-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RxnJX9CVICfNRPfnfxmMBNGDYAidugpT7TDhNXQvXy2X/APmcsASWZRiQ+9BS+NC 46PzrMFJ+AXD6wuhjNCyWQ== 0001206774-07-001927.txt : 20070807 0001206774-07-001927.hdr.sgml : 20070807 20070807164943 ACCESSION NUMBER: 0001206774-07-001927 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20070531 FILED AS OF DATE: 20070807 DATE AS OF CHANGE: 20070807 EFFECTIVENESS DATE: 20070807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DELAWARE INVESTMENTS GLOBAL DIVIDEND & INCOME FUND INC CENTRAL INDEX KEY: 0000916713 IRS NUMBER: 232753201 STATE OF INCORPORATION: MD FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-08246 FILM NUMBER: 071032210 BUSINESS ADDRESS: STREET 1: 2005 MARKET STREET CITY: PHILADELPHIA STATE: PA ZIP: 19103 BUSINESS PHONE: 2152552127 MAIL ADDRESS: STREET 1: 2005 MARKET STREET STREET 2: . CITY: PHILADELPHIA STATE: PA ZIP: 19103 FORMER COMPANY: FORMER CONFORMED NAME: DELAWARE GROUP GLOBAL DIVIDEND & INCOME FUND INC DATE OF NAME CHANGE: 19931229 N-CSR 1 diglobaldivedend.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: 811-8246

Exact name of registrant as specified in charter:
Delaware Investments Global 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: May 31, 2007


Item 1. Reports to Stockholders

 











 
 
 
   
                Semiannual  Report  Delaware 
      Investments 
Global Dividend
and Income 
Fund, Inc. 
May 31, 2007 
  
 
  
  
 
  
  
 
        
 
 
 

                                             

 

 

Closed-end



Table of contents

     > Sector and country allocations       1 
> Statement of net assets  3 
> Statement of operations  16 
> Statements of changes in net assets  17 
> Statement of cash flows  18 
> Financial highlights  19 
> Notes to financial statements  20 
> Other Fund information  24 
> About the organization  26 

 

 

 


 

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.

© 2007 Delaware Distributors, L.P.


Sector and country allocations

Delaware Investments Global Dividend and Income Fund, Inc.

As of May 31, 2007

 

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

   Percentage
Sector/Country   of Net Assets
Common Stock 80.76%
Consumer Discretionary 10.64%
Consumer Staples 5.00%
Diversified REITs 1.19%
Energy 4.11%
Financials 14.06%
Health Care 10.24%
Health Care REITs 1.21%
Hotel REITs 0.91%
Industrial REITs 1.44%
Industrials 6.54%
Information Technology 8.85%
Mall REITs 1.82%
Manufactured Housing REITs 0.18%
Materials 3.02%
Media 0.11%
Mortgage REITs 0.38%
Multifamily REITs 1.17%
Office REITs 2.38%
Self-Storage REITs 0.66%
Shopping Center REITs 0.45%
Specialty REITs 0.38%
Telecommunications 4.99%
Utilities 1.03%  
Convertible Preferred Stock 2.87%
Banking, Finance & Insurance 1.36%
Basic Materials 0.49%
Cable, Media & Publishing 0.20%
Energy 0.27%
Telecommunications 0.10%
Utilities 0.45%  
Preferred Stock 1.81%
Leisure, Lodging & Entertainment 0.36%
Real Estate 1.45%  
Agency Obligations 0.23%  
Commercial Mortgage-Backed Securities 0.11%  
Convertible Bonds 6.89%
Aerospace & Defense 0.45%
Automobiles & Automotive Parts 0.27%
Banking, Finance & Insurance 0.13%
Cable, Media & Publishing 0.19%
Computers & Technology 1.50%
Energy 0.65%
Health Care & Pharmaceuticals 1.31%
Leisure, Lodging & Entertainment 0.17%
Real Estate 0.22%
Retail 0.81%
Telecommunications 0.46%
Transportation 0.29%
Utilities 0.44%  
Corporate Bonds 21.02%
Banking 1.08%
Basic Industry 1.98%
Brokerage 0.65%
Capital Goods 1.04%
Consumer Cyclical 2.31%
Consumer Non-Cyclical 1.34%
Energy 1.79%
Finance & Investments 1.74%
Media 1.48%
Real Estate 0.32%
Services Cyclical 2.61%
Services Non-Cyclical 1.32%
Technology & Electronics 0.82%
Telecommunications 1.92%
Utilities 0.62%  
Foreign Agencies 3.03%
Austria 0.26%
Germany 2.77%  
Regional Agency 0.26%  
Regional Authorities 0.25%  
Senior Secured Loan 0.46%  

(continues)     1


Sector and country allocations

Delaware Investments Global Dividend and Income Fund, Inc.

 

 

   Percentage 
Sector/Country   of Net Assets 
Sovereign Agency 0.20%  
Sovereign Debt 8.15%
Austria 0.85%
France 0.71%
Germany 0.45%
Indonesia 0.25%
Japan 3.03%
Malaysia 0.42%
Mexico 0.15%
Norway 1.34%  
Poland 0.20%
Republic of Korea 0.23%
Sweden 0.40%
United Kingdom 0.12%  
Supranational Banks 1.36%  
Warrant 0.00%  
Repurchase Agreements 1.05%  
Securities Lending Collateral 18.24%
Fixed Rate Notes 7.63%
Variable Rate Notes 10.61%  
Total Value of Securities 146.69%  
Obligation to Return Securities Lending Collateral   (18.24% )
Borrowing Under Line of Credit  (30.08% )
Receivables and Other Assets Net of Liabilities 1.63%  
Total Net Assets 100.00%  

   Percentage 
Country   of Net Assets 
Australia 1.71%
Austria 1.26%
Belgium 0.71%
Bermuda 0.38%  
British Virgin Islands 0.14%
Canada 2.14%
Cayman Islands 0.14%
Denmark 0.77%
Finland 1.52%
France 5.90%
Germany 4.94%
Hong Kong 0.82%
Indonesia 0.10%
Ireland 0.78%
Japan 9.47%
Luxembourg  0.14%
Malaysia 0.42%
Marshall Islands 0.11%
Mexico 1.87%
Multinational  0.12%
Netherlands Antilles 0.24%
Netherlands  1.61%
Norway 1.59%
Poland 0.20%
Republic of Korea 0.88%
Supranational  1.36%
Sweden 1.30%
Switzerland  0.67%
United Kingdom 9.23%
United States  77.93%  
Total 128.45%  

2


Statement of net assets

Delaware Investments Global Dividend and Income Fund, Inc.

May 31, 2007 (Unaudited)

 Number of         Value
   Shares    (U.S.$)
Common Stock – 80.76%v      
Consumer Discretionary – 10.64%  
@†=ÕAvado Brands 272 $          —
     Bayerische Motoren Werke 9,483 633,271
  *†Charter Communications
          Class A 3,600 14,436
    *Don Quijote 29,100 572,651
     Esprit Holdings 39,583 487,421
     Gap 40,400 748,209
     Honda Motor 9,900 348,153
     Kesa Electricals 73,956 513,626
     Koninklijke Philips Electronics 13,512 574,522
    *Lagardere SCA 5,485 458,024
     Limited Brands 27,200 714,000
     Mattel 25,900 725,460
     Nissan Motor 47,200 525,112
     Publicis Groupe 10,341 468,913
     Starwood Hotels
          & Resorts Worldwide 3,400 245,038
     Techtronic Industries 373,000 525,470
    †Time Warner Cable Class A 2,352 90,340
     WPP Group 33,199 491,374
8,136,020
Consumer Staples – 5.00%
    *†B&G Foods Class A 8,900 121,485
    *Coca-Cola Amatil 71,820 561,963
     Greggs 2,495 262,869
     Heinz (H.J.) 15,400 732,732
     Kimberly-Clark 10,600 752,176
    *Metro 8,438 682,474
     Safeway 20,600 710,288
  3,823,987
Diversified REITs – 1.19%
     Hang Lung Group 34,000 136,509
     iStar Financial 9,000 432,270
     Spirit Finance 9,600 137,856
    *Washington Real Estate
          Investment Trust 5,500 206,745
  913,380
Energy – 4.11%
     BP 56,801 635,449
     Chevron 10,200 831,197
     ConocoPhillips 10,700 828,501
   *†Petroleum Geo-Services ADR 1,573 39,467
     Total 10,747 809,795
  3,144,409
Financials – 14.06%
     Allstate 11,600 713,400
     AON 18,400 789,729
    *AXA 11,807 516,166
     Chubb 12,800 702,336
    *Dexia 16,827 540,454
     Hartford Financial Services Group 7,300 753,141
     HBOS 20,266 436,589
     Highland Distressed Opportunities 10,000 144,600
     Huntington Bancshares 31,600 709,736
     ING Groep 14,688 654,367
     Kookmin Bank ADR 5,500 497,145
     Mitsubishi UFJ Financial Group 39 448,626
     Morgan Stanley 9,200 782,368
     Nordea Bank 41,883 691,484
     Royal Bank of Scotland Group 44,946 558,891
     Standard Chartered 15,771 534,300
     Wachovia 11,900 644,861
     Washington Mutual 14,500 633,940
10,752,133
Health Care – 10.24%
     Abbott Laboratories 13,600 766,360
     AstraZeneca 10,569 562,103
     Baxter International 13,500 767,340
     Bristol-Myers Squibb 26,200 794,122
     Merck & Co. 16,200 849,691
     Novartis 9,056 509,046
     Novo-Nordisk Class B 5,586 588,287
    *Ono Pharmaceutical 8,400 481,755
     Pfizer 27,000 742,230
    *Sanofi-Aventis 5,570 537,071
    *Terumo 11,300 441,954
     Wyeth 13,700 792,408
7,832,367
Health Care REITs – 1.21%
     Health Care Property Investors 7,600 248,292
    *Medical Properties Trust 9,400 133,762
    *Nationwide Health Properties 7,300 226,811
     Ventas 7,500 317,700
926,565
Hotel REITs – 0.91%
     Ashford Hospitality Trust 9,300 115,413
    *Hersha Hospitality Trust 26,100 316,854
    *Highland Hospitality 3,900 75,153
     Host Hotels & Resorts 7,500 191,400
698,820
Industrial REITs – 1.44%
     AMB Property 6,000 347,100
    *First Potomac Realty Trust 5,800 145,000
     ProLogis 9,400 607,804
1,099,904
Industrials – 6.54%
    *Asahi Glass 40,000 532,764
    †British Airways 43,659 406,301
    *Compagnie de Saint-Gobain 4,991 547,258

(continues)     3


Statement of net assets

Delaware Investments Global Dividend and Income Fund, Inc.

 

Number of       Value
Shares   (U.S.$)
Common Stock (continued)      
Industrials (continued) 
     Donnelley (R.R.) & Sons 20,100   $   860,681
   †*Foster Wheeler 469 48,591
    †Genesis Lease ADR 15,400 432,740
   *†Grupo Aeroportuario del
          Centro Norte ADR 2,200 60,654
    *Macquarie Infrastructure 7,100 316,731
   *†Teekay Petrojarl ADR 691 8,128
     Tomkins 93,148 496,137
     Travis Perkins 12,004 492,484
     Waste Management 20,700 800,469
5,002,938
Information Technology – 8.85%
     Canon 9,500 558,892
    †CGI Group Class A 71,211 769,111
    *Fujitsu 57,000 389,195
     Hewlett-Packard 17,700 809,067
     Intel 34,800 771,516
     International Business Machines 7,700 820,821
     Motorola 37,100 674,849
     Nokia 23,810 651,964
    *TietoEnator 16,048 511,115
    †Xerox 43,000 811,410
6,767,940
Mall REITs – 1.82%
     General Growth Properties 7,600 448,704
     Macerich 3,900 347,880
     Simon Property Group 5,500 593,890
1,390,474
Manufactured Housing REITs – 0.18%
     Equity Lifestyle Properties 2,500 136,150
136,150
Materials – 3.02%
    †Cemex SAB 121,410 470,488
     duPont (E.I.) deNemours 13,800 722,017
    *Lafarge 3,375 584,093
     Rio Tinto 7,344 533,818
2,310,416
Media – 0.11% 
    †Adelphia 90,000 38,924
    †Adelphia Recovery Trust
          Series ACC-1 88,328 8,303
    †Adelphia Recovery Trust
          Series Arahova 54,368 29,359
   *†Century Communications 125,000 4,063
80,649
Mortgage REITs – 0.38%
    *Gramercy Capital 1,800 56,916
    *JER Investors Trust 5,600 105,224
    *Luminent Mortgage Capital 13,700 124,670
286,810
Multifamily REITs – 1.17%
    *American Campus Communities 4,000   117,680
     Apartment Investment
          & Management 2,200 120,714
     Camden Property Trust 2,000 149,300
     Equity Residential 10,000 506,700
894,394
Office REITs – 2.38%
    *Alexandria Real Estate Equities 2,400 252,480
     Brandywine Realty Trust 10,063 320,104
    *Duke Realty 8,600 345,032
     Highwoods Properties 4,500 197,280
     Liberty Property Trust 4,600 215,832
     Mack-Cali Realty 2,700 130,383
    *Parkway Properties 3,700 191,845
     PS Business Parks 2,500 167,875
1,820,831
Self-Storage REITs – 0.66%
     Public Storage 3,700 331,150
    *U-Store-It Trust 9,300 170,469
501,619
Shopping Center REITs – 0.45%
     Cedar Shopping Centers 10,900 173,855
    *Equity One 3,500 102,550
    *Ramco-Gershenson Properties 1,800 66,582
342,987
Specialty Retail – 0.38%
    *Entertainment Properties Trust 4,900 289,345
289,345
Telecommunications – 4.99%
     AT&T 18,800 777,192
     NTT DoCoMo 292 496,644
    *Telefonos de Mexico ADR 14,200 574,248
     Telstra 69,161 278,309
    =Telstra – Installment Receipt 66,466 186,565
     Verizon Communications 20,900 909,777
     Vodafone Group 188,141 588,967
3,811,702
Utilities – 1.03%
    †Mirant 734 34,058
     Progress Energy 15,100 756,359
    †Usgen 50,000
790,417
Total Common Stock
     (cost $45,808,916) 61,754,257

4



      Number of        Value
Shares (U.S.$)
Convertible Preferred Stock – 2.87%          
Banking, Finance & Insurance – 1.36%  
     Aspen Insurance 5.625%
          exercise price $29.28,   
          expiration date 12/31/49  3,400   $  192,525
    ·Citigroup Funding 4.933%
          exercise price $29.50, 
          expiration date 9/27/08  7,000 234,780
     E Trade Group 6.125%
          exercise price $21.82, 
          expiration date 11/18/08  3,500 105,438
     Lehman Brothers Holdings
          6.25% exercise price
          $54.24, expiration date 
          10/15/07 9,250 268,249
     Marshall & Ilsley 6.50%
          exercise price $46.28, 
          expiration date 8/15/07  4,500 119,475
     Sovereign Capital Trust IV
          4.375% exercise price 
          $29.16, expiration date 
          3/1/34 2,500 120,625
1,041,092
Basic Materials – 0.49%
     Freeport-McMoRan
     Copper & Gold
          5.50% exercise price
          $47.19 expiration
          date 12/31/49 40 69,775
          6.75% exercise price
          $73.50, expiration
          date 5/1/10 1,250 153,525
     Huntsman
          5.00% exercise price
          $28.29, expiration date 
          2/16/08 3,500 153,125
376,425
Cable, Media & Publishing – 0.20%
   *#Interpublic Group
          5.25% 144A exercise
          price $13.66, expiration 
          date 12/31/49 140 154,525
154,525
Energy – 0.27%
     Chesapeake Energy 4.50%
          exercise price $44.17, 
          expiration date 12/31/49  1,275 129,572
     El Paso Energy Capital Trust I
          4.75% exercise price
          $41.59, expiration
          date 3/31/28 1,950 80,184
209,756
Telecommunications – 0.10%
     Lucent Technologies Capital
          Trust I 7.75% exercise 
          price $24.80, expiration 
          date 3/15/17 70   72,634
72,634
Utilities – 0.45%
     Entergy 7.625% exercise
          price $87.64, expiration 
          date 2/17/09 2,500 172,188
     NRG Energy 5.75% exercise
          price $30.23, expiration 
          date 3/16/09 440 168,630
340,818
 
Total Convertible Preferred          
     Stock (cost $1,920,663) 2,195,250
 
Preferred Stock – 1.81%          
Leisure, Lodging & Entertainment – 0.36% 
     Red Lion Hotels Capital
          Trust 9.50% 10,226 273,546
273,546
Real Estate – 1.45%
    *Equity Inns Series B 8.75% 10,000 257,300
     Ramco-Gershenson
          Properties 9.50% 11,500 292,100
     SL Green Realty 7.625% 22,000 558,800
  1,108,200
Total Preferred Stock
     (cost $1,343,150) 1,381,746
  Principal
Amount°
Agency Obligations – 0.23%          
    ^Fannie Mae
          8.12% 10/29/07 NZD 250,000 178,451
           
Total Agency Obligations
     (cost $171,433) 178,451
 
Commercial Mortgage-Backed Securities – 0.11%    
    #First Union National Bank
          Commercial Mortgage
          Series 2001-C2 L 144A 
          6.46% 1/12/43 USD 85,000 84,622
Total Commercial
     Mortgage-Backed Securities
     (cost $86,272) 84,622

(continues)     5


Statement of net assets

Delaware Investments Global Dividend and Income Fund, Inc.

  Principal      Value
  Amount°   (U.S.$)
Convertible Bonds – 6.89%         
Aerospace & Defense – 0.45%    
    #AAR 144A 1.75% 2/1/26    
          exercise price $29.43,    
          expiration date 2/1/26 USD 90,000 $113,063
     EDO 4.00% 11/15/25    
          exercise price $34.19,    
          expiration date 11/15/25 90,000 104,850
    #L-3 Communications    
          144A 3.00% 8/1/35    
          exercise price $102.16,    
          expiration date 8/1/35 110,000 122,375
    340,288
Automobiles & Automotive Parts – 0.27%  
     Ford Motor 4.25% 12/15/36     
          exercise price $9.20,    
          expiration date 12/15/36 180,000 205,875
    205,875
Banking, Finance & Insurance – 0.13%    
   ·#US Bancorp 144A    
          3.60% 9/20/36 exercise    
          price $38.28, expiration    
          date 12/20/36 100,000 100,160
    100,160
Cable, Media & Publishing – 0.19%    
    #Playboy Enterprises 144A    
          3.00% 3/15/25 exercise    
          price $17.02, expiration    
          date 3/15/25 160,000 149,000
    149,000
Computers & Technology – 1.50%    
    #Advanced Micro Devices    
          144A 6.00% 5/1/15    
          exercise price $28.08,    
          expiration date 5/1/15 165,000 161,288
     Fairchild Semiconductor     
          5.00% 11/1/08 exercise    
          price $30.00, expiration    
          date 11/1/08 140,000 138,775
     Hutchinson Technology      
          3.25% 1/15/26 exercise    
          price $36.43, expiration    
          date 1/15/26 120,000 101,700
    #Informatica 144A    
          3.00% 3/15/26 exercise    
          price $20.00, expiration    
          date 3/15/26 175,000 182,875
    #Intel 144A 2.95% 12/15/35    
          exercise price $31.53,    
          expiration date 12/15/35 105,000 97,519
    ^ON Semiconductor Series B    
          1.142% 4/15/24    
          exercise price $9.82,    
          expiration date 4/15/24 200,000 244,499
     SanDisk 1.00% 5/15/13      
          exercise price $82.36,      
          expiration date 5/15/13   100,000 84,250
    #Sybase 144A      
          1.75% 2/22/25 exercise      
          price $25.22, expiration      
          date 2/22/25 125,000   137,656
      1,148,562
Energy – 0.65%      
     Halliburton      
          3.125% 7/15/23      
          exercise price $18.79,      
          expiration date 7/15/23 100,000   193,375
     Pride International      
          3.25% 5/1/33 exercise      
          price $25.70, expiration      
          date 5/1/33 80,000   115,700
     Schlumberger      
          2.125% 6/1/23 exercise      
          price $40.00, expiration      
          date 6/1/23 95,000   186,675
      495,750
Health Care & Pharmaceuticals – 1.31%      
    #Allergan 144A      
          1.50% 4/1/26 exercise      
          price $126.66,      
          expiration date 4/1/26 150,000   167,438
     Amgen      
          0.375% 2/1/13 exercise      
          price $79.48, expiration      
          date 2/1/13 85,000   76,925
         #144A 0.375% 2/1/13       
          exercise price $79.48,      
          expiration date 2/1/13 60,000   54,300
    ·Bristol-Myers Squibb      
          4.855% 9/15/23      
          exercise price $41.28,      
          expiration date 9/15/23 100,000   100,750
    *CV Therapeutics      
          3.25% 8/16/13 exercise      
          price $27.00, expiration      
          date 8/16/13 45,000   37,069
     Gilead Sciences      
          0.625% 5/1/13 exercise      
          price $76.20, expiration      
          date 5/1/13 50,000   60,500
    *LifePoint Hospitals      
          3.50% 5/15/14 exercise      
          price $51.79, expiration      
          date 5/14/14 40,000   41,900
   *#Nektar Therapeutics 144A      
          3.25% 9/28/12 exercise      
          price $21.52, expiration      
          date 9/28/12   125,000   113,281

6



    Principal   Value
  Amount° (U.S.$)
Convertible Bonds (continued)                
Health Care & Pharmaceuticals (continued)        
     Teva Pharmaceutical    
          Finance 0.25% 2/1/26    
          exercise price $47.16,    
          expiration date 2/1/26 USD 120,000 $118,950
   ·*Wyeth exercise price $60.39,    
          expiration date 1/15/24    
          4.877% 1/15/24 200,000 227,359
    998,472
Leisure, Lodging & Entertainment – 0.17%        
    #International Game    
          Technology 144A    
          2.60% 12/15/36 exercise    
          price $61.78, expiration    
          date 12/15/36 135,000 131,963
    131,963
Real Estate – 0.22%    
    #General Growth Properties    
          144A 3.98% 4/15/27    
          exercise price $88.72,    
          expiration date 4/15/27 85,000 80,750
     MeriStar Hospitality    
          9.50% 4/1/10 exercise    
          price $10.18, expiration    
          date 4/1/10 85,000 87,253
    168,003
Retail – 0.81%    
    «Dick’s Sporting Goods    
          1.606% 2/18/24    
          exercise price $58.13,    
          expiration date 2/18/24 140,000 138,425
    ^Lowe’s Companies    
          0.00% 10/19/21 exercise    
          price $29.05, expiration    
          date 10/19/21 95,000 108,775
     Pantry 3.00% 11/15/12    
          exercise price $50.10,    
          expiration date 11/15/12 65,000 73,125
    #Saks 144A 2.00% 3/15/24    
          exercise price $11.97,    
          expiration date 3/15/24 115,000 199,955
    #United Auto Group 144A    
          3.50% 4/1/26 exercise    
          price $23.69, expiration    
          date 4/1/26 90,000 100,463
    620,743
Telecommunications – 0.46%    
     Level 3 Communications    
          3.50% 6/15/12 exercise    
          price $5.46, expiration    
          date 6/15/12 110,000 139,425
    #Nortel Networks 144A        
          1.75% 4/15/12 exercise        
          price $32.00, expiration        
          date 4/15/12   40,000   40,650
         *2.125% 4/15/14        
          exercise price $32.00,        
          expiration date 4/15/14   40,000   41,000
     Qwest Communications        
          International        
          3.50% 11/15/25        
          exercise price $5.90,        
          expiration date 11/15/25   70,000   129,588
        350,663
Transportation – 0.29%        
    #ExpressJet Holdings 144A        
          4.25% 8/1/23 exercise        
          price $18.20, expiration        
          date 8/1/23   50,000   48,375
     JetBlue Airways        
          3.50% 7/15/33 exercise        
          price $28.33, expiration        
          date 7/15/33   100,000   96,875
          3.75% 3/15/35 exercise        
          price $17.10, expiration        
          date 3/15/35   80,000   76,900
        222,150
Utilities – 0.44%        
    #CenterPoint Energy 144A        
          3.75% 5/15/23 exercise        
          price $11.31, expiration        
          date 5/15/23   200,000   338,750
        338,750
Total Convertible Bonds         
     (cost $4,726,476)       5,270,379
 
Corporate Bonds – 21.02%           
Banking – 1.08%          
     Citigroup 0.80% 10/30/08  JPY   17,400,000   142,538
     Depfa Bank        
          20.00% 11/19/07 TRY 220,000   166,565
    ·Resona Bank        
          4.125% 9/29/49 EUR 100,000   128,427
     WM Covered Bond Program         
          3.875% 9/27/11 EUR 300,000   391,773
        829,303

(continues)     7


Statement of net assets

Delaware Investments Global Dividend and Income Fund, Inc.

  Principal      Value
  Amount°   (U.S.$)
Corporate Bonds (continued)        
Basic Industry – 1.98%        
    *AK Steel 7.875% 2/15/09 USD  100,000 $  100,500
     Bowater        
          9.00% 8/1/09   95,000   98,919
         *9.50% 10/15/12   75,000   76,313
     Freeport McMoRan Copper        
          & Gold 8.25% 4/1/15   75,000   81,094
     Georgia-Pacific        
          8.875% 5/15/31   125,000   130,937
    #Hexion US Finance 144A        
          9.75% 11/15/14   90,000   97,425
     Lyondell Chemical        
          8.00% 9/15/14   75,000   79,688
          8.25% 9/15/16   75,000   81,563
    #MacDermid 144A        
          9.50% 4/15/17   110,000   116,599
     Norske Skog Canada        
          8.625% 6/15/11   140,000   141,049
   #‡Port Townsend Paper 144A        
          11.00% 4/15/11   100,000   67,500
     Potlatch 13.00% 12/1/09   85,000   96,449
    #Sappi Papier Holding 144A        
          7.50% 6/15/32   115,000   107,065
   *‡Solutia 6.72% 10/15/37   60,000   54,600
    #Steel Dynamics 144A        
          6.75% 4/1/15   25,000   25,000
     Tembec Industries        
         *7.75% 3/15/12   30,000   15,413
          8.50% 2/1/11   115,000   61,813
    #Tube City IMS 144A        
          9.75% 2/1/15   60,000   63,300
     Witco 6.875% 2/1/26   25,000   21,250
        1,516,477
Brokerage – 0.65%        
     E Trade Financial        
          8.00% 6/15/11   130,000   136,987
     LaBranche & Co.        
          9.50% 5/15/09   90,000   94,275
          11.00% 5/15/12   125,000   135,469
     Lehman Brothers        
          Capital Funding II        
          3.875% 2/28/49 EUR 100,000   128,770
        495,501
Capital Goods – 1.04%        
     Armor Holdings        
          8.25% 8/15/13 USD 50,000   53,500
     Baldor Electric        
          8.625% 2/15/17   25,000   27,000
    *Berry Plastics Holding        
          8.875% 9/15/14   75,000   77,250
    *CPG International I        
          10.50% 7/1/13   50,000   53,250
    *Graham Packaging        
          9.875% 10/15/14   30,000   31,050
     Greenbrier 8.375% 5/15/15   10,000  10,150
   *#Hawker Beechcraft    
          Acquisition 144A    
          9.75% 4/1/17 35,000 37,538
     Interface 10.375% 2/1/10 110,000 121,549
     Intertape Polymer    
          8.50% 8/1/14 45,000 46,800
    #Momentive Performance    
          Materials 144A    
          9.75% 12/1/14 70,000 73,500
    #Mueller Water Products    
          144A 7.375% 6/1/17 15,000 15,236
    *RBS Global & Rexnord    
          11.75% 8/1/16 75,000 84,938
    #Smurfit-Stone Container    
          Enterprises 144A    
          8.00% 3/15/17 60,000 60,750
       *Trimas 9.875% 6/15/12 95,000 99,869
    792,380
Consumer Cyclical – 2.31%    
    *Accuride 8.50% 2/1/15 65,000 67,113
     Carrols 9.00% 1/15/13 115,000 119,025
   *#Claire’s Stores 144A    
          9.25% 6/1/15 20,000 19,925
          10.50% 6/1/17 5,000 4,919
     Denny’s Holdings    
          10.00% 10/1/12 65,000 69,550
     Ford Motor Credit    
          5.75% 1/12/09 EUR 172,000 231,511
          7.375% 10/28/09 USD 75,000 75,302
         *9.875% 8/10/11 50,000 53,606
    *General Motors    
          8.375% 7/15/33 135,000 126,225
     GMAC    
          4.75% 9/14/09 EUR   130,000 171,685
          5.375% 6/6/11 EUR 110,000 145,100
    #Goodyear Tire & Rubber 144A    
          8.625% 12/1/11 USD 25,000 27,125
    #KAR Holdings 144A    
          10.00% 5/1/15 105,000 108,150
    *Lear 8.75% 12/1/16 60,000 57,900
   *#Michaels Stores 144A    
          11.375% 11/1/16 80,000 88,800
     Neiman Marcus PIK    
          9.00% 10/15/15 55,000 60,638
    *NPC International    
          9.50% 5/1/14 75,000 78,375
     O’Charleys 9.00% 11/1/13 50,000 53,375
    *Rite Aid 9.25% 6/1/13 45,000 45,900
   *#TRW Automotive 144A    
          7.00% 3/15/14 5,000 5,031
          7.25% 3/15/17 50,000 50,375

8



  Principal   Value
  Amount°   (U.S.$)
Corporate Bonds (continued)           
Consumer Cyclical (continued)      
    #USI Holdings 144A      
          9.75% 5/15/15 USD 35,000 $    35,613
   *#Vitro 144A 9.125% 2/1/17 65,000   68,494
      1,763,737
Consumer Non-Cyclical – 1.34%      
    *Chiquita Brands      
          8.875% 12/1/15 60,000   59,400
    *Constellation Brands      
          8.125% 1/15/12 140,000   145,249
    *DEL Laboratories      
          8.00% 2/1/12 60,000   58,800
     Ingles Markets      
          8.875% 12/1/11 75,000   78,375
     National Beef Packing      
          10.50% 8/1/11 100,000   105,750
    *Pilgrim’s Pride      
          8.375% 5/1/17 125,000   129,375
          9.625% 9/15/11 90,000   94,050
   *#Pinnacle Foods Finance 144A      
          10.625% 4/1/17 75,000   76,688
     Procter & Gamble      
          2.00% 6/21/10 JPY   17,000,000   142,606
    *Swift & Co. 12.50% 1/1/10 USD 105,000   110,250
     True Temper Sports      
          8.375% 9/15/11 30,000   27,075
      1,027,618
Energy – 1.79%      
    *Bluewater Finance      
          10.25% 2/15/12 50,000   52,500
     Chesapeake Energy      
          6.625% 1/15/16 20,000   20,375
     Compton Petroleum      
          Finance 7.625% 12/1/13 100,000   101,500
    #Dynegy Holdings 144A      
          7.75% 6/1/19 30,000   29,850
    #El Paso Performance-      
          Linked Trust 144A      
          7.75% 7/15/11 45,000   47,813
     El Paso Production      
          7.75% 6/1/13 50,000   53,073
    #Energy Partners 144A      
          9.75% 4/15/14 95,000   96,781
     Geophysique-Veritas      
         *7.50% 5/15/15 10,000   10,513
          7.75% 5/15/17 35,000   37,100
    #Hilcorp Energy I 144A      
          7.75% 11/1/15 70,000   70,700
         *9.00% 6/1/16 75,000   80,438
     Inergy Finance      
          6.875% 12/15/14 50,000   49,750
          8.25% 3/1/16 20,000   21,250
     Mariner Energy        
          8.00% 5/15/17   50,000 51,250
     Massey Energy        
          6.625% 11/15/10   15,000   14,925
    #OPTI Canada 144A        
          8.25% 12/15/14   50,000   53,375
     PetroHawk Energy        
          9.125% 7/15/13   100,000   108,000
     Plains Exploration        
          & Production        
          7.00% 3/15/17   40,000   40,000
    #Regency Energy Partners        
          144A 8.375% 12/15/13   115,000   120,030
    ·Secunda International        
          13.356% 9/1/12   55,000   57,063
    #Seitel 144A 9.75% 2/15/14   60,000   61,800
    #Stallion Oilfield Services        
          144A 9.75% 2/1/15   75,000   78,750
    #VeraSun Energy 144A        
          9.375% 6/1/17   60,000   60,075
     Whiting Petroleum        
          7.25% 5/1/13   50,000   49,125
        1,366,036
Finance & Investments – 1.74%        
     ASIF III Jersey        
          0.95% 7/15/09 JPY  17,000,000   138,954
    ·Fortis Capital        
          6.25% 6/29/49 EUR 200,000   276,035
     GE Capital UK Funding        
          4.625% 1/18/16 GBP 114,000   206,413
     General Electric Capital         
          5.125% 1/28/14 SEK 1,000,000   147,551
     Red Arrow International         
          Leasing 8.375% 3/31/12 RUB 1,988,742   79,673
     Residential Capital        
          5.125% 5/17/12 EUR 50,000   64,998
          6.375% 5/17/13 GBP 75,000   142,339
     SLM 5.40% 10/25/11 USD 145,000   137,726
    ·Standard Chartered Capital        
          Trust I 8.16% 3/29/49 EUR 95,000   138,488
        1,332,177
Media – 1.48%        
    *CCH I Holdings        
          13.50% 1/15/14 USD 130,000   135,363
     Charter Communication        
          Holdings        
          13.50% 1/15/11   175,000   183,531
     Dex Media West        
          9.875% 8/15/13   65,000   70,931
    #Idearc 144A        
          8.00% 11/15/16   35,000   36,444
     Insight Midwest        
          9.75% 10/1/09   115,000   116,725

(continues)     9


Statement of net assets

Delaware Investments Global Dividend and Income Fund, Inc.

  Principal   Value
  Amount°   (U.S.$)
Corporate Bonds (continued)           
Media (continued)      
    *Mediacom Capital      
          9.50% 1/15/13 USD   250,000   $  258,749
    =Porttown 10.85% 9/30/07 32,895   32,566
    #Quebecor World 144A      
          9.75% 1/15/15 60,000   63,900
     RH Donnelley      
          8.875% 1/15/16 35,000   37,888
   *#Umbrella Acquisition PIK 144A      
          9.75% 3/15/15 85,000   88,400
    *Vertis 10.875% 6/15/09 40,000   40,200
    *WMG Acquisition      
          7.375% 4/15/14 65,000   63,456
      1,128,153
Real Estate – 0.32%      
     American Real Estate      
          Partners 8.125% 6/1/12 40,000   41,000
     BF Saul REIT 7.50% 3/1/14  110,000   111,650
   *#Realogy 144A      
          12.375% 4/15/15 70,000   68,425
     Rouse 7.20% 9/15/12 20,000   20,715
      241,790
Services Cyclical – 2.61%      
    #Aramark 144A      
          8.50% 2/1/15 70,000   73,938
     Corrections Corporation of       
          America 7.50% 5/1/11 70,000   72,100
    #Fontainebleau Las Vegas      
          Holdings 144A      
          10.25% 6/15/15 25,000   25,875
     FTI Consulting      
          7.625% 6/15/13 100,000   103,750
   *#Galaxy Entertainment      
          Finance 144A      
          9.875% 12/15/12 100,000   109,249
     Gaylord Entertainment      
          8.00% 11/15/13 65,000   68,250
     Global Cash Access      
          8.75% 3/15/12 25,000   26,313
     Harrah’s Operating      
          6.50% 6/1/16 90,000   79,667
     Hertz 8.875% 1/1/14 60,000   64,875
    H-Lines Finance Holdings       
          11.00% 4/1/13 138,000   135,757
    *Horizon Lines      
          9.00% 11/1/12 50,000   53,313
     Isle of Capri Casinos      
          9.00% 3/15/12 25,000   26,250
     Kansas City Southern      
          de Mexico      
          9.375% 5/1/12 100,000   108,500
          12.50% 6/15/12 30,000   32,100
     Kansas City Southern      
          Railway 9.50% 10/1/08 50,000   52,500
     Majestic Star Casino      
          9.50% 10/15/10 100,000   105,500
     Mandalay Resort Group      
          9.375% 2/15/10   25,000 26,938
          9.50% 8/1/08 50,000   52,000
     MGM Mirage      
          7.50% 6/1/16 25,000   24,750
    #Mobile Services Group 144A      
          9.75% 8/1/14 60,000   65,700
   *‡Northwest Airlines      
          10.00% 2/1/09 15,000   11,213
    *OMI 7.625% 12/1/13 80,000   82,800
    #Penhall International 144A      
          12.00% 8/1/14 50,000   55,250
    #Pokagon Gaming Authority      
          144A 10.375% 6/15/14 110,000   124,299
   *#Rental Services 144A      
          9.50% 12/1/14 100,000   108,000
     Seabulk International      
          9.50% 8/15/13 50,000   54,188
     Station Casinos      
          6.625% 3/15/18 95,000   85,975
    Town Sports International       
          11.00% 2/1/14 40,000   36,800
     Wheeling Island Gaming      
          10.125% 12/15/09 125,000   127,812
      1,993,662
Services Non-Cyclical – 1.32%      
    #Aleris International 144A      
          10.00% 12/15/16 105,000   110,906
     Allied Waste North America       
          9.25% 9/1/12 25,000   26,438
     Casella Waste Systems      
          9.75% 2/1/13 150,000   159,749
     CRC Health 10.75% 2/1/16  100,000   111,750
     Geo Subordinate      
          11.00% 5/15/12 70,000   71,400
     HCA      
         *6.50% 2/15/16 45,000   39,825
         #144A PIK      
          9.625% 11/15/16 20,000   22,100
   *#HealthSouth 144A      
          10.75% 6/15/16 90,000   99,450
    #Universal Hospital PIK 144A      
          8.50% 6/1/15 45,000   46,181
     US Oncology      
          9.00% 8/15/12 10,000   10,500
          10.75% 8/15/14 50,000   54,750
    #US Oncology Holdings PIK      
          144A 9.797% 3/15/12 90,000   89,663
   *Vanguard Health Holding       
          11.25% 10/1/15 105,000   89,513
     WCA Waste 9.25% 6/15/14  75,000   80,344
      1,012,569

10



  Principal   Value
  Amount°   (U.S.$)
Corporate Bonds (continued)           
Technology & Electronics – 0.82%      
   *#Freescale      
          Semiconductor 144A      
          10.125% 12/15/16 USD 165,000   $     166,031
     International Business      
          Machines      
          4.00% 11/11/11 EUR 200,000   261,559
     MagnaChip Semiconductor      
          8.00% 12/15/14 USD 125,000   92,500
    *Solectron Global Finance      
          8.00% 3/15/16 55,000   55,688
    #UGS Capital II PIK 144A      
          10.348% 6/1/11 50,766   52,416
      628,194
Telecommunications – 1.92%      
     American Tower      
          7.125% 10/15/12 80,000   83,500
    #Broadview Networks      
          Holdings 144A      
          11.375% 9/1/12 70,000   75,425
    ·Centennial      
          Communications      
          11.099% 1/1/13 65,000   68,656
     Cricket Communications      
          9.375% 11/1/14 110,000   117,150
   *#Digicel Group 144A      
          8.875% 1/15/15 100,000   99,375
   ·#Hellas Telecommunications II      
          144A 11.106% 1/15/15 100,000   104,250
     Hughes Network Systems/      
          Finance 9.50% 4/15/14 160,000   170,000
    Inmarsat Finance       
          10.375% 11/15/12 140,000   135,100
    #Level 3 Financing 144A      
          8.75% 2/15/17 240,000   247,500
    #MetroPCS Wireless 144A      
          9.25% 11/1/14 35,000   37,056
     Qwest      
          7.50% 10/1/14 55,000   58,163
         ·8.605% 6/15/13 75,000   82,500
     Rural Cellular      
          9.875% 2/1/10 75,000   79,219
         ·11.106% 11/1/12 25,000   26,031
     Time Warner Telecom      
          Holdings 9.25% 2/15/14 40,000   43,150
     Triton PCS 8.50% 6/1/13 40,000   42,000
      1,469,075
Utilities – 0.62%      
   ‡#Calpine 144A      
          11.17% 7/15/07 68,425   72,531
     Elwood Energy      
          8.159% 7/5/26 98,331   103,912
    *Midwest Generation        
          8.30% 7/2/09    84,279   86,175
     Mirant North America        
          7.375% 12/31/13   125,000   132,812
     Orion Power Holdings        
          12.00% 5/1/10   70,000   80,938
        476,368
Total Corporate Bonds         
     (cost $15,733,710)       16,073,040 
 
Foreign Agencies – 3.03%             
Austria – 0.26%        
     Oesterreichische        
          Kontrollbank        
          1.80% 3/22/10 JPY 24,000,000   201,024
        201,024
Germany – 2.77%        
     KFW        
          1.75% 3/23/10 JPY   14,000,000   117,107
          3.50% 7/4/21 EUR 228,000   271,745
          4.125% 7/4/17 EUR 569,000   738,483
          4.95% 10/14/14 CAD 85,000   79,698
          8.25% 9/20/07 ISK 50,000,000   795,714
     Rentenbank        
          1.375% 4/25/13 JPY 14,000,000   114,279
        2,117,026
Total Foreign Agencies         
     (cost $2,280,415)       2,318,050
 
Regional Agency – 0.26%         
Australia – 0.26%        
     New South Wales Treasury         
          6.00% 5/1/12 AUD 242,000   196,484
Total Regional Agency         
     (cost $186,212)       196,484
 
Regional Authorities – 0.25%         
Canada – 0.25%        
     Ontario Province        
          5.375% 12/2/12 CAD 81,000   78,296
     Saskatchewan Province        
          4.75% 6/1/40 CAD 119,000   111,168
Total Regional Authorities         
     (cost $183,439)       189,464
 
«Senior Secured Loans – 0.46%         
     Community Health        
          9.36% 4/10/08 USD 100,000   99,750
     Ford Motor        
          8.36% 11/29/13   74,813   75,506
     HCA 7.614% 11/17/13   39,900   40,402

(continues)     11


Statement of net assets

Delaware Investments Global Dividend and Income Fund, Inc.

  Principal   Value
  Amount°   (U.S.$)
«Senior Secured Loans (continued)           
     Talecris Biotherapeutics         
          11.85% 12/6/14 USD 35,000 $   36,225
     Telesat Canada        
          9.00% 2/14/08   100,000   100,000
Total Senior Secured Loans         
     (cost $349,713)       351,883
 
Sovereign Agency – 0.20%         
Norway – 0.20%        
     Kommunalbanken        
          4.25% 10/24/11 NOK 940,000   149,841
Total Sovereign Agency         
     (cost $150,395)       149,841
 
Sovereign Debt – 8.15%         
Austria – 0.85%        
     Republic of Austria        
         #144A 4.00% 9/15/16 EUR 350,000   454,858
          5.25% 1/4/11 EUR 143,000   197,514
        652,372
France – 0.71%        
     France Government O.A.T         
          4.00% 10/25/38 EUR 30,000   36,591
          4.00% 4/25/55 EUR 420,000   507,890
        544,481
Germany – 0.45%        
     Deutschland Republic        
          6.25% 1/4/24 EUR 213,000   343,134
        343,134
Indonesia – 0.25%        
     Indondesia Government        
          10.00% 9/17/24 IDR 1,000,000,000   117,131
          10.25% 7/15/27 IDR 644,000,000   76,682
        193,813
Japan – 3.03%        
     Japan Government        
          2 yr Bond        
          0.70% 9/15/08 JPY 25,000,000   205,061
          5 yr Bond        
          1.50% 6/20/11 JPY 51,400,000   426,732
          10 yr Bond        
          1.90% 6/20/16 JPY 83,600,000   700,305
     Japan Government        
          20 yr Bond        
          2.10% 12/20/26 JPY 42,000,000   343,946
          2.30% 6/20/26 JPY 51,000,000   431,584
     Japanese Government        
          CPI Linked Bond        
          0.80% 3/10/16 JPY 26,431,500   211,619
        2,319,247
Malaysia – 0.42%        
     Malaysian Government        
          3.756% 4/28/11 MYR 535,000   159,618
          7.00% 3/15/09 MYR 509,000   159,076
        318,694
Mexico – 0.15%        
     Mexican Bonos        
          8.00% 12/17/15 MXN 500,000   47,830
          10.00% 12/5/24 MXN 600,000   69,284
        117,114
Norway – 1.34%        
     Norwegian Government        
          5.00% 5/15/15 NOK 4,531,000   748,806
          6.50% 5/15/13 NOK  1,527,000   271,222
        1,020,028
Poland – 0.20%        
     Poland Government        
          6.25% 10/24/15 PLN 410,000   154,024
        154,024
Republic of Korea – 0.23%        
     Government of South        
          Korea 4.25% 12/7/21 EUR 140,000   174,358
        174,358
Sweden – 0.40%        
     Sweden Government        
          5.50% 10/8/12 SEK 2,000,000   305,287
        305,287
United Kingdom – 0.12%        
     U.K. Treasury        
          5.00% 3/7/12 GBP 27,000   52,327
          9.00% 7/12/11 GBP 17,000   37,816
        90,143
Total Sovereign Debt         
     (cost $6,361,575)       6,232,695
 
Supranational Banks – 1.36%         
     Asia Development Bank        
          0.50% 10/9/12 AUD 199,000   120,737
     European Investment Bank         
          1.40% 6/20/17 JPY 35,300,000   282,270
          4.25% 12/7/10 GBP 173,000   324,819
     Inter-American        
          Development Bank        
          1.90% 7/8/09 JPY 34,000,000   284,498
     International Bank        
          for Reconstruction        
          & Development        
          13.625% 5/9/17 TRY 40,000   30,262
Total Supranational Banks         
     (cost $1,058,172)       1,042,586

12



   Number of    Value
   Shares        (U.S.$)
Warrant – 0.00%            
   †#Solutia 144A, exercise price      
          $7.59, expiration date      
          7/15/09 130   $             —
Total Warrant (cost $11,059)    
 
   Principal    
   Amount°    
Repurchase Agreements – 1.05%         
     With BNP Paribas      
          5.05% 6/1/07      
          (dated 5/31/07, to      
          be repurchased at      
          $470,866, collateralized      
          by $156,400      
          U.S. Treasury Notes      
          2.75% due 8/15/07,      
          market value $157,316,      
          $162,300 U.S. Treasury      
          Notes 3.50% due      
          2/15/10, market value      
          $158,745, $65,600      
          U.S. Treasury Notes      
          4.50% due 2/15/09,      
          market value $66,085      
          and $96,100      
          U.S. Treasury Notes      
          6.125% due 8/15/07,      
          market value $98,135) USD  470,800   470,800
     With Cantor Fitzgerald      
          5.05% 6/1/07      
          (dated 5/31/07, to      
          be repurchased at      
          $232,033, collateralized      
          by $154,700      
          U.S. Treasury Notes      
          3.625% due 7/15/09,      
          market value $152,975      
          and $83,500      
          U.S. Treasury Notes      
          4.875% due 4/30/08,      
          market value $83,736) 232,000   232,000
     With UBS Warburg      
          5.04% 6/1/07      
          (dated 5/31/07, to      
          be repurchased at      
          $103,214, collateralized      
          by $103,500      
          U.S. Treasury Notes      
          4.75% due 12/31/08,      
          market value $105,269) 103,200   103,200
Total Repurchase Agreements       
     (cost $806,000)     806,000
 
Total Value of Securities       
     Before Securities Lending       
     Collateral – 128.45%       
     (cost $81,177,600)     98,224,748
 
Securities Lending Collateral** – 18.24%      
Short-Term Investments – 18.24%      
Fixed Rate Notes – 7.63%      
     Bank of Montreal      
          5.29% 6/4/07 310,124   310,124
     Citigroup Global Markets      
          5.32% 6/1/07   3,094,896   3,094,896
     Credit Agricole      
          5.31% 10/4/07 310,124   310,124
     Fortis Bank 5.31% 6/18/07 465,185   465,185
     HBOS Treasury Services      
          5.30% 6/29/07 496,198   496,198
     ING Bank      
          5.31% 7/3/07 186,074   186,074
          5.33% 7/9/07 310,124   310,124
     Societe Generale      
          5.30% 6/1/07 155,062   155,062
          5.32% 6/1/07 508,445   508,445
      5,836,232
·Variable Rate Notes – 10.61%      
     ANZ National      
          5.32% 6/30/08 62,025   62,025
     Australia New Zealand      
          5.32% 6/30/08 310,123   310,123
     Bank of New York      
          5.32% 6/30/08 248,099   248,099
     Bayerische Landesbank      
          5.37% 6/30/08 310,123   310,123
     Bear Stearns      
          5.38% 11/30/07 434,173   434,173
     BNP Paribas 5.33% 6/30/08 310,123   310,123
     Calyon 5.33% 8/14/07 155,062   155,062
     Canadian Imperial Bank      
          5.32% 6/30/08 217,086   217,086
          5.33% 8/15/07 248,099   248,099
     CDC Financial Products      
          5.36% 6/29/07 403,161   403,161
     Citigroup Global Markets      
          5.38% 6/7/07 403,161   403,161
     Commonwealth Bank      
          5.32% 6/30/08 310,124   310,124
     Credit Suisse First Boston      
          5.32% 3/14/08 310,124   310,124
     Deutsche Bank      
          5.34% 8/20/07 434,173   434,173
          5.34% 9/21/07 46,518   46,518
     Dexia Bank 5.32% 9/28/07 434,158   434,130
     Goldman Sachs Group      
          5.45% 5/30/08 365,946   365,946
     Marshall & Ilsley Bank      
          5.32% 6/30/08 341,136   341,136
     Morgan Stanley      
          5.49% 6/30/08 403,161   403,161
     National Australia Bank      
          5.31% 6/30/08 384,553   384,553

(continues)     13


Statement of net assets

Delaware Investments Global Dividend and Income Fund, Inc.

 

  Principal Value
  Amount°       (U.S.$)
Securities Lending Collateral** (continued)      
·Variable Rate Notes (continued)      
     National Rural Utilities    
          5.31% 6/30/08 USD  489,995 $      489,995
     Nordea Bank    
          5.33% 6/30/08 310,124 310,124
     Royal Bank of Scotland    
          Group 5.33% 6/30/08 310,124 310,124
     Societe Generale    
          5.31% 6/30/08 155,062 155,062
     Sun Trust Bank    
          5.33% 7/30/07 403,161 403,161
     Wells Fargo 5.33% 6/30/08 310,124 310,124
    8,109,690
 Total Securities Lending Collateral     
     (cost $13,945,922)   13,945,922
 
Total Value of Securities – 146.69%     
     (cost $95,123,522)   112,170,670 ©
Obligation to Return Securities     
     Lending Collateral** – (18.24%)    (13,945,922 )
Borrowing Under Line of Credit – (30.08%)  (23,000,000 )
Receivables and Other Assets Net     
     of Liabilities – 1.63%    1,244,950
Net Assets Applicable to 5,463,746     
     Shares Outstanding; Equivalent to $14.00   
     per Share – 100.00%    $  76,469,698
 
Components of Net Assets at May 31, 2007:   
Common stock, $0.01 par value,    
     500,000,000 shares authorized to the Fund $58,668,631
Distributions in excess of net investment income (52,842 ) 
Accumulated net realized gain on investments 799,387
Net unrealized appreciation of investments and  
     foreign currencies   17,054,522
Total net assets   $  76,469,698

°Principal amount shown is stated in the currency in which each security is denominated.

AUD — Australian Dollar
CAD — Canadian Dollar
CHF — Swiss Franc
EUR — European Monetary Unit
GBP — British Pound Sterling
IDR — Indonesian Rupiah
ISK — Iceland Krona
JPY — Japanese Yen
MXN — Mexican Peso
MYR — Malaysia Ringgit
NOK — Norwegian Kroner
NZD — New Zealand Dollar
PLN — Polish Zloty
RUB — Russian Ruble
SEK — Swedish Kroner
TRY — Turkish Lira
USD — United States Dollar

* Fully or partially on loan.
 
** See Note 9 in “Notes to Financial Statements. ”
 
© Includes $13,566,010 of securities loaned.
 
· Variable rate security. The rate shown is the rate as of May 31, 2007.
 
Non-income producing security for the period ended May 31, 2007.
 
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.
 
« Step coupon bond. Coupon increases periodically based on a predetermined schedule. Stated rate in effect at May 31, 2007.
 
= Security is being fair valued in accordance with the Fund’s fair valuation policy. At May 31, 2007, the aggregate amount of fair valued securities equaled $32,566, which represented 0.02% of the Fund’s net assets. See Note 1 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 May 31, 2007, the aggregate amount of the restricted securities equaled $0 or 0.00% of the Fund’s net assets. See Note 10 in “Notes to Financial Statements. ”
 
v Securities have been classified by type of business. Classification by country of origin has been presented in Sector and Country Allocations on pages 1 and 2.
 
# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At May 31, 2007, the aggregate amount of Rule 144A securities equaled $6,965,875, which represented 9.11% of the Fund’s net assets. See Note 10 in “Notes to Financial Statements. ”
 
^ Zero coupon security. The rate shown is the yield at the time of purchase.
 
@ Illiquid security. At May 31, 2007, the aggregate amount of illiquid securities equals $0, which represented 0.00% of the Fund’s net assets. See Note 10 in “Notes to Financial Statements. ”
 
« Senior Secured Loans in which the Fund invests 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.

Summary of Abbreviations:
ADR — American Depositary Receipt
CPI — Consumer Price Index
O.A.T. — Obligation Assimilable au Tresor (Treasury Obligation)
PIK — Payment-in-kind
REIT — Real Estate Investment Trust
yr — Year

14



 
The following foreign currency exchange contracts and foreign cross currency exchange contracts were outstanding at May 31, 2007:

Foreign Currency Exchange Contracts1

                     Unrealized
Contracts to  In  Settlement  Appreciation
Receive (Deliver)        Exchange For        Date        (Depreciation)
AUD 104,328   NZD (118,000 )  6/29/07     $   (477 )
CAD 177,166 NOK (985,663 )    6/29/07   2,268  
CHF 177,189 PLN (408,000 )  6/29/07 861
EUR 432,302 GBP (295,000 )  6/29/07 (1,679 )
EUR 62,534 NZD (115,760 )  6/29/07   (914 )
EUR 104,402 USD (140,559 )  6/29/07 69
EUR 141,548 SEK (1,301,002 )  6/29/07 2,339
GBP 176,080 JPY (42,342,000 )  6/29/07 (689 )
JPY 17,743,783 EUR (109,000 )  6/29/07 (462 )
JPY 35,225,158 EUR (216,819 )  6/29/07   (1,498 )
JPY 79,936,640   EUR (490,000 )    6/29/07   (666 )
PLN 367,600 USD (126,571 )  6/8/07 3,224
TRY (262,967 )   USD 194,000  6/29/07 (3,498 )
          $(1,122 )
 
The use of foreign currency and foreign cross currency exchange 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 Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

1See Note 8 in “Notes to Financial Statements.”

See accompanying notes

15


Statement of operations

Delaware Investments Global Dividend and Income Fund, Inc.

Six Months Ended May 31, 2007 (Unaudited)

Investment Income:             
Dividends $  912,935  
Interest 1,046,838  
Securities lending income 26,855  
Foreign tax withheld (35,666 )  $1,950,962  
 
Expenses:     
     Management fees 339,225  
     Reports to shareholders 36,832  
     Accounting and administration expenses 19,328  
     Transfer agent fees 18,578  
     NYSE fees 12,500  
     Custodian fees 10,500  
     Pricing fees 9,439  
     Audit and tax 6,664  
     Taxes (other than taxes on income) 4,922  
     Legal fees 4,737  
     Dues and services 3,812  
     Directors’ fees and benefits 2,222  
     Leverage expenses 982  
     Insurance fees 969  
     Consulting fees 610  
     Registration fees 325  
     Directors’ expenses 142 471,787
     Less expense paid indirectly   (937 ) 
     Total operating expenses (before interest expense)   470,850
     Interest expense   671,578
     Total operating expenses (after interest expense)   1,142,428
Net Investment Income    808,534
 
Net Realized and Unrealized Gain (Loss) on Investments and Foreign Currencies:     
     Net realized gain (loss) on:    
          Investments   2,393,394
          Foreign currencies   (104,164)
     Net realized gain   2,289,230
     Net change in unrealized appreciation/depreciation of investments and foreign currencies   4,065,426
Net Realized and Unrealized Gain on Investments and Foreign Currencies    6,354,656
 
Net Increase in Net Assets Resulting from Operations    $7,163,190

See accompanying notes

16


Statements of changes in net assets

Delaware Investments Global Dividend and Income Fund, Inc.

  Six Months  Year
   Ended  Ended
   5/31/07  11/30/06
   (Unaudited)          
Increase in Net Assets from Operations:     
     Net investment income $    808,534   $  1,493,394
     Net realized gain on investments and foreign currencies 2,289,230 4,597,383
     Net change in unrealized appreciation/depreciation of investments and foreign currencies: 4,065,426 8,678,243
     Net increase in net assets resulting from operations 7,163,190 14,769,020
 
Dividends and Distributions to Shareholders from:1     
     Net investment income (2,294,773 ) (1,727,584 )
     Net realized gains (988,938 ) (12,532,793 )
  (3,283,711 ) (14,260,377 )
 
Net Increase in Net Assets  3,879,479 508,643
 
Net Assets:     
     Beginning of period 72,590,219 72,081,576
     End of period (including distributions in excess of net investment income of $52,842 and $229,991,    
          respectively) $76,469,698 $72,590,219

1 See Note 4 in “Notes to Financial Statements.”

See accompanying notes

17


Statement of cash flows

Delaware Investments Global Dividend and Income Fund, Inc.

Six Months Ended May 31, 2007 (Unaudited)

Net Cash (Including Foreign Currency) Provided by Operating Activities:   
Net increase in net assets resulting from operations $ 7,163,190  
 
     Adjustments to reconcile net increase in net assets from operations to cash provided by operating activities:  
          Amortization of premium and discount on investments purchased (74,389 )
          Net proceeds from investment transactions 2,319,745
          Net realized gain on investment transactions (2,393,394 )
          Net realized loss on foreign currencies and options 104,164
          Net change in unrealized appreciation/depreciation of investments and foreign currencies (4,065,426 )
          Decrease in receivable for investments sold 1,702,362
          Increase in interest and dividends receivable (6,534 )
          Decrease in payable for investments purchased (701,761 )
          Decrease in interest payable (11,209 )
          Decrease in accrued expenses and other liabilities (47,540 )
     Total adjustments (3,173,982 )
Net cash provided by operating activities 3,989,208
 
Cash Flows Used for Financing Activities:   
     Decrease in principal on line of credit
     Cash dividends and distributions paid (3,283,711 )
Net cash used for financing activities (3,283,711 )
Effect of exchange rates on cash (157,981 )
Net increase in cash 547,516
Cash at beginning of period 522,799
Cash at end of period $ 1,070,315
 
Cash paid for interest expense for leverage $    682,787

See accompanying notes

18


Financial highlights

Delaware Investments Global Dividend and Income Fund, Inc.

 

Selected data for each share of the Fund outstanding throughout each period were as follows:

   Six Months          
   Ended  Year Ended
   5/31/071  11/30/06  11/30/05  11/30/04  11/30/03        11/30/02
   (Unaudited)                                                    
Net asset value, beginning of period    $13.290   $13.190 $13.590   $11.980   $9.940 $11.170  
 
Income (loss) from investment operations:             
Net investment income2  0.148 0.273 0.384 0.416 0.554 0.499
Net realized and unrealized gain (loss) on investments            
   and foreign currencies 1.163 2.437 0.176 2.154 2.570 (0.260 )
Total from investment operations 1.311 2.710 0.560 2.570 3.124 0.239
 
Less dividends and distributions from:             
Net investment income (0.480 ) (0.316 ) (0.398 ) (0.815 ) (0.918 ) (0.365 )
Net realized gain on investments (0.121 ) (2.294 ) (0.562 ) (0.145 )
Return of capital (0.166 ) (1.104 )
Total dividends and distributions (0.601 ) (2.610 ) (0.960 ) (0.960 ) (1.084 ) (1.469 )
 
Net asset value, end of period  $14.000 $13.290 $13.190 $13.590 $11.980 $9.940
 
Market value, end of period  $13.740 $13.800 $13.400 $12.300 $11.900 $10.400
 
Total return based on:3             
Market value 4.06% 24.39% 17.22% 12.01% 25.92% (5.49% )
Net asset value 10.18% 21.61% 4.43% 22.92% 32.63% 0.28%
 
Ratios and supplemental data:             
Net assets, end of period (000 omitted) $76,470 $72,590 $72,082 $81,321 $71,693 $59,523
Ratio of expenses to average net assets 3.10% 3.24% 2.59% 1.92% 2.04% 2.26%
Ratio of expenses to adjusted average net assets            
   (before interest expense)4  0.97% 1.01% 1.13% 0.98% 1.08% 1.06%
Ratio of interest expense to adjusted average net assets4  1.39% 1.40% 0.87% 0.46% 0.46% 0.64%
Ratio of net investment income to average net assets 2.20% 2.21% 2.84% 3.31% 5.14% 4.69%
Ratio of net investment income to adjusted average net assets4  1.68% 1.65% 2.19% 2.48% 3.88% 3.53%
Portfolio turnover 49% 76% 121% 78% 99% 69%
 
Leverage Analysis:             
Debt outstanding at end of period at par (000 omitted) $23,000 $23,000 $23,000 $25,000 $21,000 $21,000
Average daily balance of debt outstanding (000 omitted) $23,000 $23,000 $24,195 $24,410 $21,000 $21,603
Average daily balance of shares outstanding (000 omitted) 5,464 5,464 5,777 5,986 5,986 5,986
Average debt per share $4.21 $4.21 $4.19 $4.08 $3.51 $3.61
Asset coverage per $1,000 of debt outstanding at end of period $4,325 $4,156 $4,134 $4,253 $4,414 $3,834
       

1 Ratios and portfolio turnover have been annualized and total return has not been annualized.
2 The average shares outstanding method has been applied for per share information.
3 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 purpose of this calculation, to be reinvested at prices obtained under the Fund’s 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.
4 Adjusted average net assets excludes debt outstanding.

See accompanying notes

19


Notes to financial statements

Delaware Investments Global Dividend and Income Fund, Inc.

May 31, 2007 (Unaudited)

Delaware Investments Global Dividend and Income Fund, Inc. (the “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 Fund’s shares trade on the New York Stock Exchange (NYSE) under the symbol DGF.

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 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. Securities listed on a foreign exchange are valued at the last quoted sales price before the Fund is valued. U.S. government and agency securities are valued at the mean between the bid and asked prices. Long-term debt securities are valued by an independent pricing service 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 is valued at amortized cost, which approximates value. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and asked prices of the contracts and are marked-to-market daily. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. 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 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 an 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 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 Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet 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. Recent SEC guidance allows implementing FIN 48 in fund net asset value calculations as late as the fund’s 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 Fund’s tax positions are currently being evaluated, management does not expect the adoption of FIN 48 to have a material impact on the Fund’s 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 and if necessary, a return of capital. The current annualized rate is $0.96 per share. 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.

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

Repurchase Agreements — The Fund may invest in a pooled cash account along with members of the Delaware Investments® Family of Funds pursuant to an exemptive order issued by the Securities and Exchange Commission. 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

20


1. Significant Accounting Policies (continued)

Fund’s 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 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. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all non-rebatable tax withholdings. Withholding taxes on foreign dividends have been provided for in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. Distributions received from investments in Real Estate Investment Trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such 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. There were no commission rebates for the six months ended May 31, 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 may receive 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 0.70%, which is calculated daily based on the adjusted average weekly net assets. Adjusted average weekly net assets does not include the line of credit liability.

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides accounting and administration services. The Fund pays DSC a monthly fee computed at the annual rate of 0.04% of the Fund’s adjusted average weekly net assets for accounting and administration services.

At May 31, 2007, the Fund had liabilities payable to affiliates as follows:

Investment management fee payable to DMC    $57,743
Accounting and administration fees and other   
     expenses payable to DSC  13,658
Other expenses payable to DMC and affiliates*  6,595

*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 six months ended May 31, 2007, the Fund was charged $1,742 for internal legal and tax services provided by DMC and/or its affiliates’ employees.

Certain officers of DMC, DSC and DDLP are officers and/or directors of the Fund. These officers and directors are paid no compensation by the Fund.

During the six months ended May 31, 2007, Thomas H. Chow was appointed co-portfolio manager of the Fund. Mr. Chow assumed responsibility for managing the high yield fixed income holdings of the Fund. Mr. Chow works with Babak Zenouzi, Damon J. Andres, D. Tysen Nutt, Jr., Jordan L. Irving, Anthony A. Lombardi, Robert A. Vogel, Nikhil G. Lalvani, Nashira S. Wynn, Zoe A. Neale, Edward A. Gray, Todd A. Bassion, and Philip R. Perkins making day-today decisions for the Fund.

3. Investments

For the six months ended May 31, 2007, the Fund made purchases of $23,239,215 and sales of $24,146,459 of investment securities other than short-term investments.

At May 31, 2007, the cost of investments for federal income tax purposes has been estimated since the final tax characteristics cannot be determined until fiscal year end. At May 31, 2007, the cost of investments was $95,213,710. At May 31, 2007, net unrealized appreciation was $16,956,960, of which $17,861,343 related to unrealized appreciation of investments and $904,383 related to unrealized depreciation of investments.

(continues)     21


Notes to financial statements

Delaware Investments Global Dividend and Income Fund, Inc.

 

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, gains (losses) on foreign currency transactions and 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 six months ended May 31, 2007 and the year ended November 30, 2006 was as follows:

    Six Months       Year
    Ended   Ended
    5/31/07*    11/30/06
Ordinary Income  $1,366,586   $ 3,294,270
Long-Term Capital Gain  1,917,125     10,966,107
Total    $3,283,711   $ 14,260,377

*Tax information for the period ended May 31, 2007 is an estimate and the tax character of dividends and distributions may be redesignated at fiscal year end.

5. Components of Net Assets on a Tax Basis

The components of net assets are estimated since final tax characteristics cannot be determined until fiscal year end. As of May 31, 2007, the estimated components of net assets on a tax basis were as follows:

Shares of beneficial interest  $ 58,668,631  
Undistributed long-term capital gain  855,924  
Unrealized appreciation of investments       
     and foreign currencies  16,964,173  
Other temporary differences    (19,030 ) 
Net assets  $ 76,469,698  

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, straddle deferrals, mark-to-market of foreign currency contracts, tax treatment of market discount and premium on debt instruments, realization of unrealized gain on investments in passive foreign investment companies and tax treatment of contingent payment 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 gain (loss) on foreign currency transactions, market discounts and premiums on certain debt instruments, and REITs. Results of operations and net assets were not affected by these reclassifications. For the six months ended May 31, 2007, the Fund recorded an estimate of these differences since the final tax characteristics cannot be determined until fiscal year end.

Undistributed net investment income  $ 1,663,388  
Accumulated net realized loss  (1,638,485 ) 
Paid-in capital  (24,903 ) 

6. Capital Stock

Shares obtained under the Fund’s dividend reinvestment plan are purchased by the Fund’s transfer agent, Mellon Investor Services, LLC, in the open market. There were no shares issued under the Fund’s dividend reinvestment plan for the six months ended May 31, 2007.

For the six months ended May 31, 2007 the Fund did not have any transactions in common shares.

The Fund did not repurchase any shares under the Share Repurchase Program during the six months ended May 31, 2007.

7. Line of Credit

The Fund has entered into a Line of Credit Agreement with JPMorgan Chase for $25,000,000 that expires on January 17, 2008. At May 31, 2007, the par value of loans outstanding was $23,000,000 at a variable interest rate of 5.735%. During the six months ended May 31, 2007, the average daily balance of loans outstanding was $23,000,000 at a weighted average interest rate of approximately 5.77%. The maximum amount of loans outstanding at any time during the period was $23,000,000. 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 Fund’s portfolio.

8. Foreign Currency Exchange Contracts

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

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency increase. In addition, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The unrealized gain (loss) is included in receivables and other assets net of liabilities on the Statement of Net Assets.

9. 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 JPMorgan Chase. Initial security loans made pursuant to the Lending Agreement are required to be secured by U.S. government obligations and/or cash collateral not less than 102% of the value of the securities issued in the United States. With respect to each loan, if the aggregate value of the collateral held on any business day is less than the aggregate 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 fixed income securities, with a weighted average maturity not to exceed 90 days, rated in one of the top two tiers by Standard & Poor’s Ratings Group or Moody’s Investors

22


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 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 May 31, 2007, the value of securities on loan was $13,566,010, 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.”

10. Credit and Market Risk

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad. The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

The Fund invests a portion of its assets in high yield fixed income securities, which carry ratings of BB or lower by Standard & Poor’s Ratings Group and/or Ba or lower by Moody’s 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 may invest up to 10% of its total assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board of Directors has delegated to DMC the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid assets. Rule 144A and illiquid securities have been identified on the Statement of Net Assets.

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 six months ended May 31, 2007. The Fund’s holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

11. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s 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 Fund’s existing contracts and expects the risk of loss to be remote.

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Other Fund information

Delaware Investments Global Dividend and Income Fund, Inc.

 

Board Consideration of Delaware Investments Global Dividend and Income Fund, Inc. Investment Advisory Agreement

At a meeting held on May 16-17, 2007 (the “Annual Meeting”), the Board of Directors, including a majority of disinterested or independent Directors, approved the renewal of the Investment Advisory Agreement for the Delaware Investments Global Dividend and Income Fund, Inc. (the “Fund”). In making its decision, the Board considered information furnished throughout the year at regular Board meetings, including reports detailing Fund performance, investment strategies and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory contract. Information furnished specifically in connection with the renewal of the Investment Advisory Agreement with Delaware Management Company (“DMC”) included materials provided by DMC and its affiliates (“Delaware Investments”) concerning, among other things, the level of services provided to the Fund, the costs of such services to the Fund, economies of scale and the financial condition and profitability of Delaware Investments. In addition, in connection with the Meeting, the Board separately received and reviewed in mid-January 2007 independent historical and comparative reports prepared by Lipper Inc. (“Lipper”), an independent statistical compilation organization. The Lipper reports compared the Fund’s investment performance and expenses with those of other comparable mutual funds. The Board requested and received certain information regarding management’s policy with respect to advisory fee levels and its philosophy with respect to breakpoints; the structure of portfolio manager compensation; the investment manager’s profitability; and any constraints or limitations on the availability of securities in certain investment styles which might inhibit DMC’s ability to fully invest in accordance with Fund policies.

In considering information relating to the approval of the Fund’s advisory agreement, the independent Directors received assistance and advice from and met separately with independent counsel. While attention was given to all information furnished, the following discusses under separate headings the primary factors taken into account by the Board in its contract renewal considerations.

NATURE, EXTENT AND QUALITY OF SERVICE. Consideration was given to the services provided by Delaware Investments to the Fund and its shareholders. In reviewing the nature, extent and quality of services, the Board emphasized reports furnished to it throughout the year at regular Board meetings covering matters such as the compliance of portfolio managers with the investment policies, strategies and restrictions for the Fund, the compliance of management personnel with the Code of Ethics adopted throughout the Delaware Investments Family of Funds complex and the adherence to fair value pricing procedures as established by the Board. The Board noted that it was pleased with the current staffing of the Fund’s investment advisor and the emphasis placed on research in the investment process. Favorable consideration was given to DMC’s efforts to maintain, and in some instances increase, financial and human resources committed to fund matters. The Board was satisfied with the nature, extent and quality of the overall services provided by Delaware Investments.

INVESTMENT PERFORMANCE. The Board considered the investment performance of DMC and the Fund. The Board placed significant emphasis on the investment performance of the Fund in view of its importance to shareholders. While consideration was given to performance reports and discussions with portfolio managers at Board meetings throughout the year, particular weight was given to the Lipper reports furnished for the Annual Meeting. The Lipper reports prepared for the Fund showed the investment performance of its shares in comparison to a group of similar funds as selected by Lipper (the “Performance Universe”). A fund with the highest performance ranked first, and a fund with the lowest ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25% — the second quartile; the next 25% — the third quartile; and the lowest/ worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Fund was shown for the past one–, three–, five–, and ten–year periods ended December 31, 2006. The Board also considered comparative annualized performance for the Fund for the same periods ended October 31, 2006. The performance comparison presented below is based upon the December 31, 2006 information. The Board noted its objective that the Fund’s performance for the periods considered be at or above the median of its Performance Universe. The following paragraph summarizes the performance results for the Fund and the Board’s view of such performance.

The Performance Universe for the Fund consisted of the Fund and all leveraged closed–end income and preferred stock funds as selected by Lipper. The Lipper report comparison showed that the Fund’s total return for the one–, three–, five–, and ten–year periods was in the first quartile. The Board was very satisfied with performance.

COMPARATIVE EXPENSES. The Board considered expense comparison data for the Delaware Investments Family of Funds as of October 31, 2006. Management provided the Board with information on pricing levels and fee structures for the Fund. The Board focused particularly on the comparative analysis of the management fees and total expense ratios of the Fund and the effective management fees and expense ratios of a group of similar leveraged closed-end funds as selected by Lipper (the “Expense Group”). In reviewing comparative costs, the Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees (as reported by each fund) of other funds within the Expense Group, taking into account any applicable breakpoints and fee waivers. The Fund’s total expenses were also compared with those of its Expense Group. The Board also considered fees paid to Delaware Investments for non-management services. The Board noted its objective to limit the Fund’s total expense ratio to an acceptable range as compared to the median of the Expense Group. The following paragraph summarizes the expense results for the Fund and the Board’s view of such expenses.

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The expense comparisons for the Fund showed that its actual management fee was ranked first (lowest) of the four funds in the Expense Group and its total expenses were ranked third (second highest) of the four funds in the Expense Group. The Board gave favorable consideration to the Fund’s management fee but noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating the total expenses, the Board considered that there were only four funds in the Expense Group. The Board was satisfied with the management fees and asked that the total expenses continue to be monitored.

MANAGEMENT PROFITABILITY. The Board considered the level of profits, if any, realized by Delaware Investments in connection with the operation of the Fund. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of Delaware Investments’ business in providing management and other services to each of the individual funds and the Delaware Investments Family of Funds as a whole. Specific attention was given to the methodology followed in allocating costs for the purpose of determining profitability. Management stated that the level of profits of Delaware Investments, to a certain extent, reflected operational cost savings and efficiencies initiated by Delaware Investments. The Board considered Delaware Investments’ efforts to improve services provided to fund shareholders and to meet additional regulatory and compliance requirements resulting from recent SEC initiatives. The Board also considered the extent to which Delaware Investments might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Investments Family of Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. The Board found that the level of management fees was reasonable in light of the services rendered and the profitability of Delaware Investments.

ECONOMIES OF SCALE. As a closed-end fund, the Fund does not issue shares on a continuous basis. Fund assets increase only to the extent that the value of the underlying securities in the Fund increase. Accordingly, the Board determined that the Fund was not likely to experience significant economies of scale due to asset growth and, therefore, a fee schedule with breakpoints to pass the benefit of economies of scale on to shareholders was not likely to provide the intended effect.

25


About the organization

This semiannual report is for the information of Delaware Investments® Global 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

Affiliated officers

David F. Connor
Vice President, Deputy General Counsel,
and Secretary
Delaware Investments Family of Funds
Philadelphia, PA

David P. O’Connor
Senior Vice President, General Counsel,
and Chief Legal Officer
Delaware Investments Family of Funds
Philadelphia, PA

John J. O’Connor
Senior Vice President and Treasurer
Delaware Investments Family of Funds
Philadelphia, PA

Richard Salus
Senior Vice President and
Chief Financial Officer

Delaware Investments Family of Funds
Philadelphia, PA

Contact information

Investment manager
Delaware Management Company
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

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

Your reinvestment options
Delaware Investments Global 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.


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 Fund’s 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 Fund’s Web site at http://www.delawareinvestments.com; and (iii) on the Commission’s Web site at http://www.sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the Commission’s 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 Fund’s Web site at http://www.delawareinvestments.com; and (ii) on the Commission’s Web site at http://www.sec.gov.


†Audit committee member

26







      


 

(1947)   Printed in the USA
SA-DGF [5/07] CGI 7/07   MF-07-06-116   PO12006


Item 2. Code of Ethics

     Not applicable.

Item 3. Audit Committee Financial Expert

     Not applicable.

Item 4. Principal Accountant Fees and Services

     Not applicable.

Item 5. Audit Committee of Listed Registrants

     Not applicable.

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

     Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies


Other Accounts Managed
     The following chart lists certain information about types of other accounts for which the portfolio managers are primarily responsible as of March 31, 2007. Any accounts managed in a personal capacity appear under “Other Accounts” along with other accounts managed on a professional basis. The personal account information is current as of the most recent calendar quarter-end for which account statements are available.

        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  7  $3.0 billion  0  $0 
 Investment         
 Companies         
 Other pooled  0  $0  0  $0 
 Investment Vehicles         
 Other Accounts  5  $97.0 million  0  $0 
 Todd A. Bassion         
 Registered  4  $1.4 billion  0  $0 
 Investment         
 Companies         
 Other pooled  0  $0  0  $0 
 Investment Vehicles         
 Other Accounts  9  $406.1 million  0  $0 
 Thomas H. Chow         
 Registered  20  $8.6 billion  0  $0 
 Investment         
 Companies         
 Other pooled  1  $13.5 million  0  $0 
 Investment Vehicles         
 Other Accounts  3  $1.0 billion  0  $0 
 Edward A. Gray         
 Registered  4  $1.4 billion  0  $0 
 Investment         
 Companies         
 Other pooled  0  $0  0  $0 
 Investment Vehicles         
 Other Accounts  7  $405.8 million  0  $0 
 Nikhil G. Lalvani         
 Registered  10  $4.4 billion  0  $0 
 Investment         
 Companies         
 Other pooled  0  $0  0  $0 
 Investment Vehicles         
 Other Accounts  27  $3.8 billion  2  $1.1 billion 
 Anthony A. Lombardi         
 Registered  10  $4.4 billion  0  $0 
 Investment         
 Companies         
 Other pooled  0  $0  0  $0 
 Investment Vehicles         
 Other Accounts  35  $3.8 billion  2  $1.1 billion 
 Zoe A. Neale         
 Registered  4  $1.4 billion  0  $0 
 Investment         
 Companies         
 Other pooled  0  $0  0  $0 
 Investment Vehicles         
 Other Accounts  11  $407.8 million  0  $0 



 Ty Nutt         
 Registered  10  $4.4 billion  0  $0 
 Investment         
 Companies         
 Other pooled  0  $0  0  $0 
 Investment Vehicles         
 Other Accounts  34  $3.8 billion  2  $1.1 billion 
 Philip R. Perkins         
 Registered  4  $3.2 billion  0  $0 
 Investment         
 Companies         
 Other pooled  0  $0  0  $0 
 Investment Vehicles         
 Other Accounts  4  $59.7 million  0  $0 
 Robert A. Vogel, Jr.         
 Registered  10  $4.4 billion  0  $0 
 Investment         
 Companies         
 Other pooled  0  $0  0  $0 
 Investment Vehicles         
 Other Accounts  36  $3.8 billion  2  $1.1 billion 
 Nashira S. Wynn         
 Registered  10  $4.4 billion  0  $0 
 Investment         
 Companies         
 Other pooled  0  $0  0  $0 
 Investment Vehicles         
 Other Accounts  26  $3.8 billion  2  $1.1 billion 
 Babak Zenouzi         
 Registered  7  $3.0 billion  0  $0 
 Investment         
 Companies         
 Other pooled  0  $0  0  $0 
 Investment Vehicles         
 Other Accounts  4  $97.0 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 manager’s management of personal accounts also may present certain conflicts of interest. While the Manager’s Code of Ethics is designed to address these potential conflicts, there is no guarantee that it will do so.

Compensation Structure 
     
Each portfolio manager’s 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 50% of the bonus is quantitatively determined. For investment companies, each manager is compensated according the Fund’s 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.

     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 Lincoln’s 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 Lincoln’s 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 March 31, 2007, the Funds’ portfolio managers owned the following amounts of Fund shares:

  Dollar Range Of Fund 
Portfolio Manager        Shares Owned1 
Damon J. Andres  none 
Edward A. Gray  none 
Jordan L. Irving  none 
Nikhil G. Lalvani  none 
Anthony A. Lombardi  none 
Zoe A. Neale  none 
Ty Nutt  none 
Philip R. Perkins  none 
Robert A. Vogel, Jr.  none 
Nashira S. Wynn  none 
Babak Zenouzi  none 

1     Includes Fund shares beneficially owned by portfolio manager and immediate family members sharing the same household. 

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 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 second fiscal quarter of the period covered by the report to stockholders included herein (i.e., the registrant’s second fiscal quarter) that have materially affected, or are reasonably likely to materially affect, the registrant’s 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 Global Dividend and Income Fund, Inc.

PATRICK P. COYNE 
By:  Patrick P. Coyne 
Title:  Chief Executive Officer 
Date:  August 3, 2007 

     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:  August 3, 2007 
 
 
RICHARD SALUS 
By:  Richard Salus 
Title:  Chief Financial Officer 
Date:  August 3, 2007 
 


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EXHIBIT 99.CERT

CERTIFICATION

I, Patrick P. Coyne, certify that:

1.       I have reviewed this report on Form N-CSR of Delaware Investments Global 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 registrant’s 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 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.
 
Date: August 3, 2007   
     
PATRICK P. COYNE   
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 Global 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 registrant’s 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 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.
 
Date: August 3, 2007   
     
RICHARD SALUS   
By:  Richard Salus
Title:  Chief Financial Officer


EX-99.906CERT 6 exhibit99_906-cert.htm CERTIFICATION PURSUANT TO SECTION 906

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 officer’s 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: August 3, 2007
 

PATRICK P. COYNE  
By:  Patrick P. Coyne   
Title:  Chief Executive Officer   
  
  
RICHARD SALUS   
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.


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