Declaration in accordance with section – GuruFocus.com


On November 26, 2021, Delaware Investments Dividend and Income Fund, Inc. (NYSE: DDF) (the “Fund”), a closed-end fund, paid a monthly distribution on its common shares of $ 0.0678 per share to shareholders. registered at the close of business on November 19, 2021.

The following table shows the estimated amount of distribution sources for the purposes of section 19 of the Investment Companies Act 1940, as amended, and the related rules adopted thereunder. The Fund estimates the following percentages, of the total amount of the distribution per share, attributable (i) to net investment income, (ii) to net realized short-term capital gains, (iii) to capital gains Net realized over the long term and (iv) return on capital or other source of capital. These percentages are disclosed for the current distribution as well as the cumulative distribution amount per share for the Fund since the beginning of the year.

Current distribution of:

Per share ($)

%

Net investment income

0.0167

24.6%

Short-term net realized capital gain

0.0032

4.7%

Long-term net realized capital gain

0.0479

70.7%

Repayment of capital or other source of capital

0.0000

0.0%

Total (per common share)

0.0678

100.0%

Cumulative year to date

Distributions of:

Per share ($)

%

Net investment income

0.2636

34.1%

Short-term net realized capital gain

0.1886

24.4%

Long-term net realized capital gain

0.2947

38.1%

Repayment of capital or other source of capital

0.0265

3.4%

Total (per common share)

0.7734

100.0%

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of such distribution or from the terms of the Fund’s managed distribution policy. The amounts and sources of distributions shown in this 19 (a) notice are estimates only and are not provided for tax reporting purposes. The actual amounts and the sources of the amounts for tax reporting purposes will depend on the Fund’s investment experience during the remainder of its fiscal year and may be subject to change depending on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year which will tell you how to report these distributions for federal income tax purposes.

Subject to the foregoing, the Fund believes (as of the date hereof) that it has distributed more than its income and net realized capital gains for the year ending November 30, 2021; therefore, part of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money you have invested in the Fund is returned to you. A return of capital distribution does not necessarily reflect the investment performance of the Fund and should not be confused with “return” or “income”.

The performance figures presented below are based on the change in the net asset value per share (“NAV”) of the Fund, compared to the annualized distribution rate of this current distribution as a percentage of the NAV on the last business day of the preceding month. date of registration of the distribution.

Fund performance and distribution information

Fiscal year to date (12/01/2020 to 10/31/2021)

Annualized payout rate as a percentage of net asset value ^

7.44%

Cumulative distribution rate on NAV ^^

7.07%

Total cumulative return on net asset value *

22.14%

Average annual total return on net asset value for the 5 year period ending 10/31/2021 **

8.66%

^ Based on the Fund’s net asset value as of October 31, 2021.

^^ The cumulative distribution rate is the cumulative amount of distributions paid during the financial year of the Fund ending November 30, 2021 based on the net asset value of the Fund as at October 31, 2021.

* Total cumulative return is based on the change in net asset value, including distributions paid and assuming reinvestment of such distributions for the period from December 1, 2020 to October 31, 2021.

** The 5-year average annual total return is based on the change in net asset value, including distributions paid and assuming reinvestment of such distributions, until the last business day of the month preceding the month of the due date. recording of current distributions.

Although the performance of the net asset value may be indicative of the performance of the Fund’s investments, it does not measure the value of a shareholder’s investment in the Fund. The value of a shareholder’s investment in the Fund is determined by the market price of the Fund, which is based on the supply of and demand for shares of the Fund in the open market.

About DDF

The main investment objective of the Fund 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-linked securities, which may include up to 25% in real estate investment trusts (REITs) and operating companies in the real estate industry. Up to 35% of the Fund’s total assets may be invested in non-convertible debt securities composed primarily of high yield, high risk corporate bonds. In addition, the Fund uses leverage techniques in an attempt to obtain a higher return for the Fund. There can be no assurance that the Fund will achieve its investment objectives.

The Fund has implemented a managed distribution policy. Under the policy, the Fund is managed with the objective of generating the greatest possible distribution from net investment income and short-term capital gains. The balance of the distribution will then come from long-term capital gains to the extent permitted, and where applicable, from a return of capital. Although the Fund may realize capital gains for the current year, these gains may be offset, in whole or in part, by capital loss carryforwards of the Fund from previous years.

Currently, under the Fund’s managed distribution policy, the Fund pays monthly distributions to common shareholders at a target annual distribution rate of 7.5% of the Fund’s average net asset value (“NAV”) per share. The Fund will calculate the average net asset value per share for the last three full months immediately preceding the distribution based on the number of business days in those three months in which the net asset value is calculated. The distribution will be calculated at 7.5% of the average net asset value per share for the previous three months, divided by 12. The Fund will generally distribute the amounts necessary to satisfy the managed distribution policy of the Fund and the requirements prescribed by the rules of excise tax and subchapter M of the Internal Rules Revenue Code. This distribution method aims to provide shareholders with a constant, but not guaranteed income stream, as well as a targeted annual distribution rate and aims to reduce the discount between the market price and the net asset value of the common shares of the Fund, but there is no guarantee that the policy will succeed. The methodology for determining monthly distributions under the Fund’s managed distribution policy will be reviewed at least annually by the Board of Directors of the Fund, and the Fund will continue to assess its distribution in light of current market conditions. Marlet.

The payment of dividend distributions in accordance with the managed distribution policy may result in a decrease in the net assets of the Fund. A decrease in the net assets of the Fund may result in an increase in the annual operating expenses of the Fund and a decrease in the market price per share of the Fund as the market price is closely correlated to the net asset value per share of the Fund. Funds. The managed distribution policy may also have a negative impact on the investment activities of the Fund to the extent that the Fund is required to hold larger cash positions than it usually would or to the extent that the Fund must liquidate securities that it would not have sold, in order to pay the distribution of the dividend. The managed distribution policy may, in certain circumstances, cause the amounts of taxable distributions to exceed the minimum amount required to be distributed under the tax rules, such excess will be taxable as ordinary income to the extent that losses carried forward reduce the amount of capital required earns distributions that year. Investors should consult their tax advisor regarding federal, state and local tax considerations that may apply to their particular situation.

About Macquarie Investment Management

Macquarie Investment Management, a member of the Macquarie Group, includes the former Delaware Investments and is a global asset manager with offices in the United States, Europe, Asia and Australia. As active managers, we prioritize autonomy and responsibility at the team level in seeking meaningful opportunities for clients. Macquarie Investment Management draws on the resources of Macquarie Group (ASX: MQG; ADR: MQBKY), a global provider of asset management, investment, banking, financial and advisory services.

Advisory services are provided by Macquarie Investment Management Business Trust, a registered investment adviser. Macquarie Group means Macquarie Group Limited and its subsidiaries and affiliates worldwide. For more information on Delaware funds by Macquarie®, visit delawarefunds.com or call 800 523-1918.

With the exception of Macquarie Bank Limited (MBL), none of the entities mentioned in this document is an authorized deposit institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of MBL, a subsidiary of Macquarie Group Limited and an affiliate of Macquarie Investment Management. MBL does not guarantee or provide any assurance regarding the obligations of these entities, unless otherwise stated.

© 2021 Macquarie Management Holdings, Inc.

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