Edgar Filing: Delaware Enhanced Global Dividend & Income Fund

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, 2014

Item 1. Schedule of Investments.

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund
August 31, 2014 (Unaudited)

		Number of	Value
		shares	(U.S. $)
Common Stock – 70.23%v
Consumer Discretionary – 7.38%
	AMC Entertainment Holdings	7,023	$	166,234
	Bayerische Motoren Werke *	7,791		907,031
	DIRECTV Class A †	2,250		194,513
	Don Quijote Holdings	14,000		741,339
	General Motors	2,496		86,861
	Genuine Parts	9,600		842,304
	Hanesbrands	1,210		124,243
	Kering *	6,736		1,427,240
	Mattel	23,600		813,964
	Nitori Holdings	40,008		2,399,211
	Publicis Groupe *	21,506		1,602,279
	Sumitomo Rubber Industries	100,400		1,433,803
	Techtronic Industries	394,500		1,203,854
	Toyota Motor	48,505		2,763,324
	Yue Yuen Industrial Holdings	567,500		1,761,069
				16,467,269
Consumer Staples – 6.41%
	Archer-Daniels-Midland	13,300		663,138
	Aryzta †	33,479		3,057,634
	Carlsberg Class B	20,181		1,840,348
	Coca-Cola Amatil	159,492		1,340,187
	ConAgra Foods	41,400		1,333,080
	Kimberly-Clark	11,500		1,242,000
	Kraft Foods Group	21,200		1,248,680
	Lorillard	20,000		1,194,000
	Safeway	30,500		1,060,790
	Tesco	349,044		1,332,280
				14,312,137
Diversified REITs – 1.00%
	Champion REIT	125,000		57,096
	Dexus Property Group	39,910		44,901
	Fibra Uno Administracion †	87,563		315,358
	Investors Real Estate Trust	10,260		87,518
	Kenedix Office Investment	50		276,777
	Lexington Realty Trust	52,975		576,368
	Mapletree Logistics Trust	70,996		66,787
	Nieuwe Steen Investments	89		506
	Orix JREIT	40		53,549
	Stockland	70,059		277,995
	Vornado Realty Trust	2,641		279,603
	Washington Real Estate
	Investment Trust	7,272		202,016
				2,238,474
Energy – 6.52%
	Chevron	6,500		841,425
	CNOOC	1,065,000		2,140,980
	ConocoPhillips	9,900		804,078
	Halcon Resources †	1,107		6,089
	Kodiak Oil & Gas †	9,844		160,162
	Marathon Oil	15,900		662,871
	Occidental Petroleum	6,300		653,499
	Range Resources	1,214		95,408
	Royal Dutch Shell ADR *	14,700		1,247,295
	Saipem *†	73,634		1,747,397
	Spectra Energy	20,200		841,532
	Subsea 7 *	101,377		1,686,237
	Total	26,860		1,771,408
	Total ADR *	18,900		1,246,644
	Williams	11,100		659,784
				14,564,809
Financials – 9.36%
	AXA *	131,530		3,257,853
	Bank Rakyat Indonesia
	Persero	1,310,300		1,238,564
	BB&T	34,100		1,272,953
	Fifth Street Finance	16,638		163,552
	Gallagher (Arthur J.)	27,500		1,298,825
	Home Loan Servicing
	Solutions	32,995		722,591
	ING Groep CVA †	139,522		1,918,568
	Mitsubishi UFJ Financial
	Group	524,128		3,013,150
	Nordea Bank	197,820		2,578,077
	Nordea Bank FDR	46,830		610,116
	Santander Consumer USA
	Holdings	6,915		128,757
	Solar Capital	8,309		166,180
	Standard Chartered	134,689		2,711,907
	UniCredit	236,226		1,828,262
				20,909,355
Healthcare – 9.16%
	AbbVie	15,700		867,896
	Akorn *†	2,269		88,536
	AstraZeneca ADR	11,300		858,913
	Baxter International	12,600		944,748
	Bristol-Myers Squibb	13,300		673,645
	Johnson & Johnson	10,100		1,047,673
	Merck	25,300		1,520,783
	Novartis	39,343		3,528,914
	Pfizer	49,160		1,444,812
	Quest Diagnostics	10,700		676,347
	Sanofi *	31,150		3,417,747

(continues) NQ-DEX [8/14] 11/14 (13309) 1

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund (Unaudited)

		Number of	Value
		shares	(U.S. $)
Common Stockv (continued)
Healthcare (continued)
	Stada Arzneimittel *	36,417	$	1,453,263
	Teva Pharmaceutical
	Industries ADR	73,500		3,860,220
	Valeant Pharmaceuticals
	International †	611		71,670
				20,455,167
Healthcare REITs – 0.32%
	HCP	3,404		147,495
	Health Care REIT	1,875		126,713
	Sabra Health Care REIT	3,298		93,927
	Ventas	5,342		351,397
				719,532
Hotel REITs – 0.70%
	Ashford Hospitality Prime	12,360		200,108
	Ashford Hospitality Trust	61,800		716,262
	DiamondRock Hospitality	20,217		269,290
	LaSalle Hotel Properties	1,200		43,860
	Strategic Hotels & Resorts †	19,000		225,720
	Summit Hotel Properties	9,300		101,835
				1,557,075
Industrial REITs – 1.41%
	DCT Industrial Trust	16,877		134,172
	First Industrial Realty Trust	63,827		1,161,651
	Goodman Group	49,447		257,607
	Prologis	385		15,762
	Prologis Property Mexico †	294,100		655,397
	STAG Industrial	35,063		821,526
	Terreno Realty	5,097		103,163
				3,149,278
Industrials – 7.70%
	Deutsche Post *	67,614		2,210,903
	East Japan Railway	26,461		2,055,492
	ITOCHU	201,602		2,562,286
	Koninklijke Philips Electronics	69,303		2,111,777
	Meggitt	112,844		883,353
	Raytheon	13,300		1,281,322
	Vinci	34,974		2,286,303
	Waste Management	28,800		1,352,736
	WestJet Airlines @	90,943		2,459,049
				17,203,221
Information Technology – 6.37%
	Applied Materials	47,000		1,085,935
	Canon ADR	25,400		829,818
	CGI Group Class A †	110,740		3,919,135
	Cisco Systems	41,100		1,027,089
	Intel	43,700		1,526,004
	Microsoft	21,300		967,659
	Symantec	45,500		1,104,740
	Teleperformance	40,486		2,627,479
	Xerox	82,000		1,132,420
				14,220,279
Mall REITs – 0.82%
	CBL & Associates Properties	7,338		139,422
	General Growth Properties	12,497		307,051
	Macerich	389		25,398
	Pennsylvania Real Estate
	Investment Trust	8,500		171,360
	Rouse Properties	748		13,075
	Simon Property Group	6,908		1,174,567
				1,830,873
Manufactured Housing REITs – 0.22%
	Equity Lifestyle Properties	3,156		144,198
	Sun Communities	6,586		353,207
				497,405
Materials – 3.79%
	AuRico Gold	154,173		701,882
	Dow Chemical	14,400		771,120
	duPont (E.I.) deNemours	11,400		753,654
	Lafarge *	22,436		1,718,737
	Rexam	208,677		1,756,162
	Rio Tinto	31,585		1,684,772
	Tarkett *	6,400		197,626
	Yamana Gold	103,366		880,317
				8,464,270
Mixed REITs – 0.14%
	Duke Realty	11,447		212,914
	DuPont Fabros Technology	2,500		70,400
	PS Business Parks	400		32,616
				315,930
Mortgage REITs – 0.25%
	Chimera Investment	17,000		56,270
	Starwood Property Trust	20,900		498,465
				554,735
Multifamily REITs – 0.49%
	Apartment Investment &
	Management	15,728		538,999
	Camden Property Trust	5,109		382,358
	Equity Residential	1,597		106,153

2 NQ-DEX [8/14] 11/14 (13309)

(Unaudited)

		Number of	Value
		shares	(U.S. $)
Common Stockv (continued)
Multifamily REITs (continued)
	Essex Property Trust	297	$	57,455
				1,084,965
Office REITs – 0.94%
	alstria office REIT *†	33,657		449,992
	American Realty Capital
	Properties	24,509		322,538
	Corporate Office Properties
	Trust	11,690		331,762
	Equity Commonwealth	5,087		136,739
	Link REIT	33,000		195,870
	Mack-Cali Realty	11,500		243,110
	Parkway Properties	20,673		428,965
				2,108,976
Office/Diversified REIT – 0.06%
	Corio *	2,685		144,246
				144,246
Self-Storage REIT – 0.13%
	Extra Space Storage	5,300		279,310
				279,310
Shopping Center REITs – 1.00%
	Agree Realty	12,473		368,328
	Charter Hall Retail REIT	71,117		263,602
	Equity One	1,500		35,400
	First Capital Realty	2,922		51,920
	Kimco Realty	12,857		302,011
	Kite Realty Group Trust	5,922		152,314
	Ramco-Gershenson Properties
	Trust	19,634		332,993
	Regency Centers	900		51,426
	Scentre Group †	40,548		129,852
	Unibail-Rodamco	910		244,409
	Westfield †	16,989		120,867
	Wheeler Real Estate
	Investment Trust *@	36,463		183,409
				2,236,531
Single Tenant REITs – 0.19%
	National Retail Properties	5,420		201,299
	Spirit Realty Capital	18,362		216,855
				418,154
Specialty REITs – 0.77%
	EPR Properties	11,976		681,554
	Gladstone Land	18,590		229,772
	Nippon Prologis REIT	250		606,891
	Plum Creek Timber	1,520		61,758
	Rayonier	450		15,421
	Starwood Waypoint
	Residential Trust †	4,180		115,702
				1,711,098
Telecommunications – 3.78%
	AT&T	41,900		1,464,824
	Century Communications =†	125,000		0
	Mobile Telesystems ADR	102,500		1,891,125
	Nippon Telegraph &
	Telephone	53,701		3,602,258
	NTT DOCOMO ADR	37,000		639,360
	Verizon Communications	16,800		836,976
				8,434,543
Utilities – 1.32%
	American Water Works	800		40,488
	Edison International	11,500		680,110
	National Grid	79,031		1,179,340
	National Grid ADR	11,400		852,036
	NorthWestern *	3,800		183,464
				2,935,438

