N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:	811-07460
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
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	November 30
Date of reporting period:	February 28, 2017

Item 1. Schedule of Investments.

Schedule of investments

Delaware Investments^® Dividend and Income Fund, Inc.
February 28, 2017 (Unaudited)

		Number of	Value
		shares	(U.S. $)
Common Stock – 90.63%
Consumer Discretionary – 2.29%
	Lowe’s	29,000	$	2,156,730
				2,156,730
Consumer Staples – 9.03%
	Archer-Daniels-Midland	48,200		2,263,954
	CVS Health	26,300		2,119,254
	Kraft Heinz	23,233		2,126,052
	Mondelez International	45,600		2,002,752
				8,512,012
Diversified REITs – 2.63%
	Colony NorthStar	14,223		208,794
	Fibra Uno Administracion	104,000		150,579
	Gramercy Property Trust	20,281		567,057
	Intervest Offices &
	Warehouses	14,738		368,477
	Lexington Realty Trust	55,700		621,612
	Vornado Realty Trust	2,965		325,764
	Wereldhave	5,500		240,235
				2,482,518
Energy – 9.45%
	Chevron	18,200		2,047,500
	ConocoPhillips	40,900		1,945,613
	Halliburton	38,200		2,042,172
	Marathon Oil	61,400		982,400
	Occidental Petroleum	28,900		1,894,395
				8,912,080
Financials – 9.87%
	Allstate	30,000		2,464,800
	Bank of New York Mellon	43,500		2,050,590
	BB&T	44,000		2,121,680
	Marsh & McLennan	32,100		2,358,708
	Solar Capital	13,828		307,949
				9,303,727
Healthcare – 17.27%
	Abbott Laboratories	54,300		2,447,844
	Brookdale Senior Living †	29,600		426,240
	Cardinal Health	28,600		2,327,182
	Express Scripts Holding †	29,870		2,110,315
	Johnson & Johnson	17,300		2,114,233
	Merck & Co.	35,200		2,318,624
	Pfizer	64,189		2,190,129
	Quest Diagnostics	24,100		2,348,304
				16,282,871
Healthcare REITs – 0.38%
	Healthcare Trust of America
	Class A	6,200		199,454
	Welltower	2,300		161,874
				361,328
Hotel REITs – 1.09%
	Ashford Hospitality Prime	1,790		23,359
	Ashford Hospitality Trust	7,100		46,647
	Hospitality Properties Trust	5,500		174,790
	Host Hotels & Resorts	8,800		158,312
	Pebblebrook Hotel Trust	5,400		155,250
	Summit Hotel Properties	30,200		464,778
				1,023,136
Industrial REITs – 0.54%
	Duke Realty	4,800		123,072
	Prologis	680		34,714
	Terreno Realty	12,500		346,250
				504,036
Industrials – 7.45%
	Northrop Grumman	9,700		2,396,773
	Raytheon	14,900		2,296,835
	Waste Management	31,700		2,324,244
				7,017,852
Information Technology – 9.07%
	CA	62,386		2,013,196
	Cisco Systems	62,500		2,136,250
	Intel	58,900		2,132,180
	Oracle	53,200		2,265,788
				8,547,414
Mall REITs – 1.18%
	GGP	4,671		116,121
	Simon Property Group	3,947		727,827
	Taubman Centers	3,800		265,088
				1,109,036
Materials – 2.72%
	EI du Pont de Nemours & Co.	28,400		2,230,536
	Tarkett	8,063		337,236
				2,567,772
Mixed REITs – 0.16%
	PS Business Parks	1,300		151,073
				151,073
Mortgage REITs – 0.26%
	Starwood Property Trust	10,900		249,174
				249,174
Multifamily REITs – 4.79%
	ADO Properties 144A #	11,797		435,609

(continues)     NQ-DDF [2/17] 4/17 (18981) 1

Schedule of investments

Delaware Investments^® Dividend and Income Fund, Inc. (Unaudited)

		Number of	Value
		shares	(U.S. $)
Common Stock (continued)
Multifamily REITs (continued)
	American Homes 4 Rent	9,080	$	215,831
	Apartment Investment &
	Management	20,819		968,708
	Equity Residential	39,157		2,469,632
	Gecina	792		100,769
	Mid-America Apartment
	Communities	2,201		226,109
	Vonovia	2,930		102,092
				4,518,750
Office REITs – 2.82%
	alstria office REIT †	18,775		227,445
	Easterly Government
	Properties	53,600		1,107,912
	Equity Commonwealth †	15,800		493,908
	Hudson Pacific Properties	3,300		120,714
	Mack-Cali Realty	11,100		323,565
	Parkway	1,670		35,036
	SL Green Realty	3,100		349,308
				2,657,888
Retail REITs – 0.22%
	Klepierre	2,210		82,097
	Wheeler Real Estate
	Investment Trust	72,456		128,972
				211,069
Self Storage – 0.14%
	Jernigan Capital	5,900		126,909
				126,909
Shopping Center REITs – 1.75%
	Brixmor Property Group	10,700		249,738
	DDR	6,700		96,882
	First Capital Realty	9,381		147,757
	Kimco Realty	11,030		267,477
	Kite Realty Group Trust	16,600		375,990
	Ramco-Gershenson Properties
	Trust	10,500		164,430
	Retail Properties of America	7,900		121,739
	Urban Edge Properties	8,232		228,273
				1,652,286
Single Tenant REIT – 0.69%
	STORE Capital	26,100		650,151
				650,151
Telecommunications – 4.12%
	AT&T	49,200		2,056,068
	Century Communications =†	500,000		0
	Verizon Communications	36,900		1,831,347
				3,887,415
Utilities – 2.71%
	American Water Works	2,900		226,200
	Edison International	29,200		2,328,408
				2,554,608
Total Common Stock
	(cost $63,452,162)			85,439,835
Convertible Preferred Stock – 1.47%
	A Schulman 6.00% exercise
	price $52.33, expiration
	date 12/31/49	145		130,174
	Bank of America 7.25%
	exercise price $50.00,
	expiration date 12/31/49	155		184,450
	El Paso Energy Capital Trust I
	4.75% exercise price
	$50.00, expiration date
	3/31/28	5,250		263,025
	Exelon 6.50% exercise price
	$43.75, expiration date
	6/1/17	3,650		180,967
	Huntington Bancshares
	8.50% exercise price
	$11.95, expiration date
	12/31/49	182		252,592
	Teva Pharmaceutical
	Industries 7.00% exercise
	price $75.00, expiration
	date 12/15/18	89		56,515
	Wells Fargo & Co. 7.50%
	exercise price $156.71,
	expiration date 12/31/49	259		317,275
Total Convertible Preferred
	Stock (cost $1,242,523)			1,384,998
		Principal
		amount°
Convertible Bonds – 7.92%
Brokerage – 0.29%
	Jefferies Group 3.875% exercise
	price $43.93, maturity date
	11/1/29	267,000		270,337
				270,337
Capital Goods – 0.05%
	Aerojet Rocketdyne Holdings 144A
	2.25% exercise price $26.00,
	maturity date 12/15/23 #	51,000		52,147
				52,147

2 NQ-DDF [2/17] 4/17 (18981)

(Unaudited)

		Principal	Value
		amount°	(U.S. $)
Convertible Bonds (continued)
Communications – 1.13%
	Alaska Communications Systems
	Group 6.25% exercise price
	$10.28, maturity date 5/1/18	351,000	$	351,000
	Clearwire Communications 144A
	8.25% exercise price $7.08,
	maturity date 12/1/40 #	310,000		323,950
	DISH Network 144A 3.375%
	exercise price $65.18, maturity
	date 8/15/26 #	123,000		148,676
	Liberty Interactive 144A 1.75%
	exercise price $341.10, maturity
	date 9/30/46 #	173,000		193,976
	Liberty Media 144A 2.25% exercise
	price $104.55, maturity date
	9/30/46 #	49,000		52,644
				1,070,246
Consumer Cyclical – 0.11%
	Huron Consulting Group 1.25%
	exercise price $79.89, maturity
	date 10/1/19	109,000		102,801
				102,801
Consumer Non-Cyclical – 1.56%
	Brookdale Senior Living 2.75%
	exercise price $29.33, maturity
	date 6/15/18	312,000		306,540
	HealthSouth 2.00% exercise price
	$37.16, maturity date 12/1/43	188,000		226,893
	Hologic 2.00% exercise price
	$31.18, maturity date 3/1/42 ϕ	101,000		137,802
	NuVasive 144A 2.25% exercise
	price $59.82, maturity date
	3/15/21 #	72,000		98,910
	Spectrum Pharmaceuticals 2.75%
	exercise price $10.53, maturity
	date 12/15/18	283,000		286,184
	Vector Group
	1.75% exercise price $23.46,
	maturity date 4/15/20 ●	262,000		300,481
	2.50% exercise price $15.22,
	maturity date 1/15/19 ●	72,000		111,219
				1,468,029
Energy – 0.34%
	Helix Energy Solutions Group 4.25%
	exercise price $13.89, maturity
	date 5/1/22	196,000		204,453
	PDC Energy 1.125% exercise price
	$85.39, maturity date 9/15/21	107,000		115,694
				320,147
Financials – 0.97%
	Ares Capital 144A 3.75% exercise
	price $19.39, maturity date
	2/1/22 #	119,000		119,223
	Blackhawk Network Holdings 144A
	1.50% exercise price $49.83,
	maturity date 1/15/22 #	201,000		205,020
	GAIN Capital Holdings 4.125%
	exercise price $12.00, maturity
	date 12/1/18	234,000		232,245
	Hercules Capital 144A 4.375%
	exercise price $16.41, maturity
	date 2/1/22 #	83,000		83,778
	New Mountain Finance 5.00%
	exercise price $15.80, maturity
	date 6/15/19	263,000		271,712
				911,978
Industrial – 0.14%
	General Cable 4.50% exercise price
	$31.67, maturity date 11/15/29 ϕ	181,000		134,732
				134,732
Industrials – 0.27%
	Chart Industries 2.00% exercise
	price $69.03, maturity date
	8/1/18	262,000		258,725
				258,725
REITs – 0.98%
	Blackstone Mortgage Trust 5.25%
	exercise price $27.99, maturity
	date 12/1/18	326,000		368,787
	Spirit Realty Capital 3.75% exercise
	price $13.10, maturity date
	5/15/21	246,000		259,531
	VEREIT 3.75% exercise price
	$14.99, maturity date 12/15/20	295,000		296,476
				924,794
Technology – 2.08%
	Cardtronics 1.00% exercise price
	$52.35, maturity date 12/1/20	254,000		269,240
	Ciena 144A 3.75% exercise price
	$20.17, maturity date 10/15/18 #	126,000		178,920
	Electronics For Imaging 0.75%
	exercise price $52.72, maturity
	date 9/1/19	192,000		203,160
	j2 Global 3.25% exercise price
	$68.93, maturity date 6/15/29	140,000		186,200
	Knowles 144A 3.25% exercise price
	$18.43, maturity date 11/1/21 #	136,000		171,615

(continues) NQ-DDF [2/17] 4/17 (18981) 3

Schedule of investments

Delaware Investments^® Dividend and Income Fund, Inc. (Unaudited)

		Principal	Value
		amount°	(U.S. $)
Convertible Bonds (continued)
Technology (continued)
	Nuance Communications 2.75%
	exercise price $32.30, maturity
	date 11/1/31	204,000	$	205,275
	NXP Semiconductors 1.00% exercise
	price $102.84, maturity date
	12/1/19	191,000		221,321
	PROS Holdings 2.00% exercise price
	$33.79, maturity date 12/1/19	231,000		233,743
	Verint Systems 1.50% exercise price
	$64.46, maturity date 6/1/21	302,000		287,844
				1,957,318
Total Convertible Bonds
	(cost $7,052,569)			7,471,254
Corporate Bonds – 38.76%
Automotive – 0.17%
	American Tire Distributors 144A
	10.25% 3/1/22 #	160,000		159,600
				159,600
Banking – 1.81%
	Ally Financial 5.75% 11/20/25	240,000		254,400
	Credit Suisse Group 144A
	6.25% 12/29/49 #●	200,000		203,227
	Lloyds Banking Group
	7.50% 4/30/49 ●	330,000		351,057
	Popular 7.00% 7/1/19	255,000		267,750
	Royal Bank of Scotland Group
	8.625% 12/29/49 ●	400,000		423,600
	UBS Group 6.875% 12/29/49 ●	200,000		206,378
				1,706,412
Basic Industry – 6.16%
	BMC East 144A 5.50% 10/1/24 #	115,000		119,313
	Boise Cascade 144A
	5.625% 9/1/24 #	195,000		200,363
	Builders FirstSource
	144A 5.625% 9/1/24 #	95,000		98,087
	144A 10.75% 8/15/23 #	245,000		285,425
	Cemex 144A 7.75% 4/16/26 #	400,000		449,000
	Cliffs Natural Resources 144A
	5.75% 3/1/25 #	95,000		93,433
	FMG Resources August 2006 144A
	6.875% 4/1/22 #	180,000		186,413
	Freeport-McMoRan
	4.55% 11/14/24	120,000		112,800
	144A 6.875% 2/15/23 #	320,000		339,200
	Hudbay Minerals
	144A 7.25% 1/15/23 #	20,000		21,450
	Hudbay Minerals
	144A 7.625% 1/15/25 #	160,000		175,600
	James Hardie International Finance
	144A 5.875% 2/15/23 #	200,000		208,500
	Joseph T Ryerson & Son 144A
	11.00% 5/15/22 #	80,000		89,400
	Koppers 144A 6.00% 2/15/25 #	195,000		203,287
	Kraton Polymers 144A
	10.50% 4/15/23 #	175,000		199,063
	Lennar 4.75% 5/30/25	95,000		96,663
	M/I Homes 6.75% 1/15/21	185,000		195,175
	NCI Building Systems 144A
	8.25% 1/15/23 #	155,000		169,337
	New Gold
	144A 6.25% 11/15/22 #	66,000		66,990
	144A 7.00% 4/15/20 #	70,000		71,356
	NOVA Chemicals 144A
	5.00% 5/1/25 #	130,000		131,950
	Novelis
	144A 5.875% 9/30/26 #	125,000		128,906
	144A 6.25% 8/15/24 #	235,000		249,687
	PQ 144A 6.75% 11/15/22 #	185,000		200,725
	PulteGroup 5.00% 1/15/27	100,000		100,275
	Standard Industries 144A
	5.00% 2/15/27 #	195,000		199,387
	Steel Dynamics 144A
	5.00% 12/15/26 #	190,000		196,650
	Summit Materials
	6.125% 7/15/23	195,000		203,775
	8.50% 4/15/22	60,000		67,500
	U.S. Concrete 6.375% 6/1/24	190,000		201,875
	Vale Overseas
	6.25% 8/10/26	260,000		287,625
	6.875% 11/10/39	190,000		208,810
	Zekelman Industries 144A
	9.875% 6/15/23 #	220,000		249,150
				5,807,170
Capital Goods – 2.13%
	Ardagh Packaging Finance
	144A 6.00% 2/15/25 #	225,000		231,750
	144A 7.25% 5/15/24 #	200,000		218,750
	Ball 5.25% 7/1/25	90,000		95,850
	BWAY Holding 144A
	9.125% 8/15/21 #	310,000		337,900
	Gardner Denver 144A
	6.875% 8/15/21 #	300,000		310,500
	KLX 144A 5.875% 12/1/22 #	180,000		190,161
	Signode Industrial Group Lux 144A
	6.375% 5/1/22 #	175,000		180,687

4 NQ-DDF [2/17] 4/17 (18981)

(Unaudited)

		Principal	Value
		amount°	(U.S. $)
Corporate Bonds (continued)
Capital Goods (continued)
	StandardAero Aviation Holdings
	144A 10.00% 7/15/23 #	85,000	$	90,950
	TransDigm 144A 6.375% 6/15/26 #	350,000		354,375
				2,010,923
Consumer Cyclical – 1.77%
	Boyd Gaming 6.375% 4/1/26	395,000		428,081
	JC Penney 8.125% 10/1/19	185,000		197,950
	L Brands 6.875% 11/1/35	190,000		183,587
	Landry’s 144A 6.75% 10/15/24 #	185,000		192,863
	MGM Resorts International
	4.625% 9/1/26	200,000		196,500
	Penn National Gaming 144A
	5.625% 1/15/27 #	195,000		196,706
	Penske Automotive Group
	5.50% 5/15/26	270,000		268,839
				1,664,526
Consumer Non-Cyclical – 1.83%
	Albertsons
	144A 5.75% 3/15/25 #	60,000		60,263
	144A 6.625% 6/15/24 #	185,000		196,100
	Dean Foods 144A 6.50% 3/15/23 #	255,000		266,475
	JBS USA 144A 5.75% 6/15/25 #	195,000		202,313
	Kronos Acquisition Holdings 144A
	9.00% 8/15/23 #	215,000		220,106
	Live Nation Entertainment 144A
	4.875% 11/1/24 #	183,000		183,457
	Nature’s Bounty 144A
	7.625% 5/15/21 #	195,000		206,456
	Post Holdings
	144A 5.00% 8/15/26 #	100,000		96,563
	144A 5.75% 3/1/27 #	99,000		100,300
	Revlon Consumer Products
	6.25% 8/1/24	190,000		195,700
				1,727,733
Energy – 5.65%
	Alta Mesa Holdings 144A
	7.875% 12/15/24 #	190,000		201,875
	AmeriGas Partners 5.875% 8/20/26	240,000		249,000
	Antero Resources 5.625% 6/1/23	277,000		281,847
	Cheniere Corpus Christi Holdings
	144A 5.875% 3/31/25 #	80,000		85,000
	144A 7.00% 6/30/24 #	100,000		112,500
	Chesapeake Energy 144A
	8.00% 1/15/25 #	185,000		184,537
	Energy Transfer Equity
	5.50% 6/1/27	115,000		122,331
	Genesis Energy
	5.625% 6/15/24	45,000		45,113
	5.75% 2/15/21	120,000		122,400
	6.00% 5/15/23	40,000		40,700
	6.75% 8/1/22	114,000		119,415
	Gulfport Energy
	144A 6.00% 10/15/24 #	225,000		225,000
	6.625% 5/1/23	65,000		66,463
	Halcon Resources 144A
	6.75% 2/15/25 #	185,000		183,613
	Hilcorp Energy I
	144A 5.00% 12/1/24 #	97,000		93,363
	144A 5.75% 10/1/25 #	71,000		70,823
	Holly Energy Partners 144A
	6.00% 8/1/24 #	105,000		110,775
	Laredo Petroleum 6.25% 3/15/23	205,000		211,150
	Murphy Oil 6.875% 8/15/24	250,000		268,250
	Murphy Oil USA 6.00% 8/15/23	180,000		189,675
	Newfield Exploration
	5.375% 1/1/26	135,000		141,413
	Noble Holding International
	5.25% 3/16/18	100,000		100,875
	NuStar Logistics 6.75% 2/1/21	165,000		180,675
	Oasis Petroleum 6.875% 3/15/22	105,000		107,625
	QEP Resources 5.25% 5/1/23	285,000		282,150
	Sabine Pass Liquefaction 144A
	5.00% 3/15/27 #	85,000		90,187
	Southwestern Energy
	6.70% 1/23/25	385,000		370,563
	Targa Resources Partners 144A
	5.375% 2/1/27 #	375,000		394,687
	Tesoro Logistics 5.25% 1/15/25	190,000		200,925
	Transocean 144A 9.00% 7/15/23 #	170,000		184,450
	Transocean Proteus 144A
	6.25% 12/1/24 #	90,000		93,263
	Wildhorse Resource Development
	144A 6.875% 2/1/25 #	200,000		198,000
				5,328,643
Financials – 0.62%
	AerCap Global Aviation Trust 144A
	6.50% 6/15/45 #●	200,000		211,250
	E*TRADE Financial
	5.875% 12/29/49 ●	180,000		185,821
	Park Aerospace Holdings 144A
	5.50% 2/15/24 #	177,000		185,222
				582,293

(continues)     NQ-DDF [2/17] 4/17 (18981) 5

Schedule of investments
Delaware Investments^® Dividend and Income Fund, Inc. (Unaudited)

		Principal	Value
		amount°	(U.S. $)
Corporate Bonds (continued)
Healthcare – 2.76%
	Air Medical Group Holdings 144A
	6.375% 5/15/23 #	280,000	$	273,700
	DaVita 5.00% 5/1/25	210,000		211,825
	HCA
	5.375% 2/1/25	280,000		293,650
	5.875% 2/15/26	100,000		107,400
	7.58% 9/15/25	80,000		88,800
	HealthSouth
	5.75% 11/1/24	285,000		292,125
	5.75% 9/15/25	90,000		91,575
	Hill-Rom Holdings
	144A 5.00% 2/15/25 #	75,000		75,563
	144A 5.75% 9/1/23 #	100,000		105,000
	IASIS Healthcare 8.375% 5/15/19	150,000		147,375
	inVentiv Group Holdings 144A
	7.50% 10/1/24 #	105,000		110,250
	Mallinckrodt International Finance
	144A 5.50% 4/15/25 #	35,000		32,725
	144A 5.625% 10/15/23 #	115,000		110,975
	MPH Acquisition Holdings 144A
	7.125% 6/1/24 #	270,000		291,600
	Team Health Holdings Inc 144A
	6.375% 2/1/25 #	145,000		144,275
	Tenet Healthcare 8.125% 4/1/22	210,000		221,550
				2,598,388
Insurance – 0.50%
	HUB International
	144A 7.875% 10/1/21 #	215,000		227,900
	144A 9.25% 2/15/21 #	50,000		51,906
	USI 144A 7.75% 1/15/21 #	190,000		194,275
				474,081
Media – 4.48%
	CCO Holdings
	144A 5.50% 5/1/26 #	30,000		31,913
	144A 5.75% 2/15/26 #	120,000		128,700
	144A 5.875% 5/1/27 #	220,000		236,852
	Cequel Communications Holdings I
	144A 7.75% 7/15/25 #	200,000		223,250
	CSC Holdings
	144A 5.50% 4/15/27 #	200,000		206,250
	144A 10.875% 10/15/25 #	200,000		241,500
	DISH DBS 7.75% 7/1/26	175,000		206,063
	Gray Television 144A
	5.875% 7/15/26 #	280,000		284,640
	Lamar Media 5.75% 2/1/26	167,000		180,151
	Nexstar Broadcasting 144A
	5.625% 8/1/24 #	265,000		271,625
	Nielsen Co. Luxembourg 144A
	5.00% 2/1/25 #	385,000		387,887
	Radiate Holdco 144A
	6.625% 2/15/25 #	195,000		196,219
	SFR Group 144A 7.375% 5/1/26 #	400,000		416,000
	Sinclair Television Group 144A
	5.125% 2/15/27 #	195,000		188,663
	Sirius XM Radio 144A
	5.375% 4/15/25 #	175,000		179,431
	Tribune Media 5.875% 7/15/22	200,000		205,250
	Virgin Media Secured Finance 144A
	5.25% 1/15/26 #	200,000		203,000
	VTR Finance 144A
	6.875% 1/15/24 #	200,000		212,500
	WideOpenWest Finance
	10.25% 7/15/19	210,000		222,075
				4,221,969
Services – 3.79%
	Advanced Disposal Services 144A
	5.625% 11/15/24 #	195,000		199,875
	Avis Budget Car Rental 144A
	6.375% 4/1/24 #	155,000		158,294
	ESH Hospitality 144A
	5.25% 5/1/25 #	265,000		267,981
	GEO Group
	5.875% 1/15/22	500,000		523,125
	5.875% 10/15/24	100,000		103,500
	6.00% 4/15/26	130,000		135,980
	Herc Rentals
	144A 7.50% 6/1/22 #	50,000		54,250
	144A 7.75% 6/1/24 #	220,000		243,100
	Iron Mountain U.S. Holdings 144A
	5.375% 6/1/26 #	195,000		195,000
	Mohegan Tribal Gaming Authority
	144A 7.875% 10/15/24 #	275,000		282,928
	NES Rentals Holdings 144A
	7.875% 5/1/18 #	205,000		207,563
	Prime Security Services Borrower
	144A 9.25% 5/15/23 #	605,000		664,744
	Scientific Games International
	10.00% 12/1/22	320,000		340,800
	United Rentals North America
	5.50% 5/15/27	195,000		199,789
				3,576,929
Technology & Electronics – 2.26%
	CDK Global 5.00% 10/15/24	175,000		176,178
	CDW Finance 5.00% 9/1/25	95,000		96,841
	Change Healthcare Holdings 144A
	5.75% 3/1/25 #	200,000		207,000

6 NQ-DDF [2/17] 4/17 (18981)

(Unaudited)

		Principal	Value
		amount°	(U.S. $)
Corporate Bonds (continued)
Technology & Electronics (continued)
	CommScope 144A 5.50% 6/15/24 #	70,000	$	73,587
	CommScope Technologies Finance
	144A 6.00% 6/15/25 #	115,000		123,625
	Diamond 1 Finance 144A
	8.10% 7/15/36 #	145,000		182,831
	Entegris 144A 6.00% 4/1/22 #	140,000		146,475
	First Data 144A 7.00% 12/1/23 #	461,000		496,727
	Infor U.S. 6.50% 5/15/22	165,000		172,425
	Sensata Technologies U.K. Financing
	144A 6.25% 2/15/26 #	200,000		216,500
	Solera 144A 10.50% 3/1/24 #	120,000		137,400
	Symantec 144A 5.00% 4/15/25 #	95,000		97,616
				2,127,205
Telecommunications – 3.35%
	CenturyLink
	6.75% 12/1/23	170,000		178,500
	7.50% 4/1/24	110,000		118,525
	Cincinnati Bell 144A
	7.00% 7/15/24 #	275,000		291,500
	Cogent Communications Group
	144A 5.375% 3/1/22 #	100,000		104,500
	Columbus Cable Barbados 144A
	7.375% 3/30/21 #	200,000		213,576
	Communications Sales & Leasing
	144A 7.125% 12/15/24 #	285,000		294,263
	Frontier Communications
	10.50% 9/15/22	170,000		177,863
	Level 3 Financing 5.375% 5/1/25	180,000		186,300
	Sprint
	7.125% 6/15/24	200,000		216,438
	7.875% 9/15/23	125,000		139,375
	Sprint Communications
	7.00% 8/15/20	136,000		147,050
	T-Mobile USA
	6.00% 3/1/23	100,000		106,000
	6.00% 4/15/24	40,000		42,800
	6.375% 3/1/25	75,000		80,811
	6.50% 1/15/26	140,000		154,175
	Wind Acquisition Finance 144A
	7.375% 4/23/21 #	400,000		417,500
	Zayo Group 6.375% 5/15/25	265,000		286,531
				3,155,707
Transportation – 0.25%
	XPO Logistics
	144A 6.125% 9/1/23 #	105,000		110,644
	144A 6.50% 6/15/22 #	120,000		126,450
				237,094
Utilities – 1.23%
	AES
	5.50% 4/15/25	160,000		162,800
	6.00% 5/15/26	25,000		25,875
	Calpine
	5.50% 2/1/24	100,000		99,500
	5.75% 1/15/25	250,000		248,625
	Dynegy
	7.625% 11/1/24	160,000		152,800
	144A 8.00% 1/15/25 #	45,000		42,975
	Emera 6.75% 6/15/76 •	180,000		198,000
	Enel 144A 8.75% 9/24/73 #•	200,000		231,000
				1,161,575
Total Corporate Bonds
	(cost $35,110,874)			36,540,248
Loan Agreements – 1.40%«
	Accudyne Industries Borrower 1st
	Lien 4.00% 12/13/19	99,636		95,189
	Applied Systems 2nd Lien
	7.50% 1/23/22	362,735		364,012
	BJ’s Wholesale Club 2nd Lien
	8.50% 1/27/25	130,000		130,325
	Blue Ribbon 1st Lien
	5.00% 11/13/21	63,400		62,727
	KIK Custom Products Tranche B 1st
	Lien 5.50% 8/26/22	42,266		42,706
	Kronos 2nd Lien 9.284% 11/1/24	195,000		201,886
	Moran Foods Tranche B 1st Lien
	7.00% 12/5/23	95,000		94,842
	Russell Investments U.S. Institutional
	Holdco Tranche B 1st Lien
	6.75% 6/1/23	107,460		108,534
	6.75% 6/1/23	75,000		75,750
	Solera Tranche B 1st Lien
	5.75% 3/3/23	64,513		65,063
	VC GB Holdings 2nd Lien
	9.00% 2/23/25	80,000		79,200
Total Loan Agreements
	(cost $1,280,109)			1,320,234
		Number of
		shares
Master Limited Partnership – 0.83%
	Ares Management	15,100		326,160
	Brookfield Infrastructure
	Partners	12,600		454,608

(continues)     NQ-DDF [2/17] 4/17 (18981) 7

Schedule of investments
Delaware Investments^® Dividend and Income Fund, Inc. (Unaudited)

	Number of	Value
	shares	(U.S. $)
Master Limited Partnership (continued)
Brookfield Infrastructure
Partners	12,600	$	454,608
Total Master Limited
Partnership (cost $448,145)			780,768
Preferred Stock – 0.87%
AMG Capital Trust II 5.15%	2,746		162,186
Bank of America 6.50% ●	220,000		240,554
Colony NorthStar 8.50%	8,300		212,978
GMAC Capital Trust I
6.824% ●	8,000		205,760
Total Preferred Stock
(cost $762,070)			821,478
Warrant – 0.00%
Wheeler Real Estate
Investment Trust strike
price $5.50, expiration
date 4/29/19 †	7,872		394
Total Warrant (cost $65)			394
	Principal
	amount°
Short-Term Investment – 0.05%
Discount Note – 0.05%≠
U.S. Treasury Bill 0.44%
4/13/17	43,350		43,325
Total Short-Term Investment
(cost $43,327)			43,325
Total Value of
Securities – 141.93%
(cost $109,391,844)			133,802,534
Borrowing Under Line of
Credit – (42.43%)			(40,000,000	)
Liabilities Net of
Receivables and Other
Assets – 0.50%			467,555
Net Assets Applicable to
8,092,799 Shares
Outstanding – 100.00%		$	94,270,089

____________________

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 28, 2017, the aggregate value of Rule 144A securities was $24,035,690, which represents 25.50% of the Fund’s net assets.
=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At Feb. 28, 2017, the aggregate value of fair valued securities was $0, which represents 0.00% of the Fund’s net assets.
≠	The rate shown is the effective yield at the time of purchase.
«	Loan agreements generally pay interest at rates which are periodically reset by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (LIBOR), and (iii) the certificate of deposit rate. Loan agreements may be subject to restrictions on resale. Stated rate in effect at Feb. 28, 2017.
°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.
†	Non-income-producing security.
●	Variable rate security. Each rate shown is as of Feb. 28, 2017. Interest rates reset periodically.
ϕ	Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at Feb. 28, 2017.

REIT – Real Estate Investment Trust

8 NQ-DDF [2/17] 4/17 (18981)

Notes

Delaware Investments^® Dividend and Income Fund, Inc.
February 28, 2017 (Unaudited)

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by Delaware Investments^® Dividend and Income Fund, Inc. (Fund). This report covers the period of time since the Fund’s last fiscal year end.

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Other debt securities are valued based upon valuations provided by an independent pricing service and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’s Board of 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 suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occured in the interim. Whenever such a significant event occurs, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

2. Investments

At Feb. 28, 2017, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Feb. 28, 2017, the cost and unrealized appreciation (depreciation) of investments were as follows:

Cost of investments	$	109,391,844
Aggregate unrealized appreciation of investments	$	27,423,702
Aggregate unrealized depreciation of investments		(3,013,012	)
Net unrealized appreciation of investments	$	24,410,690

U.S. GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1 –	inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)
Level 2 –	other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates), or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3 –	Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

(continues)     NQ-DDF [2/17] 4/17 (18981) 9

(Unaudited)

2. Investments (continued)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Feb. 28, 2017:

Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	85,439,835	$	—		$—	$	85,439,835
Convertible Preferred Stock1		1,254,824		130,174		—		1,384,998
Convertible Bond		—		7,471,254		—		7,471,254
Corporate Debt		—		36,540,248		—		36,540,248
Loan Agreements		—		1,320,234		—		1,320,234
Master Limited Partnership		780,768		—		—		780,768
Preferred Stock		212,978		608,500		—		821,478
Warrant		394		—		—		394
Short-Term Investments		—		43,325		—		43,325
Total Value of Securities	$	87,688,799	$	46,113,735		$—	$	133,802,534

The security that has been valued at zero on the “Schedule of investments” is considered to be Level 3 investments in this table.

¹Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced instruments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total value of these security types:

	Level 1	Level 2	Level 3	Total
Convertible Preferred Stock	91.85%	8.15%	—	100.00%

During the period ended Feb. 28, 2017, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities in the Fund occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Fund’s net asset value (NAV) is determined) are established using a separate pricing feed from a third party vendor designed to establish a price for each such security as of the time that the Fund’s NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occuring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. The Fund’s policy is to recognized transfers between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. Management has determined not to provide a reconciliation of Level 3 investments as they are not considered significant to the Fund’s net assets at the beginning, interim, or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.

10 NQ-DDF [2/17] 4/17 (18981)

(Unaudited)

3. Recent Accounting Pronouncements

On Oct. 13, 2016, the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the “Schedule of investments” and accompanying notes.

4. Subsequent Events

Effective April 3, 2017, Delaware Investments^® Family of Funds became Delaware Funds^sm by Macquarie and Delaware Investments changed its name to Macquarie Investment Management (MIM). MIM is the marketing name for the companies comprising the asset management division of Macquarie Group Limited

Management has determined that no other material events or transactions occurred subsequent to Feb. 28, 2017 that would require recognition or disclosure in the Fund’s “Schedule of investments.”

NQ-DDF [2/17] 4/17 (18981) 11

Item 2. Controls and Procedures.

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below:

EX-99.CERT

CERTIFICATION

I, Shawn K. Lytle, certify that:

1.	I have reviewed this report on Form N-Q 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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s 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.

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	April 26, 2017

CERTIFICATION

I, Richard Salus, certify that:

1.	I have reviewed this report on Form N-Q 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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;
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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s 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.

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	April 26, 2017

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.

DELAWARE INVESTMENTS^® DIVIDEND AND INCOME FUND, INC.

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	April 26, 2017

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.

/s/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	April 26, 2017
/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	April 26, 2017