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0001206774-08-000246.txt : 20080204
0001206774-08-000246.hdr.sgml : 20080204
20080204150958
ACCESSION NUMBER: 0001206774-08-000246
CONFORMED SUBMISSION TYPE: N-CSR
PUBLIC DOCUMENT COUNT: 8
CONFORMED PERIOD OF REPORT: 20071130
FILED AS OF DATE: 20080204
DATE AS OF CHANGE: 20080204
EFFECTIVENESS DATE: 20080204
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: DELAWARE INVESTMENTS DIVIDEND & INCOME FUND INC
CENTRAL INDEX KEY: 0000896923
IRS NUMBER: 232713064
STATE OF INCORPORATION: MD
FISCAL YEAR END: 1130
FILING VALUES:
FORM TYPE: N-CSR
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-07460
FILM NUMBER: 08572047
BUSINESS ADDRESS:
STREET 1: 2005 MARKET STREET
CITY: PHILADELPHIA
STATE: PA
ZIP: 19103
BUSINESS PHONE: 2152552127
MAIL ADDRESS:
STREET 1: 2005 MARKET STREET
CITY: PHILADELPHIA
STATE: PA
ZIP: 19103
FORMER COMPANY:
FORMER CONFORMED NAME: DELAWARE GROUP DIVIDEND & INCOME FUND INC
DATE OF NAME CHANGE: 19930714
N-CSR
1
deldividendandincome_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:
811-07460
Exact name of registrant as specified in
charter:
Delaware Investments Dividend and Income Fund, Inc.
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
Registrants telephone number, including
area code: (800) 523-1918
Date of fiscal year end: November 30
Date of reporting period: November 30,
2007
Item 1. Reports to Stockholders
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Annual Report |
Delaware |
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Investments |
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Dividend and |
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Income Fund,
Inc. |
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November 30, 2007 |
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![](dividendandincome_ncsr1x1x1.jpg) |
Closed-end |
Table of contents
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> Portfolio management review |
1 |
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> Performance
summary |
4
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> Sector allocation and top 10 equity holdings |
6 |
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> Statement
of net assets |
8
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> Statement of operations |
17 |
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> Statements
of changes in net assets |
18
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> Statement of cash flows |
19 |
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> Financial
highlights |
20
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> Notes to financial statements |
21 |
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> Report of
independent registered public accounting firm |
26
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> Other Fund information |
27 |
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> Board of
trustees/directors and officers addendum |
32
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> About the organization |
34 |
Funds are not FDIC insured and are not
guaranteed. It is possible to lose the principal amount
invested.
Mutual fund advisory
services provided by Delaware Management Company, a series of Delaware
Management
Business Trust, which is a registered investment
advisor.
©
2008
Portfolio management review
Delaware Investments Dividend and
Income Fund, Inc.
Dec. 11, 2007
The managers of Delaware Investments
Dividend and Income Fund, Inc. provided the answers to the questions below as a
review of the Funds activities for the fiscal year that ended Nov. 30,
2007.
How would you describe the investment
environment during the year ended Nov. 30, 2007?
Stocks turned in only moderate gains
during the past year, in the face of a slowing economy, declining corporate
earnings growth, and a weaker housing market. Equity markets rose steadily early
in the period. The sanguine conditions were interrupted, however, by a brief but
sharp correction in late February and early March, as investors around the globe
came to terms with weaker-than-expected economic data in the U.S.
Stocks recovered throughout the spring,
but conditions deteriorated during summer months as investors, already nervous
about rising energy prices and other pressures on consumer spending, began to
focus more intently on the difficult conditions for homeowners and homebuilders.
Falling home prices and rising interest rates triggered an increase in mortgage
defaults and substantial losses for banks and home lenders. Financial
institutions that had invested in securities backed by the riskiest loans faced
some of the steepest losses overall. Lenders responded by dramatically
tightening their borrowing requirements.
In this environment, nervous investors
fled the stock market between mid-July and mid-August, while the bond market
also went through a severe period of stagnation over several weeks in the
summer.
Equity markets staged a temporary recovery
in September after the Federal Reserve cut interest rates several times. The
Feds interest rate cuts werent enough to satisfy investor anxiety, however.
Markets fell sharply again during the fiscal periods final month, overcome by
losses associated with the subprime mortgage crisis, as well as potentially
meager consumer spending.
After several years of strong performance,
REITs underperformed other stocks for the period. The FTSE NAREIT Equity REITs
Index (which tracks the performance of U.S. REITs) returned -12.62% for one year
ended Nov. 30, 2007.
Noninvestment grade, high yield bonds
managed a positive performance of 2.69% for the same one-year period, despite
the severe market conditions in August and a focus by investors on
higher-quality investments as the year progressed (source: Lehman
Brothers).
How did the Fund perform during the 12
months ended Nov. 30, 2007?
For its fiscal year ended Nov. 30, 2007,
Delaware Investments Dividend and Income Fund,
Inc. returned -0.94% at net asset value (NAV) and -5.99% at market value (MV)
(both figures reflect reinvestment of all distributions). For the complete,
annualized performance of Delaware Investments Dividend and Income Fund, Inc.,
please see the table on page 4. By comparison, the Funds all-equity benchmark
the S&P 500 Index advanced 7.72% for the same period (the index does not
have a market value). The Funds peer group, as measured by the Lipper
Closed-end Income and Preferred Stock Funds Average, returned -6.26% at NAV and
- -11.25% at MV over that period.
What factors influenced the Funds
fiscal year performance?
As a whole, the Fund underperformed its
benchmark. One noteworthy reason for the underperformance was the Funds
allocation to REITs. One of the primary strategies employed by this
income-oriented fund is to invest in REITs for both their relatively high income
potential and low correlation with other Fund assets. REITs as an asset class
significantly underperformed the broad U.S. stock market during the period.
REITs are not well represented in the S&P 500 Index; consequently,
underperformance by REITs tends to serve as a drag on fund performance versus
the benchmark. Further contributing to
The views expressed are current as of the
date of this report and are subject to change.
(continues) 1
Portfolio management
review
Delaware
Investments Dividend and Income Fund, Inc.
underperformance were the Funds domestic
large-cap value equity holdings, where performance trailed the broad stock
market as represented by the S&P 500 Index.
The Fund did pick up a measure of
performance versus the S&P 500 Index from various individual holdings and
sectors across the portfolio. Listed below are some positive and negative
influences on performance, including individual holdings, within significant
areas of the Funds investment portfolio.
Domestic equity
In the equity portion of the Fund, an
underweight allocation in the energy sector had a negative impact on performance
as rising commodity prices propelled energy sector shares during the period.
Likewise, an underweight position versus the S&P 500 Index (which we use as
our benchmark index for equity sector weightings) in the cyclically-oriented
industrials sector detracted from Fund returns. Disappointing stock selection in
the consumer discretionary sector also hurt Fund returns relative to the
performance benchmark.
Our decision to underweight companies
within the financial sector helped the Funds performance, since financial
companies as a whole were negatively impacted by the subprime mortgage crisis.
Yet, several of our individual financial services holdings still hurt
performance.
We generally sought to reduce risk within
the Fund. We believed a more defensive posture was best in light of slowing
economic and corporate earnings growth. In general, we favored stocks with
higher dividend yields, lower valuations, and potential for more predictable
earnings over time.
We were overweight versus the S&P 500
Index in healthcare, telecommunication services and, for part of the period,
consumer staples stocks because we believe company earnings within these sectors
have tended to be relatively stable when the economy has experienced a slowdown.
We were underweight in cyclical (economically sensitive) sectors such as energy
and industrials. Finally, we continued to focus
on undervalued companies with stronger balance sheets, whose increased financial
flexibility can be valuable to investors during difficult economic
times.
With respect to specific securities, our
investment in Washington Mutual, whose business is heavily tied to mortgage
lending, detracted from performance. Midwest-based bank Huntington Bancshares
was another disappointment. We believe the combination of challenging interest
rate conditions in recent years, along with its exposure to the slower mid-west
economy and troubled U.S. auto industry conspired to hurt Huntingtons stock
price.
The Funds healthcare investments,
including Merck and Baxter International, contributed to performance.
Pharmaceutical maker Merck has benefited from a strong pipeline of promising new
products and exceeded analysts relatively low earnings expectations. We exited
our position in Merck during the fiscal year. Baxter International performed
well thanks to growing sales and earnings.
REITs
As part of its strategy aimed at
generating income from multiple asset types, Delaware Investments Dividend and
Income Fund, Inc. held a significant allocation in equity REITs, an asset class
that struggled this year, detracting from Fund performance compared to the
S&P 500 Index.
REITs were relatively stable at the
outset, but their stock prices fell sharply through most of 2007. During the
five years leading up to this slowdown, domestic REITs enjoyed annual compound
returns exceeding 20%, outperforming all major domestic stock indices.* REIT
returns in these prior periods were fueled by historically low interest rates
and massive injections of liquidity engineered by the Federal Reserve as it
sought to stimulate the economy. The actions created a boom in residential real
estate markets. In REIT markets, this led to a major inflow of capital, fueling
acquisitions and privatizations and pushing valuations ever higher. By February
2007, the REIT market had peaked, with valuations hitting all-time
highs.
*Instances of high double-digit returns
are unusual, cannot be sustained, and were achieved primarily during favorable
market conditions.
2
The downturn that followed was spurred by
surging default rates on subprime mortgages. These defaults were accompanied by
softening home sales, failing mortgage companies, and dramatic write-downs by
major investment and money-center banks. The result was a tightening of credit
standards and a drying up of the liquidity that had fueled acquisition and
buyout activity earlier in the period.
Office REITs, such as Alexandria Real
Estate Equities, helped us post positive results in a sector that experienced a
setback during the period. Our outperformance was greatly enhanced by the
takeover of Hilton Hotels.
Our weakest contributors included:
Apartment Investment and Management Company, Starwood Hotels and Resorts,
Brandywine Realty Trust, Mack-Cali Realty, and Duke Realty. We sold Brandywine,
Mack-Cali and Duke because we anticipated declines in suburban office
fundamentals such as increased supply, weaker job growth, and slowing rent
growth. Sectors in which our stock picks detracted included specialty and
diversified.
High yield fixed income
With regard to the Funds high yield fixed
income investments, the higher credit quality sectors (e.g., BB-rated bonds in
particular) outperformed lower credit quality sectors (CCC-rated bonds) during
the fiscal period. The high yield sectors that contributed to performance were
integrated energy, health insurance, and life
insurance. The worst-performing areas of the market were home builders,
brokerage, and financials. We believe the subprime crisis contributed to a
deterioration in liquidity in the high yield market and a negative trend in
technicals. This caused an almost complete cessation of new-deal issuance in
July and a pronounced deterioration in secondary market trading. This situation
was exacerbated by the $350 billion backlog of leverage buyout (LBO) financing
that has yet to be issued. Furthermore, issuance of collateralized loan
obligations all but dried up, making it more difficult to issue the bank-loan
portion of the LBO calendar. During September, liquidity improved and there was
a resurgence in the new-issue market for existing high yield companies, as some
seasoned issuers brought to market bond deals that were well
received.
We generally favored B-rated credits over
higher-quality credits, given the additional yield compensation for the risk
accepted. The utility, energy, and capital goods sectors were the strongest
relative contributors to performance.
3
Performance summary
Delaware Investments Dividend and
Income Fund, Inc.
The performance data quoted represent past
performance; past performance does not guarantee future results. Investment
return and principal value will fluctuate so your shares, when sold, may be
worth more or less than their original cost. Current performance may be lower or
higher than the performance data quoted. Funds that invest in bonds can lose
their value as interest rates rise, and an investor can lose principal. Please
obtain the performance data for the most recent month end by calling 800
523-1918.
A rise or fall in interest rates can have
a significant impact on bond prices and the net asset value (NAV) of the
Fund.
Fund
performance |
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Average annual
total returns |
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|
|
|
Through Nov. 30,
2007 |
1
year |
5
years |
10
years |
Lifetime |
At market price |
-5.99% |
+12.23% |
+5.99% |
+8.47% |
At net asset value |
-0.94% |
+14.35% |
+7.15% |
+9.74% |
High yielding noninvestment grade bonds
(junk bonds) involve higher risk than investment grade bonds. Adverse
conditions may affect the issuers ability to pay interest and principal on
these securities.
Funds that invest in REITs are subject to
many of the risks associated with direct real estate ownership and, as such, may
be adversely affected by declines in real-estate values and general and local
economic conditions.
Diversification does not assure a profit
or protect against loss in a declining market.
Returns reflect 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 Funds
dividend reinvestment policy. Shares of the Fund were initially offered with a
sales charge of 6%. Performance since inception does not include the sales
charge or any brokerage commissions for purchases made since inception. Past
performance is not a guarantee of future results.
The performance table above and the graph
on page 5 do not reflect the deduction of taxes the shareholder would pay on
Fund distributions or sales of Fund shares.
Fund
basics |
As of Nov. 30,
2007 |
|
Fund objective |
The Fund seeks to
achieve high current income. Capital appreciation is a secondary
objective. |
|
Total Fund net assets |
$124
million |
|
Number of holdings |
347 |
Fund start date |
March 26,
1993 |
|
NYSE symbol |
DDF |
4
Market price versus net asset
value
Nov. 30, 2006, through Nov. 30,
2007
![](dividendandincome_ncsr1x7x1.jpg)
|
|
Starting value |
Ending value |
|
|
(Nov. 30, 2006) |
(Nov. 30, 2007) |
|
Delaware Investments Dividend
and Income Fund, Inc. @ NAV |
$14.20 |
$11.85 |
|
Delaware Investments Dividend
and Income Fund, Inc. @ Market Price |
$13.46 |
$10.66 |
Past performance is not a guarantee of
future results.
Performance of a $10,000
Investment
Nov. 30, 1997, through Nov. 30,
2007
![](dividendandincome_ncsr1x7x2.jpg)
|
|
Starting value |
Ending value |
|
|
(Nov. 30, 1997) |
(Nov. 30, 2007) |
|
Delaware Investments Dividend
and Income Fund, Inc. @ NAV |
$10,000 |
$19,924
|
|
Delaware Investments Dividend
and Income Fund, Inc. @ Market Price |
$10,000 |
$17,899
|
|
Lipper Closed-end Income and
Preferred Stock Funds Average @ Market Price
|
$10,000 |
$17,879
|
|
Lipper Closed-end Income and
Preferred Stock Funds Average @ NAV |
$10,000 |
$17,420
|
The chart assumes $10,000 invested in the
Fund on Nov. 30, 1997, and includes the reinvestment of all distributions at
market value. The chart assumes $10,000 invested in the Lipper Closed-end Income
and Preferred Stock Funds Average at market price and at NAV. Performance of the
Fund and the Lipper class at market value is based on market performance during
the period. Performance of the Fund and Lipper class at NAV is based on the
fluctuations in NAV during the period. Delaware Investments Dividend and Income
Fund, Inc. was initially offered with a sales charge of 6%. Performance does not
include fees, the initial sales charge, or any brokerage commissions for
purchases. Investments in the Fund are not available at NAV.
Lipper Closed-end Income and Preferred
Stock Funds Average represents the average return of closed-end income and
preferred stock mutual funds tracked by Lipper (source: Lipper). You cannot
invest directly in an index.
Past performance is not a guarantee of
future results.
5
Sector allocation and top 10 equity
holdings
Delaware Investments Dividend and
Income Fund, Inc.
As of November 30, 2007
Sector designations may be different than
the sector designations presented in other Fund materials.
|
Percentage |
Sector |
of Net Assets |
Common Stock |
80.72 |
% |
Consumer
Discretionary |
5.82 |
% |
Consumer Staples |
8.43 |
% |
Diversified
REITs |
0.38 |
% |
Energy |
3.96 |
% |
Financials |
11.54 |
% |
Health Care |
10.04 |
% |
Health Care
REITs |
2.67 |
% |
Hotel REITs |
1.40 |
% |
Industrial
REITs |
2.89 |
% |
Industrials |
5.13 |
% |
Information
Technology |
9.47 |
% |
Mall REITs |
4.14 |
% |
Manufactured
Housing REITs |
0.55 |
% |
Materials |
1.87 |
% |
Mortgage
REITs |
0.24 |
% |
Multifamily REITs |
1.75 |
% |
Office
REITs |
2.48 |
% |
Self-Storage REITs |
0.83 |
% |
Shopping Center
REITs |
0.79 |
% |
Specialty Retail |
0.47 |
% |
Telecommunications |
3.66 |
% |
Utilities |
2.21 |
% |
Convertible
Preferred Stock |
4.05 |
%
|
Automobiles & Automotive Parts |
0.20 |
% |
Banking, Finance
& Insurance |
0.93 |
% |
Basic Materials |
0.70 |
% |
Cable, Media
& Publishing |
0.27 |
% |
Energy |
0.55 |
% |
Health Care
& Pharmaceuticals |
0.33 |
% |
Telecommunications |
0.32 |
% |
Utilities |
0.75 |
% |
Preferred Stock |
2.72 |
% |
Leisure, Lodging
& Entertainment |
0.72 |
% |
Real Estate |
2.00 |
% |
Convertible
Bonds |
11.61 |
%
|
Aerospace & Defense |
0.88 |
% |
Banking, Finance
& Insurance |
0.22 |
% |
Cable, Media & Publishing |
0.43 |
% |
Computers &
Technology |
3.58 |
% |
Energy |
1.41 |
% |
Health Care
& Pharmaceuticals |
1.87 |
% |
Leisure, Lodging & Entertainment |
0.31 |
% |
Real
Estate |
0.72 |
% |
Retail |
0.58 |
% |
Telecommunications |
0.76 |
% |
Transportation |
0.53 |
% |
Utilities |
0.32 |
% |
Corporate Bonds |
29.50 |
% |
Basic
Industries |
2.66 |
% |
Brokerage |
0.41 |
% |
Capital
Goods |
1.71 |
% |
Consumer Cyclical |
3.54 |
% |
Consumer
Non-Cyclical |
1.42 |
% |
Energy |
4.13 |
% |
Finance &
Investments |
0.50 |
% |
Media |
3.09 |
% |
Real
Estate |
0.46 |
% |
Services Cyclical |
3.84 |
% |
Services
Non-Cyclical |
1.77 |
% |
Technology & Electronics |
0.39 |
% |
Telecommunications |
3.77 |
% |
Utilities |
1.81 |
% |
Senior Secured
Loans |
3.70 |
% |
Warrant |
0.00 |
% |
Discount Note |
2.37 |
% |
Securities Lending
Collateral |
14.28 |
% |
Total Value of
Securities |
148.95 |
% |
Obligation to Return Securities
Lending Collateral |
(14.28 |
%) |
Borrowing Under Line of
Credit |
(16.14 |
%) |
Commercial Paper
Payable |
(19.31 |
%) |
Receivables and Other Assets Net of
Liabilities |
0.78 |
% |
Total Net
Assets |
100.00 |
%
|
6
Holdings are
for informational purposes only and are subject to change at any time.
They are not a recommendation to buy, sell, or hold any
security. |
|
|
|
|
|
Percentage |
Top 10
Equity Holdings |
of Net Assets |
Simon Property Group |
2.30 |
% |
Gap
|
2.22 |
% |
Progress Energy |
2.20 |
% |
Abbott
Laboratories |
2.20 |
% |
Baxter International |
2.17 |
% |
Safeway |
2.10 |
% |
Chubb |
2.09 |
% |
Heinz
(H.J.) |
2.08 |
% |
Chevron |
2.02 |
% |
Hartford Financial Services
Group |
2.00 |
% |
7
Statement of net assets
Delaware Investments Dividend and
Income Fund, Inc.
November 30, 2007
|
|
Number of |
|
|
|
|
|
Shares |
|
Value |
Common Stock
80.72% |
|
|
|
|
|
Consumer
Discretionary 5.82% |
|
|
|
|
|
@Õ=Avado Brands |
|
1,390 |
|
$ |
0 |
Gap |
|
135,000 |
|
|
2,754,000 |
Limited
Brands |
|
91,200 |
|
|
1,831,296 |
Mattel |
|
101,200 |
|
|
2,021,976 |
Starwood
Hotels & |
|
|
|
|
|
Resorts
Worldwide |
|
11,300 |
|
|
606,584 |
Time Warner Cable Class A |
|
7 |
|
|
182 |
|
|
|
|
|
7,214,038 |
Consumer
Staples 8.43% |
|
|
|
|
|
B&G Foods
Class A |
|
40,900 |
|
|
437,221 |
Heinz (H.J.) |
|
54,400 |
|
|
2,573,120 |
*Kimberly-Clark |
|
34,700 |
|
|
2,422,407 |
Kraft Foods Class
A |
|
69,800 |
|
|
2,411,590 |
Safeway |
|
74,800 |
|
|
2,603,040 |
|
|
|
|
|
10,447,378 |
Diversified REITs 0.38% |
|
|
|
|
|
*iStar Financial |
|
16,000 |
|
|
468,320 |
|
|
|
|
|
468,320 |
Energy
3.96% |
|
|
|
|
|
Chevron |
|
28,500 |
|
|
2,501,445 |
ConocoPhillips |
|
30,100 |
|
|
2,409,204 |
|
|
|
|
|
4,910,649 |
Financials 11.54% |
|
|
|
|
|
Allstate |
|
45,400 |
|
|
2,320,848 |
Chubb |
|
47,400 |
|
|
2,585,669 |
Discover
Financial Services |
|
125,300 |
|
|
2,176,461 |
Hartford Financial Services
Group |
|
26,000 |
|
|
2,478,320 |
Highland
Distressed Opportunities |
|
20,800 |
|
|
196,768 |
Huntington
Bancshares |
|
28,500 |
|
|
447,165 |
Morgan
Stanley |
|
38,700 |
|
|
2,040,264 |
Wachovia |
|
8,200 |
|
|
352,600 |
*Washington
Mutual |
|
87,100 |
|
|
1,698,450 |
|
|
|
|
|
14,296,545 |
Health Care 10.04% |
|
|
|
|
|
Abbott
Laboratories |
|
47,300 |
|
|
2,720,223 |
Baxter
International |
|
45,000 |
|
|
2,694,150 |
Bristol-Myers
Squibb |
|
81,700 |
|
|
2,420,771 |
Pfizer |
|
101,000 |
|
|
2,399,760 |
Wyeth |
|
45,000 |
|
|
2,209,500 |
|
|
|
|
|
12,444,404 |
Health
Care REITs 2.67% |
|
|
|
|
|
Health Care
Property Investors |
|
23,500 |
|
|
786,075 |
*Health Care REIT |
|
9,500 |
|
|
425,695 |
*Medical Properties
Trust |
|
33,700 |
|
|
378,114 |
*Nationwide Health
Properties |
|
22,000 |
|
|
688,160 |
*Ventas |
|
23,600 |
|
|
1,028,960 |
|
|
|
|
|
3,307,004 |
Hotel REITs 1.40% |
|
|
|
|
|
Ashford Hospitality
Trust |
|
33,700 |
|
|
260,838 |
Hersha
Hospitality Trust |
|
94,300 |
|
|
959,974 |
Host Hotels &
Resorts |
|
27,100 |
|
|
520,049 |
|
|
|
|
|
1,740,861 |
Industrial REITs 2.89% |
|
|
|
|
|
*AMB
Property |
|
21,900 |
|
|
1,339,404 |
First Potomac Realty
Trust |
|
13,400 |
|
|
252,724 |
ProLogis |
|
30,500 |
|
|
1,995,310 |
|
|
|
|
|
3,587,438 |
Industrials 5.13% |
|
|
|
|
|
*Donnelley (R.R.) &
Sons |
|
58,900 |
|
|
2,159,415 |
Genesis Lease
ADR |
|
51,000 |
|
|
943,500 |
Grupo Aeroportuario del
Centro |
|
|
|
|
|
Norte
ADR |
|
10,200 |
|
|
276,114 |
*Macquarie
Infrastructure |
|
12,800 |
|
|
515,840 |
Northwest Airlines |
|
191 |
|
|
3,464 |
@Õ=Port Townsend |
|
350 |
|
|
218,400 |
Waste
Management |
|
65,400 |
|
|
2,244,528 |
|
|
|
|
|
6,361,261 |
Information Technology 9.47% |
|
|
|
|
|
Hewlett-Packard |
|
47,200 |
|
|
2,414,752 |
Intel |
|
93,000 |
|
|
2,425,440 |
*International Business
Machines |
|
21,100 |
|
|
2,219,298 |
Motorola |
|
145,700 |
|
|
2,326,829 |
*Xerox |
|
139,100 |
|
|
2,348,008 |
|
|
|
|
|
11,734,327 |
Mall REITs 4.14% |
|
|
|
|
|
General Growth
Properties |
|
25,706 |
|
|
1,193,787 |
Macerich |
|
14,000 |
|
|
1,087,100 |
Simon Property
Group |
|
28,900 |
|
|
2,845,205 |
|
|
|
|
|
5,126,092 |
Manufactured Housing REITs 0.55% |
|
|
|
|
|
Equity Lifestyle
Properties |
|
11,200 |
|
|
519,568 |
*Sun Communities |
|
6,700 |
|
|
164,016 |
|
|
|
|
|
683,584 |
Materials
1.87% |
|
|
|
|
|
duPont (E.I.)
deNemours |
|
50,200 |
|
|
2,316,730 |
|
|
|
|
|
2,316,730 |
Mortgage REITs 0.24% |
|
|
|
|
|
Chimera Investment |
|
19,000 |
|
|
294,690 |
|
|
|
|
|
294,690 |
Multifamily REITs 1.75% |
|
|
|
|
|
*American Campus
Communities |
|
14,500 |
|
|
374,970 |
*Apartment Investment
& |
|
|
|
|
|
Management |
|
16,600 |
|
|
660,182 |
Camden Property
Trust |
|
7,300 |
|
|
384,053 |
Equity
Residential |
|
20,000 |
|
|
744,200 |
|
|
|
|
|
2,163,405 |
Office
REITs 2.48% |
|
|
|
|
|
*Alexandria Real Estate
Equities |
|
8,900 |
|
|
874,247 |
Duke Realty |
|
17,100 |
|
|
449,559 |
Highwoods
Properties |
|
10,900 |
|
|
345,857 |
*Parkway Properties |
|
15,000 |
|
|
593,550 |
PS Business
Parks |
|
8,500 |
|
|
458,575 |
SL Green
Realty |
|
3,400 |
|
|
353,260 |
|
|
|
|
|
3,075,048 |
8
|
|
Number of |
|
|
|
|
|
Shares |
|
Value |
Common
Stock (continued) |
|
|
|
|
|
|
Self-Storage REITs 0.83% |
|
|
|
|
|
|
Public
Storage |
|
|
13,300 |
|
$ |
1,028,622 |
|
|
|
|
|
|
1,028,622 |
Shopping Center REITs 0.79% |
|
|
|
|
|
|
Cedar Shopping
Centers |
|
|
44,500 |
|
|
520,650 |
*Equity
One |
|
|
12,500 |
|
|
295,875 |
Ramco-Gershenson
Properties |
|
|
6,400 |
|
|
161,920 |
|
|
|
|
|
|
978,445 |
Specialty
Retail 0.47% |
|
|
|
|
|
|
*Entertainment
Properties Trust |
|
|
11,000 |
|
|
586,190 |
|
|
|
|
|
|
586,190 |
Telecommunications 3.66% |
|
|
|
|
|
|
AT&T |
|
|
58,500 |
|
|
2,235,285 |
Century
Communications |
|
|
500,000 |
|
|
325 |
Verizon
Communications |
|
|
53,100 |
|
|
2,294,451 |
|
|
|
|
|
|
4,530,061 |
Utilities
2.21% |
|
|
|
|
|
|
*Mirant |
|
|
189 |
|
|
7,294 |
Progress
Energy |
|
|
55,900 |
|
|
2,729,038 |
|
|
|
|
|
|
2,736,332 |
Total
Common Stock |
|
|
|
|
|
|
(cost
$87,905,276) |
|
|
|
|
|
100,031,424 |
|
Convertible
Preferred Stock 4.05% |
|
|
|
|
|
|
Automobiles & Automotive Parts 0.20% |
|
|
|
|
|
|
General Motors
5.25% |
|
|
|
|
|
|
exercise
price $64.90, |
|
|
|
|
|
|
expiration
date 3/6/32 |
|
|
12,225 |
|
|
244,133 |
|
|
|
|
|
|
244,133 |
Banking, Finance & Insurance 0.93% |
|
|
|
|
|
|
Aspen Insurance
5.625% |
|
|
|
|
|
|
exercise
price $29.28, |
|
|
|
|
|
|
expiration
date 12/31/49 |
|
|
8,800 |
|
|
492,800 |
·Citigroup Funding 4.583% |
|
|
|
|
|
|
exercise
price $29.50, |
|
|
|
|
|
|
expiration
date 9/27/08 |
|
|
19,000 |
|
|
495,329 |
XL Capital
7.00% |
|
|
|
|
|
|
exercise
price $80.59, |
|
|
|
|
|
|
expiration
date 2/15/09 |
|
|
8,000 |
|
|
171,360 |
|
|
|
|
|
|
1,159,489 |
Basic
Materials 0.70% |
|
|
|
|
|
|
Freeport-McMoRan
Copper & |
|
|
|
|
|
|
Gold
6.75% |
|
|
|
|
|
|
exercise
price $73.50, |
|
|
|
|
|
|
expiration
date 5/1/10 |
|
|
2,700 |
|
|
394,200 |
Huntsman
5.00% |
|
|
|
|
|
|
exercise
price $27.90, |
|
|
|
|
|
|
expiration
date 2/16/08 |
|
|
9,900 |
|
|
476,438 |
|
|
|
|
|
|
870,638 |
Cable,
Media & Publishing 0.27% |
|
|
|
|
|
|
#Interpublic Group
144A |
|
|
|
|
|
|
5.25%
exercise price $13.66, |
|
|
|
|
|
|
expiration
date 12/31/49 |
|
|
360 |
|
|
332,595 |
|
|
|
|
|
|
332,595 |
Energy 0.55% |
|
|
|
|
|
|
Chesapeake Energy
4.50% |
|
|
|
|
|
|
exercise
price $44.17, |
|
|
|
|
|
|
expiration
date 12/31/49 |
|
|
3,650 |
|
|
384,163 |
El Paso Energy
Capital Trust I |
|
|
|
|
|
|
4.75%
exercise price $41.59, |
|
|
|
|
|
|
expiration
date 3/31/28 |
|
|
5,250 |
|
|
206,850 |
McMoRan
Exploration |
|
|
|
|
|
|
6.75%
exercise price $12.40, |
|
|
|
|
|
|
expiration
date 11/15/10 |
|
|
1,000 |
|
|
96,000 |
|
|
|
|
|
|
687,013 |
Health
Care & Pharmaceuticals 0.33% |
|
|
|
|
|
|
Schering-Plough
6.00% |
|
|
|
|
|
|
exercise
price $33.69, |
|
|
|
|
|
|
expiration
date 8/13/10 |
|
|
1,500 |
|
|
405,938 |
|
|
|
|
|
|
405,938 |
Telecommunications 0.32% |
|
|
|
|
|
|
Lucent Technologies Capital
Trust I |
|
|
|
|
|
|
7.75%
exercise price $24.80, |
|
|
|
|
|
|
expiration
date 3/15/17 |
|
|
425 |
|
|
394,134 |
|
|
|
|
|
|
394,134 |
Utilities 0.75% |
|
|
|
|
|
|
Entergy 7.625% exercise
price |
|
|
|
|
|
|
$87.46,
expiration date 2/17/09 |
|
|
6,750 |
|
|
482,625 |
NRG Energy
5.75% |
|
|
|
|
|
|
exercise
price $30.23, |
|
|
|
|
|
|
expiration
date 3/16/09 |
|
|
1,225 |
|
|
450,494 |
|
|
|
|
|
|
933,119 |
Total Convertible Preferred Stock |
|
|
|
|
|
|
(cost
$4,710,702) |
|
|
|
|
|
5,027,059 |
|
Preferred Stock
2.72% |
|
|
|
|
|
|
Leisure,
Lodging & Entertainment 0.72% |
|
|
|
|
|
|
Red Lion Hotels
Capital Trust 9.50% |
|
|
36,249 |
|
|
891,725 |
|
|
|
|
|
|
891,725 |
Real Estate 2.00% |
|
|
|
|
|
|
*Equity Inns Series B
8.75% |
|
|
34,400 |
|
|
638,550 |
SL Green Realty
7.625% |
|
|
77,100 |
|
|
1,840,377 |
|
|
|
|
|
|
2,478,927 |
Total Preferred Stock |
|
|
|
|
|
|
(cost
$3,693,725) |
|
|
|
|
|
3,370,652 |
|
|
|
Principal |
|
|
|
|
|
Amount |
|
|
|
Convertible Bonds
11.61% |
|
|
|
|
|
|
Aerospace
& Defense 0.88% |
|
|
|
|
|
|
#AAR 144A 1.75%
2/1/26 |
|
|
|
|
|
|
exercise
price $29.43, |
|
|
|
|
|
|
expiration
date 2/1/26 |
|
$ |
260,000 |
|
|
335,075 |
EDO 4.00% 11/15/25 exercise
price |
|
|
|
|
|
|
$34.19,
expiration date 11/15/25 |
|
|
235,000 |
|
|
392,156 |
#L-3 Communications
144A |
|
|
|
|
|
|
3.00%
8/1/35 exercise price |
|
|
|
|
|
|
$101.70,
expiration date 8/1/35 |
|
|
290,000 |
|
|
361,413 |
|
|
|
|
|
|
1,088,644 |
(continues) 9
Statement of net
assets
Delaware
Investments Dividend and Income Fund, Inc.
|
|
Principal |
|
|
|
|
|
Amount |
|
Value |
Convertible
Bonds (continued) |
|
|
|
|
|
|
Banking,
Finance & Insurance 0.22% |
|
|
|
|
|
|
·#U.S. Bancorp 144A |
|
|
|
|
|
|
3.838% 9/20/36 |
|
|
|
|
|
|
exercise price $38.28, |
|
|
|
|
|
|
expiration date 9/20/36 |
|
$ |
275,000 |
|
$ |
275,743 |
|
|
|
|
|
|
275,743 |
Cable,
Media & Publishing 0.43% |
|
|
|
|
|
|
#Playboy Enterprises
144A |
|
|
|
|
|
|
3.00% 3/15/25 exercise price |
|
|
|
|
|
|
$17.02, expiration date 3/15/25 |
|
|
600,000 |
|
|
534,750 |
|
|
|
|
|
|
534,750 |
Computers & Technology 3.58% |
|
|
|
|
|
|
Advanced Micro
Devices |
|
|
|
|
|
|
6.00%
5/1/15 |
|
|
|
|
|
|
exercise price $28.08, |
|
|
|
|
|
|
expiration date 5/1/15 |
|
|
230,000 |
|
|
183,713 |
#Advanced Micro Devices
144A |
|
|
|
|
|
|
6.00% 5/1/15 |
|
|
|
|
|
|
exercise price $28.08, |
|
|
|
|
|
|
expiration date 5/1/15 |
|
|
450,000 |
|
|
359,438 |
Euronet Worldwide |
|
|
|
|
|
|
3.50%
10/15/25 |
|
|
|
|
|
|
exercise price $40.48, |
|
|
|
|
|
|
expiration date 10/15/25 |
|
|
405,000 |
|
|
439,931 |
Fairchild
Semiconductor |
|
|
|
|
|
|
5.00% 11/1/08 |
|
|
|
|
|
|
exercise price $30.00, |
|
|
|
|
|
|
expiration date 11/1/08 |
|
|
410,000 |
|
|
407,950 |
Flextronics
International |
|
|
|
|
|
|
1.00%
8/1/10 |
|
|
|
|
|
|
exercise price $15.53, |
|
|
|
|
|
|
expiration date 8/1/10 |
|
|
400,000 |
|
|
408,000 |
Hutchinson
Technology |
|
|
|
|
|
|
3.25% 1/15/26 |
|
|
|
|
|
|
exercise price $36.43, |
|
|
|
|
|
|
expiration date 1/15/26 |
|
|
340,000 |
|
|
331,075 |
#Informatica 144A 3.00%
3/15/26 |
|
|
|
|
|
|
exercise price $20.00, |
|
|
|
|
|
|
expiration date 3/15/26 |
|
|
510,000 |
|
|
566,737 |
#Intel 144A 2.95%
12/15/35 |
|
|
|
|
|
|
exercise price $31.53, |
|
|
|
|
|
|
expiration date 12/15/35 |
|
|
255,000 |
|
|
272,850 |
*ON Semiconductor |
|
|
|
|
|
|
2.625% 12/15/26 |
|
|
|
|
|
|
exercise price $10.50, |
|
|
|
|
|
|
expiration date 12/15/26 |
|
|
575,000 |
|
|
645,437 |
SanDisk 1.00%
5/15/13 |
|
|
|
|
|
|
exercise price $82.36, |
|
|
|
|
|
|
expiration date 5/15/13 |
|
|
280,000 |
|
|
237,300 |
#Sybase 144A 1.75%
2/22/25 |
|
|
|
|
|
|
exercise price $25.22, |
|
|
|
|
|
|
expiration date 2/22/25 |
|
|
500,000 |
|
|
578,124 |
|
|
|
|
|
|
4,430,555 |
Energy
1.41% |
|
|
|
|
|
|
Halliburton 3.125%
7/15/23 |
|
|
|
|
|
|
exercise price $18.76, |
|
|
|
|
|
|
expiration date 7/15/23 |
|
|
250,000 |
|
|
491,250 |
*Peabody Energy |
|
|
|
|
|
|
4.75%
12/15/41 |
|
|
|
|
|
|
exercise price $58.45, |
|
|
|
|
|
|
expiration date 12/15/41 |
|
|
280,000 |
|
|
336,700 |
Pride International
3.25% 5/1/33 |
|
|
|
|
|
|
exercise price $25.70, |
|
|
|
|
|
|
expiration date 5/1/33 |
|
|
230,000 |
|
|
307,050 |
Schlumberger 2.125%
6/1/23 |
|
|
|
|
|
|
exercise price $40.00, |
|
|
|
|
|
|
expiration date 6/1/23 |
|
|
260,000 |
|
|
609,700 |
|
|
|
|
|
|
1,744,700 |
Health
Care & Pharmaceuticals 1.87% |
|
|
|
|
|
|
#Allergan 144A 1.50%
4/1/26 |
|
|
|
|
|
|
exercise price $63.33, |
|
|
|
|
|
|
expiration date 4/1/26 |
|
|
415,000 |
|
|
503,706 |
Amgen 0.375%
2/1/13 |
|
|
|
|
|
|
exercise price $79.48, |
|
|
|
|
|
|
expiration date 2/1/13 |
|
|
235,000 |
|
|
220,019 |
#Amgen 144A 0.375%
2/1/13 |
|
|
|
|
|
|
exercise price $79.48, |
|
|
|
|
|
|
expiration date 2/1/13 |
|
|
165,000 |
|
|
154,481 |
·Bristol-Myers
Squibb |
|
|
|
|
|
|
5.194% 9/15/23 |
|
|
|
|
|
|
exercise price $41.28, |
|
|
|
|
|
|
expiration date 9/15/23 |
|
|
300,000 |
|
|
298,800 |
CV Therapeutics 3.25%
8/16/13 |
|
|
|
|
|
|
exercise price $27.00, |
|
|
|
|
|
|
expiration date 8/16/13 |
|
|
125,000 |
|
|
101,719 |
LifePoint
Hospitals |
|
|
|
|
|
|
3.50%
5/15/14 |
|
|
|
|
|
|
exercise price $51.79, |
|
|
|
|
|
|
expiration date 5/14/14 |
|
|
110,000 |
|
|
100,650 |
Teva Pharmaceutical
Finance |
|
|
|
|
|
|
0.25% 2/1/26 |
|
|
|
|
|
|
exercise price $47.06, |
|
|
|
|
|
|
expiration date 2/1/26 |
|
|
345,000 |
|
|
354,488 |
*·Wyeth 4.886%
1/15/24 |
|
|
|
|
|
|
exercise price $60.09, |
|
|
|
|
|
|
expiration date 1/15/24 |
|
|
550,000 |
|
|
587,493 |
|
|
|
|
|
|
2,321,356 |
Leisure,
Lodging & Entertainment 0.31% |
|
|
|
|
|
|
#International Game
Technology |
|
|
|
|
|
|
144A 2.60% 12/15/36 |
|
|
|
|
|
|
exercise price $61.78, |
|
|
|
|
|
|
expiration date 12/15/36 |
|
|
375,000 |
|
|
382,031 |
|
|
|
|
|
|
382,031 |
Real Estate 0.72% |
|
|
|
|
|
|
#General Growth Properties
144A |
|
|
|
|
|
|
3.98%
4/15/27 |
|
|
|
|
|
|
exercise price $88.72, |
|
|
|
|
|
|
expiration date 4/15/27 |
|
|
445,000 |
|
|
384,369 |
10
|
|
Principal |
|
|
|
|
|
Amount |
|
Value |
Convertible Bonds
(continued) |
|
|
|
|
|
|
Real Estate
(continued) |
|
|
|
|
|
|
Health Care REIT 4.75% 12/1/26 |
|
|
|
|
|
|
exercise
price $47.82, |
|
|
|
|
|
|
expiration
date 12/1/26 |
|
$ |
255,000 |
|
$ |
270,619 |
MeriStar Hospitality 9.50%
4/1/10 |
|
|
|
|
|
|
exercise
price $10.18, |
|
|
|
|
|
|
expiration
date 4/1/10 |
|
|
230,000 |
|
|
236,095 |
|
|
|
|
|
|
891,083 |
Retail
0.58% |
|
|
|
|
|
|
Pantry 3.00%
11/15/12 |
|
|
|
|
|
|
exercise
price $50.10, |
|
|
|
|
|
|
expiration
date 11/15/12 |
|
|
180,000 |
|
|
165,375 |
#Saks 144A 2.00% 3/15/24 |
|
|
|
|
|
|
exercise
price $11.97, |
|
|
|
|
|
|
expiration
date 3/15/24 |
|
|
160,000 |
|
|
282,800 |
#United Auto Group 144A |
|
|
|
|
|
|
3.50%
4/1/26 |
|
|
|
|
|
|
exercise price $23.69, |
|
|
|
|
|
|
expiration
date 4/1/26 |
|
|
260,000 |
|
|
275,600 |
|
|
|
|
|
|
723,775 |
Telecommunications 0.76% |
|
|
|
|
|
|
Level 3
Communications |
|
|
|
|
|
|
3.50%
6/15/12 |
|
|
|
|
|
|
exercise
price $5.46, |
|
|
|
|
|
|
expiration
date 6/15/12 |
|
|
165,000 |
|
|
150,563 |
NII Holdings 3.125%
6/15/12 |
|
|
|
|
|
|
exercise
price $118.32, |
|
|
|
|
|
|
expiration
date 6/15/12 |
|
|
410,000 |
|
|
363,874 |
#Nortel Networks 144A |
|
|
|
|
|
|
1.75%
4/15/12 |
|
|
|
|
|
|
exercise
price $32.00, |
|
|
|
|
|
|
expiration
date 4/15/12 |
|
|
115,000 |
|
|
96,744 |
2.125%
4/15/14 |
|
|
|
|
|
|
exercise
price $32.00, |
|
|
|
|
|
|
expiration
date 4/15/14 |
|
|
115,000 |
|
|
93,725 |
Qwest Communications |
|
|
|
|
|
|
International
3.50% 11/15/25 |
|
|
|
|
|
|
exercise
price $5.90, |
|
|
|
|
|
|
expiration
date 11/15/25 |
|
|
180,000 |
|
|
233,325 |
|
|
|
|
|
|
938,231 |
Transportation 0.53% |
|
|
|
|
|
|
#ExpressJet 144A 4.25%
8/1/23 |
|
|
|
|
|
|
exercise
price $18.20, |
|
|
|
|
|
|
expiration
date 8/1/23 |
|
|
200,000 |
|
|
192,500 |
JetBlue Airways |
|
|
|
|
|
|
3.50%
7/15/33 |
|
|
|
|
|
|
exercise
price $28.33, |
|
|
|
|
|
|
expiration
date 7/15/33 |
|
|
275,000 |
|
|
268,468 |
3.75%
3/15/35 |
|
|
|
|
|
|
exercise
price $17.10, |
|
|
|
|
|
|
expiration
date 3/15/35 |
|
|
225,000 |
|
|
199,688 |
|
|
|
|
|
|
660,656 |
Utilities 0.32% |
|
|
|
|
|
|
#CenterPoint Energy 144A |
|
|
|
|
|
|
3.75%
5/15/23 |
|
|
|
|
|
|
exercise
price $11.18, |
|
|
|
|
|
|
expiration
date 5/15/23 |
|
|
250,000 |
|
|
400,313 |
Mirant (Escrow) 2.50%
6/15/21 |
|
|
|
|
|
|
exercise
price $67.95, |
|
|
|
|
|
|
expiration
date 6/15/21 |
|
|
180,000 |
|
|
|
|
|
|
|
|
|
400,313 |
Total Convertible Bonds |
|
|
|
|
|
|
(cost $13,542,145) |
|
|
|
|
|
14,391,837 |
|
Corporate Bonds
29.50% |
|
|
|
|
|
|
Basic Industries
2.66% |
|
|
|
|
|
|
*AK Steel 7.75% 6/15/12 |
|
|
175,000 |
|
|
175,438 |
Bowater 9.00% 8/1/09 |
|
|
50,000 |
|
|
48,125 |
Foundation Pennsylvania
Coal |
|
|
|
|
|
|
7.25%
8/1/14 |
|
|
280,000 |
|
|
270,900 |
Freeport McMoRan Copper
& |
|
|
|
|
|
|
Gold
8.25% 4/1/15 |
|
|
135,000 |
|
|
144,450 |
Georgia-Pacific |
|
|
|
|
|
|
7.70%
6/15/15 |
|
|
130,000 |
|
|
127,075 |
8.875%
5/15/31 |
|
|
255,000 |
|
|
248,625 |
#GTL Trade Finance 144A |
|
|
|
|
|
|
7.25%
10/20/17 |
|
|
100,000 |
|
|
102,515 |
Hexion US Finance |
|
|
|
|
|
|
9.75%
11/15/14 |
|
|
215,000 |
|
|
232,200 |
*#Ineos Group Holdings 144A |
|
|
|
|
|
|
8.50%
2/15/16 |
|
|
130,000 |
|
|
117,650 |
Lyondell Chemical |
|
|
|
|
|
|
8.00%
9/15/14 |
|
|
175,000 |
|
|
199,063 |
8.25%
9/15/16 |
|
|
50,000 |
|
|
58,875 |
#MacDermid 144A |
|
|
|
|
|
|
9.50%
4/15/17 |
|
|
335,000 |
|
|
305,687 |
Norske Skog Canada |
|
|
|
|
|
|
8.625%
6/15/11 |
|
|
165,000 |
|
|
137,775 |
Port Townsend Paper |
|
|
|
|
|
|
12.431%
8/27/12 |
|
|
168,000 |
|
|
168,000 |
Potlatch 13.00%
12/1/09 |
|
|
250,000 |
|
|
285,232 |
·#Ryerson
144A 12.574% 11/1/14 |
|
|
125,000 |
|
|
120,938 |
#Sappi Papier Holding 144A |
|
|
|
|
|
|
6.75%
6/15/12 |
|
|
275,000 |
|
|
271,424 |
#Steel Dynamics 144A |
|
|
|
|
|
|
6.75%
4/1/15 |
|
|
100,000 |
|
|
96,000 |
7.375%
11/1/12 |
|
|
65,000 |
|
|
64,838 |
Verso Paper Holdings |
|
|
|
|
|
|
9.125%
8/1/14 |
|
|
120,000 |
|
|
119,850 |
|
|
|
|
|
|
3,294,660 |
Brokerage 0.41% |
|
|
|
|
|
|
LaBranche |
|
|
|
|
|
|
9.50%
5/15/09 |
|
|
265,000 |
|
|
266,325 |
11.00%
5/15/12 |
|
|
244,000 |
|
|
242,170 |
|
|
|
|
|
|
508,495 |
(continues) 11
Statement of net
assets
Delaware Investments Dividend
and Income Fund, Inc.
|
|
Principal |
|
|
|
|
|
Amount |
|
Value |
Corporate Bonds (continued) |
|
|
|
|
|
|
Capital Goods 1.71% |
|
|
|
|
|
|
*Berry Plastics Holding |
|
|
|
|
|
|
8.875%
9/15/14 |
|
$ |
205,000 |
|
$ |
198,850 |
CPG International I |
|
|
|
|
|
|
10.50%
7/1/13 |
|
|
200,000 |
|
|
193,000 |
*Graham Packaging |
|
|
|
|
|
|
9.875%
10/15/14 |
|
|
150,000 |
|
|
138,375 |
Graphic Packaging
International |
|
|
|
|
|
|
8.50%
8/15/11 |
|
|
170,000 |
|
|
168,300 |
*#Hawker Beechcraft Acquisition |
|
|
|
|
|
|
144A
9.75% 4/1/17 |
|
|
120,000 |
|
|
121,500 |
Interface 10.375%
2/1/10 |
|
|
215,000 |
|
|
226,288 |
Intertape Polymer 8.50%
8/1/14 |
|
|
165,000 |
|
|
151,388 |
Koppers Industries |
|
|
|
|
|
|
9.875%
10/15/13 |
|
|
110,000 |
|
|
116,050 |
#Momentive Performance |
|
|
|
|
|
|
Materials
144A |
|
|
|
|
|
|
9.75%
12/1/14 |
|
|
240,000 |
|
|
223,800 |
·NXP
BV Funding |
|
|
|
|
|
|
7.993%
10/15/13 |
|
|
115,000 |
|
|
109,106 |
*Smurfit-Stone Container |
|
|
|
|
|
|
Enterprises
8.00% 3/15/17 |
|
|
195,000 |
|
|
188,175 |
Trimas 9.875%
6/15/12 |
|
|
288,000 |
|
|
285,119 |
|
|
|
|
|
|
2,119,951 |
Consumer Cyclical
3.54% |
|
|
|
|
|
|
*#Allison Transmission 144A |
|
|
|
|
|
|
11.00%
11/1/15 |
|
|
135,000 |
|
|
130,613 |
Carrols 9.00%
1/15/13 |
|
|
250,000 |
|
|
231,875 |
Ford Motor 7.45%
7/16/31 |
|
|
415,000 |
|
|
315,400 |
Ford Motor Credit |
|
|
|
|
|
|
*7.375%
10/28/09 |
|
|
300,000 |
|
|
284,162 |
7.80%
6/1/12 |
|
|
295,000 |
|
|
263,150 |
·7.993% 1/13/12 |
|
|
125,000 |
|
|
109,011 |
General Motors |
|
|
|
|
|
|
6.375%
5/1/08 |
|
|
300,000 |
|
|
297,750 |
*8.375%
7/15/33 |
|
|
740,000 |
|
|
617,899 |
GMAC |
|
|
|
|
|
|
4.375%
12/10/07 |
|
|
75,000 |
|
|
74,936 |
·6.119% 5/15/09 |
|
|
287,000 |
|
|
269,009 |
6.875%
9/15/11 |
|
|
550,000 |
|
|
480,918 |
6.875%
8/28/12 |
|
|
310,000 |
|
|
263,797 |
KB Home 8.625%
12/15/08 |
|
|
115,000 |
|
|
112,988 |
Lear 8.75% 12/1/16 |
|
|
490,000 |
|
|
453,250 |
Neiman Marcus Group
PIK |
|
|
|
|
|
|
9.00%
10/15/15 |
|
|
230,000 |
|
|
240,350 |
NPC International 9.50%
5/1/14 |
|
|
85,000 |
|
|
76,075 |
*#Tenneco 144A 8.125% 11/15/15 |
|
|
75,000 |
|
|
75,188 |
#USI Holdings 144A |
|
|
|
|
|
|
9.75%
5/15/15 |
|
|
115,000 |
|
|
96,600 |
|
|
|
|
|
|
4,392,971 |
Consumer Non-Cyclical
1.42% |
|
|
|
|
|
|
ACCO Brands 7.625%
8/15/15 |
|
|
110,000 |
|
|
99,000 |
American Achievement |
|
|
|
|
|
|
8.25%
4/1/12 |
|
|
60,000 |
|
|
58,800 |
Chiquita Brands
International |
|
|
|
|
|
|
8.875%
12/1/15 |
|
|
245,000 |
|
|
226,625 |
*Constellation Brands |
|
|
|
|
|
|
8.125%
1/15/12 |
|
|
175,000 |
|
|
175,000 |
Cott Beverages 8.00%
12/15/11 |
|
|
230,000 |
|
|
211,600 |
Jarden 7.50% 5/1/17 |
|
|
240,000 |
|
|
217,200 |
National Beef
Packing |
|
|
|
|
|
|
10.50%
8/1/11 |
|
|
210,000 |
|
|
204,225 |
Pilgrims Pride 8.375%
5/1/17 |
|
|
573,000 |
|
|
564,405 |
|
|
|
|
|
|
1,756,855 |
Energy 4.13% |
|
|
|
|
|
|
AmeriGas Partners |
|
|
|
|
|
|
7.125%
5/20/16 |
|
|
195,000 |
|
|
188,175 |
Chesapeake Energy |
|
|
|
|
|
|
*6.375%
6/15/15 |
|
|
155,000 |
|
|
149,575 |
6.625%
1/15/16 |
|
|
95,000 |
|
|
92,625 |
Compton Petroleum
Finance |
|
|
|
|
|
|
7.625% 12/1/13 |
|
|
375,000 |
|
|
352,500 |
Dynergy Holdings 7.75%
6/1/19 |
|
|
595,000 |
|
|
538,474 |
El Paso |
|
|
|
|
|
|
*6.875%
6/15/14 |
|
|
130,000 |
|
|
131,031 |
7.00%
6/15/17 |
|
|
225,000 |
|
|
226,613 |
#El Paso Performance-Linked
Trust |
|
|
|
|
|
|
144A
7.75% 7/15/11 |
|
|
175,000 |
|
|
184,140 |
Energy Partners
9.75% 4/15/14 |
|
|
225,000 |
|
|
216,000 |
Ferrellgas Finance
Escrow |
|
|
|
|
|
|
6.75%
5/1/14 |
|
|
100,000 |
|
|
97,500 |
Geophysique-Veritas |
|
|
|
|
|
|
7.50%
5/15/15 |
|
|
30,000 |
|
|
30,375 |
7.75%
5/15/17 |
|
|
135,000 |
|
|
136,350 |
#Hilcorp Energy I
144A |
|
|
|
|
|
|
7.75%
11/1/15 |
|
|
120,000 |
|
|
116,700 |
9.00%
6/1/16 |
|
|
275,000 |
|
|
281,875 |
Inergy
Finance |
|
|
|
|
|
|
6.875%
12/15/14 |
|
|
150,000 |
|
|
145,500 |
8.25%
3/1/16 |
|
|
75,000 |
|
|
77,813 |
#Key Energy Services
144A |
|
|
|
|
|
|
8.375%
12/1/14 |
|
|
140,000 |
|
|
141,050 |
Mariner Energy
8.00% 5/15/17 |
|
|
200,000 |
|
|
190,000 |
Massey Energy |
|
|
|
|
|
|
6.625%
11/15/10 |
|
|
50,000 |
|
|
48,875 |
6.875%
12/15/13 |
|
|
195,000 |
|
|
185,250 |
#OPTI Canada
144A |
|
|
|
|
|
|
7.875%
12/15/14 |
|
|
85,000 |
|
|
83,300 |
8.25%
12/15/14 |
|
|
35,000 |
|
|
34,650 |
PetroHawk
Energy |
|
|
|
|
|
|
9.125%
7/15/13 |
|
|
240,000 |
|
|
253,200 |
Plains
Exploration & Production |
|
|
|
|
|
|
7.00%
3/15/17 |
|
|
145,000 |
|
|
138,475 |
12
|
|
Principal |
|
|
|
|
|
Amount |
|
Value |
Corporate
Bonds (continued) |
|
|
|
|
|
|
Energy (continued) |
|
|
|
|
|
|
Regency
Energy Partners |
|
|
|
|
|
|
8.375%
12/15/13 |
|
$ |
156,000 |
|
$ |
163,800 |
Seitel 9.75%
2/15/14 |
|
|
230,000 |
|
|
200,100 |
#Stallion Oilfield
Services 144A |
|
|
|
|
|
|
9.75%
2/1/15 |
|
|
125,000 |
|
|
115,625 |
Whiting Petroleum 7.25%
5/1/13 |
|
|
235,000 |
|
|
230,300 |
Williams 7.50%
1/15/31 |
|
|
335,000 |
|
|
365,150 |
|
|
|
|
|
|
5,115,021 |
Finance & Investments 0.50% |
|
|
|
|
|
|
#Algoma Acquisition
144A |
|
|
|
|
|
|
9.875%
6/15/15 |
|
|
90,000 |
|
|
72,450 |
#HUB International
Holdings 144A |
|
|
|
|
|
|
10.25%
6/15/15 |
|
|
100,000 |
|
|
86,250 |
Leucadia
National |
|
|
|
|
|
|
8.125%
9/15/15 |
|
|
240,000 |
|
|
240,000 |
#Nuveen Investments
144A |
|
|
|
|
|
|
10.50%
11/15/15 |
|
|
225,000 |
|
|
223,313 |
|
|
|
|
|
|
622,013 |
Media 3.09% |
|
|
|
|
|
|
*CCH I Holdings 13.50%
1/15/14 |
|
|
350,000 |
|
|
269,500 |
Charter
Communication |
|
|
|
|
|
|
Holdings
13.50% 1/15/11 |
|
|
585,000 |
|
|
500,174 |
Dex Media
West |
|
|
|
|
|
|
9.875%
8/15/13 |
|
|
250,000 |
|
|
260,313 |
Idearc 8.00%
11/15/16 |
|
|
460,000 |
|
|
432,399 |
Insight Midwest 9.75%
10/1/09 |
|
|
85,000 |
|
|
85,213 |
Intelsat 11.25%
6/15/16 |
|
|
215,000 |
|
|
223,600 |
#Lamar Media 144A |
|
|
|
|
|
|
6.625%
8/15/15 |
|
|
85,000 |
|
|
81,175 |
#LBI Media 144A 8.50%
8/1/17 |
|
|
125,000 |
|
|
121,250 |
Mediacom
Capital |
|
|
|
|
|
|
9.50%
1/15/13 |
|
|
440,000 |
|
|
411,400 |
NTL Cable 9.125%
8/15/16 |
|
|
230,000 |
|
|
230,000 |
#Quebecor Media
144A |
|
|
|
|
|
|
7.75%
3/15/16 |
|
|
225,000 |
|
|
210,938 |
#Quebecor World
144A |
|
|
|
|
|
|
9.75%
1/15/15 |
|
|
225,000 |
|
|
180,000 |
RH Donnelley 8.875%
1/15/16 |
|
|
130,000 |
|
|
123,500 |
#RH Donnelley
144A |
|
|
|
|
|
|
8.875%
10/15/17 |
|
|
255,000 |
|
|
241,613 |
*#Univision Communications
PIK |
|
|
|
|
|
|
144A
9.75% 3/15/15 |
|
|
245,000 |
|
|
229,075 |
WMG
Acquisition |
|
|
|
|
|
|
7.375%
4/15/14 |
|
|
270,000 |
|
|
227,813 |
|
|
|
|
|
|
3,827,963 |
Real Estate 0.46% |
|
|
|
|
|
|
BF Saul REIT 7.50%
3/1/14 |
|
|
286,000 |
|
|
273,130 |
*Host Hotels &
Resorts |
|
|
|
|
|
|
7.125%
11/1/13 |
|
|
220,000 |
|
|
221,650 |
Rouse 7.20%
9/15/12 |
|
|
75,000 |
|
|
72,119 |
|
|
|
|
|
|
566,899 |
Services
Cyclical 3.84% |
|
|
|
|
|
|
Aramark 8.50%
2/1/15 |
|
|
325,000 |
|
|
327,844 |
#Cardtronics 144A 9.25%
8/15/13 |
|
|
100,000 |
|
|
96,500 |
Corrections
Corporation of |
|
|
|
|
|
|
America
7.50% 5/1/11 |
|
|
125,000 |
|
|
127,188 |
FTI Consulting 7.625%
6/15/13 |
|
|
450,000 |
|
|
461,249 |
#Galaxy Entertainment
Finance |
|
|
|
|
|
|
144A
9.875% 12/15/12 |
|
|
250,000 |
|
|
263,750 |
Gaylord
Entertainment |
|
|
|
|
|
|
8.00%
11/15/13 |
|
|
120,000 |
|
|
120,000 |
Global Cash
Access |
|
|
|
|
|
|
8.75%
3/15/12 |
|
|
25,000 |
|
|
22,688 |
Harrahs Operating 6.50%
6/1/16 |
|
|
145,000 |
|
|
110,366 |
Hertz 8.875%
1/1/14 |
|
|
430,000 |
|
|
432,149 |
Kansas City Southern de
Mexico |
|
|
|
|
|
|
9.375%
5/1/12 |
|
|
400,000 |
|
|
424,000 |
Kansas City
Southern Railway |
|
|
|
|
|
|
9.50%
10/1/08 |
|
|
25,000 |
|
|
25,688 |
Majestic Star
Casino |
|
|
|
|
|
|
9.50%
10/15/10 |
|
|
360,000 |
|
|
348,300 |
Mandalay Resort
Group |
|
|
|
|
|
|
9.375%
2/15/10 |
|
|
90,000 |
|
|
93,375 |
9.50%
8/1/08 |
|
|
225,000 |
|
|
230,625 |
#Mobile Services Group
144A |
|
|
|
|
|
|
9.75%
8/1/14 |
|
|
235,000 |
|
|
215,025 |
Northwest
Airlines |
|
|
|
|
|
|
10.00%
2/1/09 |
|
|
55,000 |
|
|
2,406 |
#Penhall
International |
|
|
|
|
|
|
144A
12.00% 8/1/14 |
|
|
105,000 |
|
|
97,125 |
#Pokagon Gaming
Authority 144A |
|
|
|
|
|
|
10.375%
6/15/14 |
|
|
400,000 |
|
|
429,999 |
*Rental Services 9.50% 12/1/14 |
|
|
425,000 |
|
|
396,313 |
Seabulk
International |
|
|
|
|
|
|
9.50%
8/15/13 |
|
|
250,000 |
|
|
265,938 |
#Seminole Indian Tribe of
Florida |
|
|
|
|
|
|
144A
7.804% 10/1/20 |
|
|
145,000 |
|
|
151,145 |
Station Casinos
6.625% 3/15/18 |
|
|
150,000 |
|
|
114,375 |
|
|
|
|
|
|
4,756,048 |
Services Non-Cyclical 1.77% |
|
|
|
|
|
|
Allied Waste North
America |
|
|
|
|
|
|
7.375%
4/15/14 |
|
|
115,000 |
|
|
115,863 |
7.875%
4/15/13 |
|
|
215,000 |
|
|
221,988 |
Casella Waste
Systems |
|
|
|
|
|
|
9.75%
2/1/13 |
|
|
385,000 |
|
|
394,625 |
Community Health
Systems |
|
|
|
|
|
|
8.875%
7/15/15 |
|
|
335,000 |
|
|
340,025 |
HCA 9.625%
11/15/16 |
|
|
542,000 |
|
|
565,034 |
*HealthSouth 10.75%
6/15/16 |
|
|
70,000 |
|
|
72,450 |
Omnicare 6.875%
12/15/15 |
|
|
195,000 |
|
|
180,375 |
#Universal Hospital Services
PIK |
|
|
|
|
|
|
144A
8.50% 6/1/15 |
|
|
175,000 |
|
|
175,875 |
US Oncology
10.75% 8/15/14 |
|
|
135,000 |
|
|
132,975 |
|
|
|
|
|
|
2,199,210 |
(continues) 13
Statement of net
assets
Delaware
Investments Dividend and Income Fund, Inc.
|
|
Principal |
|
|
|
|
|
Amount |
|
Value |
Corporate
Bonds (continued) |
|
|
|
|
|
|
Technology & Electronics 0.39% |
|
|
|
|
|
|
Freescale
Semiconductor |
|
|
|
|
|
|
8.875%
12/15/14 |
|
$ |
245,000 |
|
$ |
225,094 |
Sungard Data
Systems |
|
|
|
|
|
|
9.125%
8/15/13 |
|
|
116,000 |
|
|
118,610 |
*10.25%
8/15/15 |
|
|
135,000 |
|
|
139,725 |
|
|
|
|
|
|
483,429 |
Telecommunications 3.77% |
|
|
|
|
|
|
American
Tower |
|
|
|
|
|
|
7.125% 10/15/12 |
|
|
300,000 |
|
|
305,999 |
#American Tower
144A |
|
|
|
|
|
|
7.00%
10/15/17 |
|
|
125,000 |
|
|
127,813 |
#Broadview Networks
Holdings |
|
|
|
|
|
|
144A
11.375% 9/1/12 |
|
|
135,00 |
|
|
142,050 |
·Centennial Communications |
|
|
|
|
|
|
10.981%
1/1/13 |
|
|
225,000 |
|
|
231,188 |
Citizens
Communications |
|
|
|
|
|
|
7.125%
3/15/19 |
|
|
350,000 |
|
|
335,999 |
Cricket
Communications |
|
|
|
|
|
|
9.375%
11/1/14 |
|
|
255,000 |
|
|
238,425 |
#Digicel 144A 9.25%
9/1/12 |
|
|
275,000 |
|
|
277,750 |
·#Hellas
Telecommunications |
|
|
|
|
|
|
Luxembourg
II 144A |
|
|
|
|
|
|
10.993%
1/15/15 |
|
|
115,000 |
|
|
110,400 |
Hughes Network
Systems |
|
|
|
|
|
|
9.50%
4/15/14 |
|
|
325,000 |
|
|
329,062 |
¶Inmarsat
Finance |
|
|
|
|
|
|
10.375%
11/15/12 |
|
|
275,000 |
|
|
266,063 |
Level 3 Financing
9.25% 11/1/14 |
|
|
275,000 |
|
|
248,188 |
Lucent
Technologies |
|
|
|
|
|
|
6.45%
3/15/29 |
|
|
215,000 |
|
|
174,150 |
MetroPCS
Wireless |
|
|
|
|
|
|
9.25%
11/1/14 |
|
|
250,000 |
|
|
238,125 |
·#Nortel
Networks 144A |
|
|
|
|
|
|
9.493%
7/15/11 |
|
|
255,000 |
|
|
249,263 |
#PAETEC Holding
144A |
|
|
|
|
|
|
9.50%
7/15/15 |
|
|
100,000 |
|
|
99,750 |
Qwest 7.50%
10/1/14 |
|
|
200,000 |
|
|
203,500 |
Qwest Capital
Funding |
|
|
|
|
|
|
7.25%
2/15/11 |
|
|
235,000 |
|
|
233,238 |
Rural
Cellular |
|
|
|
|
|
|
9.875%
2/1/10 |
|
|
275,000 |
|
|
286,687 |
·10.661% 11/1/12 |
|
|
75,000 |
|
|
76,875 |
Time Warner
Telecom Holdings |
|
|
|
|
|
|
9.25%
2/15/14 |
|
|
140,000 |
|
|
143,850 |
Triton PCS 8.50%
6/1/13 |
|
|
120,000 |
|
|
125,700 |
Windstream 8.125%
8/1/13 |
|
|
215,000 |
|
|
222,256 |
|
|
|
|
|
|
4,666,331 |
Utilities 1.81% |
|
|
|
|
|
|
AES 7.75%
3/1/14 |
|
|
130,000 |
|
|
128,375 |
#AES 144A 8.00%
10/15/17 |
|
|
140,000 |
|
|
140,000 |
#Calpine 144A 8.496%
7/15/09 |
|
|
337,238 |
|
|
349,041 |
Elwood Energy
8.159% 7/5/26 |
|
|
271,201 |
|
|
286,910 |
Midwest
Generation |
|
|
|
|
|
|
8.30%
7/2/09 |
|
|
171,912 |
|
|
174,490 |
Mirant Americas
Generation |
|
|
|
|
|
|
8.30%
5/1/11 |
|
|
275,000 |
|
|
275,688 |
Mirant North
America |
|
|
|
|
|
|
7.375%
12/31/13 |
|
|
220,000 |
|
|
221,650 |
NRG Energy 7.375%
2/1/16 |
|
|
405,000 |
|
|
397,912 |
Orion Power
Holdings |
|
|
|
|
|
|
12.00%
5/1/10 |
|
|
250,000 |
|
|
273,750 |
|
|
|
|
|
|
2,247,816 |
Total
Corporate Bonds |
|
|
|
|
|
|
(cost
$37,292,156) |
|
|
|
|
|
36,557,662 |
|
«Senior
Secured Loans 3.70% |
Allied Waste North
America |
|
|
|
|
|
|
7.73%
3/28/14 |
|
|
100,000 |
|
|
95,833 |
ALLTEL 7.69%
12/21/14 |
|
|
120,000 |
|
|
114,600 |
Aramark 7.08%
1/26/14 |
|
|
120,000 |
|
|
114,150 |
Bausch & Lomb
8.34% 4/11/15 |
|
|
145,000 |
|
|
144,429 |
Building
Materials |
|
|
|
|
|
|
8.256%
2/22/14 |
|
|
99,750 |
|
|
85,328 |
Community Health
Systems |
|
|
|
|
|
|
7.61%
7/2/14 |
|
|
459,172 |
|
|
441,051 |
7.61%
8/25/14 |
|
|
10,828 |
|
|
10,400 |
DaimlerChrysler 13.51%
7/1/13 |
|
|
175,000 |
|
|
163,844 |
Dynegy
Holdings |
|
|
|
|
|
|
7.28%
4/2/13 |
|
|
100,000 |
|
|
94,126 |
7.65%
4/2/13 |
|
|
145,000 |
|
|
137,206 |
Energy Futures
Holdings |
|
|
|
|
|
|
7.565%
10/10/14 |
|
|
510,000 |
|
|
499,962 |
8.39%
10/10/14 |
|
|
415,000 |
|
|
406,961 |
Ford Motor 8.36%
11/29/13 |
|
|
148,127 |
|
|
138,347 |
Freescale
Semiconductor |
|
|
|
|
|
|
7.37%
12/1/13 |
|
|
119,698 |
|
|
112,037 |
Georgia Pacific
Term Tranche |
|
|
|
|
|
|
Loan
B 7.115% 12/22/12 |
|
|
99,749 |
|
|
94,969 |
Goodyear Tire &
Rubber |
|
|
|
|
|
|
7.47%
4/30/14 |
|
|
125,000 |
|
|
117,500 |
Idearc 7.35%
11/1/14 |
|
|
99,749 |
|
|
95,655 |
Jarden 7.67%
1/24/12 |
|
|
124,680 |
|
|
119,848 |
MacDermid 7.45%
4/12/14 |
|
|
96,408 |
|
|
94,480 |
MetroPCS
Wireless |
|
|
|
|
|
|
9.70%
2/20/14 |
|
|
120,000 |
|
|
115,367 |
Solar Capital
7.53% 2/11/13 |
|
|
100,000 |
|
|
96,657 |
Stallion Oilfield
Services |
|
|
|
|
|
|
10.86%
6/12/13 |
|
|
125,000 |
|
|
123,125 |
Talecris
Biotherapeutics 2nd Lien |
|
|
|
|
|
|
11.85%
12/6/14 |
|
|
150,000 |
|
|
149,250 |
Telesat Canada 9.00%
2/14/08 |
|
|
400,000 |
|
|
388,000 |
Time Warner
Telecom Holdings |
|
|
|
|
|
|
7.62%
1/7/13 |
|
|
99,749 |
|
|
96,008 |
Tribune |
|
|
|
|
|
|
8.49%
5/17/09 |
|
|
100,000 |
|
|
98,036 |
8.698%
5/30/14 |
|
|
100,000 |
|
|
87,200 |
14
|
|
Principal |
|
|
|
|
|
|
Amount |
|
Value |
Senior Secured
Loans (continued) |
Univision Communications |
|
|
|
|
|
|
|
7.60%
9/15/14 |
|
$ |
250,000 |
|
$ |
230,446 |
|
Windstream Term Loan B |
|
|
|
|
|
|
|
6.86%
7/17/13 |
|
|
124,688 |
|
|
122,246 |
|
Total Senior Secured
Loans |
|
|
|
|
|
|
|
(cost $4,694,117) |
|
|
|
|
|
4,587,061 |
|
|
|
|
Number |
|
|
|
|
|
|
of Shares |
|
|
|
|
Warrant
0.00% |
#Solutia 144A exercise price
$7.59, |
|
|
|
|
|
|
|
expiration date 7/15/09 |
|
|
650 |
|
|
|
|
Total Warrant |
|
|
|
|
|
|
|
(cost $55,294) |
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
|
|
|
Amount |
|
|
|
|
¹Discount Note 2.37% |
Federal Home Loan Bank |
|
|
|
|
|
|
|
3.91%
12/3/07 |
|
$ |
2,933,926 |
|
|
2,933,307 |
|
Total Discount Note |
|
|
|
|
|
|
|
(cost $2,933,307) |
|
|
|
|
|
2,933,307 |
|
|
Total Value of
Securities Before |
|
|
|
|
|
|
|
Securities Lending
Collateral 134.67% |
|
|
|
|
(cost $154,826,722) |
|
|
|
|
|
166,899,002 |
|
|
|
|
Number |
|
|
|
|
|
|
of Shares |
|
|
|
|
Securities Lending
Collateral** 14.28% |
Investment Companies |
|
|
|
|
|
|
|
Mellon GSL DBT II Collateral Fund 17,695,892 |
|
|
17,695,892 |
|
Total Securities Lending Collateral |
|
|
|
|
|
|
|
(cost $17,695,892) |
|
|
|
|
|
17,695,892 |
|
|
Total Value of Securities 148.95% |
|
|
|
|
|
|
|
(cost $172,522,614) |
|
|
|
|
|
184,594,894 |
© |
Obligation to Return
Securities |
|
|
|
|
|
|
|
Lending Collateral**
(14.28%) |
|
|
|
|
|
(17,695,892 |
) |
Borrowing Under Line of Credit (16.14%) |
|
|
(20,000,000 |
) |
Commercial Paper
Payable (19.31%) |
|
|
|
|
|
|
|
(par
$24,000,000) |
|
|
|
|
|
(23,939,400 |
) |
Receivables and Other Assets |
|
|
|
|
|
|
|
Net of Liabilities
0.78% |
|
|
|
|
|
968,511 |
|
Net Assets
Applicable to 10,458,774 |
|
|
|
|
|
|
|
Shares Outstanding;
Equivalent |
|
|
|
|
|
|
|
to $11.85 Per Share
100.00% |
|
|
|
|
$ |
123,928,113 |
|
Components of Net Assets at November 30, 2007: |
Common stock, $0.01 par
value, 500,000,000 |
|
|
|
shares authorized to the Fund |
$ |
112,392,634 |
|
Distributions in excess of net investment income |
|
(161,155 |
) |
Accumulated net
realized loss on investments |
|
(390,710 |
) |
Net
unrealized appreciation of investments |
|
12,087,344 |
|
Total net
assets |
$ |
123,928,113 |
|
|
Non-income
producing security for the year ended November 30, 2007. |
|
|
@ |
Illiquid
security. At November 30, 2007, the aggregate amount of illiquid
securities equals $218,400, which represented 0.18% of the Funds net
assets. See Note 11 in Notes to financial statements. |
|
|
Õ |
Restricted Security. Investment in a security not
registered under the Securities Act of 1933, as amended. This security has
certain restrictions on resale which may limit its liquidity. At November
30, 2007, the aggregate amount of the restricted security equaled $218,400
or 0.18% of the Funds net assets. See Note 11 in Notes to financial
statements. |
|
|
= |
Security is
being fair valued in accordance with the Funds fair valuation policy. At
November 30, 2007, the aggregate amount of fair valued securities equaled
$218,400, which represented 0.18% of the Funds net assets. See Note 1 in
Notes to financial statements. |
|
|
* |
Fully or
partially on loan. |
|
|
· |
Variable
rate security. The rate shown is the rate as of November 30,
2007. |
|
|
# |
Security
exempt from registration under Rule 144A of the Securities Act of 1933, as
amended. At November 30, 2007, the aggregate amount of Rule 144A
securities equaled $13,438,637, which represented 10.84% of the Funds net
assets. See Note 11 in Notes to financial statements. |
|
|
|
Non-income
producing security. Security is currently in default. |
|
|
¶ |
Step coupon
bond. Indicates security that has a zero coupon that remains in effect
until a predetermined date at which time the stated interest rate becomes
effective. |
|
|
« |
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. |
|
|
¹ |
The rate shown is the yield at the time of
purchase. |
|
|
** |
See Note 10
in Notes to financial statements. |
|
|
© |
Includes $17,161,513 of securities
loaned. |
Summary of
Abbreviations |
ADR American
Depositary Receipts |
CDS Credit default
Swap |
PIK
Payment-in-kind |
REIT Real Estate
Investment Trust |
(continues) 15
Statement of net
assets
Delaware Investments Dividend and Income Fund,
Inc. |
|
The following swap
contracts were outstanding at November 30, 2007: |
|
Swap
Contracts1 |
Credit Default Swap Contracts |
|
|
|
|
|
|
|
Annual |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Protection |
|
|
|
Unrealized |
Swap Counterparty & |
|
Notional |
|
Payments/ |
|
Termination |
|
Appreciation |
Referenced
Obligation |
|
Amount |
|
Receipts |
|
Date |
|
(Depreciation) |
Protection Purchased: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lehman
Brothers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capmark
Financial |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group 5 yr CDS |
|
|
$ |
70,000 |
|
|
1.65% |
|
9/20/12 |
|
|
$ |
12,703 |
|
Gannet 7 yr CDS |
|
|
|
122,000 |
|
|
0.88% |
|
9/20/14 |
|
|
|
282 |
|
New York
Times |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 yr CDS |
|
|
|
122,000 |
|
|
0.75% |
|
9/20/14 |
|
|
|
401 |
|
Sara Lee 7 yr CDS |
|
|
|
122,000 |
|
|
0.60% |
|
9/20/14 |
|
|
|
(1,111 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
$ |
12,275 |
|
Protection Sold: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lehman
Brothers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reynolds
American |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 yr CDS |
|
|
|
244,000 |
|
|
1.00% |
|
9/20/12 |
|
|
$ |
3,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
3,076 |
|
The use of swap contracts involves
elements of market risk and risks in excess of the amount recognized in
the financial statements. The notional amounts presented above represent
the Funds total exposure in such contracts, whereas only the net
unrealized appreciation (depreciation) is reflected in the Funds net
assets. |
1See Note 9 in Notes to
financial statements.
See accompanying notes
16
Statement of operations
Delaware Investments Dividend and
Income Fund, Inc.
Year Ended November 30, 2007
Investment Income: |
|
|
|
|
|
|
|
Dividends |
$ |
4,130,178 |
|
|
|
|
|
Interest |
|
4,279,248 |
|
|
|
|
|
Securities lending income |
|
73,748 |
|
|
|
|
|
Foreign tax withheld |
|
(805 |
) |
|
$ |
8,482,369 |
|
|
Expenses: |
|
|
|
|
|
|
|
Management fees |
|
1,069,288 |
|
|
|
|
|
Reports to shareholders |
|
147,407 |
|
|
|
|
|
Commercial paper fees |
|
110,361 |
|
|
|
|
|
Dividend disbursing and transfer agent fees and expenses |
|
79,747 |
|
|
|
|
|
Accounting and administration expenses |
|
76,551 |
|
|
|
|
|
Legal fees |
|
62,086 |
|
|
|
|
|
NYSE fees |
|
25,000 |
|
|
|
|
|
Audit and tax |
|
18,636 |
|
|
|
|
|
Taxes (other than taxes on income) |
|
17,734 |
|
|
|
|
|
Dues
and services |
|
8,216 |
|
|
|
|
|
Directors fees and benefits |
|
7,510 |
|
|
|
|
|
Pricing fees |
|
7,287 |
|
|
|
|
|
Custodian fees |
|
4,935 |
|
|
|
|
|
Insurance fees |
|
3,438 |
|
|
|
|
|
Consulting fees |
|
2,468 |
|
|
|
|
|
Directors expenses |
|
1,053 |
|
|
|
|
|
Registration fees |
|
360 |
|
|
|
1,642,077 |
|
Less
expense paid indirectly |
|
|
|
|
|
(3,687 |
) |
Total operating expenses (before interest
expense) |
|
|
|
|
|
1,638,390 |
|
Interest expense |
|
|
|
|
|
2,438,682 |
|
Total operating expenses |
|
|
|
|
|
4,077,072 |
|
Net Investment Income |
|
|
|
|
|
4,405,297 |
|
|
Net Realized and Unrealized Gain (Loss) on
Investments: |
|
|
|
|
|
|
|
Net realized gain
on: |
|
|
|
|
|
|
|
Investments |
|
|
|
|
|
7,952,748 |
|
Swap
contracts |
|
|
|
|
|
8,339 |
|
Net
realized gain |
|
|
|
|
|
7,961,087 |
|
Net change in unrealized appreciation/depreciation of
investments |
|
|
|
|
|
(14,222,922 |
) |
Net Realized and Unrealized Loss on Investments |
|
|
|
|
|
(6,261,835 |
) |
|
Net Decrease in Net Assets Resulting from Operations |
|
|
|
|
$ |
(1,856,538 |
) |
See accompanying notes
17
Statements of changes in net
assets
Delaware Investments Dividend and
Income Fund, Inc.
|
Year
Ended |
|
11/30/07 |
|
11/30/06 |
Increase (Decrease) in Net Assets from Operations: |
|
|
|
|
|
|
|
Net investment income |
$ |
4,405,297 |
|
|
$ |
5,327,889 |
|
Net
realized gain on investments |
|
7,961,087 |
|
|
|
8,223,470 |
|
Net change in unrealized appreciation/depreciation of
investments |
|
(14,222,922 |
) |
|
|
15,765,996 |
|
Net
increase (decrease) in net assets resulting from
operations |
|
(1,856,538 |
) |
|
|
29,317,355 |
|
|
Dividends and Distributions to Shareholders
from:1 |
|
|
|
|
|
|
|
Net investment income |
|
(5,898,601 |
) |
|
|
(5,523,748 |
) |
Net
realized gains |
|
(9,732,411 |
) |
|
|
(6,644,356 |
) |
Tax return of capital |
|
(6,965,444 |
) |
|
|
|
|
|
|
(22,596,456 |
) |
|
|
(12,168,104 |
) |
Capital Share
Transactions: |
|
|
|
|
|
|
|
Cost
of shares repurchased2 |
|
(7,943,167 |
) |
|
|
(7,463,110 |
) |
Decrease in net assets derived from capital share
transactions |
|
(7,943,167 |
) |
|
|
(7,463,110 |
) |
Net Increase (Decrease) in Net Assets |
|
(32,396,161 |
) |
|
|
9,686,141 |
|
|
Net Assets: |
|
|
|
|
|
|
|
Beginning of year |
|
156,324,274 |
|
|
|
146,638,133 |
|
End
of year (including distributions in excess of |
|
|
|
|
|
|
|
net investment income of $161,155 and $110,456,
respectively) |
$ |
123,928,113 |
|
|
$ |
156,324,274 |
|
1 See Note 4 in Notes to
financial statements.
2 See Note 6 in Notes to financial
statements.
See accompanying notes
18
Statement of cash flows
Delaware Investments Dividend and
Income Fund, Inc.
Year Ended November 30, 2007
Net Cash Provided by Operating Activities: |
|
|
|
Net decrease in
net assets resulting from operations |
$ |
(1,856,538 |
) |
|
Adjustments to reconcile net decrease in net
assets from |
|
|
|
operations to cash provided by operating
activities: |
|
|
|
Amortization of premium and discount on investments
purchased |
|
(52,375 |
) |
Purchase of investment securities |
|
(91,517,341 |
) |
Purchase of short term investment securities |
|
(1,394,747,590 |
) |
Proceeds from disposition of investment
securities |
|
112,007,994 |
|
Proceeds from disposition of short term investment
securities |
|
1,401,059,643 |
|
Net proceeds from swap contracts |
|
13,317 |
|
Net realized gain from investment
transactions |
|
(7,952,748 |
) |
Net realized gain from swap contracts |
|
(8,339 |
) |
Net change in net unrealized appreciation/depreciation
of investments |
|
14,222,922 |
|
Decrease
in receivable for investments sold |
|
1,758,967 |
|
Decrease in interest and dividends receivable and other
assets |
|
167,765 |
|
Decrease in payable for investments
purchased |
|
(1,927,354 |
) |
Increase in interest payable |
|
9,910 |
|
Decrease in accrued expenses and other
liabilities |
|
(17,826 |
) |
Total adjustments |
|
33,016,945 |
|
Net cash provided by operating activities |
|
31,160,407 |
|
|
Cash Flows Used for Financing Activities: |
|
|
|
Cash provided by issuance of commerical paper |
|
197,826,318 |
|
Repayment of commercial paper upon maturity |
|
(217,571,228 |
) |
Proceeds from line of credit |
|
20,000,000 |
|
Cash
dividends and distributions paid |
|
(22,596,456 |
) |
Tender offer |
|
(7,943,167 |
) |
Net cash used for financing activities |
|
(30,284,533 |
) |
Net increase in
cash |
|
875,874 |
|
Cash at beginning of year |
|
70,379 |
|
Cash at end of
year |
$ |
946,253 |
|
|
Cash paid for interest expense for leverage |
$ |
2,428,772 |
|
See accompanying notes
19
Financial highlights
Delaware Investments Dividend and
Income Fund, Inc.
Selected data for each share of the Fund
outstanding throughout each period were as follows:
|
|
Year Ended |
|
|
11/30/07 |
|
|
11/30/06 |
|
|
11/30/05 |
|
|
11/30/04 |
|
|
11/30/03 |
|
Net asset value, beginning of period |
|
$14.200 |
|
|
$12.650 |
|
|
$12.960 |
|
|
$11.700 |
|
|
$10.140 |
|
|
Income (loss) from investment operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income1 |
|
0.408 |
|
|
0.470 |
|
|
0.623 |
|
|
0.625 |
|
|
0.711 |
|
Net realized and unrealized gain (loss) on investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
and foreign currencies |
|
(0.640 |
) |
|
2.150 |
|
|
0.027 |
|
|
1.595 |
|
|
1.989 |
|
Total from
investment operations |
|
(0.232 |
) |
|
2.620 |
|
|
0.650 |
|
|
2.220 |
|
|
2.700 |
|
|
Less dividends and distributions from: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment
income |
|
(0.553 |
) |
|
(0.486 |
) |
|
(0.722 |
) |
|
(0.663 |
) |
|
(0.714 |
) |
Net realized gain on investments |
|
(0.912 |
) |
|
(0.584 |
) |
|
(0.238 |
) |
|
(0.297 |
) |
|
|
|
Return of
capital |
|
(0.653 |
) |
|
|
|
|
|
|
|
|
|
|
(0.426 |
) |
Total dividends and distributions |
|
(2.118 |
) |
|
(1.070 |
) |
|
(0.960 |
) |
|
(0.960 |
) |
|
(1.140 |
) |
|
Net asset value, end of period |
|
$11.850 |
|
|
$14.200 |
|
|
$12.650 |
|
|
$12.960 |
|
|
$11.700 |
|
|
Market value, end of period |
|
$10.660 |
|
|
$13.460 |
|
|
$12.550 |
|
|
$11.760 |
|
|
$11.840 |
|
|
Total return based on:2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset
value |
|
(0.94% |
) |
|
22.41% |
|
|
5.44% |
|
|
20.29% |
|
|
27.13% |
|
Market value |
|
(5.99% |
) |
|
16.96% |
|
|
15.38% |
|
|
7.78% |
|
|
30.20% |
|
|
Ratios and supplemental data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end
of period (000 omitted) |
|
$123,928 |
|
|
$156,324 |
|
|
$146,638 |
|
|
$166,929 |
|
|
$150,595 |
|
Ratio of expenses to average net assets |
|
2.71% |
|
|
2.71% |
|
|
2.20% |
|
|
1.51% |
|
|
1.63% |
|
Ratio of
expenses to adjusted average net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(before interest
expense)3 |
|
0.84% |
|
|
0.88% |
|
|
0.91% |
|
|
0.76% |
|
|
0.79% |
|
Ratio of interest expense to adjusted average net
assets3 |
|
1.25% |
|
|
1.19% |
|
|
0.78% |
|
|
0.36% |
|
|
0.37% |
|
Ratio of net
investment income to average net assets |
|
2.92% |
|
|
3.59% |
|
|
4.81% |
|
|
5.10% |
|
|
6.70% |
|
Ratio of net investment income to adjusted average net
assets3 |
|
2.27% |
|
|
2.74% |
|
|
3.70% |
|
|
3.78% |
|
|
4.78% |
|
Portfolio
turnover |
|
49% |
|
|
63% |
|
|
94% |
|
|
89% |
|
|
175% |
|
|
Leverage Analysis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt outstanding
at end of period at par (000 omitted) |
|
$44,000 |
|
|
$44,000 |
|
|
$48,000 |
|
|
$55,000 |
|
|
$55,000 |
|
Average daily balance of debt outstanding (000 omitted) |
|
$43,716 |
|
|
$45,947 |
|
|
$51,697 |
|
|
$54,893 |
|
|
$54,882 |
|
Average daily
balance of shares outstanding (000 omitted) |
|
10,782 |
|
|
11,355 |
|
|
12,361 |
|
|
12,876 |
|
|
12,876 |
|
Average debt per share |
|
$4.055 |
|
|
$4.046 |
|
|
$4.180 |
|
|
$4.260 |
|
|
$4.262 |
|
Asset coverage
per $1,000 of debt outstanding at end of period |
|
$3,820 |
|
|
$4,577 |
|
|
$4,073 |
|
|
$4,044 |
|
|
$3,743 |
|
|
1
The average shares outstanding method has been applied for per share
information. |
2
Total investment return is calculated assuming a purchase of common stock
on the opening of the first day and a sale on the closing of the last day
of each period reported. Dividends and distributions, if any, are assumed
for the purposes of this calculation, to be reinvested at prices obtained
under the Funds dividend reinvestment plan. Generally, total investment
return based on net asset value will be higher than total investment
return based on market value in periods where there is an increase in the
discount or decrease in the premium of the market value to the net asset
value from the beginning to the end of such periods. Conversely, total
investment return based on net asset value will be lower than total
investment return based on market value in periods where there is a
decrease in the discount or an increase in the premium of the market value
to the net asset value from the beginning to the end of such
periods. |
3 Adjusted average net assets excludes debt
outstanding. |
See accompanying notes
20
Notes to financial statements
Delaware Investments Dividend and
Income Fund, Inc.
November 30, 2007
Delaware Investments Dividend and Income
Fund, Inc. (Fund) is organized as a Maryland corporation and is a diversified
closed-end management investment company under the Investment Company Act of
1940, as amended. The Funds shares trade on the New York Stock Exchange (NYSE)
under the symbol DDF.
The investment objective of the Fund is to
seek high current income. Capital appreciation is a secondary
objective.
1. Significant Accounting
Policies
The following accounting policies are in
accordance with U.S generally accepted accounting principles and are
consistently followed by the Fund.
Security Valuation Equity securities, 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 NYSE on the valuation date. Securities 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 does
not trade, then the mean between the bid and asked prices will be used. U.S.
Government and agency securities are valued at the mean between the bid and
asked prices. Other long-term debt securities, credit default swap (CDS)
contracts and interest rate swap contracts are valued by an independent pricing
service or broker and such prices are believed to reflect the fair value of such
securities. Short-term debt securities having less than 60 days to maturity are
valued at amortized cost, which approximates market value. Securities lending
collateral, which is invested in a collective investment vehicle, is valued at
unit value per share. Generally, index swap contracts, spread swap contracts and
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 Funds Board of Directors. 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 with respect to
foreign securities, aftermarket trading or significant events after local market
trading (e.g., government actions or pronouncements, trading volume or
volatility on markets, exchanges among dealers, or news events).
In September 2006, the Financial
Accounting Standards Board (FASB) issued FASB Statement No. 157 Fair Value
Measurements (Statement 157). Statement 157 establishes a framework for
measuring fair value in generally accepted accounting principles, clarifies the
definition of fair value within that framework, and expands disclosures about
the use of fair value measurements. Statement 157 is intended to increase
consistency and comparability among fair value estimates used in financial
reporting. Statement 157 is effective for fiscal years beginning after November
15, 2007. Management does not expect the adoption of Statement 157 to have a
material impact on the amounts reported in the financial statements.
Federal Income Taxes 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. Accordingly, no provision for federal income taxes has been
made in the financial statements.
On July 13, 2006, the FASB released FASB
Interpretation No. 48 Accounting for Uncertainty
in Income Taxes (FIN 48). FIN 48 provides guidance for how uncertain tax
positions should be recognized, measured,
presented, and disclosed in the financial statements. FIN 48 requires the
evaluation of tax positions taken or expected to be taken in the course of
preparing the Funds 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 a more-likely-than-not threshold would be recorded
as a tax benefit or expense in the current year. Adoption of FIN 48 is required
for fiscal years beginning after December 15, 2006 and is to be applied to all
open tax years as of the effective date. Securities and Exchange Commission
(SEC) guidance allows implementing FIN 48 in the Funds net asset value
calculations as late as the Funds last net asset value calculation in the first
required financial statement reporting period. As a result, the Fund will
incorporate FIN 48 in its semiannual report on May 31, 2008. Although the Funds
tax positions are currently being evaluated, management does not expect the
adoption of FIN 48 to have a material impact on the Funds financial
statements.
Distributions The Fund has a managed distribution policy. Under the
policy, the Fund declares and pays monthly distributions and is managed with a
goal of generating as much of the distribution as possible from ordinary income
(net investment income and short-term capital gains). The balance of the
distribution then comes from long-term capital gains to the extent permitted
and, if necessary, a return of capital. The current annualized rate is $0.96 per
share ($0.08 monthly). The Fund continues to evaluate its monthly distribution
in light of ongoing economic and market conditions and may change the amount of
the monthly distributions in the future.
Borrowings During the year ended November 30, 2007, the Fund issued short-term
commercial paper at a discount from par. The discount was amortized as interest
expense over the life of the commercial paper using the straight-line method
(See Note 7).
Repurchase Agreements The Fund may invest in a pooled cash account along with
other members of the Delaware Investments® Family of Funds pursuant
to an exemptive order issued by the SEC. The aggregate daily balance of the
pooled cash account is invested in repurchase agreements secured by obligations
of the U.S. government. The respective collateral is held by the Funds
custodian bank until the maturity of the respective repurchase agreements. Each
repurchase agreement is at least 102% collateralized. However, in the event of
default or bankruptcy by the counterparty to the agreement, realization of the
collateral may be subject to legal proceedings.
Use of Estimates The preparation of financial statements in conformity with
U.S. generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of 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.
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 amongst 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
(continues) 21
Notes to financial
statements
Delaware
Investments Dividend and Income Fund, Inc.
1. Significant Accounting Policies
(continued)
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 non-convertible bonds are amortized to interest income over the
lives of the respective securities. Distributions received from investments in
Real Estate Investment Trusts (REITs) are recorded as dividend income on the
ex-dividend date as an estimate, subject to reclassification upon notice of the
character of such distribution by the issuer.
Subject to seeking best execution, the
Fund may direct certain security trades to brokers who have agreed to rebate a
portion of the related brokerage commission to the Fund in cash. Such commission
rebates are included in realized gain on investments in the accompanying
financial statements and totaled $555 for the year ended November 30, 2007. In
general, best execution refers to many factors, including the price paid or
received for a security, the commission charged, the promptness and reliability
of execution, the confidentiality and placement accorded the order, and other
factors affecting the overall benefit obtained by the Fund on the transaction.
DMC, as defined below, and its affiliates have previously and may in the future
act as an investment advisor to mutual funds or separate accounts affiliated
with the administrator of the commission recapture program described above. In
addition, affiliates of the administrator act as consultants in helping
institutional clients choose investment advisors and may also participate in
other types of business and provide other services in the investment management
industry.
The Fund receives earnings credits from
its custodian when positive cash balances are maintained, which are used to
offset custody fees. The expense paid under this arrangement is included in
custodian fees on the Statement of operations with the corresponding expense
offset shown as expense paid indirectly.
2. Investment Management,
Administration Agreements and Other Transactions with Affiliates
In accordance with the terms of its
investment management agreement, the Fund pays Delaware Management Company
(DMC), a series of Delaware Management Business Trust and the investment
manager, an annual fee of 0.55%, which is calculated daily based on the adjusted
average weekly net assets.
Effective October 1, 2007, Delaware
Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and
financial administration oversight services to the Fund. For these services, the
Fund pays DSC fees based on the aggregate daily net assets of the Delaware
Investments® Family of Funds at the following annual rate: 0.0050% of
the first $30 billion; 0.0045% of the next $10 billion; 0.0040% of the next $10
billion; and 0.0025% of aggregate average daily net assets in excess of $50
billion. The fees payable to DSC under the service agreement described above are
allocated among all funds in the Delaware Investments Family of Funds on a
relative net asset value basis. Prior to October 1, 2007, DSC provided fund
accounting and administrative services to the Fund and received a fee at an
annual rate of 0.04% of adjusted average weekly net assets. For the year ended
November 30, 2007, the Fund was charged $66,023 for these services.
For purposes of the calculation of
investment management fees and administration fees, adjusted average weekly net
assets does not include the commercial paper or line of credit
liability.
At November 30, 2007, the Fund had
liabilities payable to affiliates as follows:
Investment management fee payable to DMC |
|
$79,413 |
Fees and expenses
payable to DSC |
|
10,899 |
Other
expenses payable to DMC and affiliates* |
|
58,587 |
* |
DMC, as part of its
administrative services, pays operating expenses on behalf of the Fund and
is reimbursed on a periodic basis. Such expenses include items such as
printing of shareholder reports, fees for audit, legal and tax services,
stock exchange fees, custodian fees and Directors
fees. |
As provided in the investment management
agreement, the Fund bears the cost of certain legal and tax services, including
internal legal and tax services provided to the Fund by DMC and/or its
affiliates employees. For the year ended November 30, 2007, the Fund was
charged $7,681 for internal legal and tax services provided by DMC and/or its
affiliates employees.
Certain officers of DMC and DSC are
officers and/or directors of the Fund. These officers and directors are paid no
compensation by the Fund.
3. Investments
For the year ended November 30, 2007, the
Fund made purchases of $91,517,341 and sales of $112,007,994 of investment
securities other than short-term investments.
At November 30, 2007, the cost of
investments for federal income tax purposes was $172,913,324. At November 30,
2007, net unrealized appreciation was $11,681,570, of which $21,028,772 related
to unrealized appreciation of investments and $9,347,202 related to unrealized
depreciation of investments.
4. Dividend and Distribution
Information
Income and long-term capital gain
distributions are determined in accordance with federal income tax regulations,
which may differ from U.S. generally accepted accounting principles.
Additionally, net short-term gains on sales of investment securities are treated
as ordinary income for federal income tax purposes. The tax character of
dividends and distributions paid during the years ended November 30, 2007 and
2006 was as follows:
|
Year Ended |
|
2007 |
|
2006 |
Ordinary income |
$ |
6,457,314 |
|
$ |
6,915,192 |
Long-term
capital gains |
|
9,173,698 |
|
|
5,252,912 |
Return of capital |
|
6,965,444 |
|
|
|
Total |
$ |
22,596,456 |
|
$ |
12,168,104 |
22
5. Components of Net Assets on a Tax
Basis
As of November 30, 2007, the components of
net assets on a tax basis were as follows:
Shares of beneficial interest |
$ |
112,392,634 |
|
Other temporary
differences |
|
(146,091 |
) |
Unrealized appreciation of investments |
|
11,681,570 |
|
Net
assets |
$ |
123,928,113 |
|
The differences between book basis and tax
basis components of net assets are primarily attributable to tax deferral of
losses on wash sales, contingent payment debt instruments, interest accrued on
bonds in default, tax treatment of CDS contracts, and market discount and
premium on debt instruments.
For financial reporting purposes, capital
accounts are adjusted to reflect the tax character of permanent book/tax
differences. Reclassifications are primarily due to tax treatment of market
discount and premium on certain debt instruments, passive foreign investment
companies, gain (loss) on contingent payment debt instruments, REITs and CDS
contracts. Results of operations and net assets were not affected by these
reclassifications. For the year ended November 30, 2007, the Fund recorded the
following reclassifications:
Distributions in excess of net investment income |
|
$1,442,605 |
|
Accumulated net
realized gain |
|
(1,442,605 |
) |
6. Capital Stock
Shares obtained under the Funds dividend
reinvestment plan are purchased by the Funds transfer agent, Mellon Investor
Services, LLC, in the open market. There were no shares issued under the Funds
dividend reinvestment plan for the years ended November 30, 2007 and
2006.
On May 21, 2007, the Funds Board of
Directors approved a tender offer for shares of the Funds common stock. The
tender offer authorized the Fund to purchase up to 5% of its issued and
outstanding shares at a price equal to the Funds net asset value at the close
of business on the NYSE on July 2, 2007, the first business day following the
expiration of the offer. The tender offer commenced on June 1, 2007 and expired
on June 29, 2007. In connection with the tender offer, the Fund purchased
550,462 shares of capital stock at a total cost of $7,943,167. The tender offer
was oversubscribed, and all tenders of the shares were subject to pro-ration (at
a ratio of approximately 0.529105872) in accordance with the terms of the tender
offer.
On May 18, 2006, the Funds Board of
Directors approved a tender offer for shares of the Funds common stock. The
tender offer authorized the Fund to purchase up to 5% of its issued and
outstanding shares at a price equal to the Funds net asset value at the close
of business on the NYSE on July 3, 2006, the first business day following the
expiration of the offer. The tender offer commenced on June 2, 2006 and expired
on June 30, 2006. In connection with the tender offer, the Fund purchased
579,434 shares of capital stock at a total cost of $7,463,110. The tender offer
was oversubscribed, and all tenders of the shares were subject to pro-ration (at
a ratio of approximately 0.775731221) in accordance with the terms of the tender
offer.
The Fund did not purchase any shares under
the Share Repurchase Program during the years ended November 30, 2007 and
2006.
7. Commercial Paper
As of November 30, 2007, $24,000,000 (par
value) of commercial paper was outstanding with an amortized cost of
$23,939,400. The weighted discount rate of commercial paper outstanding at
November 30, 2007 was 5.05%. The average daily balance of commercial paper
outstanding during the year ended November 30, 2007 was $43,057,292 at a
weighted discount rate of 5.35%. The maximum amount of commercial paper
outstanding at any time during the year was $44,000,000. On November 19, 2007,
the Fund reduced the commercial paper outstanding to $24,000,000 from
$44,000,000.
In conjunction with the issuance of the
commercial paper, the Fund entered into a Liquidity Agreement with JPMorgan
Chase for $30,000,000. Interest on borrowings is based on market rates in effect
at the time of borrowing. The commitment fee is computed at the rate of 0.10%
per annum on the unused balance. During the year ended November 30, 2007, there
were no borrowings under this arrangement.
8. Line of Credit
On November 19, 2007, the Fund entered
into a Credit Agreement with The Bank of New York for $44,000,000 that expires
on November 18, 2008. At November 30, 2007, outstanding borrowings were
$20,000,000 at the Fed Funds rate of 4.50% plus 0.25%. During the period
November 19, 2007 to November 30, 2007, the average daily balance of loans
outstanding was $20,000,000 at a weighted average interest rate of approximately
4.50% plus 0.25%. The maximum amount of borrowings outstanding at any time
during the period was $20,000,000. Interest on borrowings is based on market
rates in effect at the time of borrowing. The commitment fee is computed at a
rate of 0.10% per annum on the unused balance. The loan is collateralized by the
Funds portfolio.
9. Swap Contracts
The Fund may enter into interest rate swap
contracts, index swap contracts and CDS contracts in accordance with its
investment objectives. The Fund may use interest rate swaps to adjust the Funds
sensitivity to interest rates or to hedge against changes in interest rates.
Index swaps may be used to gain exposure to markets that the Fund invests in,
such as the corporate bond market. The Fund may also use index swaps as a
substitute for futures or options contracts if such contracts are not directly
available to the Fund on favorable terms. 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.
An interest rate swap involves payments
received by the Fund from another party based on a variable or floating interest
rate, in return for making payments based on a fixed interest rate. An interest
rate swap can also work in reverse with the Fund receiving payments based on a
fixed interest rate and making payments based on a variable or floating interest
rate. Interest rate swaps may be used to adjust the Funds sensitivity to
interest rates or to hedge against changes in interest rates. Periodic payments
on such contracts are accrued daily and recorded as unrealized
(continues) 23
Notes to financial
statements
Delaware
Investments Dividend and Income Fund, Inc.
9. Swap Contracts
(continued)
appreciation/depreciation on swap
contracts. Upon periodic payment/ receipt or termination of the contract, such
amounts are recorded as realized gains or losses on swap contracts.
Index swaps involve commitments to pay
interest in exchange for a market-linked return based on a notional amount. To
the extent the total return of the security, instrument or basket of instruments
underlying the transaction exceeds the offsetting interest obligation, the Fund
will receive a payment from the counterparty. To the extent the total return of
the security, instrument or basket of instruments underlying the transaction
falls short of the offsetting interest obligation, the Fund will make a payment
to the counterparty. The change in value of swap contracts outstanding, if any,
is recorded as unrealized appreciation or depreciation daily. A realized gain or
loss is recorded on maturity or termination of the swap contract.
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 reference 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 referenced security (or
basket of securities) to the counterparty.
During the year ended November 30, 2007,
the Fund entered into CDS contracts as a purchaser and seller of protection.
Periodic payments on such contracts are accrued daily and recorded as unrealized
gains or losses on swap contracts. Upon payment, such amounts are recorded as
realized losses on swap contracts. Upfront payments made or received in
connection with CDS contracts are amortized over the expected life of the CDS
contracts as realized losses (gains) on swap contracts. The change in value of
CDS contracts is recorded as unrealized appreciation or depreciation daily. A
realized gain or loss is recorded upon a credit event (as defined in the CDS
agreement) or the maturity or termination of the agreement.
Credit default swaps may involve greater
risks than if the Fund had invested in the referenced obligation directly.
Credit default swaps are subject to general market risk, liquidity risk,
counterparty risk and credit risk. If the Fund enters into a CDS contract as a
purchaser of protection and no credit event occurs, its exposure is limited to
the periodic payments previously made to the counterparty.
Because there is no organized market for
swap contracts, the value of open swaps may differ from that which would be
realized in the event the Fund terminated its position in the agreement. 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 movements 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 shown on the Statement of net
assets.
10. 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 Mellon Bank,
N.A. (Mellon). With respect to each loan, if the aggregate market value of the
collateral held on any business day 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 not less than the applicable collateral
requirements. Cash collateral received is invested in a collective investment
vehicle (Collective Trust) established by Mellon for the purpose of investment
on behalf of clients participating in its securities lending programs. The
Collective Trust invests in fixed income securities with a weighted average
maturity not to exceed 90 days, rated in one of the top two tiers by Standard
& Poors Ratings Group or Moodys Investors Service, Inc. or repurchase
agreements collateralized by such securities. However, 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 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 change 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. The security lending agent and the borrower retain a portion of the
earnings from the collateral investments. The Fund records security lending
income net of such allocation.
At November 30, 2007, the market value of
securities on loan was $17,161,513, for which cash collateral was received and
invested in accordance with the Lending Agreement. Such investments are
presented on the Statement of net assets under the caption Securities Lending
Collateral.
11. Credit and Market
Risk
The Fund invests a portion of its assets
in high yield fixed income securities, which carry ratings of BB or lower by
Standard & Poors Ratings Group and/or Ba or lower by Moodys Investors
Service, Inc. 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 REITs and is subject
to some of 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 year ended
November 30, 2007. The Funds 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
24
11. Credit and Market Risk
(continued)
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 Funds Board of Directors has delegated to DMC the
day-to-day functions of determining whether individual securities are liquid for
purposes of each Funds limitation on investments in illiquid assets. Rule 144A
and illiquid securities have been identified on the Statement of net
assets.
12. Contractual
Obligations
The Fund enters into contracts in the
normal course of business that contain a variety of indemnifications. The Funds
maximum exposure under these arrangements is unknown. However, the Fund has not
had prior claims or losses pursuant to these contracts. Management has reviewed
the Funds existing contracts and expects the risk of loss to be
remote.
13. Change in Custodian
On August 9, 2007, Mellon Bank, N.A., One
Mellon Center, Pittsburgh, PA, 15285, became the Funds custodian. Prior to
August 9, 2007, JPMorgan Chase Bank served as the Funds custodian.
14. Subsequent Events
On December 20, 2007, the commercial paper
program and related Liquidity Agreement with JPMorgan Chase were terminated. On
December 19, 2007, the Fund increased its borrowing under its Line of Credit
Agreement with The Bank of New York to $44,000,000 from $20,000,000.
15. Tax Information
(Unaudited)
The information set forth below is for the
Funds fiscal year as required by federal income tax laws. Shareholders,
however, must report distributions on a calendar year basis for income tax
purposes, which may include distributions for portions of two fiscal years of a
fund. Accordingly, the information needed by shareholders for income tax
purposes will be sent to them in January of each year. Please consult your tax
advisor for proper treatment of this information.
For the fiscal year ended November 30,
2007, the Fund designates distributions paid during the year as
follows:
(A) |
|
(B) |
|
|
|
|
|
|
Long-Term |
|
Ordinary |
|
(C) |
|
|
|
|
Capital
Gain |
|
Income |
|
Return |
|
Total |
|
(D) |
Distributions |
|
Distributions* |
|
of
Capital |
|
Distributions |
|
Qualifying |
(Tax
Basis) |
|
(Tax Basis) |
|
(Tax
Basis) |
|
(Tax Basis) |
|
Dividends1 |
40% |
|
29% |
|
31% |
|
100% |
|
41% |
(A), (B) and (C) are based on a percentage
of the Funds total distributions.
(D) is based on percentage of
ordinary income distributions of the Fund.
1 Qualifying
dividends represent dividends, which qualify for the corporate dividends
received deduction. |
|
|
* |
For the fiscal year
ended November 30, 2007, certain dividends paid by the Fund may be subject
to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax
Relief Reconciliation Act of 2003. The Fund intends to designate up a
maximum amount $2,749,126 to be taxed at maximum rate of 15%. Complete
information will be computed and reported in conjunction with your 2007
Form 1099-DIV. |
25
Report of independent
registered
public accounting firm
To the Shareholders and Board of Directors
Delaware Investments Dividend and Income
Fund, Inc.
We have audited the accompanying statement
of net assets of Delaware Investments Dividend and Income Fund, Inc. (the
Fund) as of November 30, 2007, and the related statements of operations and
cash flows for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended, and the financial highlights for
each of the five years in the period then ended. These financial statements and
financial highlights are the responsibility of the Funds management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with
the standards of the Public Company Accounting Oversight Board (United States).
Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and financial highlights are
free of material misstatement. We were not engaged to perform an audit of the
Funds internal control over financial reporting. Our audits included
consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the Funds
internal control over financial reporting. Accordingly, we express no such
opinion. An audit also includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial
statements and financial highlights, assessing the accounting principles used
and significant estimates made by management, and evaluating the overall
financial statement presentation. Our procedures included confirmation of
securities owned as of November 30, 2007, by correspondence with the custodian
and brokers or by other appropriate auditing procedures where replies from
brokers were not received. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements
and financial highlights referred to above present fairly, in all material
respects, the financial position of the Delaware Investments Dividend and Income
Fund, Inc. at November 30, 2007, the results of its operations and cash flows
for the year then ended, the changes in its net assets for each of the two years
in the period then ended, and its financial highlights for each of the five
years in the period then ended, in conformity with U.S. generally accepted
accounting principles.
![](geldividend_ncsr3x10x1.jpg)
Philadelphia, Pennsylvania
January 22,
2008
26
Other Fund information
(unaudited)
Delaware Investments Dividend and
Income Fund, Inc.
Proxy Results
The Fund held its Annual Meeting of
Shareholders on August 15, 2007. At the Annual Meeting, the Funds shareholders
elected nine Directors. The results of the voting at the meeting were as
follows:
|
|
|
|
|
|
No
Ballot |
Nominee |
|
|
Shares Voted For
|
|
Shares Withheld
|
|
Received
|
Patrick P. Coyne |
|
10,389,813.960 |
|
146,907.226 |
|
472,514.814 |
Thomas
L. Bennett |
|
10,390,838.960 |
|
145,882.226 |
|
472,514.814 |
John A. Fry |
|
10,386,934.861 |
|
149,786.325 |
|
472,514.814 |
Anthony D. Knerr |
|
10,390,601.074 |
|
146,120.112 |
|
472,514.814 |
Lucinda S. Landreth |
|
10,389,868.960 |
|
146,852.226 |
|
472,514.814 |
Ann R.
Leven |
|
10,389,325.074 |
|
147,396.112 |
|
472,514.814 |
Thomas F. Madison |
|
10,385,878.294 |
|
150,842.892 |
|
472,514.814 |
Janet
L. Yeomans |
|
10,389,355.180 |
|
147,366.006 |
|
472,514.814 |
J. Richard Zecher |
|
10,388,135.960 |
|
148,585.226 |
|
472,514.814 |
Corporate Governance
The Funds audit committee charter is
available on its web site at www.delawareinvestments.com, and the charter is
also available in print to any shareholder who requests it. The Fund submitted
its Annual CEO certification for 2007 to the New York Stock Exchange (NYSE) on
September 14, 2007 stating that the CEO was not
aware of any violation by the Fund of the NYSEs corporate governance listing
standards. In addition, the Fund had filed the required CEO/CFO certifications
regarding the quality of the Funds public disclosure as exhibits to the Forms
N-CSR and Forms N-Q filed by the Fund over the past fiscal year. The Funds Form
N-CSR and Form N-Q filings are available on the Commissions web site at
www.sec.gov.
Changes to Portfolio Management
Team
During the year ended November 30, 2007,
Thomas H. Chow, Kevin P. Loome, and Roger A. Early were appointed co-portfolio
managers of the Fund in May 2007, August 2007, and January 2008, respectively.
Messrs. Chow, Early, and Loome work with Babak Zenouzi, Damon J. Andres, D.
Tysen Nutt, Jr., Anthony A. Lombardi, Robert A. Vogel, Jr., Nikhil G. Lalvani,
and Nashira S. Wynn in making day-to-day decisions for the Fund.
Fund management
Thomas H. Chow, CFA
Senior Vice President, Senior
Portfolio Manager
Thomas H. Chow is a member of the firms
taxable fixed income portfolio management team with primary responsibility for
portfolio construction and strategic asset allocation. His experience includes
significant exposure to asset liability management strategies and credit risk
opportunities. Prior to joining Delaware Investments in 2001, he was a trader of
high grade and high yield securities, and was involved in the portfolio
management of collateralized bond obligations (CBOs) and insurance portfolios at
SunAmerica/AIG from 1997 to 2001. Before that, he was an analyst, trader, and
portfolio manager at Conseco Capital Management from 1989 to 1997. Chow received
a bachelors degree in business analysis from Indiana University, and he is a
Fellow of Life Management Institute.
Roger A. Early, CPA, CFA, CFP
Senior Vice President,
Senior Portfolio Manager
Roger A. Early is a member of the firms
taxable fixed income portfolio management team with primary responsibility for
portfolio construction and strategic asset allocation. He re-joined Delaware
Investments in March 2007. During his previous tenure at the firm, from 1994 to
2001, he was a senior portfolio manager in the same area, and he left Delaware
Investments as head of its U.S. investment grade fixed income group. Early most
recently worked at Chartwell Investment Partners, where he served as a senior
portfolio manager in fixed income from 2003 to 2007. He also worked at Turner
Investments from 2002 to 2003, where he served as chief investment officer for
fixed income, and Rittenhouse Financial from 2001 to 2002. He started his career
in Pittsburgh, leaving to join Delaware Investments in 1994 after 10 years at
Federated Investors. Early earned his bachelors degree in economics from The
Wharton School of the University of Pennsylvania and an MBA with concentrations
in finance and accounting from the University of Pittsburgh, and he is a member
of The CFA Society of Philadelphia.
(continues) 27
Other Fund information
(unaudited)
Delaware Investments
Dividend and Income Fund, Inc.
Kevin P. Loome, CFA
Senior Vice President, Senior
Portfolio Manager, Head of High Yield Investments
Kevin P. Loome is head of the High Yield
fixed income team, responsible for portfolio construction and strategic asset
allocation of all high yield fixed income assets. Prior to joining Delaware
Investments in August 2007, Loome spent 11 years at T. Rowe Price, starting as
an analyst and leaving the firm as a portfolio manager. He began his career with
Morgan Stanley as a corporate finance analyst in the New York and London
offices. Loome received his bachelors degree in commerce from the University of
Virginia and earned an MBA from the Tuck School of Business at
Dartmouth.
Babak (Bob) Zenouzi
Senior Vice President, Senior
Portfolio Manager
Bob Zenouzi rejoined Delaware Investments
in May 2006. He left the firm in 1999 after seven years as an analyst and
portfolio manager. Currently, he leads the firms REIT group, including the
team, its process, and its institutional and retail products, which he created
during his prior time with the firm. He also serves as lead portfolio manager
for the firms Dividend Income products, which he helped create in the 1990s.
Most recently, Zenouzi worked at Chartwell Investment Partners from 1999 to
2006, where he was a partner and senior portfolio manager on Chartwells
Small-Cap Value portfolio. He began his career with The Boston Company, where he
held several positions in accounting and financial analysis. Zenouzi earned a
masters degree in finance from Boston College and a bachelors degree from
Babson College. He is a member of the National Association of Real Estate
Investment Trusts and the Urban Land Institute.
Damon J. Andres, CFA
Vice President, Senior
Portfolio Manager
Damon J. Andres, who joined Delaware
Investments in 1994, currently serves as a portfolio manager for REIT
investments and convertibles. He also serves as a portfolio manager for the
firms Dividend Income products. From 1991 to 1994, he performed
investment-consulting services as a consulting associate with Cambridge
Associates. Andres earned a bachelors degree in business administration with an
emphasis in finance and accounting from the University of Richmond.
D. Tysen Nutt Jr.
Senior Vice President, Senior Portfolio Manager, Team Leader
Large-Cap Value Focus Equity
D. Tysen Nutt Jr. joined Delaware
Investments in 2004 as senior vice president and senior portfolio manager for
the firms Large-Cap Value Focus strategy. Before joining the firm, Nutt led the
U.S. Active Large-Cap Value team within Merrill Lynch Investment Managers
(MLIM), where he managed mutual funds and separate accounts for institutions and
private clients. He departed MLIM as a managing director. Prior to joining MLIM
in 1994, Nutt was with Van Deventer & Hoch (V&H) where he managed
large-cap value portfolios for institutions and private clients. He began his
investment career at Dean Witter Reynolds, where he eventually became vice
president, investments. Nutt earned his bachelors degree from Dartmouth
College, and he is a member of the New York Society of Security Analysts and the
CFA Institute.
Anthony A. Lombardi, CFA
Vice President, Senior
Portfolio Manager
Anthony A. Lombardi joined Delaware
Investments in 2004 as a vice president and senior portfolio manager for the
firms Large-Cap Value Focus strategy. Previously, Lombardi worked at Merrill
Lynch Investment Managers from 1998 to 2004, where he rose to the position of
director and portfolio manager for the U.S. Active Large-Cap Value team,
managing mutual funds and separate accounts for institutions and private
clients. Prior to that, he worked at Dean Witter Reynolds for seven years as a
sell-side equity research analyst, and he began his career as an investment
analyst with Crossland Savings in 1989. Lombardi graduated from Hofstra
University, receiving a bachelors degree in finance and an MBA with a
concentration in finance. He is a member of the New York Society of Security
Analysts and the CFA Institute.
Robert A. Vogel Jr., CFA
Vice President, Senior
Portfolio Manager
Robert A. Vogel Jr. joined Delaware
Investments in 2004 as a vice president, senior portfolio manager for the firms
Large-Cap Value Focus strategy. He previously worked at Merrill Lynch Investment
Managers for more than seven years, where he rose to the position of director
and portfolio manager within the U.S. Active Large-Cap Value team. He began his
career in 1992 as a financial consultant at Merrill Lynch. Vogel graduated from
Loyola College in Maryland, earning both bachelors and masters degrees in
finance. He also earned an MBA with a concentration in finance from The Wharton
School of the University of Pennsylvania, and he is a member of the New York
Society of Security Analysts and The CFA Society of Philadelphia.
28
Nikhil G. Lalvani, CFA
Vice President, Portfolio
Manager
Nikhil G. Lalvani is a portfolio manager
with the firms Large-Cap Value Focus team. At Delaware Investments, Lalvani has
served as both a fundamental and quantitative analyst. Prior to joining the firm
in 1997, he was a research associate with Bloomberg. Lalvani holds a bachelors
degree in finance from The Pennsylvania State University and is a member of The
CFA Society of Philadelphia.
Nashira S. Wynn
Vice President, Portfolio
Manager
Nashira S. Wynn is a portfolio manager
with the firms Large-Cap Value Focus team. Prior to joining Delaware
Investments in 2004, she was an equity research analyst for Merrill Lynch
Investment Managers, starting there in July 2001. Wynn earned a bachelors
degree in finance, with a minor in economics, from The College of New Jersey,
and she attended Englands Oxford University as a presidential
scholar.
Jordan L. Irving and Timothy L. Rabe are
no longer co-portfolio managers for the Fund.
Distribution Information
Shareholders were sent monthly notices
from the Fund that set forth estimates, on a book basis, of the source or
sources from which monthly distributions were paid. Subsequently, certain of
these estimates have been corrected in part. Listed below is a written statement
of the sources of these monthly distributions on a book basis.
|
|
Net Investment |
|
Return of |
|
Gain from |
|
Total |
|
|
Income |
|
Capital |
|
Sale of Securities |
|
Distribution |
|
|
per
share |
|
per share
|
|
per share
|
|
Amount
|
12/06 |
|
|
$0.040 |
|
|
|
$ |
|
|
|
$0.288 |
|
|
|
$0.328 |
|
1/07 |
|
|
0.044 |
|
|
|
0.005 |
|
|
|
0.031 |
|
|
|
0.080 |
|
2/07 |
|
|
0.029 |
|
|
|
0.020 |
|
|
|
0.031
|
|
|
|
0.080 |
|
3/07 |
|
|
0.045 |
|
|
|
0.035 |
|
|
|
|
|
|
|
0.080 |
|
4/07 |
|
|
0.035 |
|
|
|
0.045 |
|
|
|
|
|
|
|
0.080 |
|
5/07 |
|
|
0.035 |
|
|
|
0.045 |
|
|
|
|
|
|
|
0.080 |
|
6/07 |
|
|
0.036 |
|
|
|
0.044 |
|
|
|
|
|
|
|
0.080 |
|
7/07 |
|
|
0.039 |
|
|
|
0.041 |
|
|
|
|
|
|
|
0.080 |
|
8/07 |
|
|
0.031 |
|
|
|
0.049 |
|
|
|
|
|
|
|
0.080 |
|
9/07 |
|
|
0.038 |
|
|
|
0.042 |
|
|
|
|
|
|
|
0.080 |
|
10/07 |
|
|
0.030 |
|
|
|
|
|
|
|
0.050
|
|
|
|
0.080 |
|
11/07 - Regular Monthly Distribution |
|
|
0.004 |
|
|
|
0.076 |
|
|
|
|
|
|
|
0.080 |
|
11/07 - Special Distribution |
|
|
0.042
|
|
|
|
0.239
|
|
|
|
0.629 |
|
|
|
0.910
|
|
Total |
|
|
$0.448
|
|
|
|
$0.641
|
|
|
|
$1.029
|
|
|
|
$2.118
|
|
Please note that the information in the
preceding chart is for book purposes only. Shareholders should be aware the tax
treatment of distributions may differ from their book treatment. The tax
treatment of distributions will be set forth in a Form 1099-DIV.
(continues) 29
Other Fund information
(unaudited)
Delaware Investments
Dividend and Income Fund, Inc.
Change in Fund Accounting and Financial
Administration Services Agent and Custodian
Effective October 1, 2007, Mellon Bank,
N.A. provides fund accounting and financial administration services to the Fund.
Those services include performing functions related to calculating the Funds
NAV and providing financial reporting information, regulatory compliance testing
and other related accounting services. For these services, the Fund pays Mellon
Bank, N.A. an asset-based fee, subject to certain fee minimums, plus certain
out-of-pocket expenses and transactional charges. Effective October 1, 2007,
Delaware Service Company, Inc. (DSC) provides fund accounting and financial
administration oversight services to the Fund. Those services include overseeing
the Funds pricing process, the calculation and payment of fund expenses, and
financial reporting in shareholder reports, registration statements and other
regulatory filings. DSC also manages the process for the payment of dividends
and distributions and the dissemination of Fund NAVs and performance data. For
these services, the Fund pays DSC an asset-based fee, plus certain out-of-pocket
expenses and transactional charges. The fees payable to Mellon Bank, N.A. and
DSC under the service agreements described above will be allocated among all
Funds in the Delaware Investments® Family of Funds on a relative net
asset value basis. Prior to October 1, 2007, DSC provided fund accounting and
financial administration services to the Fund at an annual rate of 0.04% of the
Funds average daily net assets.
Mellon Bank, N.A., One Mellon Center,
Pittsburgh, PA 15285, is custodian of the Funds securities and cash. As
custodian for the Fund, Mellon Bank, N.A. maintains (a) separate account(s) for
the Fund; receives, holds and releases portfolio securities on account of the
Fund; receives and disburses money on behalf of the Fund; and collects and
receives income and other payments and distributions on account of the Funds
portfolio securities.
Termination of Commercial Paper
Program
On October 25, 2007, the Funds Board of
Directors approved an agreement that allowed the Fund to enter into a
$44,000,000 revolving credit facility with The Bank of New York. The credit
facility replaced the Funds commercial paper program that permitted the Fund to
issue up to $60 million in commercial paper. The conversion to the credit
facility occurred in two steps, in conjunction with the expiration of a $20
million tranche of commercial paper on November 19, 2007 and a $24 million
tranche of commercial paper on December 19, 2007. Accordingly, the commercial
paper program and the related liquidity agreement expired on December 20,
2007.
Changes to Funds Investment Strategies
and Policies
In August 2007, the Funds Board of
Directors approved the following changes in investment strategies. The changes
became effective on October 23, 2007, after a 60 day notice period.
A loan participation is an interest in a
loan or other direct indebtedness, such as an assignment, that entitles the
acquiring of such interest payments, and/or other amounts due under the
structure of the loan or other direct indebtedness. In addition to being
structured as secured or unsecured loans, such investments could be structured
as novations or assignments or represent trade or other claims owed by a company
to a supplier. The Fund may invest without restriction in loan participations
that meet the credit standards established by the portfolio managers. The
portfolio managers perform their own independent credit analysis on each
borrower and on the collateral securing each loan. The portfolio managers
consider the nature of the industry in which the borrower operates, the nature
of the borrowers assets and the general quality and creditworthiness of the
borrower. The Fund may invest without limitation in loan participations in order
to enhance total return, to affect diversification or to earn additional income.
The Fund will not use loan participations for reasons inconsistent with its
investment objective.
These loans are made generally to finance
internal growth, mergers, acquisitions, stock repurchases, leveraged buy-outs
and other corporate activities. Such loans are typically made by a syndicate of
lending institutions, represented by an agent lending institution that has
negotiated and structured the loan and is responsible for collecting interest,
principal and other amounts due on its own behalf and on behalf of the others in
the syndicate, and for enforcing its and their other rights against the
borrower. Alternatively, such loans may be structured as novations, pursuant to
which the Fund would assume all of the rights of the lending institution in a
loan or as an assignment, pursuant to which the Fund would purchase an
assignment of a portion of a lenders interest in a loan either directly from
the lender or through an intermediary.
The Fund may also purchase trade or other
claims against companies, which generally represent money owed by the company to
a supplier of goods or services. These claims may also be purchased at a time
when the company is in default.
Loans and other direct indebtedness
involve the risk that the Fund will not receive payment of principal, interest
and other amounts due in connection with these investments and will depend
primarily on the financial condition of the borrower. Loans that are fully
secured offer the Fund more protection than unsecured loans in the event of
non-payment of scheduled interest or principal, although there is no assurance
that the liquidation of collateral from a secured loan would satisfy the
corporate borrowers obligation, or that the collateral can be liquidated. Some
loans or claims may be in default at the time of purchase. Certain of the loans
and the other direct indebtedness acquired by the Fund may involve revolving
credit facilities or other standby financing commitments which obligate the Fund
to pay additional cash on a certain date or on demand. These commitments may
require the Fund to increase its investment in a company at a time when the Fund
might not otherwise decide to do so (including at a time when the companys
financial condition makes it unlikely that such amounts will be repaid). To the
extent that the Fund is committed to advance additional funds, it will, at all
times, hold and maintain in a segregated account cash or other high-grade debt
obligations in an amount sufficient to meet such commitments. The Funds ability
to receive payment of principal, interest and other amounts due in connection
with these investments will depend primarily on the financial condition of the
borrower.
As the Fund may be required to rely upon
another lending institution to collect and pass on to the Fund amounts payable
with respect to the loan and to enforce the Funds rights under the loan and
other direct indebtedness, an insolvency, bankruptcy or reorganization of the
lending institution may delay or prevent the Fund from receiving such amounts.
In such cases, the Fund will evaluate the creditworthiness of the borrower and
the lending institution and will treat both the borrower and the lending
institution as an issuer of the loan for purposes of compliance with
applicable law
30
pertaining to the diversification of the
Funds portfolio investments. The highly leveraged nature of many such loans and
other direct indebtedness may make such loans and other direct indebtedness
especially vulnerable to adverse changes in economic or market conditions.
Investments in such loans and other direct indebtedness may involve additional
risk to the Fund.
Tender Offer
As described in Note 6 to the Financial
Statements, the Fund conducted a tender offer in 2007. There can be no assurance
that a tender offer will reduce or eliminate any spread between market price and
the net asset value of the Funds shares. The market price of the shares will,
among other things, be determined by the relative demand for and supply of
shares in the market, the Funds investment performance, the Funds dividends
and yields, and investor perception of the Funds overall attractiveness as an
investment as compared with other investment alternatives. Nevertheless, the
fact that a tender offer may be conducted may result in more of a reduction in
the spread between market price and net asset value than might otherwise be the
case. The Funds Board of Directors, consistent with its fiduciary obligations,
may explore alternatives to a tender offer to reduce or eliminate the Funds
potential market value discount from net asset value. Therefore, the Fund cannot
provide assurance that it will make tender offers in the future.
The tender offer plan described in the
Funds prospectus contemplates that a shareholder wishing to accept a tender
offer must tender all (but not less than all) of the Fund shares owned by the
shareholder or attributed to it under Section 318 of the Internal Revenue Code,
unless the Fund has received a private letter ruling from the Internal Revenue
Service (IRS) that a tender of less than all of a shareholders shares will
not cause non-tendering shareholders to realize constructive distributions on
their shares under Section 305 of the Internal Revenue Code. In connection with
the 2005 tender offer and the favorable private letter ruling received by the
Fund on May 5, 2005, the Fund, through its counsel, was informed by the Office
of Associate Chief Counsel (Corporate) that the IRS would not issue to the Fund
a similar ruling in future years. The IRSs informal policy is to issue no more
than two such rulings to any one taxpayer on the premise that multiple tender
offers may constitute such a plan that has the result of increasing the
proprietary interests of some shareholders in the assets and income of the funds
and the receipt of money by other shareholders. Since the Funds organization in
1993, the Fund has consummated four tender offers, including tender offers in
2000, 2005, 2006, and 2007.
In light of this communication from the
IRS, it was determined that the Fund had no affirmative obligation to obtain a
ruling from the IRS as a precondition to accepting partial tenders. The Fund has
previously stated that it would not seek a private letter ruling from the IRS in
connection with accepting partial tenders for any future Fund tender
offers.
Dividend Reinvestment Plan
The Fund offers an automatic dividend
reinvestment program (Plan). Shareholders who have shares registered in their
own names are automatically considered participants in the Plan, unless they
elect to withdraw from the Plan. Shareholders who hold their shares through a
bank, broker or other nominee should request the bank, broker or nominee to
participate in the Plan on their behalf. This can be done as long as the bank,
broker or nominee provides a dividend reinvestment service for the Fund. If the
bank, broker or nominee does not provide this service, such shareholders must
have their shares taken out of street or nominee name and re-registered in
their own name in order to participate in the Plan.
Mellon Investor Services, LLC (Mellon)
will apply all cash dividends, capital gains and other distributions
(collectively, Distributions) on the Funds shares of common stock which
become payable to each Plan participant to the purchase of outstanding shares of
the Funds common stock for such participant. These purchases may be made on a
securities exchange or in the over-the-counter market, and may be subject to
such terms of price, delivery and related matters to which Mellon may agree. The
Fund will not issue new shares in connection with the Plan.
Distributions reinvested for participants
are subject to income taxes just as if they had been paid directly to the
shareholder in cash. Participants will receive a year-end statement showing
distributions reinvested, and any brokerage commissions paid on such
participants behalf.
Shareholders holding shares of the Fund in
their own names who wish to terminate their participation in the Plan may do so
by sending written instruction to Mellon so that Mellon receives such
instructions at least 10 days prior to the Distribution record date.
Shareholders with shares held in account by a bank, broker or other nominee
should contact such bank, broker or other nominee to determine the procedure for
withdrawal from the Plan.
If written instructions are not received
by Mellon at least 10 days prior to the record date for a particular
Distribution, that Distribution may be reinvested at the sole discretion of
Mellon. After a shareholders instructions to terminate participation in the
Plan become effective, Distributions will be paid to shareholders in cash. Upon
termination, a shareholder may elect to receive either stock or cash for all the
full shares in the account. If cash is elected, Mellon will sell such shares at
the then current market value and then send the net proceeds to the shareholder,
after deducting brokerage commissions and related expenses. Any fractional
shares at the time of termination will be paid in cash at the current market
price, less brokerage commissions and related expenses, if any. Shareholders may
at any time request a full or partial withdrawal of shares from the Plan,
without terminating participation in the Plan. When shares outside of the Plan
are liquidated, Distributions on shares held under the Plan will continue to be
reinvested unless Mellon is notified of the shareholders withdrawal from the
Plan.
An investor holding shares that
participate in the Plan in a brokerage account may not be able to transfer the
shares to another broker and continue to participate in the Plan. Please contact
your broker/dealer for additional details.
Mellon will charge participants their
proportional share of brokerage commissions on market purchases. Participants
may obtain a certificate or certificates for all or part of the full shares
credited to their accounts at any time by making a request in writing to Mellon.
A fee may be charged to the participant for each certificate
issuance.
If you have any questions and shares are
registered in your name, contact Mellon at 800 851-9677. If you have any
questions and shares are registered in street name, contact the broker/dealer
holding the shares or your financial advisor.
31
Board of trustees/directors
and
officers addendum
Delaware
Investments®
Family of Funds
A fund is governed by a Board of
Trustees/Directors (Trustees), which has oversight responsibility for the
management of a funds business affairs. Trustees establish procedures and
oversee and review the performance of the investment manager, and others who
perform services for the fund. The independent fund trustees, in particular, are
advocates for shareholder interests. Each trustee has served in that capacity
since he or she was elected to or appointed to the Board of Trustees, and will
continue to serve until his or her retirement or the election of a new trustee
in his or her place. The following is a list of the Trustees and Officers with
certain background and related information.
|
|
|
|
Number
of |
|
|
|
|
|
Portfolios in
Fund |
Other
|
Name,
|
|
|
|
Complex
Overseen |
Directorships |
Address, |
Position(s) |
Length
of |
Principal
Occupation(s) |
by
Trustee |
Held by
|
and Birth Date |
Held with Fund(s) |
Time Served |
During Past 5 Years |
or Officer |
Trustee or Officer |
Interested
Trustees |
|
|
|
|
|
Patrick P.
Coyne1 |
Chairman, |
Chairman and
Trustee |
Patrick P.
Coyne has served in |
84 |
Director
|
2005 Market
Street |
President, |
since August
16, 2006 |
various
executive capacities |
|
Kaydon
Corp. |
Philadelphia,
PA |
Chief
Executive |
|
at different
times at |
|
|
19103
|
Officer,
and |
President
and |
Delaware
Investments.2 |
|
|
|
Trustee
|
Chief
Executive Officer |
|
|
|
April 14, 1963 |
|
since August 1, 2006 |
|
|
|
Independent
Trustees |
|
|
|
|
|
Thomas L.
Bennett |
Trustee
|
Since
|
Private
Investor |
84 |
Director
|
2005 Market
Street |
|
March
2005 |
(March
2004Present) |
|
Bryn
Mawr |
Philadelphia,
PA |
|
|
|
|
Bank Corp. (BMTC)
|
19103
|
|
|
Investment
Manager |
|
(April
2007Present) |
|
|
|
Morgan Stanley
& Co. |
|
|
October 4, 1947 |
|
|
(January 1984March 2004) |
|
|
John A.
Fry |
Trustee
|
Since
|
President
|
84 |
Director
|
2005 Market
Street |
|
January
2001 |
Franklin &
Marshall College |
|
Community Health
|
Philadelphia,
PA |
|
|
(June
2002Present) |
|
Systems
|
19103
|
|
|
|
|
|
|
|
|
Executive Vice
President |
|
Director
|
May 28,
1960 |
|
|
University of
Pennsylvania |
|
Allied
Barton |
|
|
|
(April 1995June 2002) |
|
Security Holdings |
Anthony D.
Knerr |
Trustee
|
Since
|
Founder and
Managing Director |
84 |
None
|
2005 Market
Street |
|
April
1990 |
Anthony Knerr
& Associates |
|
|
Philadelphia,
PA |
|
|
(Strategic
Consulting) |
|
|
19103
|
|
|
(1990Present) |
|
|
|
December 7, 1938 |
|
|
|
|
|
Lucinda S.
Landreth |
Trustee
|
Since
|
Chief
Investment Officer |
84 |
None
|
2005 Market
Street |
|
March
2005 |
Assurant,
Inc. |
|
|
Philadelphia,
PA |
|
|
(Insurance) |
|
|
19103
|
|
|
(20022004) |
|
|
|
June 24, 1947 |
|
|
|
|
|
Ann R.
Leven |
Trustee
|
Since
|
Consultant
|
84 |
Director
and |
2005 Market
Street |
|
October
1989 |
ARL
Associates |
|
Audit
Committee |
Philadelphia,
PA |
|
|
(Financial
Planning) |
|
Chairperson Andy
|
19103
|
|
|
(1983Present) |
|
Warhol Foundation
|
|
November 1,
1940 |
|
|
|
|
Director and Audit
|
|
|
|
|
|
Committee Chair
|
|
|
|
|
|
Systemax, Inc.
|
32
|
|
|
|
Number
of |
|
|
|
|
|
Portfolios in
Fund |
Other
|
Name,
|
|
|
|
Complex
Overseen |
Directorships
|
Address, |
Position(s) |
Length
of |
Principal
Occupation(s) |
by
Trustee |
Held by
|
and Birth Date |
Held with Fund(s) |
Time Served |
During Past 5 Years |
or Officer |
Trustee or Officer |
Independent Trustees
(continued) |
Thomas F.
Madison |
Trustee
|
Since
|
President and
Chief |
84 |
Director
|
2005 Market
Street |
|
May
19973 |
Executive
Officer |
|
CenterPoint
Energy |
Philadelphia,
PA |
|
|
MLM Partners,
Inc. |
|
|
19103
|
|
|
(Small
Business Investing |
|
Director and
Audit |
|
|
|
and
Consulting) |
|
Committee
Chair |
February 25,
1936 |
|
|
(January
1993Present) |
|
Digital River,
Inc. |
|
|
|
|
|
|
Director and
Audit |
|
|
|
|
|
Committee Member
|
|
|
|
|
|
Rimage
|
|
|
|
|
|
Corporation |
|
|
|
|
|
|
Director
Valmont |
|
|
|
|
|
Industries, Inc. |
Janet L.
Yeomans |
Trustee
|
Since
|
Treasurer |
84 |
None
|
2005 Market
Street |
|
April
1999 |
(January
2006Present) |
|
|
Philadelphia,
PA |
|
|
Vice President Mergers
& Acquisitions |
|
|
19103
|
|
|
(January
2003January 2006), and |
|
|
|
|
|
Vice
President |
|
|
July 31,
1948 |
|
|
(July
1995January 2003) |
|
|
|
|
|
3M
Corporation |
|
|
|
|
|
|
Ms. Yeomans
has held |
|
|
|
|
|
various
management positions |
|
|
|
|
|
at 3M Corporation since 1983.
|
|
|
J. Richard
Zecher |
Trustee
|
Since
|
Founder
|
84 |
Director and
Audit |
2005 Market
Street |
|
March
2005 |
Investor
Analytics |
|
Committee Member
|
Philadelphia,
PA |
|
|
(Risk
Management) |
|
Investor
Analytics |
19103
|
|
|
(May
1999Present) |
|
|
|
|
|
|
|
Director and
Audit |
July 3,
1940 |
|
|
Founder
|
|
Committee Member
|
|
|
|
Sutton Asset
Management |
|
Oxigene,
Inc. |
|
|
|
(Hedge
Fund) |
|
|
|
|
|
(September 1996Present) |
|
|
Officers
|
David F.
Connor |
Vice
President, |
Vice President
since |
David F.
Connor has served as |
84 |
None4 |
2005 Market
Street |
Deputy
General |
September
2000 |
Vice President
and Deputy |
|
|
Philadelphia,
PA |
Counsel, and
Secretary |
and
Secretary |
General
Counsel of |
|
|
19103
|
|
since
|
Delaware
Investments |
|
|
|
|
October
2005 |
since
2000. |
|
|
December 2, 1963 |
|
|
|
|
|
Daniel V.
Geatens |
Vice
President |
Treasurer |
Daniel V.
Geatens has served |
84 |
None4 |
2005 Market
Street |
and
Treasurer |
since
|
in various
capacities at |
|
|
Philadelphia,
PA |
|
October 25,
2007 |
different
times at |
|
|
19103
|
|
|
Delaware
Investments. |
|
|
|
October 26, 1972 |
|
|
|
|
|
David P.
OConnor |
Senior
Vice |
Senior Vice
President, |
David P.
OConnor has served in |
84 |
None4 |
2005 Market
Street |
President, |
General
Counsel, and |
various
executive and legal |
|
|
Philadelphia,
PA |
General
Counsel, |
Chief Legal
Officer |
capacities at
different times |
|
|
19103
|
and
Chief |
since
|
at Delaware
Investments. |
|
|
|
Legal
Officer |
October
2005 |
|
|
|
February 21, 1966 |
|
|
|
|
|
Richard
Salus |
Senior
|
Chief
Financial |
Richard Salus
has served in |
84 |
None4 |
2005 Market
Street |
Vice
President |
Officer
since |
various
executive capacities |
|
|
Philadelphia,
PA |
and |
November
2006 |
at different
times at |
|
|
19103
|
Chief
Financial |
|
Delaware
Investments. |
|
|
|
Officer
|
|
|
|
|
October 4, 1963 |
|
|
|
|
|
1 Patrick P. Coyne
is considered to be an Interested Trustee because he is an executive
officer of the Funds(s) investment advisor. |
2 Delaware
Investments is the marketing name for Delaware Management Holdings, Inc.
and its subsidiaries, including the Funds(s) investment advisor,
principal underwriter, and its transfer agent. |
3 In 1997, several
funds managed by Voyageur Fund Managers, Inc. (the Voyageur Funds) were
incorporated into the Delaware Investments Family of Funds. Mr. Madison
served as a director of the Voyageur Funds from 1993 until
1997. |
4 David F. Connor,
Daniel V. Geatens, David P. OConnor, and Richard Salus serve in similar
capacities for the six portfolios of the Optimum Fund Trust, which have
the same investment advisor, principal underwriter, and transfer agent as
the registrant. |
33
About the organization
This annual report is for the information
of Delaware Investments® Dividend and Income Fund, Inc. shareholders. The figures in
this report represent past results that are not a guarantee of future results.
The return and principal value of an investment in the Fund will fluctuate so
that shares, when sold, may be worth more or less than their original cost.
Notice is hereby given in accordance with
Section 23(c) of the Investment Company Act of 1940 that the Fund may, from time
to time, purchase shares of its Common Stock on the open market at market
prices.
Board of
Directors
Patrick P.
Coyne Chairman, President, and
Chief Executive Officer Delaware
Investments Family of Funds Philadelphia, PA
Thomas L.
Bennett Private Investor Rosemont, PA
John A. Fry President Franklin
& Marshall College Lancaster, PA
Anthony D.
Knerr Founder and Managing
Director Anthony Knerr & Associates New York, NY
Lucinda S.
Landreth Former Chief Investment
Officer Assurant Inc. Philadelphia,
PA
Ann R. Leven Consultant ARL Associates New York, NY
Thomas F.
Madison President and Chief Executive Officer MLM Partners
Inc. Minneapolis, MN
Janet L.
Yeomans Vice President and Treasurer 3M Corporation St.
Paul, MN
J. Richard
Zecher Founder Investor
Analytics Scottsdale, AZ
Audit committee
member |
|
Affiliated
officers
David F.
Connor Vice President, Deputy
General Counsel, and Secretary Delaware Investments Family of
Funds Philadelphia, PA
Daniel V.
Geatens Vice President and
Treasurer Delaware Investments Family of
Funds Philadelphia, PA
David P.
OConnor Senior Vice President,
General Counsel, and Chief Legal Officer Delaware Investments
Family of Funds Philadelphia, PA
Richard Salus Senior Vice President and Chief Financial
Officer Delaware Investments Family of
Funds Philadelphia, PA
The Fund files its complete schedule
of portfolio holdings with the Securities and Exchange Commission for the
first and third quarters of each fiscal year on Form N-Q. The Funds Forms
N-Q, as well as a description of the policies and procedures that the Fund
uses to determine how to vote proxies (if any) relating to portfolio
securities is available without charge (i) upon request, by calling 800
523-1918; (ii) on the Funds Web site at
http://www.delawareinvestments.com; and (iii) on the Commissions Web site
at http://www.sec.gov. The Funds Forms N-Q may be reviewed and copied at
the Commissions Public Reference Room in Washington, DC; information on
the operation of the Public Reference Room may be obtained by calling 800
SEC-0330.
Information (if any) regarding how
the Fund voted proxies relating to portfolio securities during the most
recently disclosed 12-month period ended June 30 is available without
charge (i) through the Funds Web site at
http://www.delawareinvestments.com; and (ii) on the Commissions Web site
at http://www.sec.gov. |
|
Contact
information
Investment
manager Delaware Management
Company a series of Delaware Management Business
Trust Philadelphia, PA
Principal office of the
Fund 2005 Market
Street Philadelphia, PA
19103-7057
Independent registered
public accounting firm Ernst
& Young LLP 2001 Market Street Philadelphia, PA 19103
Registrar and stock
transfer agent BNY Mellon
Investor Services 480 Washington Blvd. Jersey City, NJ 07310 800
851-9677
For securities dealers and
financial institutions representatives 800 362-7500
Web site www.delawareinvestments.com
Delaware Investments is the
marketing name of Delaware Management Holdings, Inc. and its
subsidiaries.
Your reinvestment
options Delaware Investments
Dividend and Income Fund, Inc. offers an automatic dividend reinvestment
program. If you would like to reinvest dividends, and shares are
registered in your name, contact Mellon Investor Services, LLC at 800
851-9677. You will be asked to put your request in writing. If you have
shares registered in street name, contact the broker/dealer holding the
shares or your financial advisor. |
34
(2611)
|
Printed in the
USA |
AR-DDF [11/30]
CGI 1/08 |
MF-07-12-022 PO12526
|
Item 2. Code of Ethics
The
registrant has adopted a code of ethics that applies to the registrants
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. A
copy of the registrants Code of Business Ethics has been posted on Delaware
Investments internet website at www.delawareinvestments.com. Any amendments to
the Code of Business Ethics, and information on any waiver from its provisions
granted by the registrant, will also be posted on this website within five
business days of such amendment or waiver and will remain on the website for at
least 12 months.
Item 3. Audit Committee Financial
Expert
The
registrants Board of Trustees/Directors has determined that each member of the
registrants Audit Committee is an audit committee financial expert, as defined
below. For purposes of this item, an audit committee financial expert is a
person who has the following attributes:
a. An understanding of generally
accepted accounting principles and financial statements;
b. The ability to assess the general
application of such principles in connection with the accounting for estimates,
accruals, and reserves;
c. Experience preparing, auditing,
analyzing, or evaluating financial statements that present a breadth and level
of complexity of accounting issues that are generally comparable to the breadth
and complexity of issues that can reasonably be expected to be raised by the
registrants financial statements, or experience actively supervising one or
more persons engaged in such activities;
d. An understanding of internal
controls and procedures for financial reporting; and
e. An understanding of audit
committee functions.
An audit committee financial expert
shall have acquired such attributes through:
a. Education and experience as a
principal financial officer, principal accounting officer, controller, public
accountant, or auditor or experience in one or more positions that involve the
performance of similar functions;
b. Experience actively supervising a
principal financial officer, principal accounting officer, controller, public
accountant, auditor, or person performing similar functions;
c. Experience overseeing or
assessing the performance of companies or public accountants with respect to the
preparation, auditing, or evaluation of financial statements; or
d. Other relevant experience.
The registrants Board of
Trustees/Directors has also determined that each member of the registrants
Audit Committee is independent. In order to be independent for purposes of
this item, the Audit Committee member may not: (i) other than in his or her
capacity as a member of the Board of Trustees/Directors or any committee
thereof, accept directly or indirectly any consulting, advisory or other
compensatory fee from the issuer; or (ii) be an interested person of the
registrant as defined in Section 2(a)(19) of the Investment Company Act of 1940.
The names of the audit committee
financial experts on the registrants Audit Committee are set forth below:
Thomas L. Bennett 1
Thomas F. Madison
Janet L. Yeomans 1
J. Richard Zecher
Item 4. Principal Accountant Fees and
Services
(a) Audit fees.
The
aggregate fees billed for services provided to the registrant by its independent
auditors for the audit of the registrants annual financial statements and for
services normally provided by the independent auditors in connection with
statutory and regulatory filings or engagements were $14,300 for the fiscal year
ended November 30, 2007.
_______________________
1 The instructions to Form N-CSR require disclosure on the relevant
experience of persons who qualify as audit committee financial experts based on
other relevant experience. The Board of Trustees/Directors has determined that
Mr. Bennett qualifies as an audit committee financial expert by virtue of his
education, Chartered Financial Analyst designation, and his experience as a
credit analyst, portfolio manager and the manager of other credit analysts and
portfolio managers. The Board of Trustees/Directors has determined that Ms. Yeomans qualifies as an audit
committee financial expert by virtue of her education and experience as the
Treasurer of a large global corporation.
The
aggregate fees billed for services provided to the registrant by its independent
auditors for the audit of the registrants annual financial statements and for
services normally provided by the independent auditors in connection with
statutory and regulatory filings or engagements were $13,700 for the fiscal year
ended November 30, 2006.
(b) Audit-related fees.
The
aggregate fees billed by the registrants independent auditors for services
relating to the performance of the audit of the registrants financial
statements and not reported under paragraph (a) of this Item were $6,868 for the
fiscal year ended November 30, 2007. The percentage of these fees relating to
services approved by the registrants Audit Committee pursuant to the de
minimis exception from the pre-approval requirement in Rule
2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as
follows: issuance of agreed upon procedures report with respect to the Funds
commercial paper program as required by the applicable rating agencies.
The
aggregate fees billed by the registrants independent auditors for services
relating to the performance of the audit of the financial statements of the
registrants investment adviser and other service providers under common control
with the adviser and that relate directly to the operations or financial
reporting of the registrant were $0 for the registrants fiscal year ended
November 30, 2007.
The
aggregate fees billed by the registrants independent auditors for services
relating to the performance of the audit of the registrants financial
statements and not reported under paragraph (a) of this Item were $6,868 for the
fiscal year ended November 30, 2006. The percentage of these fees relating to
services approved by the registrants Audit Committee pursuant to the de
minimis exception from the pre-approval requirement in Rule
2-01(c)(7)(i)(C) of Regulation S-X was 0%. These audit-related services were as
follows: issuance of agreed upon procedures report with respect to the Funds
commercial paper program as required by the applicable rating agencies.
The
aggregate fees billed by the registrants independent auditors for services
relating to the performance of the audit of the financial statements of the
registrants investment adviser and other service providers under common control
with the adviser and that relate directly to the operations or financial
reporting of the registrant were $15,000 for the registrants fiscal year ended
November 30, 2006. The percentage of these fees relating to services approved by
the registrants Audit Committee pursuant to the de minimis exception from the
pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.
These audit-related services were as follows: issuance of agreed upon procedures report to the
registrants Board in connection with the pass-through of internal legal cost relating to the operations of the registrant.
(c) Tax fees.
The
aggregate fees billed by the registrants independent auditors for tax-related
services provided to the registrant were $4,050 for the fiscal year ended
November 30, 2007. The percentage of these fees relating to services approved by
the registrants Audit Committee pursuant to the de minimis exception from the
pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.
These tax-related services were as follows: review of income tax return and
review of annual excise distribution calculation.
The
aggregate fees billed by the registrants independent auditors for tax-related
services provided to the registrants investment adviser and other service
providers under common control with the adviser and that relate directly to the
operations or financial reporting of the registrant were $0 for the registrants
fiscal year ended November 30, 2007.
The
aggregate fees billed by the registrants independent auditors for tax-related
services provided to the registrant were $2,500 for the fiscal year ended
November 30, 2006. The percentage of these fees relating to services approved by
the registrants Audit Committee pursuant to the de minimis exception from the
pre-approval requirement in Rule 2-01(c)(7)(i)(C) of Regulation S-X was 0%.
These tax-related services were as follows: review of income tax return and
review of annual excise distribution calculation.
The
aggregate fees billed by the registrants independent auditors for tax-related
services provided to the registrants adviser and other service providers under
common control with the adviser and that relate directly to the operations or
financial reporting of the registrant were $0 for the registrants fiscal year
ended November 30, 2006.
(d) All other fees.
The
aggregate fees billed for all services provided by the independent auditors to
the registrant other than those set forth in paragraphs (a), (b) and (c) of this
Item were $0 for the fiscal year ended November 30, 2007.
The
aggregate fees billed for all services other than those set forth in paragraphs
(b) and (c) of this Item provided by the registrants independent auditors to
the registrants adviser and other service providers under common control with
the adviser and that relate directly to the operations or financial reporting of
the registrant were $0 for the registrants fiscal year ended November 30,
2007.
The
aggregate fees billed for all services provided by the independent auditors to
the registrant other than those set forth in paragraphs (a), (b) and (c) of this
Item were $0 for the fiscal year ended November 30, 2006.
The
aggregate fees billed for all services other than those set forth in paragraphs
(b) and (c) of this Item provided by the registrants independent auditors to
the registrants adviser and other service providers under common control with
the adviser and that relate directly to the operations or financial reporting of
the registrant were $0 for the registrants fiscal year ended November 30,
2006.
(e) The
registrants Audit Committee has established pre-approval policies and
procedures as permitted by Rule 2-01(c)(7)(i)(B) of Regulation S-X (the
Pre-Approval Policy) with respect to services provided by the registrants
independent auditors. Pursuant to the Pre-Approval Policy, the Audit Committee
has pre-approved the services set forth in the table below with respect to the
registrant up to the specified fee limits. Certain fee limits are based on
aggregate fees to the registrant and other registrants within the Delaware
Investments Family of Funds.
Service |
Range
of Fees |
Audit
Services |
|
Statutory audits or
financial audits for new Funds |
up to $25,000
per Fund |
Services associated with
SEC registration statements (e.g., Form N-1A, Form N-14, etc.), periodic
reports and other documents filed with the SEC or other documents issued
in connection with securities offerings (e.g., comfort letters for
closed-end Fund offerings, consents), and assistance in responding to SEC
comment letters |
up to $10,000 per
Fund |
Consultations by Fund
management as to the accounting or disclosure treatment of transactions or
events and/or the actual or potential impact of final or proposed rules,
standards or interpretations by the SEC, FASB, or other regulatory or
standard-setting bodies (Note: Under SEC rules, some consultations may be
considered audit-related services rather than audit
services) |
up to $25,000 in the
aggregate |
Audit-Related
Services |
|
Consultations by Fund
management as to the accounting or disclosure treatment of transactions or
events and /or the actual or potential impact of final or proposed rules,
standards or interpretations by the SEC, FASB, or other regulatory or
standard-setting bodies (Note: Under SEC rules, some consultations may be
considered audit services rather than audit-related
services) |
up to $25,000 in the
aggregate |
Tax
Services |
|
U.S. federal, state and
local and international tax planning and advice (e.g., consulting on
statutory, regulatory or administrative developments, evaluation of Funds
tax compliance function, etc.) |
up to $25,000 in the
aggregate |
U.S. federal, state and
local tax compliance (e.g., excise distribution reviews, etc.) |
up to $5,000
per Fund |
Review of federal, state,
local and international income, franchise and other tax returns |
up to $5,000
per Fund |
Under the
Pre-Approval Policy, the Audit Committee has also pre-approved the services set
forth in the table below with respect to the registrants investment adviser and
other entities controlling, controlled by or under common control with the
investment adviser that provide ongoing services to the registrant (the Control
Affiliates) up to the specified fee limit. This fee limit is based on aggregate
fees to the investment adviser and its Control Affiliates.
Service |
Range
of Fees |
Non-Audit
Services |
|
Services associated with
periodic reports and other documents filed with the SEC and assistance in
responding to SEC comment letters |
up to $10,000
in the aggregate |
The
Pre-Approval Policy requires the registrants independent auditors to report to
the Audit Committee at each of its regular meetings regarding all services
initiated since the last such report was rendered, including those services
authorized by the Pre-Approval Policy.
(f)
Not applicable.
(g) The aggregate non-audit fees billed by the registrants
independent auditors for services rendered to the registrant and to its
investment adviser and other service providers under common control with the
adviser were $259,606 and $263,188 for the registrants fiscal years ended
November 30, 2007 and November 30, 2006, respectively.
(h) In connection with its selection of the independent
auditors, the registrants Audit Committee has considered the independent
auditors provision of non-audit services to the registrants investment adviser
and other service providers under common control with the adviser that were not
required to be pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.
The Audit Committee has determined that the independent auditors provision of
these services is compatible with maintaining the auditors independence.
Item 5. Audit Committee of Listed
Registrants
The registrant has a
separately-designated standing Audit Committee established in accordance with
Section 3(a)(58)(A) of the Securities Exchange Act of 1934. The members of the
registrants Audit Committee are Thomas L. Bennett, Thomas F. Madison, Janet L.
Yeomans and J. Richard Zecher.
Item 6. Schedule of Investments
Included as part of report to
shareholders filed under Item 1 of this Form N-CSR.
Item 7. Disclosure of Proxy Voting
Policies and Procedures for Closed-End Management Investment Companies
The
registrant has formally delegated to its investment adviser (the Adviser) the
ability to make all proxy voting decisions in relation to portfolio securities
held by the registrant. If and when proxies need to be voted on behalf of the
registrant, the Adviser will vote such proxies pursuant to its Proxy Voting
Policies and Procedures (the Procedures). The Adviser has established a Proxy
Voting Committee (the Committee) which is responsible for overseeing the
Advisers proxy voting process for the registrant. One of the main
responsibilities of the Committee is to review and approve the Procedures to
ensure that the Procedures are designed to allow the Adviser to vote proxies in
a manner consistent with the goal of voting in the best interests of the
registrant.
In order to
facilitate the actual process of voting proxies, the Adviser has contracted with
Institutional Shareholder Services (ISS) to analyze proxy statements on behalf
of the registrant and other Adviser clients and vote proxies generally in
accordance with the Procedures. The Committee is responsible for overseeing
ISSs proxy voting activities. If a proxy has been voted for the registrant, ISS
will create a record of the vote. By no later than August 31 of each year,
information (if any) regarding how the registrant voted proxies relating to
portfolio securities during the most recently disclosed 12-month period ended
June 30 is available without charge (i) through the registrants website at
http://www.delawareinvestments.com; and (ii) on the Commissions website at
http://www.sec.gov.
The
Procedures contain a general guideline that recommendations of company
management on an issue (particularly routine issues) should be given a fair
amount of weight in determining how proxy issues should be voted. However, the
Adviser will normally vote against managements position when it runs counter to
its specific Proxy Voting Guidelines (the Guidelines), and the Adviser will
also vote against managements recommendation when it believes that such
position is not in the best interests of the registrant.
As stated
above, the Procedures also list specific Guidelines on how to vote proxies on
behalf of the registrant. Some examples of the Guidelines are as follows: (i)
generally vote for shareholder proposals asking that a majority or more of
directors be independent; (ii) generally vote against proposals to require a
supermajority shareholder vote; (iii) votes on mergers and acquisitions should
be considered on a case-by-case basis, determining whether the transaction
enhances shareholder value; (iv) generally vote against proposals to create a
new class of common stock with superior voting rights; (v) generally vote
re-incorporation proposals on a case-by-case basis; (vi) votes with respect to
equity-based compensation plans are generally determined on a case-by-case
basis; and (vii) generally vote for proposals requesting reports on the level of
greenhouse gas emissions from a companys operations and products.
Because the
registrant has delegated proxy voting to the Adviser, the registrant is not
expected to encounter any conflict of interest issues regarding proxy voting and
therefore does not have procedures regarding this matter. However, the Adviser
does have a section in its Procedures that addresses the possibility of
conflicts of interest. Most proxies which the Adviser receives on behalf of the
registrant are voted by ISS in accordance with the Procedures. Because almost
all registrant proxies are voted by ISS pursuant to the pre-determined
Procedures, it normally will not be necessary for the Adviser to make an actual
determination of how to vote a particular proxy, thereby largely eliminating
conflicts of interest for the Adviser during the proxy voting process. In the
very limited instances where the Adviser is considering voting a proxy contrary
to ISSs recommendation, the Committee will first assess the issue to see if
there is any possible conflict of interest involving the Adviser or affiliated
persons of the Adviser. If a member of the Committee has actual knowledge of a
conflict of interest, the Committee will normally use another independent third
party to do additional research on the particular proxy issue in order to make a
recommendation to the Committee on how to vote the proxy in the best interests
of the registrant. The Committee will then review the proxy voting materials and
recommendation provided by ISS and the independent third party to determine how
to vote the issue in a manner which the Committee believes is consistent with
the Procedures and in the best interests of the registrant.
Item 8. Portfolio Managers of Closed-End
Management Investment Companies
The following chart lists certain information about types of
other accounts for which the portfolio managers are primarily responsible as of
November 30, 2007.
|
|
|
|
Total
Assets |
|
|
|
|
in Accounts
with |
|
|
|
No. of Accounts
with |
Performance- |
|
No.
of |
Total
Assets |
Performance-Based |
Based
|
|
Accounts
|
in Accounts
Fee |
Fees |
Fee |
Damon J.
Andres |
|
|
|
|
Registered |
8 |
$2.6 billion |
0 |
$0 |
Investment |
|
|
|
|
Companies |
|
|
|
|
Other pooled
|
0 |
$0 |
0 |
$0 |
Investment
Vehicles |
|
|
|
|
Other Accounts
|
3 |
$83.2 million |
0 |
$0 |
Thomas
H. Chow |
|
|
|
|
Registered |
17 |
$8.7 billion |
0 |
$0 |
Investment |
|
|
|
|
Companies |
|
|
|
|
Other pooled
|
0 |
$0 |
0 |
$0 |
Investment
Vehicles |
|
|
|
|
Other Accounts
|
4 |
$1.6 billion |
0 |
$0 |
Roger A.
Early |
|
|
|
|
Registered |
15 |
$4.9 billion |
0 |
$0 |
Investment |
|
|
|
|
Companies |
|
|
|
|
Other pooled
|
1 |
$7.7 million |
0 |
$0 |
Investment
Vehicles |
|
|
|
|
Other Accounts
|
20 |
$3.9 billion |
0 |
$0 |
Nikhil
G. Lalvani |
|
|
|
|
Registered |
11 |
$4.3 billion |
0 |
$0 |
Investment |
|
|
|
|
Companies |
|
|
|
|
Other pooled
|
0 |
$0 |
0 |
$0 |
Investment
Vehicles |
|
|
|
|
Other Accounts
|
28 |
$4.2 billion |
2 |
$1.1 billion |
Anthony A. Lombardi |
|
|
|
|
Registered |
11 |
$4.3 billion |
0 |
$0 |
Investment |
|
|
|
|
Companies |
|
|
|
|
Other pooled
|
0 |
$0 |
0 |
$0 |
Investment
Vehicles |
|
|
|
|
Other Accounts
|
28 |
$4.2 billion |
2 |
$1.1 billion |
Kevin P.
Loome |
|
|
|
|
Registered |
18 |
$6.8 billion |
0 |
$0 |
Investment |
|
|
|
|
Companies |
|
|
|
|
Other pooled
|
0 |
$0 |
0 |
$0 |
Investment
Vehicles |
|
|
|
|
Other Accounts
|
6 |
$584.3 million |
0 |
$0 |
D. Tysen
Nutt, Jr. |
|
|
|
|
Registered |
11 |
$4.3 billion |
0 |
$0 |
Investment |
|
|
|
|
Companies |
|
|
|
|
Other pooled
|
0 |
$0 |
0 |
$0 |
Investment
Vehicles |
|
|
|
|
Other Accounts
|
28 |
$4.2 billion |
2 |
$1.1 billion |
Robert
A. Vogel, Jr. |
|
|
|
|
Registered |
11 |
$4.3 billion |
0 |
$0 |
Investment |
|
|
|
|
Companies |
|
|
|
|
Other pooled
|
0 |
$0 |
0 |
$0 |
Investment
Vehicles |
|
|
|
|
Other Accounts
|
28 |
$4.2 billion |
2 |
$1.1 billion |
Nashira
S. Wynn |
|
|
|
|
Registered |
11 |
$4.3 billion |
0 |
$0 |
Investment |
|
|
|
|
Companies |
|
|
|
|
Other pooled
|
0 |
$0 |
0 |
$0 |
Investment
Vehicles |
|
|
|
|
Other Accounts
|
28 |
$4.2 billion |
2 |
$1.1 billion |
Babak
Zenouzi |
|
|
|
|
Registered |
8 |
$2.6 billion |
0 |
$0 |
Investment |
|
|
|
|
Companies |
|
|
|
|
Other pooled
|
0 |
$0 |
0 |
$0 |
Investment
Vehicles |
|
|
|
|
Other Accounts
|
3 |
$83.2 million |
0 |
$0 |
Description
of Material Conflicts of Interest
Individual portfolio managers may perform investment
management services for other accounts similar to those provided to the Funds
and the investment action for each account and Fund may differ. For example, an
account or Fund may be selling a security, while another account or Fund may be
purchasing or holding the same security. As a result, transactions executed for
one account may adversely affect the value of securities held by another
account. Additionally, the management of multiple accounts and Funds may give
rise to potential conflicts of interest, as a portfolio manager must allocate
time and effort to multiple accounts and Funds. A portfolio manager may discover
an investment opportunity that may be suitable for more than one account or
Fund. The investment opportunity may be limited, however, so that all accounts
for which the investment would be suitable may not be able to participate. The
Manager has adopted procedures designed to allocate investments fairly across
multiple accounts.
A portfolio managers management of personal accounts also may
present certain conflicts of interest. While the Managers Code of Ethics is
designed to address these potential conflicts, there is no guarantee that it
will do so.
Compensation
Structure
Each portfolio managers
compensation consists of the following:
Base
Salary. Each named portfolio manager
receives a fixed base salary. Salaries are determined by a comparison to
industry data prepared by third parties to ensure that portfolio manager
salaries are in line with salaries paid at peer investment advisory firms.
Bonus.
Each portfolio manager is eligible to
receive an annual cash bonus which is based on quantitative and qualitative
factors. The amount of the pool for bonus payments is first determined by
mathematical equation based on assets, management fees and expenses, including
fund waiver expenses, for registered investment companies, pooled vehicles, and
managed separate accounts. Generally,
approximately 80% of the bonus is quantitatively determined. For investment
companies, each manager is compensated according the Funds Lipper peer group
percentile ranking on a one-year and three-year basis. For managed separate
accounts the portfolio managers are compensated according to the composite
percentile ranking in consultant databases. There is no objective award for a
fund that falls below the 50th percentile for a given time period.
There is a sliding scale for investment companies that are ranked above the
50th percentile. The managed separate accounts are compared to Callan
and other databases. The remaining 20% portion of the bonus is discretionary as
determined by Delaware and takes into account subjective factors.
Due to the transitioning of responsibilities of Mr. Early and
Mr. Loome, their bonus for the past year was guaranteed. It is anticipated that
going forward an objective component will be added that is reflective of account
performance relative to an appropriate peer group or database.
Deferred
Compensation. Each named portfolio
manager is eligible to participate in the Lincoln National Corporation Executive
Deferred Compensation Plan, which is available to all employees whose income
exceeds a designated threshold. The Plan is a non-qualified unfunded deferred
compensation plan that permits participating employees to defer the receipt of a
portion of their cash compensation.
Stock
Option Incentive Plan/Equity Compensation Plan: Portfolio managers may be awarded options to purchase common shares of
Delaware Investments U.S., Inc. pursuant to the terms the Delaware Investments
U.S., Inc. Stock Option Plan (non-statutory or non-qualified stock options).
In addition, certain managers may be awarded restricted stock units, or
performance shares, in Lincoln. Delaware Investments U.S., Inc., is an
indirect subsidiary of DMH and, therefore, of Lincoln.
The Delaware Investments U.S., Inc. Stock Option Plan was
established in 2001 in order to provide certain investment personnel of the
Manager with a more direct means of participating in the growth of the
investment manager. Under the terms of the plan, stock options typically vest in
25% increments on a four-year schedule and expire ten years after issuance.
Options are awarded from time to time by the investment manager in its full
discretion. Option awards may be based in part on seniority.
Portfolio managers who do not participate in the Delaware
Investments U.S., Inc. Stock Option Plan are eligible to participate in
Lincolns Long-Term Incentive Plan, which is designed to provide a long-term
incentive to officers of Lincoln. Under the plan, a specified number of
performance shares are allocated to each unit and are awarded to participants in
the discretion of their managers in accordance with recommended targets related
to the number of employees in a unit that may receive an award and the number of
shares to be awarded. The performance shares have a three year vesting schedule
and, at the end of the three years, the actual number of shares distributed to
those who received awards may be equal to, greater than or less than the amount
of the award based on Lincolns achievement of certain performance goals
relative to a pre-determined peer group.
Other
Compensation: Portfolio managers may also
participate in benefit plans and programs available generally to all employees.
Ownership of
Securities
As of November 30, 2007, none of the Funds portfolio managers owned
shares of the Fund.
Item 9. Purchases of Equity Securities by
Closed-End Management Investment Companies and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote
of Security Holders
Not applicable.
Item 11. Controls and Procedures
The registrants principal executive
officer and principal financial officer have evaluated the registrants
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 registrants internal control over financial reporting that occurred during
the second fiscal quarter of the period covered by the report to stockholders
included herein (i.e., the registrants fourth fiscal quarter) that have
materially affected, or are reasonably likely to materially affect, the
registrants internal control over financial reporting.
Item 12. Exhibits
(a) |
|
(1) Code of
Ethics |
|
|
|
|
|
Not applicable. |
|
|
|
|
|
|
|
(2) |
|
Certifications of
Principal Executive Officer and Principal Financial Officer pursuant to
Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as
Exhibit 99.CERT. |
|
|
|
(3) |
|
Written solicitations
to purchase securities pursuant to Rule 23c-1 under the Securities
Exchange Act of 1934. |
|
|
|
|
|
Not
applicable. |
|
(b) |
|
Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of
2002 are furnished herewith as Exhibit 99.906CERT. |
|
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934 and the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf, by the
undersigned, thereunto duly authorized.
Name of Registrant: Delaware Investments Dividend and Income Fund, Inc.
PATRICK P. COYNE
|
|
By: |
Patrick P.
Coyne |
Title: |
Chief
Executive Officer |
Date: |
February 1,
2008 |
Pursuant to the requirements of the
Securities Exchange Act of 1934 and the Investment Company Act of 1940, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates
indicated.
PATRICK P. COYNE |
|
By: |
Patrick P.
Coyne |
Title: |
Chief
Executive Officer |
Date: |
February 1,
2008 |
|
|
RICHARD SALUS |
|
By: |
Richard
Salus |
Title: |
Chief
Financial Officer |
Date: |
February 1,
2008 |
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`
end
EX-99.CERT
7
exhibit99-cert.htm
CERTIFICATION
EXHIBIT 99.CERT
CERTIFICATION
I, Patrick P. Coyne, certify that:
1. |
|
I have
reviewed this report on Form N-CSR of Delaware Investments Dividend and
Income Fund, Inc.; |
|
2. |
|
Based on my
knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made,
not misleading with respect to the period covered by this
report; |
|
3. |
|
Based on my
knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and
cash flows (if the financial statements are required to include a
statement of cash flows) of the registrant as of, and for, the periods
presented in this report; |
|
4. |
|
The
registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
internal control over financial reporting (as defined in Rule 30a-3(d)
under the Investment Company Act of 1940) for the registrant and
have: |
|
|
|
(a) |
|
designed such
disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being
prepared; |
|
|
|
(b) |
|
designed such internal
control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles; |
|
|
|
(c) |
|
evaluated the
effectiveness of the registrant's disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and |
|
|
|
(d) |
|
disclosed in this
report any change in the registrants internal control over financial
reporting that occurred during the second fiscal quarter of the period
covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrants internal control over
financial reporting; and |
|
5. |
|
The
registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions): |
|
|
|
(a) |
|
all significant
deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize,
and report financial information; and |
|
|
|
(b) |
|
any fraud, whether or
not material, that involves management or other employees who have a
significant role in the registrant's internal control over financial
reporting. |
|
|
Date: February 1, 2008
By: |
|
Patrick P.
Coyne |
Title: |
|
Chief Executive
Officer |
CERTIFICATION
I, Richard Salus, certify that:
1. |
|
I have
reviewed this report on Form N-CSR of Delaware Investments Dividend and
Income Fund, Inc.; |
|
2. |
|
Based on my
knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made,
not misleading with respect to the period covered by this
report; |
|
3. |
|
Based on my
knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and
cash flows (if the financial statements are required to include a
statement of cash flows) of the registrant as of, and for, the periods
presented in this report; |
|
4. |
|
The
registrant's other certifying officer(s) and I are responsible for
establishing and maintaining disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
internal control over financial reporting (as defined in Rule 30a-3(d)
under the Investment Company Act of 1940) for the registrant and
have: |
|
|
|
(a) |
|
designed such
disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated
subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being
prepared; |
|
|
|
(b) |
|
designed such internal
control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles; |
|
|
|
(c) |
|
evaluated the
effectiveness of the registrant's disclosure controls and procedures and
presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and |
|
|
|
(d) |
|
disclosed in this
report any change in the registrants internal control over financial
reporting that occurred during the second fiscal quarter of the period
covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrants internal control over
financial reporting; and |
|
5. |
|
The
registrant's other certifying officer(s) and I have disclosed to the
registrant's auditors and the audit committee of the registrant's board of
directors (or persons performing the equivalent functions): |
|
|
|
(a) |
|
all significant
deficiencies and material weaknesses in the design or operation of
internal control over financial reporting which are reasonably likely to
adversely affect the registrant's ability to record, process, summarize,
and report financial information; and |
|
|
|
(b) |
|
any fraud, whether or
not material, that involves management or other employees who have a
significant role in the registrant's internal control over financial
reporting. |
|
|
Date: February 1, 2008
By: |
|
Richard
Salus |
Title: |
|
Chief Financial Officer
|
EX-99.906CERT
8
exhibit99_906cert.htm
CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
EXHIBIT 99.906CERT
Certification Pursuant to Section 906
of the Sarbanes-Oxley Act of 2002
In connection with the attached report of
the registrant on Form N-CSR to be filed with the Securities and Exchange
Commission (the Report), each of the undersigned officers of the registrant
does hereby certify, to the best of such officers knowledge, that:
1. |
|
The Report fully
complies with the requirements of Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934; and |
|
2. |
|
The information
contained in the Report fairly represents, in all material respects, the
financial condition and results of operations of the registrant as of, and
for, the periods presented in the Report. |
|
Date: February 1, 2008
By: |
|
Patrick P.
Coyne |
Title: |
|
Chief Executive Officer
|
By: |
|
Richard
Salus |
Title: |
|
Chief Financial Officer
|
A signed original of this written
statement required by Section 906 of the Sarbanes-Oxley Act, or other document
authenticating, acknowledging, or otherwise adopting the signatures that appear
in typed form within the electronic version of this written statement required
by Section 906, has been provided to the registrant and will be retained by the
registrant and furnished to the SEC or its staff upon request.
-----END PRIVACY-ENHANCED MESSAGE-----