Total Common Stock
	(cost $128,890,590)			156,813,070

Convertible Preferred Stock – 3.71%
	ArcelorMittal 6.00% exercise
	price $20.36, expiration
	date 12/21/15	24,100		546,769
	Chesapeake Energy 144A
	5.75% exercise price
	$26.14, expiration date
	12/31/49 #	392		472,360
	El Paso Energy Capital Trust I
	4.75% exercise price
	$34.49, expiration date
	3/31/28	1,950		115,109
	Exelon 6.50% exercise price
	$43.75, expiration date
	6/1/17	16,650		840,825
	Halcon Resources 5.75%
	exercise price $6.16,
	expiration date 12/31/49	397		398,191
	HealthSouth 6.50% exercise
	price $30.01, expiration
	date 12/31/49	756		1,046,304
	Huntington Bancshares
	8.50% exercise price
	$11.95, expiration date
	12/31/49	510		688,500

(continues) NQ-DEX [8/14] 11/14 (13309) 3

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund (Unaudited)

		Number of	Value
		shares	(U.S. $)
Convertible Preferred Stock (continued)
	Intelsat 5.75% exercise price
	$22.05, expiration date
	5/1/16	19,584	$	939,053
	Laclede Group 6.75%
	exercise price $57.81,
	expiration date 4/1/17	4,379		241,589
	Maiden Holdings 7.25%
	exercise price $15.47,
	expiration date 9/15/16 *	19,850		933,744
	SandRidge Energy
	7.00% exercise price
	$7.76, expiration date
	12/31/49	2,500		241,875
	8.50% exercise price
	$8.01, expiration date
	12/31/49	4,205		422,077
	Wells Fargo 7.50% exercise
	price $156.71, expiration
	date 12/31/49	695		845,099
	Weyerhaeuser 6.375%
	exercise price $33.20,
	expiration date 7/1/16	5,289		305,493
	Wheeler Real Estate
	Investment Trust
	9.00% exercise price
	$5.00, expiration date
	12/31/49	8,250		209,138
	9.00% exercise price
	$5.00, expiration date
	12/31/49 @=	34		35,557
Total Convertible Preferred
	Stock (cost $7,923,759)			8,281,683

Exchange-Traded Fund – 0.08%
	iPATH S&P 500 VIX
	Short-Term Futures ETN *†	6,250		175,687
Total Exchange-Traded Fund
	(cost $1,178,000)			175,687

		Principal
		amount°
Agency Collateralized Mortgage Obligations – 0.05%
	Fannie Mae REMICs
	Series 2001-50 BA
	7.00% 10/25/41	73,879		84,499
	Freddie Mac REMICs
	Series 2557 WE
	5.00% 1/15/18	23,339		24,555
Total Agency Collateralized
	Mortgage Obligations
	(cost $98,657)			109,054

Agency Mortgage-Backed Securities – 0.41%
	Fannie Mae ARM
	2.119% 3/1/38 •	8,340		8,892
	2.238% 4/1/36 •	20,791		22,415
	2.247% 10/1/36 •	5,720		6,143
	2.305% 4/1/36 •	7,637		8,140
	2.374% 11/1/35 •	5,144		5,518
	2.415% 5/1/43 •	4,516		4,514
	2.423% 10/1/36 •	8,753		9,309
	2.546% 6/1/43 •	1,996		2,008
	3.296% 9/1/43 •	5,641		5,833
	Fannie Mae S.F. 15 yr
	4.00% 11/1/25	87,646		93,782
	5.50% 1/1/23	12,436		13,610
	Fannie Mae S.F. 20 yr
	4.00% 2/1/31	3,493		3,754
	5.50% 12/1/29	873		973
	Fannie Mae S.F. 30 yr
	4.00% 11/1/40	1,788		1,897
	4.50% 7/1/36	1,533		1,656
	6.50% 6/1/36	10,635		12,013
	6.50% 10/1/36	8,145		9,216
	Freddie Mac ARM
	2.249% 7/1/36 •	5,531		5,930
	2.265% 10/1/36 •	9,504		10,131
	Freddie Mac S.F. 15 yr
	4.00% 5/1/25	776		829
	5.00% 6/1/18	4,326		4,568
	5.00% 12/1/22	22,240		23,991
	Freddie Mac S.F. 30 yr
	5.00% 1/1/34	238,670		263,610
	6.00% 2/1/36	1,123		1,275
	7.00% 11/1/33	21,236		24,772
	9.00% 9/1/30	37,988		41,341
	GNMA I S.F. 30 yr
	7.50% 12/15/23	46,930		54,551
	7.50% 1/15/32	39,008		47,038
	9.50% 9/15/17	26,426		27,917
	12.00% 5/15/15	1,767		1,783
	GNMA II S.F. 30 yr
	6.00% 11/20/28	43,729		49,328

4 NQ-DEX [8/14] 11/14 (13309)

(Unaudited)

		Principal	Value
		amount°	(U.S. $)
Agency Mortgage-Backed Securities (continued)
	GNMA II S.F. 30 yr
	6.50% 2/20/30	133,456	$	148,274
Total Agency
	Mortgage-Backed
	Securities (cost $834,105)			915,011

Commercial Mortgage-Backed Securities – 0.06%
	FREMF Mortgage Trust
	Series 2013-K712 B 144A
	3.484% 5/25/45 #•	20,000		20,252
	Goldman Sachs Mortgage
	Securities II
	Series 2005-GG4 A4A
	4.751% 7/10/39	28,117		28,426
	Goldman Sachs Mortgage
	Securities Trust
	Series 2006-GG6 A4
	5.553% 4/10/38 •	10,000		10,448
	JPMBB Commercial Mortgage
	Securities Trust
	Series 2014-C21 AS
	3.997% 8/15/47	10,000		10,326
	Series 2014-C22 A4
	3.801% 9/15/47	10,000		10,378
	Series 2014-C22 B
	4.714% 9/15/47 •	10,000		10,384
	JPMorgan Chase Commercial
	Mortgage Securities Trust
	Series 2006-LDP8 AM
	5.44% 5/15/45	35,000		37,633
	LB-UBS Commercial
	Mortgage Trust
	Series 2006-C6 AM
	5.413% 9/15/39	10,000		10,775
Total Commercial
	Mortgage-Backed
	Securities (cost $136,336)			138,622

Convertible Bonds – 11.74%
Basic Industry – 0.13%
	Peabody Energy 4.75%
	exercise price $57.62,
	expiration date 12/15/41 *	391,000		282,986
				282,986
Capital Goods – 0.59%
	General Cable 4.50% exercise
	price $35.33, expiration
	date 11/15/29 ϕ	673,000		600,232
	Titan Machinery 3.75%
	exercise price $43.17,
	expiration date 4/30/19 *	897,000		701,903
				1,302,135
Communications – 1.73%
	Alaska Communications
	Systems Group 6.25%
	exercise price $10.28,
	expiration date 4/27/18	672,000		547,680
	Blucora 144A 4.25% exercise
	price $21.66, expiration
	date 3/29/19 #	416,000		420,940
	Clearwire Communications
	144A 8.25% exercise price
	$7.08, expiration date
	11/30/40 #	562,000		640,680
	Equinix 4.75% exercise price
	$84.32, expiration date
	6/13/16	41,000		108,317
	Liberty Interactive
	0.75% exercise price
	$1,000.00, expiration date
	3/30/43	544,000		740,180
	144A 1.00% exercise price
	$74.31, expiration date
	9/28/43 #	975,000		1,010,344
	SBA Communications 4.00%
	exercise price $30.38,
	expiration date 9/29/14	109,000		394,716
				3,862,857
Consumer Cyclical – 1.24%
	Iconix Brand Group 2.50%
	exercise price $30.75,
	expiration date 5/31/16	436,000		613,943
	Live Nation Entertainment
	144A 2.50% exercise price
	$34.68, expiration date
	5/13/19 #	117,000		117,877
	2.875% exercise price
	$27.14, expiration date
	9/29/14	807,000		806,496
	Meritor 4.00% exercise price
	$26.73, expiration date
	2/12/27 ϕ	1,149,000		1,235,175
				2,773,491
Consumer Non-Cyclical – 2.21%
	Alere 3.00% exercise price
	$43.98, expiration date
	5/15/16 *	226,000		238,430

(continues) NQ-DEX [8/14] 11/14 (13309) 5

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund (Unaudited)

