities – 1.79%
Abengoa Yield 144A
     7.00% 11/15/19 # 275,000 $ 258,500
AES 5.50% 4/15/25 390,000 368,550
AES Gener 144A
     8.375% 12/18/73 # 200,000 217,000
American Water Capital
     3.40% 3/1/25 5,000 5,013
Calpine
     5.375% 1/15/23 215,000 208,485
     5.50% 2/1/24 205,000 198,850
DPL 6.75% 10/1/19 355,000 372,750
Dynegy
     5.875% 6/1/23 255,000 244,800
     7.375% 11/1/22 220,000 228,800
     7.625% 11/1/24 420,000 439,236
Electricite de France 144A
     4.60% 1/27/20 # 15,000 16,473
Enel 144A
     8.75% 9/24/73 #   400,000 468,388
GenOn Energy
     9.875% 10/15/20 345,000   327,750
    3,354,595
Total Corporate Bonds
(cost $86,336,628) 81,414,547
    
Municipal Bond 0.14%
Chicago, Illinois
     (Taxable Build America
     Bond) Series B
     7.75% 1/1/42 265,000 254,858
Total Municipal Bond
(cost $260,844) 254,858
 
Non-Agency Asset-Backed Security 0.01%
Nissan Auto Receivables
     Owner Trust
     Series 2013-C A3
     0.67% 8/15/18 20,697 20,654
Total Non-Agency
Asset-Backed Security
(cost $20,692) 20,654
 
Non-Agency Collateralized Mortgage Obligations 0.06%
Citicorp Mortgage Securities
     Trust
     Series 2007-1 2A1
     5.50% 1/25/22 4,795 4,814
Citicorp Residential Mortgage
     Trust
     Series 2006-3 A5
     5.948% 11/25/36 ϕ 100,000 99,481
Total Non-Agency
Collateralized Mortgage
Obligations (cost $91,694) 104,295
  
Regional Bond 0.44%Δ
Australia – 0.44%
New South Wales Treasury
     4.00% 5/20/26 AUD 1,060,000 817,902
Total Regional Bond
(cost $923,764) 817,902
 
Senior Secured Loans 2.01%«
21st Century Oncology
     Tranche B 1st Lien
     6.50% 4/28/22 185,000 177,831
Applied Systems 2nd Lien
     7.50% 1/23/22 411,719 411,101
Atkore International 2nd Lien
     7.75% 10/9/21 235,000 217,669
Avaya 1st Lien
     4.50% 10/26/17 174,520 163,089
BJ’s Wholesale Club 2nd Lien
     8.50% 3/31/20 440,000 440,220
CD&R Millennium Holdco 6
     2nd Lien 8.75% 7/31/22 370,000 364,450
Drillship Ocean Ventures
     Tranche B 1st Lien
     5.50% 7/25/21 77,389 59,977
Flint Group 2nd Lien
     8.25% 9/7/22 375,000 373,750
FMG Resources August 2006
     Pty 1st Lien
     3.75% 6/30/19 100,000 81,208
Green Energy Partners
     Tranche B 1st Lien
     6.50% 11/13/21 255,000 258,984
iHeartCommunications
     Tranche D 1st Lien
     6.75% 1/30/19 240,000 212,100
Marina District Finance
     Tranche B 1st Lien
     6.50% 8/15/18 259,504 261,218
Moxie Patriot Tranche B1 1st
     Lien 6.75% 12/19/20 210,000 204,750
Panda Liberty Tranche B 1st
     Lien 7.50% 8/21/20 215,000 209,625

(continues)     NQ-DEX [8/15] 10/15 (15216) 15



Schedule of investments

Delaware Enhanced Global Dividend and Income Fund (Unaudited)

      Principal Value
amount° (U.S. $)
Senior Secured Loans« (continued)
Rite Aid 2nd Lien      
     5.75% 8/21/20 178,000 $ 179,928
Solenis International 2nd Lien
     7.75% 7/31/22 150,000 144,687
Total Senior Secured Loans
(cost $3,844,824) 3,760,587
 
