Delaware Investments® Dividend and Income Fund, Inc.

Objective

The primary investment objective of the Fund is to seek high current income with capital appreciation as a secondary objective.

Strategy

The Fund is a diversified closed-end fund. The primary investment objective is to seek high current income; capital appreciation is a secondary objective. The Fund seeks to achieve its objectives by investing, under normal circumstances, at least 65% of its total assets in income-generating equity securities, including dividend-paying common stocks, convertible securities, preferred stocks, and other equity-related securities. Up to 35% of the Fund's total assets may be invested in nonconvertible debt securities consisting primarily of high-yield, high-risk corporate bonds. In addition, the Fund utilizes leveraging techniques in an attempt to obtain a higher return for the Fund. There is no assurance that the Fund will achieve its investment objectives.

Total net assets as of 09/30/2020

All share classes
$67.4 million

Historic pricing

NAV dateNAVMarket pricePremium/Discount
10/29/2020$8.54$7.63-10.66%
10/28/2020$8.50$7.52-11.53%
10/27/2020$8.77$7.90-9.92%
10/26/2020$8.89$8.02-9.79%
10/23/2020$9.07$8.17-9.92%

Portfolio

Fund information as of 09/30/2020
Ticker symbol (NAV)XDDFX
Ticker symbolDDF
Trading ExchangeNYSE
SEC yield3.12%
Expense ratio1.26%
Turnover ratio52%
Inception date03/26/1993

For Fund distributions declared please see the fact sheet and/or dividend press releases.

List of monthly holdingsList of quarterly holdings

Holdings are as of the date indicated and subject to change.

Management

John McCarthy

John P. McCarthy, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: December 2012
  • Years of industry experience: 33
  • Read bio
Adam Brown

Adam H. Brown, CFA

  • Managing Director, Senior Portfolio Manager
  • Start date on the Fund: July 2016
  • Years of industry experience: 22
  • Read bio
Michael Wildstein

Michael G. Wildstein, CFA

  • Senior Managing Director, Head of US Credit and Insurance
  • Start date on the Fund: September 2020
  • Years of industry experience: 19
  • Read bio

Supplemental data

Ratios and supplemental data
Year ended

  11/30/19 11/30/18 11/30/17 11/30/16 11/30/15
Net assets, end of period (000 omitted) $84,481 $85,244  $92,916 $88,664 $86,919
Ratio of expenses to average net assets1,2,3 3.15% 2.48%  2.09% 1.95% 1.71%
Ratio of net investment income to average net assets4 2.88% 2.37% 2.94% 3.68% 4.03%
Portfolio turnover 52% 29%  36% 47% 43%

1The ratio of interest expense to adjusted average net assets (excluding debt outstanding) for the years ended Nov. 30, 2019, 2018, 2017, 2016, and 2015 were 0.95%, 0.85%, 0.58%, 0.41%, and 0.32%, respectively.

2The ratio of interest expense to average net assets for the years ended Nov. 30, 2019, 2018, 2017, 2016, and 2015 were 1.35%, 1.23%, 0.84%, 0.59%, and 0.45%, respectively.

3The ratio of expenses before interest expense to adjusted average net assets (excluding debt outstanding) for the years ended Nov. 30, 2019, 2018, 2017, 2016, and 2015 were 1.26%, 0.86%, 0.87%, 0.95%, and 0.89%, respectively.

4The ratio of net investment income to adjusted average net assets (excluding debt outstanding) for the years ended Nov. 30, 2019, 2018, 2017, 2016, and 2015 were 2.03%, 1.64%, 2.05%, 2.56%, and 2.85%, respectively.

Resources

Investing in closed-end investment companies involves risk, including the possible loss of principal.

Diversification may not protect against market risk.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt.

The Fund may also be subject to prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity, at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds.

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

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

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

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis, and other severe weather-related phenomena generally, and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. Given the increasing interdependence among global economies and markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates in other countries. These disruptions could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund.

The Fund may experience portfolio turnover that approaches or exceeds 100%, which could result in higher transaction costs and tax liability.

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

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

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

NAV, market price, and premium or discount will fluctuate with changes in market conditions. At the time of sale, your shares may have a market price that is above or below net asset value, and may be worth more or less than your original investment.

Market Price is the price an investor would pay for shares of a fund on the secondary market. Market price shown is the market closing price as of the previous business day.

Net asset value (NAV) is the total assets less total liabilities divided by the number of shares outstanding.

Premium/Discount is the amount by which the market price trades above or below the NAV.

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

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

Not FDIC Insured • No Bank Guarantee • May Lose Value

Nothing presented should be construed as a recommendation to purchase or sell any security or follow any investment technique or strategy.

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