		Principal	Value
		amount°	(U.S. $)
Convertible Bonds (continued)
Consumer Non-Cyclical (continued)
	BioMarin Pharmaceutical
	1.50% exercise price
	$94.15, expiration date
	10/13/20 *	343,000	$	382,659
	Hologic
	2.00% exercise price
	$31.17, expiration date
	2/27/42 *ϕ	597,000		642,521
	2.00% exercise price
	$38.59, expiration date
	12/15/43	607,000		666,183
	NuVasive 2.75% exercise
	price $42.13, expiration
	date 6/30/17	1,077,000		1,219,029
	Salix Pharmaceuticals 1.50%
	exercise price $65.81,
	expiration date 3/15/19	93,000		228,489
	Spectrum Pharmaceuticals
	144A 2.75% exercise price
	$10.53, expiration date
	12/13/18 #	443,000		462,381
	Vector Group
	1.75% exercise price
	$27.16, expiration date
	4/15/20	634,000		716,024
	2.50% exercise price
	$17.62, expiration date
	1/14/19 •	263,000		383,628
				4,939,344
Energy – 1.03%
	Chesapeake Energy 2.50%
	exercise price $47.77,
	expiration date 5/15/37	349,000		363,178
	Energy XXI Bermuda 144A
	3.00% exercise price
	$40.40, expiration date
	12/13/18 #	980,000		884,450
	Helix Energy Solutions Group
	3.25% exercise price
	$25.02, expiration date
	3/12/32	378,000		513,135
	Vantage Drilling 144A 5.50%
	exercise price $2.39,
	expiration date 7/15/43 #	509,000		543,358
				2,304,121
Financials – 1.03%
	Ares Capital 5.75% exercise
	price $19.13, expiration
	date 2/1/16	588,000		624,015
	BGC Partners 4.50% exercise
	price $9.84, expiration
	date 7/13/16	791,000		838,954
	Gain Capital Holdings 144A
	4.125% exercise price
	$12.00, expiration date
	11/30/18 #	551,000		507,264
	New Mountain Finance 144A
	5.00% exercise price
	$15.93, expiration date
	6/14/19 #	322,000		332,666
				2,302,899
Real Estate Investment Trusts – 1.30%
	Blackstone Mortgage Trust
	5.25% exercise price
	$28.66, expiration date
	12/1/18	970,000		1,041,537
	Campus Crest Communities
	Operating Partnership
	144A 4.75% exercise price
	$12.56, expiration date
	10/11/18 #	663,000		655,127
	Forest City Enterprises
	3.625% exercise price
	$24.21, expiration date
	8/14/20	591,000		629,784
	Lexington Realty Trust 144A
	6.00% exercise price
	$6.68, expiration date
	1/11/30 #	363,000		583,296
				2,909,744
Technology – 2.48%
	Cardtronics 144A 1.00%
	exercise price $52.35,
	expiration date
	11/27/20 #*	1,096,000		1,051,480
	Ciena 144A 3.75% exercise
	price $20.17, expiration
	date 10/15/18 #	535,000		697,506
	Intel 3.25% exercise price
	$21.71, expiration date
	8/1/39	401,000		678,444
	j2 Global 3.25% exercise
	price $69.37, expiration
	date 6/14/29	789,000		819,574
	Nuance Communications
	2.75% exercise price
	$32.30, expiration date
	11/1/31	712,000		712,890

6 NQ-DEX [8/14] 11/14 (13309)

(Unaudited)

		Principal		Value
		amount°		(U.S. $)
Convertible Bonds (continued)
Technology (continued)
	SanDisk 1.50% exercise price
	$51.53, expiration date
	8/11/17		433,000	$	835,690
	VeriSign 3.25% exercise price
	$34.37, expiration date
	8/15/37		424,000		734,580
					5,530,164
Total Convertible Bonds
	(cost $23,646,434)				26,207,741

Corporate Bonds – 41.62%
Automotives – 1.00%
	American Axle &
	Manufacturing
	7.75% 11/15/19		55,000		62,837
	Chassix 144A
	9.25% 8/1/18 #		210,000		218,400
	General Motors
	4.875% 10/2/23		190,000		204,250
	6.25% 10/2/43		235,000		276,713
	General Motors Financial
	6.75% 6/1/18		365,000		411,081
	International Automotive
	Components Group 144A
	9.125% 6/1/18 #		450,000		481,500
	Meritor
	6.25% 2/15/24		135,000		139,387
	6.75% 6/15/21		225,000		239,063
	Tupy Overseas 144A
	6.625% 7/17/24 #		200,000		208,100
					2,241,331
Banking – 4.14%
	Australia & New Zealand
	Banking Group
	5.448% 6/20/22 •	AUD	1,799,000		1,761,703
	Banco Santander Mexico
	144A 5.95% 1/30/24 #*•		200,000		213,000
	Bank of America
	4.00% 4/1/24		10,000		10,321
	4.055% 8/23/18 •	AUD	1,100,000		1,046,870
	4.20% 8/26/24		25,000		25,408
	Barclays Bank
	7.625% 11/21/22 *		375,000		421,875
	Citigroup 4.00% 8/5/24		10,000		10,041
	City National
	5.25% 9/15/20 *		5,000		5,624
	Credit Suisse Group 144A
	7.50% 12/29/49 #*•		400,000		435,000
	Fifth Third Bancorp
	4.30% 1/16/24		5,000		5,266
	Goldman Sachs Group
	3.925% 8/21/19 •	AUD	1,190,000		1,129,477
	4.325% 8/8/18 •	AUD	1,280,000		1,231,170
	HSBC Holdings
	4.00% 3/30/22		20,000		21,458
	JPMorgan Chase
	3.685% 5/17/18 •	AUD	1,100,000		1,038,258
	4.85% 2/1/44		20,000		21,956
	6.75% 1/29/49 •		440,000		474,650
	Lloyds Banking Group 7.50%
	4/30/49 *•		680,000		714,850
	Morgan Stanley
	2.375% 7/23/19		5,000		4,999
	5.00% 11/24/25		30,000		32,254
	Northern Trust
	3.95% 10/30/25		30,000		31,464
	PNC Funding 5.625% 2/1/17		35,000		38,347
	Popular 7.00% 7/1/19		390,000		393,900
	Santander Holdings USA
	4.625% 4/19/16		10,000		10,582
	State Street 3.10% 5/15/23		10,000		9,894
	SunTrust Bank
	2.35% 11/1/18		10,000		10,118
	SVB Financial Group
	5.375% 9/15/20		25,000		28,292
	USB Capital IX
	3.50% 10/29/49 •		80,000		68,000
	Wells Fargo
	4.10% 6/3/26		15,000		15,365
	5.90% 12/29/49 •		15,000		15,750
	Zions Bancorp
	4.50% 3/27/17		5,000		5,304
	4.50% 6/13/23		10,000		10,487
	7.75% 9/23/14		5,000		5,018
					9,246,701
Basic Industry – 4.12%
	AK Steel 7.625% 5/15/20 *		421,000		437,314
	ArcelorMittal
	6.125% 6/1/18		460,000		501,975
	10.35% 6/1/19		15,000		18,956
	Arch Coal 144A
	8.00% 1/15/19 #*		365,000		353,137
	Builders FirstSource 144A
	7.625% 6/1/21 #		405,000		424,237
	Celanese US Holdings
	4.625% 11/15/22		5,000		5,113

(continues) NQ-DEX [8/14] 11/14 (13309) 7

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund (Unaudited)

		Principal	Value
		amount°	(U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
	Cemex 144A
	7.25% 1/15/21 #	480,000	$	528,600
	CF Industries
	5.15% 3/15/34	5,000		5,469
	6.875% 5/1/18	25,000		29,260
	CPG Merger Sub 144A
	8.00% 10/1/21 #*	380,000		399,950
	Dow Chemical
	8.55% 5/15/19	34,000		43,359
	Eastman Chemical
	4.65% 10/15/44	25,000		25,432
	Essar Steel Minnesota 144A
	11.50% 5/15/20 #	115,000		118,306
	First Quantum Minerals
	144A 6.75% 2/15/20 #	172,000		179,310
	144A 7.00% 2/15/21 #	172,000		181,460
	144A 7.25% 5/15/22 #	200,000		211,500
	FMG Resources August 2006
	144A 6.875% 4/1/22 #*	650,000		710,531
	Georgia-Pacific
	8.00% 1/15/24	20,000		27,305
	Hardwoods Acquisition 144A
	7.50% 8/1/21 #	280,000		285,600
	HD Supply 11.50% 7/15/20	345,000		406,669
	INEOS Group Holdings 144A
	5.875% 2/15/19 #	310,000		318,525
	International Paper
	6.00% 11/15/41	10,000		12,064
	JMC Steel Group 144A
	8.25% 3/15/18 #	300,000		304,875
	Kissner Milling 144A
	7.25% 6/1/19 #	320,000		330,800
	LSB Industries 7.75% 8/1/19	295,000		323,763
	Masonite International 144A
	8.25% 4/15/21 #	425,000		463,250
	Monsanto 4.40% 7/15/44	35,000		36,517
	Mosaic 5.625% 11/15/43	20,000		23,180
	New Gold 144A
	6.25% 11/15/22 #	380,000		400,900
	Nortek 8.50% 4/15/21	265,000		289,513
	Polymer Group 144A
	6.875% 6/1/19 #	385,000		390,775
	Rio Tinto Finance USA
	3.50% 11/2/20	5,000		5,264
	Rock-Tenn
	3.50% 3/1/20	10,000		10,355
	4.00% 3/1/23	5,000		5,167
	Rockwood Specialties Group
	4.625% 10/15/20	5,000		5,219
	Ryerson
	9.00% 10/15/17	245,000		261,537
	11.25% 10/15/18	105,000		117,075
	Sappi Papier Holding 144A
	6.625% 4/15/21 #	200,000		211,000
	TPC Group 144A
	8.75% 12/15/20 #	425,000		470,687
	Weyerhaeuser
	4.625% 9/15/23	10,000		10,905
	Wise Metals Group 144A
	8.75% 12/15/18 #	170,000		184,450
	Wise Metals Intermediate
	Holdings 144A
	9.75% 6/15/19 #	115,000		122,044
	Yamana Gold 144A
	4.95% 7/15/24 #	5,000		5,121
				9,196,469
Brokerage – 0.03%
	Jefferies Group
	5.125% 1/20/23	10,000		10,853
	6.45% 6/8/27	5,000		5,695
	6.50% 1/20/43	5,000		5,610
	Lazard Group
	6.85% 6/15/17	34,000		38,583
				60,741
Capital Goods – 2.85%
	Accudyne Industries 144A
	7.75% 12/15/20 #	215,000		231,125
	Ardagh Packaging Finance
	144A 6.00% 6/30/21 #	400,000		397,000
	B/E Aerospace 5.25% 4/1/22	190,000		206,625
	BWAY Holding 144A
	9.125% 8/15/21 #	705,000		726,150
	Caterpillar 3.40% 5/15/24	30,000		30,683
	Consolidated Container 144A
	10.125% 7/15/20 #	385,000		385,000
	Crane 4.45% 12/15/23	10,000		10,674
	Gardner Denver 144A
	6.875% 8/15/21 #*	190,000		201,875
	Gates Global 144A
	6.00% 7/15/22 #	695,000		691,525
	Ingersoll-Rand Global Holding
	4.25% 6/15/23	15,000		16,025
	Milacron 144A
	7.75% 2/15/21 #	375,000		405,937
	Plastipak Holdings 144A
	6.50% 10/1/21 #	300,000		315,000
	Reynolds Group Issuer
	8.25% 2/15/21 *	310,000		339,837