Sovereign Bonds 4.64%Δ
Indonesia – 2.33%
Indonesia Government
     International Bonds
     144A 5.125% 1/15/45 # 1,000,000 920,000
     6.625% 2/17/37 1,350,000 1,458,000
     144A 6.75% 1/15/44 #       1,800,000 1,995,840
  4,373,840
Mexico – 1.79%
Mexican Bonos
     10.00% 12/5/24 MXN 22,720,000 1,740,988
Mexico Government
     International Bond
     3.60% 1/30/25 1,632,000 1,603,440
  3,344,428
South Africa – 0.52%
South Africa Government
     International Bond
     5.375% 7/24/44 1,000,000 975,080
  975,080
Total Sovereign Bonds
(cost $9,634,463) 8,693,348
 
Supranational Bank 0.64%
Inter-American Development
     Bank 7.25% 7/17/17 IDR 17,930,000,000 1,205,330
Total Supranational Bank
(cost $1,495,517) 1,205,330
 
U.S. Treasury Obligations 0.68%
U.S. Treasury Bond
     3.00% 5/15/45 90,000 91,072
U.S. Treasury Note
     1.625% 7/31/20 285,000 286,124
     2.125% 5/15/25 900,000 893,115
Total U.S. Treasury
Obligations
(cost $1,260,163) 1,270,311
 
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
     
 
Limited Partnership 0.20%
Ares Management 9,000 155,250
Brookfield Infrastructure
     Partners 5,400 213,300
Total Limited Partnership
(cost $325,427) 368,550
 
Preferred Stock 0.78%
Ally Financial 144A 7.00% # 400 406,463
Bank of America 6.50% ● 450,000 464,063
Freddie Mac 6.02% 40,000 164,000
GMAC Capital Trust I
     8.125% 12,000 306,360
Integrys Energy Group
     6.00% 300 8,022
Morgan Stanley 5.55% ● 10,000 10,000
National Retail Properties
     5.70% 200 4,906
Public Storage 5.20% 200 4,836
Vornado Realty Trust 6.625% 3,700 94,387
Total Preferred Stock
(cost $2,323,300) 1,463,037
 
Rights 0.01%
Safeway CVR exercise price
     $2.41 = 46,400 24,678
Total Rights (cost $0) 24,678
 
Warrant 0.00%
Wheeler Real Estate
     Investment Trust strike
     price $5.50, expiration
     date 4/29/19 @† 12,540 690
Total Warrant (cost $104) 690

16 NQ-DEX [8/15] 10/15 (15216)



(Unaudited)

Principal Value
      amount°       (U.S. $)
Short-Term Investments 0.77%
Discount Notes – 0.55%≠
     Federal Home Loan Bank
          0.065% 9/2/15 62,561 $ 62,561
          0.07% 10/5/15 550,182 550,144
          0.075% 9/18/15 125,333 125,333
          0.10% 10/23/15 62,561 62,554
          0.105% 11/3/15 116,289 116,262
     Freddie Mac
          0.075% 10/1/15 121,275 121,268
1,038,122
Repurchase Agreements – 0.22%
     Bank of America Merrill Lynch
          0.07%, dated 8/31/15, to
          be repurchased on 9/1/15,
          repurchase price $64,918
          (collateralized by U.S.
          government obligations
          1.50%–4.375%
          10/31/19-5/15/41; market
          value $66,216) 64,918 64,918
     Bank of Montreal
          0.10%, dated 8/31/15, to
          be repurchased on 9/1/15,
          repurchase price $108,197
          (collateralized by U.S.
          government obligations
          0.00%–8.00%
          8/18/16–5/15/45; market
          value $110,361) 108,197 108,197
     BNP Paribas
          0.12%, dated 8/31/15, to
          be repurchased on 9/1/15,
          repurchase price $237,886
          (collateralized by U.S.
          government obligations
          0.00%–7.50%
          2/15/16–11/15/44; market
          value $242,643) 237,885 237,885
  411,000
 
Total Short-Term
     Investments
     (cost $1,449,123) 1,449,122
             
Total Value of
     Securities – 141.04%
     (cost $268,260,253) $ 264,453,277
 
Borrowing Under Line of
     Credit – (44.80%) (84,000,000 )
Receivables and Other
     Assets Net of
     Liabilities 3.76% 7,054,971
Net Assets Applicable to
     15,863,616 Shares
     Outstanding 100.00% $ 187,508,248
____________________

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Aug. 31, 2015, the aggregate value of Rule 144A securities was $54,265,220, which represents 28.94% of the Fund’s net assets.
@ Illiquid security. At Aug. 31, 2015, the aggregate value of illiquid securities was $1,171,731, which represents 0.63% 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.
100% of the income received was in the form of cash.
Includes $2,726 cash collateral for swap contracts as of Aug. 31, 2015.
= Security is being fair valued in accordance with the Fund’s fair valuation policy. At Aug. 31, 2015, the aggregate value of fair valued securities was $59,904, which represents 0.03% 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 unless noted that the security is denominated in another currency.
Non-income-producing security.
Variable rate security. The rate shown is the rate as of Aug. 31, 2015. 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 Aug. 31, 2015.
ϕ Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at Aug. 31, 2015.

(continues)     NQ-DEX [8/15] 10/15 (15216) 17



Schedule of investments

Delaware Enhanced Global Dividend and Income Fund (Unaudited)

The following foreign currency exchange contracts and futures contracts were outstanding at Aug. 31, 2015:

Foreign Currency Exchange Contracts

Unrealized
      Contracts to                   Appreciation
Counterparty Receive (Deliver) In Exchange For Settlement Date (Depreciation)
BNYM AUD (40,942 ) USD 29,299 9/2/15 $            164
BNYM CAD (195,377 ) USD 147,468 9/1/15 (1,035 )
BNYM CHF (165,660 ) USD 172,010 9/1/15 638
BNYM   EUR (662,652 ) USD 741,110 9/1/15 (2,366 )
BNYM GBP (195,168 ) USD 300,507 9/2/15 995
BNYM HKD (1,253,947 ) USD 161,715 9/1/15 (83 )
BNYM IDR    (504,106,510 ) USD 35,710 9/2/15 (139 )
BNYM JPY (74,559,965 ) USD         615,658 9/2/15 663
BNYM KRW (29,204,714 ) USD 24,675 9/1/15 (18 )
BNYM SEK (1,032,126 ) USD 121,901 9/1/15 (43 )
BNYM SGD (1,048 ) USD 741 9/1/15 (1 )
$ (1,225 )

Swap Contract
CDS Contract1

Swap Annual Unrealized
Referenced Protection Termination Appreciation
Counterparty       Obligation       Notional Value       Payments       Date       (Depreciation)2
Protection
Purchased:
JPMC -  
  iTraxx  
Europe  
Crossover  
Series 23
ICE Version 1 EUR         20,000 5.00% 6/20/20 $                   318

The use of foreign currency exchange contracts and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts and swap contracts 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 as unrealized appreciation or depreciation daily. 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.

2Unrealized appreciation (depreciation) does not include periodic interest payments on swap contracts accrued daily in the amount of $(219).

Summary of abbreviations:
ADR – American Depositary Receipt
ARM – Adjustable Rate Mortgage
AUD – Australian Dollar
BNYM – Bank of New York Mellon
CAD – Canadian Dollar
CDS – Credit Default Swap
CHF – Swiss Franc
CVA – Dutch Certificate
CVR – Contingent Value Rights
ETN – Exchange-Traded Note
EUR – European Monetary Unit
FDR – Finnish Depositary Receipt
GBP – British Pound Sterling
GNMA – Government National Mortgage Association
HKD – Hong Kong Dollar
ICE – IntercontinentalExchange, Inc.
IDR – Indonesian Rupiah
JPMC – JPMorgan Chase Bank
JPY – Japanese Yen
KRW – South Korean Won
MXN – Mexican Peso
PIK – Payment-in-kind
REIT – Real Estate Investment Trust
REMIC – Real Estate Mortgage Investment Conduit
SEK – Swedish Krona
S.F. – Single Family
SGD – Singapore Dollar
USD – U.S. Dollar
yr – Year

18 NQ-DEX [8/15] 10/15 (15216)



Notes

Delaware Enhanced Global Dividend and Income Fund
August 31, 2015 (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. 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. Securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Open-end investment company securities are valued at net asset value per share, as reported by the underlying investment company. 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 (CDS) 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. Futures contracts are valued at the daily quoted settlement prices. 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

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)

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(Unaudited)

2. Investments (continued)

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.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Aug. 31, 2015:

Securities         Level 1       Level 2       Level 3       Total
Agency, Asset-Backed and
     Mortgage-Backed Securities $ $ 1,004,424     $       $ 1,004,424
Corporate Debt 107,745,987 107,745,987
Foreign Debt 10,716,580 10,716,580
Municipal Bonds 254,858 254,858
Senior Secured Loans 3,760,587 3,760,587
Common Stock
     Consumer Discretionary 2,592,729 12,112,158 14,704,887
     Consumer Staples 5,027,914 8,281,363 13,309,277
     Diversified REITs 537,651 357,103 894,754
     Energy 7,695,326 3,285,502 10,980,828
     Financials 2,399,778 15,790,648 18,190,426
     Healthcare 10,054,975 7,645,829 17,700,804
     Healthcare REITs 768,826 768,826
     Hotel REITs 1,216,624 1,216,624
     Industrial REITs 652,372 213,721 866,093
     Industrials 2,820,697 12,274,141 15,094,838
     Information Technology 7,822,951 4,326,402 12,149,353
     Mall REITs 1,504,405 1,504,405
     Manufactured Housing REIT 175,979 175,979
     Materials 1,920,706 2,750,661 4,671,367
     Mixed REITs 235,917 235,917
     Mortgage REITs 917,475 917,475
     Multifamily REITs 841,763 841,763
     Office REITs 1,780,846 735,326 2,516,172
     Self-Storage REITs 269,708 269,708
     Shopping Center REITs 1,273,123 693,674 1,966,797
     Single Tenant REIT 125,462 125,462
     Specialty REITs 296,815 296,815
     Telecommunications 3,338,260 4,849,814 8,188,074
     Utilities 1,340,830 999,681 2,340,511

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(Unaudited)

Securities         Level 1       Level 2       Level 3       Total
Convertible Preferred Stock1 $ 5,846,680 $ 417,579 $ 35,226 $ 6,299,485
Exchange-Traded Note 167,813 167,813
Limited Partnership 368,550 368,550
Preferred Stock1 418,511 1,044,526 1,463,037
Rights 24,678 24,678
Warrant 690 690
U.S. Treasury Obligations 1,270,311 1,270,311
Short-Term Investments 1,449,122 1,449,122
Total Value of Securities $ 62,413,376 $ 201,979,997 $ 59,904 $ 264,453,277
 
Foreign Currency Exchange
     Contracts $ $ (1,225 ) $ $ (1,225 )
Swap Contract 318 318

The securities that have been deemed worthless on the “Schedule of investments” are considered to be Level 3 investments in this table.

1Security 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 92.81 % 6.63 %     0.56 % 100.00 %
Preferred Stock 28.61 % 71.39 % 100.00 %

As a result of utilizing international fair value pricing at Aug. 31, 2015, the majority of the Fund’s common stock was categorized as Level 2.

During the period ended Aug. 31, 2015, 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 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 net asset value 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 Aug. 31, 2015 that would require recognition or disclosure in the Fund’s “Schedule of investments.”

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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: