N-CSR 1 mimegdif4154761-ncsr.htm CERTIFIED SHAREHOLDER REPORT

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number:	811-22050

Exact name of registrant as specified in charter:	Delaware Enhanced Global Dividend and Income Fund

Address of principal executive offices:	610 Market Street Philadelphia, PA 19106

Name and address of agent for service:	David F. Connor, Esq. 610 Market Street Philadelphia, PA 19106

Registrant’s telephone number, including area code:	(800) 523-1918

Date of fiscal year end:	November 30

Date of reporting period:	November 30, 2022

Table of contents

Item 1. Reports to Stockholders



		Annual report

Closed-end fund

Delaware Enhanced Global Dividend and Income Fund

November 30, 2022

The figures in the annual report for Delaware Enhanced Global Dividend and Income Fund represent past results, which are not a guarantee of future results. A rise or fall in interest rates can have a significant impact on bond prices. Funds that invest in bonds can lose their value as interest rates rise.

Table of contents

Table of contents

Portfolio management review	1
Performance summary	3
Security type / sector and country allocations	7
Schedule of investments	9
Statement of assets and liabilities	21
Statement of operations	22
Statements of changes in net assets	23
Statement of cash flows	24
Financial highlights	25
Notes to financial statements	26
Report of independent registered public accounting firm	39
Other Fund information	40
Board of trustees / directors and officers addendum	57

Delaware Enhanced Global Dividend and Income Fund (“DEX” or the “Fund”), acting pursuant to a Securities and Exchange Commission (“SEC”) exemptive order and with the approval of the Fund’s Board of Trustees (the “Board”), has adopted a managed distribution policy (the “Plan”). The Fund currently makes monthly distributions to common shareholders at a targeted annual distribution rate of 7% of the Fund’s average net asset value (“NAV”) per share. The Fund will calculate the average NAV per share from the previous three full months immediately prior to the distribution based on the number of business days in those three months on which the NAV is calculated. The distribution will be calculated as 7% of the prior three months’ average NAV per share, divided by 12. This distribution methodology is intended to provide shareholders with a consistent, but not guaranteed, income stream and a targeted annual distribution rate and is intended to narrow any discount between the market price and the NAV of the Fund’s common shares, but there is no assurance that the policy will be successful in doing so.

Under the Plan, 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. The Fund will generally distribute amounts necessary to satisfy the terms of the Fund’s Plan and the requirements prescribed by excise tax rules and Subchapter M of the Internal Revenue Code (the “Code”). Each monthly distribution to shareholders is expected to be at the fixed percentage described above, except for extraordinary distributions and potential distribution rate increases or decreases to enable the Fund to comply with the distribution requirements imposed by the Code.

The Board may amend, suspend, or terminate the Fund’s Plan at any time without prior notice if it deems such action to be in the best interest of the Fund or its shareholders. The methodology for determining monthly distributions under the Plan will be reviewed at least annually by the Fund’s Board, and the Fund will continue to evaluate its distribution in light of ongoing market conditions. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Fund’s stock is trading at or above NAV) or widening an existing trading discount. The Fund is subject to risks that could have an adverse impact on its ability to maintain distributions under the Plan. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, increased market volatility, portfolio companies suspending or decreasing corporate dividend distributions, and changes in the Code.

Shareholders should not draw any conclusions about the Fund’s investment performance from the amounts of these distributions or from the terms of the Plan. The Fund’s total investment return on NAV is presented in its financial highlights table.

A cumulative summary of the Section 19(a) notices for the Fund’s current fiscal period, if applicable, is included in Other Fund Information. Section 19(a) notices for the Fund, as applicable, are available on the Fund’s website at delawarefunds.com/about/press-releases-closed-end.

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM and includes the following investment advisers: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A. For more information, including press releases, please visit delawarefunds.com/closed-end.

Unless otherwise noted, views expressed herein are current as of November 30, 2022, and subject to change for events occurring after such date.

The Fund is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.

Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

The Fund is governed by US laws and regulations.

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

Table of contents

Portfolio management review (Unaudited)

Delaware Enhanced Global Dividend and Income Fund

November 30, 2022

Performance preview (for the year ended November 30, 2022)

Delaware Enhanced Global Dividend and Income Fund @ market price	1-year return	-14.12	%
Delaware Enhanced Global Dividend and Income Fund @ NAV	1-year return	-10.22	%
Lipper Closed-end Global Funds Average @ market price	1-year return	-15.60	%
Lipper Closed-end Global Funds Average @ NAV	1-year return	-12.04	%

Past performance does not guarantee future results.

Performance at market price will differ from performance at net asset value (NAV). Although market price returns tend to reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about the Fund, market conditions, supply and demand for the Fund’s shares, or changes in the Fund’s distribution rate.

For complete, annualized performance for Delaware Enhanced Global Dividend and Income Fund, please see the table on page 3.

Economic backdrop

At the start of the Fund’s fiscal year in December 2021, equity markets continued to advance, and some US stock indices reached new highs. Globally, inflation also increased to long-term highs, and central banks responded by tightening monetary policy. The US Federal Reserve stepped sharply on the brakes, scaling back its bond purchases and hinting at several interest rate hikes in 2022. Bond yields were relatively stable in the fourth quarter of 2021 despite continuous increases in short-term US yields. The US dollar appreciated against major currencies. Oil prices also rose further, while gas markets eased somewhat at the end of 2021, following dramatic increases in Europe.

In January 2022, persistently high inflation led to frequent and serious discussions at the Fed about implementing interest rate hikes. Investors reacted by selling bonds, which pushed yields higher and equity prices lower. Financial markets also reacted negatively as Russia built up its troops along the Ukraine border. Russia’s invasion in February 2022 prompted unprecedented sanctions – including a freeze on Russian central bank reserves, an oil embargo, and a trading ban on Russian financial stocks. Equities sold off globally while commodity prices soared. Government bonds were briefly in demand as a short-term safe haven, but quickly resumed their downward trend.

Tighter central bank monetary policy characterized the rest of the fiscal year, with the Fed leading the way. From March through September 2022, the Fed raised the federal funds rate five times, including three 0.75-percentage-point increases – at the June, July, and September meetings of the Federal Open Market Committee (FOMC). As a result, the target short-term interest rate rose from a range of zero to 0.25% in January 2022 to 3.00% to 3.25% by the end of the fiscal year. This increase in rates was the Fed’s aggressive attempt to try to bring inflation under control.

Other central banks, including the Bank of England and the European Central Bank, also took repeated steps to tighten monetary policy in their jurisdictions. Meanwhile, equities and bonds posted historically poor performance throughout the measurement period in the face of brutal headwinds and unrelenting negative news. This included soaring inflation, consequent aggressive monetary tightening, ongoing supply chain problems, China’s zero-COVID policy-related lockdowns, the Russia-Ukraine war, and soaring energy prices. The higher prices and disruptions within the oil and gas supply hit Europe hardest as Russia cut off gas to several European Union (EU) countries. In turn, the Group of Seven (G7) nations and later the EU implemented an oil embargo.

Among major central banks, only the Bank of Japan maintained ultra-loose monetary policy as it attempted to keep Japanese yields stable by buying bonds. However, that led to a weakening of the Japanese yen, which fell to a 20-year low.

Markets rallied briefly in July 2022, when a near-term turnaround in inflation seemed possible. Despite investors’ concerns about economic growth slowing, stocks appreciated along with other risk asset classes, including corporate, high yield, convertible, and emerging market bonds. A key reason for this appreciation was the decline in yields on US and euro-zone government bonds, leading to significant price gains. However, the tide turned again in mid-August and the bear market returned for most asset classes as hope for a slowdown of inflation was dashed. Central banks reaffirmed their intentions to continue aggressively tightening monetary policy. Recession fears mounted and the energy crisis worsened as Russia announced it was shutting down a gas pipeline for maintenance. German bond yields rose sharply, and the euro fell below parity with the US dollar for the first time in 20 years.

The picture worsened even further in September 2022, with heavy losses among virtually all asset classes. Energy prices continued to fall while the European inflation rate reached double digits and central banks planned further interest rate hikes. As the fiscal period ended, the market showed its friendlier side. Although inflation remained high and central banks continued to raise interest rates, increasing data indicating an economic slowdown gave rise to hopes of a turnaround in monetary policy.

Markets were in recovery mode in November. After the Fed’s expected interest rate hike of 0.75 percentage points at the beginning of the month, poorer economic data during the month and slightly declining inflation rates fueled hopes of slower rate hikes in the near

Table of contents

Portfolio management review (Unaudited)

Delaware Enhanced Global Dividend and Income Fund

future. Against this backdrop, both equities and bonds rose strongly. Thanks to sharply falling risk premiums, investment grade corporate and emerging market government bonds performed particularly well. The US dollar weakened, and the price of oil fell due to weaker demand. China relaxed its zero-COVID policy somewhat, but record-high infections led to new restrictions, resulting in protests and somewhat deteriorating market sentiment toward the month’s end.

Within the Fund

For the fiscal year ended November 30, 2022, Delaware Enhanced Global Dividend and Income Fund returned -10.22% at net asset value (NAV) and -14.12% at market price (both figures reflect all distributions reinvested). For the Fund’s complete, annualized performance, please see the table on page 3.

Individual contributors and detractors

During the fiscal year, private real estate and US large-cap equities were the largest contributors to performance, while international equities and US high yield fixed income were the largest detractors from performance. The Fund’s exposure to Russian equities prior to the invasion of Ukraine was very limited due to the Fund’s nuanced emerging markets allocation, and thus had only a marginal negative impact on performance.

Within the Fund’s private real estate allocation, Merion Countryside L.P. and Merion Campions Walk L.P. were the largest contributors to performance, and we took the opportunity to exit those investments at favorable terms during the fiscal year. Within US large-cap equities, Cardinal Health Inc. and Merck & Co Inc. made the largest contributions to performance.

In contrast, within the Fund’s international equity allocation, adidas AG and Fresenius Medical Care AG & Co. KGaA detracted the most from the Fund’s performance. Within US high yield, Bausch Health Companies Inc. and AMC Networks Inc. were the largest detractors from performance.

Portfolio positioning

We regularly invest across multiple asset classes, searching for securities that offer a competitive yield and the opportunity for dividend growth. We also prioritize managing downside risk while seeking to limit any capital losses. Our asset shifts throughout the fiscal year reflected these priorities.

The Fund’s largest allocations were in international equities and in US high yield; however, we reduced the Fund’s exposure to equities, with the proceeds going into US convertibles.

During the fiscal year, the Fund used foreign currency exchange contracts to facilitate the purchase and sale of securities, and credit default swap (CDS) contracts to hedge against credit events. These derivative securities did not have a material effect on performance during the fiscal year.

The Fund’s use of leverage – a portfolio management tool designed to obtain a potentially higher return on the Fund’s investments – detracted from performance. Leverage magnifies the effect of gains and losses.

During the fiscal year, the Fund had distributions of capital as further discussed in Note 4 in “Notes to financial statements” and in the section “Other Fund information.”

The economic outlook is still challenging, with recession probabilities for 2023 now elevated. We don’t believe equity valuations fully reflect this economic backdrop, as historically recessions have typically been accompanied by declining corporate earnings as well. At the same time, bond yields – while somewhat down from their October and November 2022 highs – have risen, which might provide more downside protection in fixed income. We continue to expect a restrictive central bank policy and think this might be a headwind for many riskier asset classes as well.

In our view, a thoughtful active management approach is needed given the increased uncertainty. We believe vigilant and continuous assessment of the current market environment offers opportunities to take advantage of market dislocations and may help us achieve what we consider to be attractive risk-adjusted returns through an active focus on portfolio risk and diversification.

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Performance summary (Unaudited)

Delaware Enhanced Global Dividend and Income Fund

The performance quoted represents past performance and does not guarantee future results. Investment return, principal value, and market value of an investment will fluctuate so that shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please obtain the most recent performance data by calling 866 437-0252 or visiting our website at delawarefunds.com/closed-end.

Fund performance

Average annual total returns through November 30, 2022	1 year	5 year	10 year
At market price (inception date June 29, 2007)	-14.12%	+0.35%	+4.80%
At net asset value (inception date June 29, 2007)	-10.22%	+1.19%	+5.33%

Diversification may not protect against market risk.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult to obtain precise valuations of the high yield securities.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

Real estate investment trust (REIT) investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

International investments entail risks including fluctuation in currency values, differences in accounting principles, or economic or political instability. Investing in emerging markets can be riskier than investing in established foreign markets due to increased volatility, lower trading volume, and higher risk of market closures. In many emerging markets, there is substantially less publicly available information and the available information may be incomplete or misleading. Legal claims are generally more difficult to pursue.

If and when the Fund invests in forward foreign currency contracts or uses other investments to hedge against currency risks, the Fund will be subject to special risks, including counterparty risk.

The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

The Fund borrows through a line of credit for purposes of leveraging. Leveraging may result in higher degrees of volatility because the Fund’s net asset value could be subject to fluctuations in short-term interest rates and changes in market value of portfolio securities attributable to leverage. Leverage magnifies the potential for gain and the risk of loss. As a result, a relatively small decline in the value of the underlying investments could result in a relatively large loss. In addition, the leverage through the line of credit is dependent on the credit provider’s ability to fulfill its contractual obligations.

To the extent the Fund engages in option overwriting, it may receive less total return in certain periods and in other periods greater total return from its option overwriting strategy.

The use of dividend capture strategies will expose the Fund to increased trading costs and potential for capital loss or gain, particularly in the event of significant short-term price movements of stocks subject to dividend capture trading, and resultant dividends may not be qualified dividends eligible to individuals for reduced federal income tax rates.

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Performance summary (Unaudited)

Delaware Enhanced Global Dividend and Income Fund

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.

Closed-end fund shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation or any other government agency.

Closed-end funds, unlike open-end funds, are not continuously offered. After being issued during a one-time-only public offering, shares of closed-end funds are sold in the open market through a securities exchange. Net asset value (NAV) is calculated by subtracting total liabilities from total assets, then dividing by the number of shares outstanding. At the time of sale, your shares may have a market price that is above or below NAV, and may be worth more or less than your original investment.

The Fund may make distributions of ordinary income and capital gains at calendar year end. Those distributions may temporarily cause extraordinarily high yields. There is no assurance that a Fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.

The “Fund performance” table and the “Performance of a $10,000 investment” graph do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Returns reflect the reinvestment of all distributions. Dividends and distributions, if any, are assumed, for the purpose of this calculation to be reinvested at prices obtained under the Fund’s dividend reinvestment policy. Shares of the Fund were initially offered with a sales charge of 4.50%. Performance since inception does not include the sales charge or any other brokerage commission for purchases made since inception.

Past performance does not guarantee future results.

Fund basics

As of November 30, 2022

Fund objectives		Fund start date
The Fund’s primary investment objective is to seek current income, with a secondary objective of capital appreciation.		June 29, 2007

Total net assets		NYSE symbol
$93.5 million		DEX

Number of holdings
475

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Market price versus net asset value (see notes below and on next page)

For the period November 30, 2021 through November 30, 2022

	Starting value	Ending value
Delaware Enhanced Global Dividend and Income Fund @ NAV	$10.65	$8.80
Delaware Enhanced Global Dividend and Income Fund @ market price	$ 9.78	$7.73

Past performance does not guarantee future results.

Performance of a $10,000 investment

For the period November 30, 2012 through November 30, 2022

	Starting value	Ending value
Lipper Closed-end Global Funds Average @ market price	$10,000	$19,882
Lipper Closed-end Global Funds Average @ NAV	$10,000	$17,579
Delaware Enhanced Global Dividend and Income Fund @ NAV	$10,000	$16,808
Delaware Enhanced Global Dividend and Income Fund @ market price	$10,000	$15,988

The “Performance of a $10,000 investment” graph assumes $10,000 invested in the Fund on November 30, 2012 and includes the reinvestment of all distributions at market value. The graph also assumes $10,000 invested in the Lipper Closed-end Global Funds Average at market price and at NAV.

Performance of the Fund and the Lipper peer group at market value is based on market performance during the period. Performance of the Fund and the Lipper peer group at NAV is based on the fluctuations in NAV during the period. Delaware Enhanced Global Dividend and Income Fund was initially offered with a sales charge of 4.50%. For market price, performance shown in both graphs above does not include fees, the

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Performance summary (Unaudited)

Delaware Enhanced Global Dividend and Income Fund

initial sales charge, or any brokerage commissions for purchases. For NAV, performance shown in both graphs above includes fees, but does not include the initial sales charge or any brokerage commissions for purchases. Investments in the Fund are not available at NAV.

The Lipper Closed-end Global Funds Average represents the average return of closed-end funds that invest at least 25% of their portfolios in securities traded outside of the United States and that may own US securities as well (source: Lipper).

Market price is the price an investor would pay for shares of the Fund on the secondary market.

NAV is the total value of one fund share, generally equal to a fund’s net assets divided by the number of shares outstanding.

Past performance does not guarantee future results.

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Security type / sector and country allocations

Delaware Enhanced Global Dividend and Income Fund

As of November 30, 2022 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials.

Security type / sector	Percentage of net assets
Convertible Bonds		14.65	%
Basic Industry		0.27	%
Brokerage		0.13	%
Capital Goods		0.34	%
Communications		1.53	%
Consumer Cyclical		0.91	%
Consumer Non-Cyclical		4.38	%
Electric		0.94	%
Energy		0.63	%
Financials		0.97	%
Industrials		0.50	%
Real Estate Investment Trusts		0.55	%
Technology		2.93	%
Transportation		0.57	%
Corporate Bonds		39.78	%
Automotive		1.37	%
Banking		0.94	%
Basic Industry		3.59	%
Brokerage		0.19	%
Capital Goods		1.87	%
Communications		2.47	%
Consumer Cyclical		0.39	%
Consumer Goods		0.64	%
Consumer Non-Cyclical		0.30	%
Energy		6.22	%
Financials		1.28	%
Healthcare		2.90	%
Insurance		1.44	%
Leisure		3.44	%
Media		3.62	%
Natural Gas		0.40	%
Real Estate		0.24	%
Retail		1.99	%
Services		2.24	%
Technology & Electronics		0.91	%
Transportation		1.63	%
Utilities		1.71	%
Sovereign Bonds		7.54	%
Albania		0.17	%
Angola		0.18	%
Armenia		0.16	%
Bermuda		0.41	%
Brazil		0.18	%
Chile		0.23	%
Colombia		0.29	%
Dominican Republic		0.68	%
Honduras		0.29	%
Indonesia		0.42	%
Ivory Coast		0.66	%
Morocco		0.55	%
Pakistan		0.07	%
Panama		0.24	%
Paraguay		0.77	%
Peru		0.43	%
Republic of North Macedonia		0.18	%
Senegal		0.27	%
South Africa		0.70	%
Uzbekistan		0.66	%
Supranational Banks		1.02	%
Common Stocks		67.19	%
Communication Services		4.23	%
Consumer Discretionary		9.33	%
Consumer Staples		15.27	%
Energy		2.92	%
Financials		4.28	%
Healthcare		9.28	%
Industrials		5.83	%
Information Technology		12.12	%
Materials		3.00	%
Media		0.00	%
Real Estate		0.35	%
Utilities		0.58	%
Convertible Preferred Stock		2.42	%
Exchange-Traded Funds		0.38	%
Leveraged Non-Recourse Security		0.00	%
Short-Term Investments		2.14	%
Total Value of Securities		135.12	%
Borrowings Under Line of Credit		(36.47	%)
Receivables and Other Assets Net of Liabilities		1.35	%
Total Net Assets		100.00	%

(continues)

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Security type / sector and country allocations

Delaware Enhanced Global Dividend and Income Fund

Country*	Percentage of net assets
Albania		0.17	%
Angola		0.18	%
Argentina		0.04	%
Armenia		0.16	%
Australia		0.31	%
Bermuda		0.41	%
Brazil		0.88	%
Canada		0.58	%
Chile		1.03	%
China		2.42	%
Colombia		0.66	%
Denmark		1.77	%
Dominican Republic		0.68	%
France		7.26	%
Germany		5.44	%
Guatemala		0.37	%
Honduras		0.29	%
Hong Kong		0.27	%
India		1.61	%
Indonesia		1.22	%
Ivory Coast		0.66	%
Jamaica		0.19	%
Japan		3.79	%
Kazakhstan		0.55	%
Kuwait		0.22	%
Luxembourg		0.18	%
Mexico		1.01	%
Morocco		0.73	%
Netherlands		2.52	%
Pakistan		0.07	%
Panama		0.40	%
Paraguay		1.09	%
Peru		0.66	%
Qatar		0.18	%
Republic of Korea		2.12	%
Republic of North Macedonia		0.18	%
Russia		0.00	%
Senegal		0.27	%
South Africa		0.70	%
Spain		2.09	%
Supranational		1.02	%
Sweden		3.91	%
Switzerland		5.24	%
Taiwan		1.58	%
Tanzania		0.18	%
Thailand		0.06	%
Turkey		0.07	%
Ukraine		0.23	%
United Arab Emirates		0.20	%
United Kingdom		7.39	%
United States		68.72	%
Uzbekistan		0.66	%
Zambia		0.36	%
Total		132.98	%

*	Allocation includes all investments except for short-term.

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

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Schedule of investments

Delaware Enhanced Global Dividend and Income Fund

November 30, 2022

	Principal amount°	Value (US $)
Convertible Bonds — 14.65%~
Basic Industry — 0.27%
Ivanhoe Mines 144A 2.50% exercise price $9.31, maturity date 4/15/26 #	189,000	$	256,374
			256,374
Brokerage — 0.13%
New Mountain Finance 144A 7.50% exercise price $14.20, maturity date 10/15/25 #	120,000		122,026
			122,026
Capital Goods — 0.34%
Kaman 3.25% exercise price $65.26, maturity date 5/1/24	346,000		321,953
			321,953
Communications — 1.53%
Cable One 1.125% exercise price $2,275.83, maturity date 3/15/28	541,000		388,979
DISH Network 3.375% exercise price $65.18, maturity date 8/15/26	647,000		420,550
Liberty Broadband 144A 1.25% exercise price $900.01, maturity date 9/30/50 #	461,000		441,984
Liberty Latin America 2.00% exercise price $20.65, maturity date 7/15/24	203,000		180,797
			1,432,310
Consumer Cyclical — 0.91%
Cheesecake Factory 0.375% exercise price $77.09, maturity date 6/15/26	667,000		557,362
Ford Motor 0.00% exercise price $16.85, maturity date 3/15/26 ^	284,000		294,792
			852,154
Consumer Non-Cyclical — 4.38%
BioMarin Pharmaceutical 0.599% exercise price $124.67, maturity date 8/1/24	246,000		259,981
Chefs' Warehouse 1.875% exercise price $44.20, maturity date 12/1/24	572,000		638,066
Chegg 4.266% exercise price $107.55, maturity date 9/1/26 ^	706,000		562,584
Coherus Biosciences 1.50% exercise price $19.26, maturity date 4/15/26	394,000		271,899
Collegium Pharmaceutical 2.625% exercise price $29.19, maturity date 2/15/26	288,000		285,420
CONMED 144A 2.25% exercise price $145.33, maturity date 6/15/27 #	455,000		405,632
Integra LifeSciences Holdings 0.50% exercise price $73.67, maturity date 8/15/25	462,000		447,447
Ionis Pharmaceuticals 0.125% exercise price $83.28, maturity date 12/15/24	362,000		330,501
Jazz Investments I 2.00% exercise price $155.81, maturity date 6/15/26	219,000		260,199
Paratek Pharmaceuticals 4.75% exercise price $15.90, maturity date 5/1/24	709,000		628,812
			4,090,541
Electric — 0.94%
NextEra Energy Partners 144A 0.357% exercise price $75.33, maturity date 11/15/25 #, ^	163,000		179,545
NRG Energy 2.75% exercise price $43.46, maturity date 6/1/48	297,000		339,174
Ormat Technologies 144A 2.50% exercise price $90.27, maturity date 7/15/27 #	302,000		359,682
			878,401

Table of contents

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund

		Principal amount°	Value (US $)
Convertible Bonds~ (continued)
Energy — 0.63%
Helix Energy Solutions Group 6.75% exercise price $6.97, maturity date 2/15/26		464,000	$	591,043
			591,043
Financials — 0.97%
FTI Consulting 2.00% exercise price $101.38, maturity date 8/15/23		263,000		450,914
Repay Holdings 144A 2.575% exercise price $33.60, maturity date 2/1/26 #, ^		609,000		454,070
			904,984
Industrials — 0.50%
Chart Industries 144A 1.00% exercise price $58.73, maturity date 11/15/24 #		175,000		430,237
Danimer Scientific 144A 3.25% exercise price $10.79, maturity date 12/15/26 #		88,000		38,818
				469,055
Real Estate Investment Trusts — 0.55%
Blackstone Mortgage Trust 4.75% exercise price $36.23, maturity date 3/15/23		378,000		379,890
Summit Hotel Properties 1.50% exercise price $11.88, maturity date 2/15/26		144,000		132,264
			512,154
Technology — 2.93%
Block 0.125% exercise price $121.01, maturity date 3/1/25		256,000		251,200
InterDigital 144A 3.50% exercise price $77.49, maturity date 6/1/27 #		556,000		526,532
ON Semiconductor 1.625% exercise price $20.72, maturity date 10/15/23		172,000		623,586
Palo Alto Networks 0.75% exercise price $88.78, maturity date 7/1/23		214,000		411,522
Quotient Technology 1.75% exercise price $17.36, maturity date 12/1/22		260,000		261,282
Semtech 144A 1.625% exercise price $37.27, maturity date 11/1/27 #		198,000		207,702
Vishay Intertechnology 2.25% exercise price $31.20, maturity date 6/15/25		285,000		279,471
Wolfspeed 144A 0.25% exercise price $127.22, maturity date 2/15/28 #		181,000		175,117
				2,736,412
Transportation — 0.57%
Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26		647,000		535,069
				535,069
Total Convertible Bonds (cost $13,357,961)				13,702,476

Corporate Bonds — 39.78%~
Automotive — 1.37%
Allison Transmission 144A 5.875% 6/1/29 #		580,000		548,869
Ford Motor 4.75% 1/15/43		115,000		85,236
Ford Motor Credit 3.375% 11/13/25		495,000		457,256
Goodyear Tire & Rubber 5.25% 7/15/31		220,000		188,854
				1,280,215
Banking — 0.94%
Banco Continental 144A 2.75% 12/10/25 #		200,000		174,457
Banco Nacional de Panama 144A 2.50% 8/11/30 #		200,000		154,900
BBVA Bancomer 144A 5.125% 1/18/33 #, μ		200,000		173,660
Development Bank of Kazakhstan 144A 10.95% 5/6/26 #	KZT	100,000,000		171,797
NBK SPC 144A 1.625% 9/15/27 #, μ		240,000		208,920
				883,734
Basic Industry — 3.59%
AngloGold Ashanti Holdings 3.75% 10/1/30		200,000		173,244

Table of contents

	Principal amount°	Value (US $)
Corporate Bonds~ (continued)
Basic Industry (continued)
Antofagasta 144A 5.625% 5/13/32 #	200,000	$	193,690
Avient 144A 5.75% 5/15/25 #	153,000		149,357
Chemours 144A 5.75% 11/15/28 #	285,000		250,658
First Quantum Minerals 144A 7.50% 4/1/25 #	345,000		340,425
FMG Resources August 2006 144A 5.875% 4/15/30 #	215,000		201,761
Freeport-McMoRan 5.45% 3/15/43	270,000		242,413
INEOS Quattro Finance 2 144A 3.375% 1/15/26 #	400,000		356,072
Koppers 144A 6.00% 2/15/25 #	394,000		367,553
Metinvest 8.50% 4/23/26	200,000		113,000
Novelis 144A 4.75% 1/30/30 #	280,000		249,296
OCP 144A 3.75% 6/23/31 #	200,000		164,445
Olin
5.00% 2/1/30	310,000		281,714
5.125% 9/15/27	293,000		275,002
			3,358,630
Brokerage — 0.19%
XP 144A 3.25% 7/1/26 #	200,000		178,573
			178,573
Capital Goods — 1.87%
Ardagh Packaging Finance 144A 5.25% 8/15/27 #	330,000		250,189
Madison IAQ 144A 5.875% 6/30/29 #	240,000		177,838
Sealed Air 144A 5.00% 4/15/29 #	215,000		200,167
Terex 144A 5.00% 5/15/29 #	330,000		298,977
TK Elevator US Newco 144A 5.25% 7/15/27 #	465,000		422,683
TransDigm 144A 6.25% 3/15/26 #	233,000		232,150
UltraTech Cement 144A 2.80% 2/16/31 #	200,000		162,714
			1,744,718
Communications — 2.47%
Altice France 144A 5.50% 10/15/29 #	420,000		337,319
Altice France Holding 144A 6.00% 2/15/28 #	255,000		171,471
Consolidated Communications
144A 5.00% 10/1/28 #	135,000		102,180
144A 6.50% 10/1/28 #	205,000		169,187
CT Trust 144A 5.125% 2/3/32 #	200,000		173,496
Digicel International Finance 144A 8.75% 5/25/24 #	200,000		175,276
Frontier Communications Holdings
144A 5.00% 5/1/28 #	33,000		29,404
144A 5.875% 10/15/27 #	320,000		304,896
144A 6.75% 5/1/29 #	240,000		201,931
Millicom International Cellular 144A 4.50% 4/27/31 #	200,000		164,290
T-Mobile USA
2.625% 4/15/26	155,000		142,325
3.375% 4/15/29	155,000		137,229
3.50% 4/15/31	111,000		96,853
VTR Comunicaciones 144A 4.375% 4/15/29 #	200,000		105,936
			2,311,793
Consumer Cyclical — 0.39%
Hutama Karya Persero 144A 3.75% 5/11/30 #	400,000		365,000
			365,000
Consumer Goods — 0.64%
Pilgrim's Pride 144A 4.25% 4/15/31 #	215,000		186,602
Post Holdings
144A 5.625% 1/15/28 #	325,000		310,547
144A 5.75% 3/1/27 #	100,000		97,609
			594,758
Consumer Non-Cyclical — 0.30%
Central American Bottling 144A 5.25% 4/27/29 #	200,000		180,531
MHP Lux 6.95% 4/3/26	200,000		103,000
			283,531
Energy — 6.22%
Ascent Resources Utica Holdings
144A 5.875% 6/30/29 #	260,000		234,766
144A 7.00% 11/1/26 #	125,000		122,703
Callon Petroleum 144A 8.00% 8/1/28 #	280,000		276,958
CNX Midstream Partners 144A 4.75% 4/15/30 #	120,000		100,221

Table of contents

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund

	Principal amount°	Value (US $)
Corporate Bonds~ (continued)
Energy (continued)
CNX Resources 144A 6.00% 1/15/29 #	285,000	$	269,686
Crestwood Midstream Partners 144A 6.00% 2/1/29 #	303,000		279,833
EQM Midstream Partners 144A 4.75% 1/15/31 #	382,000		322,047
Galaxy Pipeline Assets Bidco 144A 2.16% 3/31/34 #	226,542		191,919
Genesis Energy
7.75% 2/1/28	400,000		382,392
8.00% 1/15/27	295,000		281,945
Geopark 144A 5.50% 1/17/27 #	200,000		175,519
Hilcorp Energy I
144A 6.00% 4/15/30 #	240,000		220,979
144A 6.00% 2/1/31 #	25,000		23,065
144A 6.25% 4/15/32 #	113,000		103,811
Murphy Oil 6.375% 7/15/28	485,000		479,165
NuStar Logistics
5.625% 4/28/27	327,000		308,031
6.00% 6/1/26	69,000		66,986
Occidental Petroleum
6.45% 9/15/36	125,000		125,465
6.60% 3/15/46	265,000		270,650
6.625% 9/1/30	95,000		99,227
PDC Energy 5.75% 5/15/26	328,000		313,706
Qatar Energy 144A 2.25% 7/12/31 #	200,000		167,011
Southwestern Energy
5.375% 2/1/29	35,000		33,075
5.375% 3/15/30	155,000		145,919
7.75% 10/1/27	180,000		185,394
Tengizchevroil Finance Co. International 144A 2.625% 8/15/25 #	400,000		342,000
USA Compression Partners
6.875% 4/1/26	30,000		28,772
6.875% 9/1/27	140,000		133,891
Weatherford International 144A 8.625% 4/30/30 #	135,000		129,626
			5,814,762
Financials — 1.28%
Ally Financial 8.00% 11/1/31	205,000		220,260
Castlelake Aviation Finance DAC 144A 5.00% 4/15/27 #	320,000		272,533
Corp Inmobiliaria Vesta 144A 3.625% 5/13/31 #	200,000		152,937
Hightower Holding 144A 6.75% 4/15/29 #	180,000		150,019
Midcap Financial Issuer Trust 144A 6.50% 5/1/28 #	205,000		179,116
MSCI 144A 3.625% 11/1/31 #	265,000		223,497
			1,198,362
Healthcare — 2.90%
1375209 BC 144A 9.00% 1/30/28 #	78,000		77,025
Bausch Health
144A 11.00% 9/30/28 #	138,000		106,605
144A 14.00% 10/15/30 #	27,000		15,115
Centene 4.625% 12/15/29	205,000		190,882
Cheplapharm Arzneimittel 144A 5.50% 1/15/28 #	210,000		174,878
CHS 144A 4.75% 2/15/31 #	180,000		132,110
DaVita 144A 4.625% 6/1/30 #	245,000		198,691
Encompass Health 5.75% 9/15/25	361,000		357,647
HCA
5.875% 2/15/26	136,000		137,181
7.58% 9/15/25	159,000		165,652
ModivCare Escrow Issuer 144A 5.00% 10/1/29 #	220,000		185,407
Service Corp International 4.00% 5/15/31	515,000		441,865
Tenet Healthcare
144A 4.25% 6/1/29 #	295,000		256,298
144A 6.125% 10/1/28 #	310,000		274,063
			2,713,419
Insurance — 1.44%
HUB International 144A 5.625% 12/1/29 #	305,000		267,617
NFP
144A 6.875% 8/15/28 #	240,000		203,329
144A 7.50% 10/1/30 #	80,000		77,236
Sagicor Financial 144A 5.30% 5/13/28 #	200,000		179,082
USI 144A 6.875% 5/1/25 #	632,000		620,255
			1,347,519
Leisure — 3.44%
Boyd Gaming
4.75% 12/1/27	306,000		285,102
144A 4.75% 6/15/31 #	55,000		48,061
Caesars Entertainment 144A 6.25% 7/1/25 #	535,000		529,475

Table of contents

	Principal amount°	Value (US $)
Corporate Bonds~ (continued)
Leisure (continued)
Carnival
144A 5.75% 3/1/27 #	550,000	$	409,750
144A 7.625% 3/1/26 #	400,000		337,782
Hilton Domestic Operating 144A 4.00% 5/1/31 #	220,000		185,341
Hilton Worldwide Finance 4.875% 4/1/27	355,000		341,865
Royal Caribbean Cruises 144A 5.50% 4/1/28 #	639,000		522,325
Scientific Games International 144A 7.25% 11/15/29 #	190,000		186,368
Wyndham Hotels & Resorts 144A 4.375% 8/15/28 #	413,000		369,830
			3,215,899
Media — 3.62%
AMC Networks 4.25% 2/15/29	655,000		488,997
CCO Holdings
144A 4.50% 8/15/30 #	310,000		261,559
4.50% 5/1/32	70,000		57,842
144A 5.125% 5/1/27 #	205,000		194,261
144A 5.375% 6/1/29 #	235,000		213,541
CMG Media 144A 8.875% 12/15/27 #	265,000		201,898
CSC Holdings
144A 3.375% 2/15/31 #	480,000		347,093
144A 5.00% 11/15/31 #	325,000		205,907
Cumulus Media New Holdings 144A 6.75% 7/1/26 #	190,000		159,524
Directv Financing 144A 5.875% 8/15/27 #	225,000		206,718
Gray Television 144A 4.75% 10/15/30 #	610,000		452,346
Sirius XM Radio 144A 4.00% 7/15/28 #	490,000		433,562
VZ Secured Financing 144A 5.00% 1/15/32 #	200,000		165,752
			3,389,000
Natural Gas — 0.40%
ENN Energy Holdings 144A 4.625% 5/17/27 #	200,000		193,226
Infraestructura Energetica Nova 144A 3.75% 1/14/28 #	200,000		178,498
			371,724
Real Estate — 0.24%
VICI Properties
144A 3.875% 2/15/29 #	35,000		30,761
144A 5.75% 2/1/27 #	195,000		189,205
			219,966
Retail — 1.99%
Asbury Automotive Group
144A 4.625% 11/15/29 #	285,000		249,073
4.75% 3/1/30	135,000		115,654
Bath & Body Works
6.875% 11/1/35	300,000		271,910
6.95% 3/1/33	199,000		172,930
CP Atlas Buyer 144A 7.00% 12/1/28 #	115,000		84,330
Levi Strauss & Co. 144A 3.50% 3/1/31 #	262,000		215,419
LSF9 Atlantis Holdings 144A 7.75% 2/15/26 #	278,000		256,940
Murphy Oil USA 144A 3.75% 2/15/31 #	270,000		221,429
PetSmart 144A 7.75% 2/15/29 #	290,000		268,608
			1,856,293
Services — 2.24%
Aramark Services 144A 5.00% 2/1/28 #	435,000		407,423
GFL Environmental 144A 3.75% 8/1/25 #	105,000		98,434
Iron Mountain 144A 4.50% 2/15/31 #	565,000		473,781
NESCO Holdings II 144A 5.50% 4/15/29 #	205,000		180,598
Prime Security Services Borrower 144A 5.75% 4/15/26 #	405,000		401,434
United Rentals North America 3.875% 2/15/31	270,000		232,616
Univar Solutions USA 144A 5.125% 12/1/27 #	250,000		240,876
White Cap Buyer 144A 6.875% 10/15/28 #	70,000		60,432
White Cap Parent 144A PIK 8.25% 3/15/26 #, «	2,000		1,706
			2,097,300
Technology & Electronics — 0.91%
Entegris Escrow
144A 4.75% 4/15/29 #	92,000		83,383
144A 5.95% 6/15/30 #	265,000		247,867
Go Daddy Operating 144A 3.50% 3/1/29 #	290,000		245,435

Table of contents

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund

		Principal amount°		Value (US $)
Corporate Bonds~ (continued)
Technology & Electronics (continued)
Sensata Technologies 144A 4.00% 4/15/29 #		85,000	$	74,088
SS&C Technologies 144A 5.50% 9/30/27 #		205,000		196,248
				847,021
Transportation — 1.63%
American Airlines 144A 5.75% 4/20/29 #		124,017		115,586
Delta Air Lines 7.375% 1/15/26		382,000		395,150
Laredo Petroleum 144A 7.75% 7/31/29 #		195,000		186,225
Mileage Plus Holdings 144A 6.50% 6/20/27 #		256,500		255,537
Rutas 2 and 7 Finance 144A 3.413% 9/30/36 #, ^		186,666		116,037
Seaspan 144A 5.50% 8/1/29 #		320,000		246,931
United Airlines
144A 4.375% 4/15/26 #		100,000		93,202
144A 4.625% 4/15/29 #		125,000		111,408
				1,520,076
Utilities — 1.71%
Calpine
144A 5.00% 2/1/31 #		520,000		450,349
144A 5.25% 6/1/26 #		65,000		62,352
Clean Renewable Power Mauritius 144A 4.25% 3/25/27 #		191,000		164,272
Consorcio Transmantaro
144A 5.20% 4/11/38 #		200,000		179,983
PG&E 5.25% 7/1/30		165,000		149,672
Sociedad de Transmision Austral 144A 4.00% 1/27/32 #		200,000		170,439
Vistra 144A 7.00% 12/15/26 #, μ, ψ		290,000		259,770
144A 8.00% 10/15/26 #, μ, ψ		170,000		161,814
				1,598,651
Total Corporate Bonds (cost $42,178,956)				37,190,944

Sovereign Bonds — 7.54%Δ
Albania — 0.17%
Albania Government International Bond 3.50% 11/23/31	EUR	191,000		159,151
				159,151
Angola — 0.18%
Angolan Government International Bond 9.375% 5/8/48		200,000		167,655
				167,655
Armenia — 0.16%
Republic of Armenia International Bond 144A 3.60% 2/2/31 #		200,000		153,748
				153,748
Bermuda — 0.41%
Bermuda Government International Bonds
144A 5.00% 7/15/32 #		200,000		193,012
5.00% 7/15/32		200,000		193,012
				386,024
Brazil — 0.18%
Brazil Notas do Tesouro Nacional Serie F 10.00% 1/1/33	BRL	1,000,000		164,725
				164,725
Chile — 0.23%
Chile Government International Bond 4.34% 3/7/42		250,000		213,985
				213,985
Colombia — 0.29%
Colombia Government International Bonds
4.125% 2/22/42		217,000		133,920
5.20% 5/15/49		200,000		133,064
				266,984
Dominican Republic — 0.68%
Dominican Republic International Bonds
144A 4.875% 9/23/32 #		550,000		456,049
144A 5.50% 2/22/29 #		200,000		183,907
				639,956
Honduras — 0.29%
Honduras Government International Bond 144A 5.625% 6/24/30 #		350,000		267,403
				267,403
Indonesia — 0.42%
Perusahaan Penerbit SBSN Indonesia III 4.70% 6/6/32		400,000		396,038
				396,038

Table of contents

		Principal amount°	Value (US $)
Sovereign BondsΔ (continued)
Ivory Coast — 0.66%
Ivory Coast Government International Bonds
144A 6.125% 6/15/33 #		600,000	$	537,000
144A 6.875% 10/17/40 #	EUR	100,000		80,062
				617,062
Morocco — 0.55%
Morocco Government International Bond 144A 2.375% 12/15/27 #		600,000		517,716
				517,716
Pakistan — 0.07%
Pakistan Water & Power Development Authority 7.50% 6/4/31		200,000		62,514
				62,514
Panama — 0.24%
Panama Bonos del Tesoro 3.362% 6/30/31		200,000		164,870
Panama Government International Bond 144A 3.75% 4/17/26 #		67,000		62,962
				227,832
Paraguay — 0.77%
Paraguay Government International Bonds
144A 2.739% 1/29/33 #		200,000		160,050
144A 4.95% 4/28/31 #		400,000		386,500
5.60% 3/13/48		200,000		171,400
				717,950
Peru — 0.43%
Peruvian Government International Bond 2.392% 1/23/26		433,000		401,373
				401,373
Republic of North Macedonia — 0.18%
North Macedonia Government International Bond 144A 1.625% 3/10/28 #	EUR	200,000		166,699
				166,699
Senegal — 0.27%
Senegal Government International Bond 144A 6.25% 5/23/33 #		300,000		251,940
				251,940
South Africa — 0.70%
Republic of South Africa Government International Bonds
4.85% 9/30/29		200,000		181,885
5.65% 9/27/47		400,000		305,688
5.75% 9/30/49		216,000		165,106
				652,679
Uzbekistan — 0.66%
Republic of Uzbekistan International Bonds
144A 3.90% 10/19/31 #		200,000		161,959
144A 5.375% 2/20/29 #		500,000		456,567
				618,526
Total Sovereign Bonds (cost $8,376,833)				7,049,960

Supranational Banks — 1.02%
Banque Ouest Africaine de Developpement 144A 4.70% 10/22/31 #		400,000		330,600
Central American Bank for Economic Integration 144A 2.00% 5/6/25 #		200,000		185,221
Corp Andina de Fomento 5.25% 11/21/25		200,000		200,690
European Investment Bank 5.50% 1/23/23	MXN	4,734,000		241,288
Total Supranational Banks (cost $1,046,346)				957,799

		Number of shares
Common Stocks — 67.19%~
Communication Services — 4.23%
Alphabet Class A †		360		36,356
Alphabet Class C †		220		22,319
America Movil ADR Class L		3,932		76,517
AT&T		16,327		314,784
Baidu ADR †		1,103		119,786
Comcast Class A		3,200		117,248
Grupo Televisa ADR		9,346		51,029
Interpublic Group		537		18,451
KDDI		18,200		541,351
LG Uplus		5,829		53,885
NAVER		346		50,296
Orange		60,220		611,905
Publicis Groupe		11,360		747,675
Sitios Latinoamerica †		3,932		1,753
SK Telecom		5,509		210,034

Table of contents

Schedule of investments

Delaware Enhanced Global Dividend and Income Fund

	Number of shares	Value (US $)
Common Stocks~ (continued)
Communication Services (continued)
Telefonica Brasil ADR	4,970	$	36,331
Tencent Holdings	12,000		453,796
TIM ADR	3,015		37,567
Turkcell Iletisim Hizmetleri	12,891		23,540
Verizon Communications	10,546		411,083
VK GDR =, †	1,295		0
Weibo ADR †	922		14,697
Yandex Class A =, †	1,288		0
			3,950,403
Consumer Discretionary — 9.33%
adidas AG	9,750		1,256,853
Alibaba Group Holding †	4,700		51,151
Alibaba Group Holding ADR †	2,912		254,975
Amazon.com †	563		54,352
Americanas	15,100		30,262
ANTA Sports Products	8,600		102,213
APA	1,928		90,327
Arcos Dorados Holdings Class A	4,348		32,566
Astra International	308,300		119,281
Bath & Body Works	2,886		122,655
Best Buy	1,301		110,975
eBay	1,004		45,622
Ethan Allen Interiors	1,144		32,547
Genuine Parts	1,300		238,329
H & M Hennes & Mauritz Class B	59,120		662,878
Home Depot	1,389		450,022
JD.com Class A	571		16,301
JD.com ADR	5,540		316,777
LG Electronics	616		46,483
Lowe's	819		174,078
Macy's	4,358		102,413
NIKE Class B	893		97,953
PulteGroup	3,200		143,296
Ross Stores	1,227		144,381
Sodexo	17,860		1,710,516
Starbucks	683		69,802
Sturm Ruger & Co.	134		7,361
Swatch Group	5,210		1,394,128
Tesla †	90		17,523
TJX	5,189		415,379
Tractor Supply	686		155,249
Trip.com Group ADR †	1,739		55,561
Yum China Holdings	3,550		199,071
		8,721,280
Consumer Staples — 15.27%
Altria Group	3,241		150,966
Archer-Daniels-Midland	1,500		146,250
Asahi Group Holdings	11,400		365,619
BRF ADR †	10,989		20,000
Consumer Staples (continued)
Coca-Cola Femsa ADR	1,476		100,826
Conagra Brands	7,300		277,254
Danone	24,480		1,286,603
Diageo	47,010		2,171,016
Essity Class B	56,880		1,392,809
Fomento Economico Mexicano ADR	639		51,037
General Mills	2,100		179,130
Hengan International Group	7,500		34,571
Kao	32,800		1,312,738
Koninklijke Ahold Delhaize	75,240		2,192,652
Nestle	18,090		2,153,137
Philip Morris International	1,807		180,104
Procter & Gamble	900		134,244
Seven & i Holdings	12,100		492,337
Tingyi Cayman Islands Holding	22,000		35,982
Tsingtao Brewery Class H	10,000		94,665
Unilever	28,850		1,442,533
Uni-President China Holdings	49,000		43,010
Vector Group	2,186		24,265
		14,281,748
Energy — 2.92%
Chevron	635		116,402
China Petroleum & Chemical Class H	122,000		57,596
ConocoPhillips	2,304		284,567
Coterra Energy	2,701		75,385
Devon Energy	547		37,480
EOG Resources	369		52,372
EQT	1,857		78,755
Exxon Mobil	2,838		315,983
Gazprom PJSC =	45,850		0
Kinder Morgan	5,248		100,342
LUKOIL PJSC =	916		0
Marathon Petroleum	1,491		181,619
Petroleo Brasileiro ADR	7,879		92,106
Reliance Industries GDR 144A #	13,560		902,384
Rosneft Oil PJSC =	24,551		0
TotalEnergies ADR	2,500		156,050
Viper Energy Partners	783		25,862
Williams	7,310		253,657
		2,730,560
Financials — 4.28%
Akbank	36,846		34,221
Allstate	1,000		133,900
Ally Financial	1,469		39,678
American Financial Group	989		140,656
American International Group	4,500		283,995
Ameriprise Financial	390		129,460

Table of contents

SEC Form N-CSR filed by Delaware Enhanced Global Dividend