8 NQ-DEX [8/14] 11/14 (13309)

(Unaudited)

		Principal	Value
		amount°	(U.S. $)
Corporate Bonds (continued)
Capital Goods (continued)
	Signode Industrial Group
	144A 6.375% 5/1/22 #	360,000	$	359,100
	TransDigm
	144A 6.00% 7/15/22 #	450,000		458,437
	144A 6.50% 7/15/24 #	370,000		379,713
	Votorantim Cimentos 144A
	7.25% 4/5/41 #	1,118,000		1,208,111
				6,362,817
Communications – 4.54%
	American Tower Trust I
	144A 1.551% 3/15/43 #	5,000		4,953
	144A 3.07% 3/15/23 #	20,000		19,921
	AT&T 4.80% 6/15/44	30,000		31,501
	CC Holdings GS V
	3.849% 4/15/23	5,000		5,084
	CenturyLink
	5.80% 3/15/22	210,000		222,600
	6.75% 12/1/23 *	240,000		266,550
	Cogent Communications
	Finance 144A
	5.625% 4/15/21 #	375,000		375,000
	Comcast
	3.375% 2/15/25	20,000		20,264
	4.20% 8/15/34	5,000		5,155
	Crown Castle Towers 144A
	4.883% 8/15/20 #	30,000		33,438
	Digicel Group
	144A 7.125% 4/1/22 #	1,250,000		1,300,000
	144A 8.25% 9/30/20 #	730,000		792,050
	DIRECTV Holdings
	4.45% 4/1/24	25,000		26,876
	Historic TW 6.875% 6/15/18	25,000		29,517
	Hughes Satellite Systems
	7.625% 6/15/21	280,000		317,800
	Intelsat Luxembourg
	7.75% 6/1/21	110,000		116,463
	8.125% 6/1/23	1,625,000		1,767,187
	Level 3 Escrow II 144A
	5.375% 8/15/22 #	460,000		463,450
	SES 144A 3.60% 4/4/23 #	15,000		15,337
	SES Global Americas Holdings
	144A 5.30% 3/25/44 #	15,000		16,422
	Sprint
	144A 7.125% 6/15/24 #	1,015,000		1,039,106
	144A 7.25% 9/15/21 #	435,000		462,187
	144A 7.875% 9/15/23 #	260,000		279,500
	Sprint Capital 6.90% 5/1/19	85,000		91,694
	Time Warner 3.55% 6/1/24	5,000		5,004
	Time Warner Cable
	4.00% 9/1/21	10,000		10,747
	8.25% 4/1/19	15,000		18,889
	T-Mobile USA
	6.125% 1/15/22	115,000		119,600
	6.25% 4/1/21	180,000		187,425
	6.50% 1/15/24 *	70,000		72,975
	Verizon Communications
	144A 4.862% 8/21/46 #	2,000		2,105
	144A 5.012% 8/21/54 #	5,000		5,240
	5.15% 9/15/23	10,000		11,330
	6.40% 9/15/33	3,000		3,794
	6.55% 9/15/43	6,000		7,739
	Viacom 5.25% 4/1/44 *	20,000		21,590
	VimpelCom Holdings 144A
	5.95% 2/13/23 #	500,000		453,050
	Wind Acquisition Finance
	144A 4.75% 7/15/20 #	200,000		201,000
	144A 7.375% 4/23/21 #	365,000		385,988
	Windstream
	7.50% 6/1/22	5,000		5,456
	7.50% 4/1/23	235,000		251,450
	7.75% 10/1/21	235,000		257,325
	Zayo Group 10.125% 7/1/20	372,000		424,545
				10,147,307
Consumer Cyclical – 1.79%
	Bed Bath & Beyond
	4.915% 8/1/34	5,000		5,218
	5.165% 8/1/44	10,000		10,421
	BI-LO 144A PIK 8.625%
	9/15/18 #T	470,000		464,125
	DBP Holding 144A
	7.75% 10/15/20 #	251,000		239,705
	Delphi 4.15% 3/15/24	10,000		10,415
	eBay 3.45% 8/1/24	10,000		10,074
	Expedia 4.50% 8/15/24	5,000		5,052
	General Motors
	3.50% 10/2/18	10,000		10,263
	Host Hotels & Resorts
	4.75% 3/1/23	20,000		21,518
	Hyundai Capital America
	144A 2.55% 2/6/19 #	10,000		10,143
	International Game
	Technology
	5.35% 10/15/23	10,000		10,452
	Landry’s 144A
	9.375% 5/1/20 #	665,000		718,200

(continues) NQ-DEX [8/14] 11/14 (13309) 9

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund (Unaudited)

		Principal	Value
		amount°	(U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Magna International
	3.625% 6/15/24	30,000	$	30,546
	Marriott International
	3.375% 10/15/20	5,000		5,169
	Men’s Wearhouse 144A
	7.00% 7/1/22 #*	215,000		226,287
	Michaels Stores 144A
	5.875% 12/15/20 #	300,000		304,650
	Pantry 8.375% 8/1/20	405,000		435,375
	Party City Holdings
	8.875% 8/1/20	435,000		481,763
	PF Chang’s China Bistro 144A
	10.25% 6/30/20 #	265,000		272,950
	QVC
	4.375% 3/15/23	15,000		15,144
	144A 5.45% 8/15/34 #	10,000		10,116
	Rite Aid 6.75% 6/15/21 *	480,000		511,800
	Roundy’s Supermarkets 144A
	10.25% 12/15/20 #	100,000		97,250
	Signet UK Finance
	4.70% 6/15/24	10,000		10,284
	Target
	2.30% 6/26/19	5,000		5,057
	3.50% 7/1/24	35,000		35,819
	TRW Automotive 144A
	4.45% 12/1/23 #	15,000		15,187
	Wyndham Worldwide
	4.25% 3/1/22	5,000		5,162
	5.625% 3/1/21	10,000		11,231
				3,989,376
Consumer Non-Cyclical – 0.95%
	Actavis Funding 144A
	3.85% 6/15/24 #	5,000		5,068
	Boston Scientific
	2.65% 10/1/18	5,000		5,100
	6.00% 1/15/20	15,000		17,408
	CareFusion 6.375% 8/1/19	10,000		11,642
	Celgene 3.95% 10/15/20	30,000		31,972
	Covidien International
	Finance 4.20% 6/15/20	20,000		21,888
	Crestview DS Merger Sub II
	10.00% 9/1/21	255,000		289,425
	Darling Ingredients 144A
	5.375% 1/15/22 #	145,000		150,981
	ESAL 144A 6.25% 2/5/23 #*	200,000		201,500
	Express Scripts Holding
	2.25% 6/15/19	5,000		4,981
	3.50% 6/15/24	15,000		15,097
	Forest Laboratories 144A
	4.375% 2/1/19 #	10,000		10,783
	Gilead Sciences
	3.70% 4/1/24	10,000		10,450
	JBS Investments 144A
	7.75% 10/28/20 #	470,000		509,950
	McKesson 3.796% 3/15/24	30,000		30,940
	Prestige Brands 144A
	5.375% 12/15/21 #	290,000		289,275
	Quest Diagnostics
	2.70% 4/1/19	20,000		20,208
	Spectrum Brands
	6.375% 11/15/20	75,000		81,000
	6.625% 11/15/22	280,000		304,500
	Thermo Fisher Scientific
	2.40% 2/1/19	10,000		10,114
	4.15% 2/1/24	20,000		21,166
	Tyson Foods 3.95% 8/15/24	15,000		15,390
	Zimmer Holdings
	4.625% 11/30/19	30,000		33,151
	Zoetis 3.25% 2/1/23	20,000		20,044
				2,112,033
Energy – 7.32%
	Anadarko Petroleum
	3.45% 7/15/24	10,000		10,131
	Athlon Holdings 144A
	6.00% 5/1/22 #*	345,000		356,213
	Baytex Energy
	144A 5.125% 6/1/21 #	80,000		80,400
	144A 5.625% 6/1/24 #	360,000		361,350
	Calumet Specialty Products
	Partners 7.625% 1/15/22	570,000		598,500
	Chaparral Energy
	7.625% 11/15/22	180,000		194,175
	8.25% 9/1/21	160,000		173,400
	CHC Helicopter
	9.375% 6/1/21 *	480,000		537,600
	Chesapeake Energy
	4.875% 4/15/22	710,000		746,352
	Cimarex Energy
	4.375% 6/1/24	5,000		5,219
	Compressco Partners 144A
	7.25% 8/15/22 #	450,000		455,625
	Continental Resources
	4.50% 4/15/23	20,000		21,636
	Ecopetrol 5.875% 5/28/45	615,000		666,328
	Energy Transfer Equity
	5.875% 1/15/24	178,000		188,903

10 NQ-DEX [8/14] 11/14 (13309)

(Unaudited)

		Principal	Value
		amount°	(U.S. $)
Corporate Bonds (continued)
Energy (continued)
	Energy XXI Gulf Coast 144A
	6.875% 3/15/24 #	390,000	$	397,800
	Exterran Partners
	6.00% 4/1/21	395,000		400,925
	FTS International 144A
	6.25% 5/1/22 #	415,000		426,413
	Genesis Energy
	5.75% 2/15/21	440,000		456,500
	Halcon Resources
	8.875% 5/15/21	235,000		248,513
	9.75% 7/15/20	415,000		449,237
	Hercules Offshore
	144A 6.75% 4/1/22 #*	430,000		389,687
	144A 7.50% 10/1/21 #	190,000		180,500
	144A 8.75% 7/15/21 #	115,000		116,725
	Key Energy Services
	6.75% 3/1/21	570,000		581,400
	Laredo Petroleum
	5.625% 1/15/22	180,000		185,850
	7.375% 5/1/22	75,000		82,500
	Midstates Petroleum
	9.25% 6/1/21	590,000		641,625
	Murphy Oil USA
	6.00% 8/15/23	400,000		426,000
	Newfield Exploration
	5.625% 7/1/24	10,000		11,062
	Northern Blizzard Resources
	144A 7.25% 2/1/22 #	254,000		269,240
	Northern Oil & Gas
	8.00% 6/1/20	370,000		390,350
	NuStar Logistics
	6.75% 2/1/21	240,000		267,600
	Oasis Petroleum
	6.875% 3/15/22	440,000		482,900
	Ocean Rig UDW 144A
	7.25% 4/1/19 #	520,000		520,000
	Offshore Group Investment
	7.125% 4/1/23	180,000		179,550
	PDC Energy 7.75% 10/15/22	380,000		418,000
	Petrobras International
	Finance 5.375% 1/27/21	39,000		41,313
	Petroleos Mexicanos
	5.50% 6/27/44	512,000		557,952
	6.625% 6/15/35	1,000,000		1,237,500
	Pioneer Energy Services 144A
	6.125% 3/15/22 #	390,000		397,800
	Pride International
	6.875% 8/15/20	20,000		24,134
	Regency Energy Partners
	5.875% 3/1/22	385,000		415,800
	Samson Investment
	9.75% 2/15/20	415,000		425,375
	SandRidge Energy
	8.125% 10/15/22	505,000		539,087
	Statoil 2.90% 11/8/20	30,000		30,894
	Talisman Energy
	5.50% 5/15/42	25,000		27,733
	Triangle USA Petroleum 144A
	6.75% 7/15/22 #	405,000		416,137
	Warren Resources 144A
	9.00% 8/1/22 #	260,000		262,925
	Williams 4.55% 6/24/24	20,000		20,180
	Woodside Finance 144A
	8.75% 3/1/19 #	15,000		18,932
				16,333,971
Financials – 0.27%
	Aviation Capital Group 144A
	6.75% 4/6/21 #	5,000		5,693
	General Electric Capital
	2.10% 12/11/19	35,000		35,370
	3.45% 5/15/24	35,000		35,766
	6.00% 8/7/19	15,000		17,682
	Nuveen Investments 144A
	9.50% 10/15/20 #	425,000		498,245
				592,756
Healthcare – 2.76%
	Air Medical Group Holdings
	9.25% 11/1/18	229,000		241,881
	Amgen 3.625% 5/22/24	15,000		15,283
	Amsurg 144A
	5.625% 7/15/22 #	215,000		220,913
	Community Health Systems
	144A 6.875% 2/1/22 #	485,000		517,737
	7.125% 7/15/20	105,000		113,794
	8.00% 11/15/19	25,000		27,250
	Crimson Merger Sub 144A
	6.625% 5/15/22 #	380,000		363,375
	DaVita HealthCare Partners
	5.125% 7/15/24	930,000		945,113
	Immucor 11.125% 8/15/19	420,000		468,300
	Kinetic Concepts
	10.50% 11/1/18	250,000		279,687
	12.50% 11/1/19	180,000		205,875
	Mallinckrodt International
	Finance 4.75% 4/15/23	215,000		203,713

(continues) NQ-DEX [8/14] 11/14 (13309) 11

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund (Unaudited)

		Principal	Value
		amount°	(U.S. $)
Corporate Bonds (continued)
Healthcare (continued)
	MPH Acquisition Holdings
	144A 6.625% 4/1/22 #	190,000	$	199,263
	Par Pharmaceutical
	7.375% 10/15/20	780,000		830,700
	Salix Pharmaceuticals 144A
	6.00% 1/15/21 #	465,000		505,687
	Tenet Healthcare
	144A 5.00% 3/1/19 #	270,000		274,050
	6.00% 10/1/20	180,000		195,750
	8.125% 4/1/22	235,000		271,131
	Valeant Pharmaceuticals
	International 144A
	5.625% 12/1/21 #	100,000		101,875
	VPI Escrow 144A
	6.375% 10/15/20 #	175,000		183,750
				6,165,127
Insurance – 1.02%
	Allstate 5.75% 8/15/53 •	10,000		10,719
	American International Group
	8.175% 5/15/58 •	345,000		476,963
	Berkshire Hathaway Finance
	2.90% 10/15/20	35,000		36,043
	Chubb 6.375% 3/29/67 •	15,000		16,589
	Highmark
	144A 4.75% 5/15/21 #	5,000		5,087
	144A 6.125% 5/15/41 #	5,000		5,148
	Hockey Merger Sub 2 144A
	7.875% 10/1/21 #	435,000		460,013
	Hub Holdings 144A PIK
	8.125% 7/15/19 #T	115,000		116,869
	Liberty Mutual Group
	144A 4.25% 6/15/23 #	15,000		15,636
	144A 4.95% 5/1/22 #	5,000		5,515
	MetLife 6.40% 12/15/36	100,000		113,250
	Onex USI Acquisition 144A
	7.75% 1/15/21 #	395,000		408,825
	Prudential Financial
	3.50% 5/15/24	5,000		5,078
	Voya Financial
	5.65% 5/15/53 •	5,000		5,113
	XL Group 6.50% 10/29/49 •	625,000		605,469
				2,286,317
Media – 3.40%
	Altice 144A 7.75% 5/15/22 #	430,000		457,950
	CCO Holdings
	5.25% 9/30/22	475,000		483,906
	Clear Channel
	Communications PIK
	14.00% 2/1/21 ✤	398,950		401,942
	Columbus International 144A
	7.375% 3/30/21 #	870,000		950,475
	CSC Holdings 144A
	5.25% 6/1/24 #	750,000		744,375
	DISH DBS 5.00% 3/15/23	520,000		518,700
	Gray Television
	7.50% 10/1/20	375,000		397,500
	MDC Partners 144A
	6.75% 4/1/20 #	415,000		435,750
	Mediacom Broadband 144A
	5.50% 4/15/21 #	250,000		254,063
	Numericable Group 144A
	6.00% 5/15/22 #	430,000		443,437
	RCN Telecom Services 144A
	8.50% 8/15/20 #	205,000		219,863
	Sinclair Television Group
	144A 5.625% 8/1/24 #	720,000		721,800
	Virgin Media Finance 144A
	6.375% 4/15/23 #	815,000		872,050
	VTR Finance 144A
	6.875% 1/15/24 #	650,000		698,750
				7,600,561
Natural Gas – 0.10%
	El Paso Pipeline Partners
	Operating 4.30% 5/1/24	20,000		20,559
	Enbridge Energy Partners
	8.05% 10/1/37 •	25,000		28,250
	Energy Transfer Partners
	5.15% 2/1/43	10,000		10,169
	5.95% 10/1/43	5,000		5,653
	9.70% 3/15/19	7,000		9,077
	EnLink Midstream Partners
	4.40% 4/1/24	15,000		15,895
	Enterprise Products Operating
	7.034% 1/15/68 •	25,000		28,334
	Kinder Morgan Energy
	Partners 9.00% 2/1/19	20,000		25,300
	NiSource Finance
	6.125% 3/1/22	5,000		5,942
	Plains All American Pipeline
	8.75% 5/1/19	10,000		12,783
	Sunoco Logistics Partners
	Operations
	3.45% 1/15/23	10,000		9,857
	TransCanada PipeLines
	6.35% 5/15/67 •	20,000		20,875

12 NQ-DEX [8/14] 11/14 (13309)

(Unaudited)

		Number of	Value
		shares	(U.S. $)
Corporate Bonds (continued)
Natural Gas (continued)
	Williams Partners
	7.25% 2/1/17	20,000	$	22,672
				215,366
Real Estate Investment Trusts – 0.06%
	Alexandria Real Estate
	Equities
	4.50% 7/30/29	5,000		5,168
	4.60% 4/1/22	15,000		15,999
	Carey (W.P.) 4.60% 4/1/24	5,000		5,233
	CBL & Associates
	5.25% 12/1/23	5,000		5,460
	Corporate Office Properties
	3.60% 5/15/23	5,000		4,847
	5.25% 2/15/24	10,000		10,803
	DDR
	4.75% 4/15/18	5,000		5,423
	7.50% 4/1/17	5,000		5,723
	7.875% 9/1/20	20,000		25,188
	Digital Realty Trust
	5.875% 2/1/20 *	10,000		11,214
	Excel Trust 4.625% 5/15/24	5,000		5,164
	Healthcare Trust of America
	Holdings 3.375% 7/15/21	5,000		5,035
	Regency Centers
	5.875% 6/15/17	20,000		22,276
				127,533
Services – 2.74%
	Algeco Scotsman Global
	Finance 144A
	10.75% 10/15/19 #	615,000		616,537
	BlueLine Rental Finance 144A
	7.00% 2/1/19 #	225,000		238,500
	Caesars Growth Properties
	Holdings 144A
	9.375% 5/1/22 #	425,000		411,984
	Covanta Holding
	5.875% 3/1/24	415,000		431,600
	Mattamy Group 144A
	6.50% 11/15/20 #	485,000		494,700
	MCE Finance 144A
	5.00% 2/15/21 #	200,000		200,000
	MGM Resorts International
	6.75% 10/1/20	215,000		238,650
	7.75% 3/15/22	180,000		211,050
	11.375% 3/1/18	213,000		269,977
	Navios South American
	Logistics 144A
	7.25% 5/1/22 #*	375,000		389,531
	Pinnacle Entertainment
	6.375% 8/1/21	170,000		177,225
	7.75% 4/1/22 *	125,000		135,625
	8.75% 5/15/20 *	58,000		62,495
	Stena 144A 7.00% 2/1/24 #*	610,000		648,125
	United Rentals North America
	5.75% 11/15/24	905,000		950,250
	Vander Intermediate Holding
	II 144A PIK 9.75%
	2/1/19 #*T	145,000		155,513
	Watco 144A
	6.375% 4/1/23 #	185,000		190,088
	West 144A
	5.375% 7/15/22 #	305,000		297,375
				6,119,225
Technology – 2.25%
	Apple 3.45% 5/6/24	25,000		25,737
	BMC Software Finance 144A
	8.125% 7/15/21 #	235,000		238,525
	Broadcom 3.50% 8/1/24	5,000		5,082
	CommScope 144A
	5.50% 6/15/24 #	415,000		424,337
	Entegris 144A
	6.00% 4/1/22 #	415,000		429,525
	First Data
	11.25% 1/15/21	332,000		386,780
	11.75% 8/15/21	535,500		635,906
	First Data Holdings 144A PIK
	14.50% 9/24/19 #T	22,751		25,879
	Infinity Acquisition 144A
	7.25% 8/1/22 #	505,000		501,213
	Infor Software Parent 144A
	PIK 7.125% 5/1/21 #*T	515,000		526,587
	j2 Global 8.00% 8/1/20	585,000		642,037
	Micron Technology 144A
	5.50% 2/1/25 #	365,000		370,475
	Motorola Solutions
	4.00% 9/1/24	10,000		10,000
	National Semiconductor
	6.60% 6/15/17	20,000		22,961
	NCR
	5.875% 12/15/21	110,000		115,775
	6.375% 12/15/23	335,000		363,475
	NetApp 3.25% 12/15/22	10,000		9,864
	Oracle
	3.40% 7/8/24	30,000		30,542
	4.50% 7/8/44	25,000		26,506
	Seagate HDD Cayman 144A
	4.75% 1/1/25 #	15,000		15,375

(continues) NQ-DEX [8/14] 11/14 (13309) 13

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund (Unaudited)

		Principal		Value
		amount°		(U.S. $)
Corporate Bonds (continued)
Technology (continued)
	Viasystems 144A
	7.875% 5/1/19 #		205,000	$	213,200
	Xerox 6.35% 5/15/18		10,000		11,522
					5,031,303
Transportation – 0.50%
	Brambles USA 144A
	5.35% 4/1/20 #		15,000		16,921
	Burlington Northern Santa Fe
	4.90% 4/1/44		30,000		32,800
	ERAC USA Finance 144A
	5.25% 10/1/20 #		35,000		39,844
	Norfolk Southern
	3.85% 1/15/24		35,000		36,843
	Red de Carreteras de
	Occidente 144A
	9.00% 6/10/28 #	MXN	13,000,000		970,941
	United Airlines 2014-1 Class
	A Pass Through Trust
	4.00% 4/11/26 t		5,000		5,113
	United Airlines 2014-2 Class
	A Pass Through Trust
	3.75% 9/3/26 t		5,000		5,013
	United Parcel Service
	5.125% 4/1/19		10,000		11,351
					1,118,826
Utilities – 1.78%
	AES
	5.50% 3/15/24		595,000		608,387
	7.375% 7/1/21		45,000		51,750
	AES Gener 144A
	8.375% 12/18/73 #•		200,000		229,000
	Ameren Illinois
	9.75% 11/15/18		45,000		58,434
	American Transmission
	Systems 144A
	5.25% 1/15/22 #		25,000		27,630
	American Water Capital
	3.40% 3/1/25		15,000		15,169
	Berkshire Hathaway Energy
	3.75% 11/15/23		10,000		10,407
	Calpine
	5.375% 1/15/23		745,000		753,381
	5.75% 1/15/25 *		155,000		156,744
	144A 5.875% 1/15/24 #*		205,000		220,375
	CMS Energy 6.25% 2/1/20		5,000		5,913
	Commonwealth Edison
	5.80% 3/15/18		5,000		5,694
	Dynegy 5.875% 6/1/23 *		255,000		249,263
	Electricite de France 144A
	4.60% 1/27/20 #		15,000		16,718
	Elwood Energy
	8.159% 7/5/26		206,986		234,411
	Enel 144A
	8.75% 9/24/73 #•		400,000		472,000
	Entergy Arkansas
	3.70% 6/1/24		5,000		5,229
	Entergy Louisiana
	4.05% 9/1/23		15,000		16,160
	Exelon Generation
	4.25% 6/15/22		15,000		15,687
	Great Plains Energy
	4.85% 6/1/21		15,000		16,663
	5.292% 6/15/22		5,000		5,767
	Integrys Energy Group 6.11%
	12/1/66 *•		15,000		15,383
	IPALCO Enterprises
	5.00% 5/1/18		10,000		10,650
	ITC Holdings
	3.65% 6/15/24 *		30,000		30,369
	LG&E & KU Energy
	4.375% 10/1/21		20,000		21,768
	National Rural Utilities
	Cooperative Finance
	4.75% 4/30/43 •		10,000		9,955
	NextEra Energy Capital
	Holdings
	2.40% 9/15/19		25,000		25,179
	3.625% 6/15/23		5,000		5,134
	NRG Energy 144A
	6.25% 5/1/24 #		545,000		565,437
	NV Energy 6.25% 11/15/20		10,000		11,904
	Pennsylvania Electric
	5.20% 4/1/20		25,000		27,942
	PPL Electric Utilities
	3.00% 9/15/21		10,000		10,327
	Public Service New Hampshire
	3.50% 11/1/23		5,000		5,236
	Public Service Oklahoma
	5.15% 12/1/19		30,000		33,783
	Puget Energy 6.00% 9/1/21		5,000		5,885
	SCANA 4.125% 2/1/22		10,000		10,525
	Wisconsin Energy
	6.25% 5/15/67 •		10,000		10,394
					3,974,653
Total Corporate Bonds
	(cost $89,398,044)				92,922,413

14 NQ-DEX [8/14] 11/14 (13309)

(Unaudited)

		Principal		Value
		amount°		(U.S. $)
Non-Agency Asset-Backed Securities - 0.04%
	Fifth Third Auto Trust
	Series 2014-2 A2B
	0.315% 4/17/17 •		30,000	$	30,090
	Nissan Auto Receivables
	Owner Trust
	Series 2013-C A3
	0.67% 8/15/18		25,000		24,955
	Nissan Master Owner Trust
	Receivables
	Series 2012-A A
	0.625% 5/15/17 •		25,000		25,050
Total Non-Agency
	Asset-Backed Securities
	(cost $80,081)				80,095

Non-Agency Collateralized Mortgage Obligations - 0.08%
	Citicorp Mortgage Securities
	Trust
	Series 2007-1 2A1
	5.50% 1/25/22		5,883		5,923
	Citicorp Residential Mortgage
	Trust
	Series 2006-3 A5
	5.948% 11/25/36		100,000		100,067
	GSR Mortgage Loan Trust
	Series 2006-AR1 3A1
	2.884% 1/25/36 •		86,331		79,392
Total Non-Agency
	Collateralized Mortgage
	Obligations (cost $177,772)				185,382

Senior Secured Loans - 3.28%«
	Akorn Tranche B
	4.50% 11/13/20		115,000		115,143
	Applied Systems 2nd Lien
	7.50% 1/15/22		400,000		404,000
	Ashland Water 2nd Lien
	7.75% 7/2/22		150,000		149,250
	Atkore International 2nd Lien
	7.75% 9/27/21		210,000		208,688
	Azure Midstream Tranche B
	6.50% 10/21/18		80,222		81,099
	BJ’s Wholesale Club 2nd Lien
	8.50% 3/31/20		420,000		425,862
	Borgata Tranche B 1st Lien
	6.75% 8/15/18		388,050		392,753
	Caesars Growth Partners
	Tranche B 1st Lien
	6.25% 5/8/21		215,000		210,808
	Citycenter Holdings Tranche B
	5.00% 10/9/20		359,160		359,339
	Clear Channel
	Communications Tranche D
	6.75% 1/30/19		650,000		639,844
	Flint Group Tranche 2nd Lien
	8.25% 5/2/22		430,000		429,283
	Gentiva Health Services
	Tranche B
	6.50% 10/10/19		313,425		314,062
	Hostess Brands 1st Lien
	6.75% 3/12/20		413,963		426,381
	LTS Buyer 2nd Lien
	8.00% 3/15/21		60,088		60,613
	Mauser Holdings 2nd Lien
	8.25% 6/30/22		440,000		440,275
	Moxie Liberty Tranche B
	7.50% 8/21/20		215,000		221,988
	Moxie Patriot (Panda Power
	Fund) Tranche B1
	6.75% 12/18/20		210,000		216,825
	Nuveen Investments 2nd Lien
	6.50% 2/28/19		205,000		205,820
	Otterbox Tranche B
	5.75% 5/30/20		325,000		322,156
	Panda Temple Power II
	Tranche B 1st Lien
	7.25% 3/28/19		220,000		227,150
	Polymer Group Tranche B
	5.25% 12/13/19		338,300		339,040
	Rite Aid 2nd Lien
	5.75% 8/3/20		198,000		200,908
	Samson Investment 2nd Lien
	5.00% 9/25/18		425,000		421,319
	Travelport Finance
	Luxembourg Sarl Tranche B
	1st Lien 6.00% 8/15/21		280,000		281,715
	Vantage Drilling Tranche B 1st
	Lien 5.75% 3/28/19		233,816		233,475
Total Senior Secured Loans
	(cost $7,295,911)				7,327,796

Sovereign Bonds - 2.23%Δ
Indonesia - 0.71%
	Indonesia Government
	International Bond
	6.625% 2/17/37		1,350,000		1,599,750
					1,599,750
Mexico - 1.05%
	Mexican Bonos
	6.50% 6/10/21	MXN	20,282,000		1,659,185

(continues) NQ-DEX [8/14] 11/14 (13309) 15

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund (Unaudited)

		Principal		Value
		amount°		(U.S. $)
Sovereign BondsΔ (continued)
Mexico (continued)
	Mexican Bonos
	8.00% 6/11/20	MXN	7,737,000	$	680,163
					2,339,348
South Africa – 0.47%
	South Africa Government
	International Bond
	5.375% 7/24/44		1,000,000		1,044,375
					1,044,375
Total Sovereign Bonds
	(cost $4,942,434)				4,983,473

Supranational Bank – 0.68%
	Inter-American Development
	Bank 7.25% 7/17/17	IDR	17,930,000,000		1,530,645
Total Supranational Bank
	(cost $1,495,517)				1,530,645

U.S. Treasury Obligations – 0.48%
	U.S. Treasury Bond
	3.375% 5/15/44		10,000		10,577
	U.S. Treasury Notes
	1.625% 7/31/19 *∞		210,000		210,041
	2.375% 8/15/24 *		840,000		842,297
Total U.S. Treasury
	Obligations
	(cost $1,058,569)				1,062,915

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

		Number of
		shares
Limited Partnership – 0.58%
	Ares Management *		9,000		160,920
	Brookfield Infrastructure
	Partners *		5,400		229,230
	Lehigh Gas Partners		25,200		911,988
Total Limited Partnership
	(cost $853,432)				1,302,138

Preferred Stock – 1.25%
	Alabama Power 5.625%		410		10,147
	Ally Financial 144A 7.00% #		800		808,325
	Freddie Mac 6.02%		40,000		407,000
	GMAC Capital Trust I
	8.125% •		12,000		322,560
	Integrys Energy Group
	6.00% •		300		7,866
	MetLife 5.00%		23,200		727,784
	National Retail Properties
	5.70%		200		4,696
	Public Storage 5.20%		200		4,636
	Regions Financial
	6.375% *		16,000		398,240
	6.375% •		200		5,070
	Vornado Realty Trust
	6.625% @		3,700		94,017
Total Preferred Stock
	(cost $3,157,631)				2,790,341

Warrant – 0.00%
	Wheeler Real Estate
	Investment Trust strike
	price $5.50, expiration
	date 4/29/19 @†		9,900		6,732
Total Warrant (cost $82)					6,732

		Principal
		amount°
Short-Term Investments – 1.91%
Discount Notes – 0.62%≠
	Federal Home Loan Bank
	0.055% 9/12/14		567,543		567,542
	0.075% 11/19/14		243,228		243,212
	0.077% 11/14/14		568,451		568,415
					1,379,169
Repurchase Agreements – 1.05%
	Bank of America Merrill Lynch
	0.02%, dated 8/29/14, to
	be repurchased on 9/2/14,
	repurchase price $597,572
	(collateralized by U.S.
	government obligations
	0.00%-2.125%
	9/18/14-5/15/44; market
	value $609,523)		597,571		597,571

16 NQ-DEX [8/14] 11/14 (13309)

(Unaudited)

		Principal	Value
		amount°	(U.S. $)
Short-Term Investments (continued)
Repurchase Agreements (continued)
	Bank of Montreal
	0.05%, dated 8/29/14, to
	be repurchased on 9/2/14,
	repurchase price $199,191
	(collateralized by U.S.
	government obligations
	0.00%-4.375%
	1/2/15-2/15/38; market
	value $203,174)	199,190	$	199,190
	BNP Paribas
	0.05%, dated 8/29/14, to
	be repurchased on 9/2/14,
	repurchase price
	$1,556,247 (collateralized
	by U.S. government
	obligations
	0.00%-3.125%
	2/26/15-8/15/21; market
	value $1,587,363)	1,556,239		1,556,239
				2,353,000

U.S. Treasury Obligation – 0.24%≠
	U.S. Treasury Bill
	0.093% 11/13/14	536,506		536,491
				536,491

Total Short-Term
	Investments
	(cost $4,268,487)			4,268,660
Total Value of Securities
	Before Securities Lending
	Collateral – 138.43%
	(cost $275,860,841)			309,101,458

		Number of
		shares
Securities Lending Collateral – 7.77%**
Investment Company
	Delaware Investments
	Collateral Fund No.1	17,344,608		17,344,608
Total Securities Lending
	Collateral
	(cost $17,344,608)			17,344,608
Total Value of
	Securities – 146.20%
	(cost $293,205,449)		$	326,446,066	n
Obligation to Return
	Securities Lending
	Collateral – (7.77%)**			(17,344,608	)

Borrowing Under Line of
	Credit – (38.96%)			(87,000,000	)
Receivables and Other
	Assets Net of
	Liabilities – 0.53%			1,183,615
Net Assets – 100.00%			$	223,285,073

____________________

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Aug. 31, 2014, the aggregate value of Rule 144A securities was $55,775,530, which represents 24.98% of the Fund’s net assets. See Note 6 in “Notes.”
*	Fully or partially on loan.
**	See Note 5 in“Notes” for additional information on securities lending collateral and non-cash collateral.
@	Illiquid security. At Aug. 31, 2014, the aggregate value of illiquid securities was $2,778,764, which represents 1.24% of the Fund’s net assets. See Note 6 in “Notes.”
t	Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.
✤	100% of the income received was in the form of both cash and par.
v	Securities have been classified by type of business.
T	100% of the income received was in the form of additional cash.
=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At Aug. 31, 2014, the aggregate value of fair valued securities was $35,557, which represents 0.02% of the Fund’s net assets. See Note 1 in “Notes.”
≠	The rate shown is the effective yield at the time of purchase.
n	Includes $17,494,679 of securities loaned.
°	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, 2014. Interest rates reset periodically.
∞	Fully or partially pledged as collateral for futures contracts.
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 United States banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), and (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at Aug. 31, 2014.
ϕ	Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at Aug. 31, 2014.

(continues) NQ-DEX [8/14] 11/14 (13309) 17

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund (Unaudited)

The following futures contract were outstanding at Aug. 31, 2014:¹

Futures Contract

	Notional			Unrealized
	Cost	Notional	Expiration	Appreciation
Contracts to Buy (Sell)	(Proceeds)	Value	Date	(Depreciation)
(17) U.S. Treasury 5 yr Notes	$(2,015,647)	$(2,020,211)	1/2/15	$ (4,564)

The use of futures 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.

¹See Note 4 in “Notes.”

Summary of abbreviations:
ADR - American Depositary Receipt
ARM - Adjustable Rate Mortgage
AUD - Australian Dollar
ETN - Exchange-Traded Note
FDR - Finnish Depositary Receipt
GNMA - Government National Mortgage Association
IDR - Indonesian Rupiah
MXN - Mexican Peso
PIK - Pay-in-kind
REIT - Real Estate Investment Trust
REMIC - Real Estate Mortgage Investment Conduit
S.F. - Single Family
yr - Year

18 NQ-DEX [8/14] 11/14 (13309)

Notes
Delaware Enhanced Global Dividend and Income Fund
August 31, 2014 (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, Inc. (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, then 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. 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 and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. 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 (Board). 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. To account for this, the Fund may frequently value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken for all open federal income tax years (Nov. 30, 2010 – Nov. 30, 2013), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. In regard to foreign taxes only, the Fund has open tax years in certain foreign countries it invests in that may date back to the inception of the Fund.

Distributions — The Fund has implemented a managed distribution policy. Under the policy, the Fund is managed with a goal of generating as much of the distribution as possible from net investment income and short-term capital gains. The balance of the distribution will then come from long-term capital gains to the extent permitted, and if necessary, a return of capital. Even though the Fund may realize current year capital gains, such gains may be offset, in whole or in part, by the Fund’s capital loss carryovers from prior years. For federal income tax purposes, the effect of such capital loss carryovers may be to convert (to the extent of such current year gains) what would otherwise be non-taxable returns of capital into distributions taxable as ordinary income. The use of such capital loss carryovers in this circumstance will produce no tax benefit for shareholders, and the capital loss carryovers available to offset future capital gains of the Fund will be reduced. Under the Regulated

(continues) NQ-DEX [8/14] 11/14 (13309) 19

(Unaudited)

Investment Company Modernization Act of 2010 (Act), this tax effect attributable to the Fund’s capital loss carryovers (the conversion of returns of capital into distributions taxable as ordinary income) will no longer apply to net capital losses of the Fund arising in Fund tax years beginning after Nov. 30, 2011. The actual determination of the source of the Fund’s distributions can be made only at year end. Shareholders should receive written notification regarding the actual components and tax treatments of all Fund distributions for the calendar year 2014 in early 2015.

Repurchase Agreements — The Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Fund’s custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on Aug. 29, 2014.

To Be Announced Trades (TBA) — The Fund may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (Examples: when issued, delayed delivery, forward commitment, or TBA transactions) consistent with the Fund’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered or the transaction is completed; however, the market value may change prior to delivery.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally bifurcates that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. For foreign equity securities, these changes are included in net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Investments^® Family of Funds are generally allocated among such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Taxable non-cash dividends are recorded as dividend income. Distributions received from investments in Real Estate Investment Trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.

20 NQ-DEX [8/14] 11/14 (13309)

(Unaudited)

2. Investments

At Aug. 31, 2014, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Aug. 31, 2014, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of investments	$	294,320,206
Aggregate unrealized appreciation	$	43,243,883
Aggregate unrealized depreciation		(11,118,023	)
Net unrealized appreciation	$	32,125,860

For federal income tax purposes, at Nov. 30, 2013, capital loss carryforwards of $48,241,998 may be carried forward and applied against future capital gains. Capital loss carryforwards will expire as follows: $25,993,776 expires in 2016 and $22,248,222 expires in 2017.

On Dec. 22, 2010, the Act was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes were generally effective for taxable years beginning after the date of enactment. Under the Act, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation. At Nov. 30, 2013, there were no capital loss carryforward under the Act.

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 developed 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.

(continues) NQ-DEX [8/14] 11/14 (13309) 21

(Unaudited)

2. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Aug. 31, 2014:

	Level 1			Level 2		Level 3		Total
Agency, Asset-Backed &
Mortgage-
Backed Securities	$	—		$	1,428,164	$	—	$	1,428,164
Corporate Debt		—			119,130,154		—		119,130,154
Foreign Debt		—			6,514,118		—		6,514,118
Senior Secured Loans		—			7,327,796		—		7,327,796
Common Stock
Consumer Discretionary		2,228,119			14,239,150		—		16,467,269
Consumer Staples		6,741,688			7,570,449		—		14,312,137
Diversified REITs		1,460,863			777,611		—		2,238,474
Energy		7,218,787			7,346,022		—		14,564,809
Financials		3,752,858			17,156,497		—		20,909,355
Healthcare		12,055,243			8,399,924		—		20,455,167
Healthcare REITs		719,532			—		—		719,532
Hotel REITs		1,557,075			—		—		1,557,075
Industrial REITs		2,891,671			257,607		—		3,149,278
Industrials		5,093,107			12,110,114		—		17,203,221
Information Technology		11,592,800			2,627,479		—		14,220,279
Mall REITs		1,830,873			—		—		1,830,873
Manufactured Housing REITs		497,405			—		—		497,405
Materials		3,106,973			5,357,297		—		8,464,270
Mixed REITs		315,930			—		—		315,930
Mortgage REITs		554,735			—		—		554,735
Multifamily REITs		1,084,965			—		—		1,084,965
Office REITs		1,463,114			645,862		—		2,108,976
Office/Diversified REIT		—			144,246		—		144,246
Self-Storage REIT		279,310			—		—		279,310
Shopping Center REITs		1,477,801			758,730		—		2,236,531
Single Tenant REITs		418,154			—		—		418,154
Specialty REITs		1,104,207			606,891		—		1,711,098
Telecommunications		4,832,285			3,602,258		—		8,434,543
Utilities		1,756,098			1,179,340		—		2,935,438
Convertible Preferred Stock¹		4,876,961			3,369,165		35,557		8,281,683
Exchange-Traded Fund		175,687			—		—		175,687
Limited Partnership		1,302,138			—		—		1,302,138
Preferred Stock¹		1,575,016			1,215,325		—		2,790,341
Warrant		6,732			—		—		6,732
U.S. Treasury Obligations		—			1,062,915		—		1,062,915
Short-Term Investments		—			4,268,660		—		4,268,660
Securities Lending Collateral		—			17,344,608		—		17,344,608
Total	$	81,970,127		$	244,440,382	$	35,557	$	326,446,066
Futures Contracts	$	(4,564	)	$	—	$	—	$	(4,564	)

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:

22 NQ-DEX [8/14] 11/14 (13309)

(Unaudited)

	Level 1	Level 2	Level 3		Total
Convertible Preferred Stock	58.89%	40.68%	0.43	%	100.00%
Preferred Stock	56.45%	43.55%	—		100.00%

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

As a result of utilizing international fair value pricing at Aug. 31, 2014, the majority of the Fund’s common stock was categorized as Level 2.

During the period ended Aug. 31, 2014, 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) will be 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. The Fund’s policy is to recognize transfers at the beginning of the reporting period.

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 under ASU No. 2011-04 since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.

3. Line of Credit

For the period ended Aug. 31, 2014, the Fund borrowed a portion of the money available to it pursuant to a $87,000,000 Credit Agreement with The Bank of New York Mellon (BNY Mellon) that expires on June 24, 2015. Prior to June 25, 2014, the Credit Agreement was $67,000,000. Depending on market conditions, the amount borrowed by the Fund pursuant to the Credit Agreement may be reduced or possibly increased in the future.

At Aug. 31, 2014, the par value of loan outstanding was $87,000,000, at a variable interest rate of 1.04%. During the period ended Aug. 31, 2014, the average daily balance of loans outstanding was $71,963,504, at a weighted average interest rate of approximately 1.04%.

Interest on borrowings is based on a variable short-term rate plus an applicable margin. The commitment fee under the Credit Agreement is computed at a rate of 0.10% per annum on the unused balance. Prior to June 25, 2014, the commitment fee under the Credit Agreement was computed at a rate of 0.15% per annum. The loan is collateralized by the Fund’s portfolio.

4. Derivatives

U.S. GAAP requires disclosures that enable investors to understand: (1) how and why an entity uses derivatives; (2) how they are accounted for; and (3) how they affect an entity’s results of operations and financial position.

Foreign Currency Exchange Contracts — The Fund may enter into foreign currency exchange contracts and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. The Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. The Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies. In addition, the Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Fund could be exposed to risks if

(continues) NQ-DEX [8/14] 11/14 (13309) 23

(Unaudited)

4. Derivatives (continued)

the counterparties to the contracts are unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty. No foreign currency exchange contracts were outstanding at Aug. 31, 2014.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. The Fund may use futures in the normal course of pursuing its investment objective. The Fund may invest in futures contracts to hedge its existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Fund deposits cash or pledges U.S. government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

Options Contracts — During the period ended Aug. 31, 2014, the Fund entered into options contracts in the normal course of pursuing its investment objectives. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in securities prices caused by interest rate or market conditions and foreign currencies; to earn income; as an efficient means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change. No option contracts were outstanding at Aug. 31, 2014.

Swap Contracts — The Fund may enter into CDS contracts in the normal course of pursuing its investment objectives. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard and Poor’s Financial Services LLC. (S&P) or at least Baa3 by Moody’s Investors Service Inc. (Moody’s) or is determined to be of equivalent credit quality by the Manager.

Credit Default Swaps. A 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 referenced security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

24 NQ-DEX [8/14] 11/14 (13309)

(Unaudited)

During the period ended Aug. 31, 2014, the Fund entered into CDS contracts as a purchaser of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized 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. Initial margin and variation margin are posted to central counterparties for CDS basket trades, as determined by the applicable central counterparty.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty, and (2) for cleared swaps, trading these instruments through a central counterparty.

Swaps Generally. The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the contract on any given day. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts. No swap contracts were outstanding at Aug. 31, 2014.

5. Securities Lending

The Fund, along with other funds in the Delaware Investments^® Family of Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with BNY Mellon. At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to U.S. securities and foreign securities that are denominated and payable in U.S. dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan.

Cash collateral received is generally invested in the Delaware Investments Collateral Fund No. 1 (Collective Trust) established by BNY Mellon for the purpose of investment on behalf of funds managed by Delaware Management Company (DMC), a series of Delaware Management Business Trust, that participate in BNY Mellon’s securities lending program. The Collective Trust may invest in U.S. government securities and high-quality corporate debt, asset-backed and other money market securities, and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. The Fund can also accept U.S. government securities and letters of credit (non-cash collateral) in connection with securities loans. In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return the loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent and the borrower. The Fund records security lending income net of allocations to the security lending agent, and the borrower.

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(Unaudited)

5. Securities Lending (continued)

The Collective Trust used for the investment of cash collateral received from borrowers of securities seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Fund may incur investment losses as a result of investing securities lending collateral in the Collective Trust. This could occur if an investment in the Collective Trust defaulted or if it were necessary to liquidate assets in the Collective Trust to meet returns on outstanding security loans at a time when the Collective Trust’s net asset value per unit was less than $1.00. Under those circumstances, the Fund may not receive an amount from the Collective Trust that is equal in amount to the collateral the Fund would be required to return to the borrower of the securities and the Fund would be required to make up for this shortfall.

At Aug. 31, 2014, the value of securities on loan was $17,494,679, for which the Fund received collateral, comprised of non-cash collateral (U.S. government securities) valued at $1,918,252, and cash collateral of $17,344,608. At Aug. 31, 2014, the value of invested collateral was $17,344,608. Investments purchased with cash collateral are presented on the “Schedule of investments” under the caption “Securities Lending Collateral”.

6. Credit and Market Risk

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

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

The Fund invests a portion of its assets in high yield fixed income securities, which are securities rated BB or lower by S&P and Ba or lower by Moody’s, or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

The Fund invests in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages and consumer loans are paid back. Some of these securities are collateralized mortgage obligations (CMOs). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on the Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

The Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction or through a combination of such approaches. The Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

26 NQ-DEX [8/14] 11/14 (13309)

(Unaudited)

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund holds real estate directly as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the period ended Aug. 31, 2014. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The Fund may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Fund’s Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 10% limit on investments in illiquid securities. Rule 144A and illiquid securities have been identified on the “Schedule of investments.”

7. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Aug. 31, 2014 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: