Declaration in accordance with Article 19 (a) of the 1940 Law on Investment Companies: DDF CUSIP #: 245915103


News and research before you hear about it on CNBC and others. Claim your 1-week free trial for StreetInsider Premium here.

PHILADELPHIA – (BUSINESS WIRE) – On May 28, 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 .0652 per share to shareholders of record as of the close of business on May 21, 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 to (i) net investment income, (ii) net short-term realized capital gain, (iii) long-term net realized capital gain term and (iv) return on capital or other source of capital. These percentages are shown for the current distribution as well as the cumulative distribution amount per share since the beginning of the financial year for the Fund.

Current distribution of:

Per share ($)


Net investment income



Short-term net capital gain



Long-term net capital gain



Repayment of capital or other source of capital



Total (per common share)



Cumulative for the fiscal year

Distributions of:

Per share ($)


Net investment income



Short-term net capital gain



Long-term net capital gain



Repayment of capital or other source of capital



Total (per common share)



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 declared 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 financial 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 all or part 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”.

Below are performance figures, based on the change in the Fund’s Net Asset Value per Share (“NAV”) compared to the annualized distribution rate for this current distribution as a percentage of NAV on the last business day of the month. preceding the date of registration of the distribution.

Fund performance and distribution information

Fiscal year to date (12/01/2020 to 04/30/2021)

Annualized payout rate as a percentage of net asset value ^


Cumulative distribution rate on the NAV ^^


Total cumulative return on net asset value *


Average annual total return on net asset value for the 5-year period ending 04/30/2021 **


^ Based on the Fund’s net asset value as of April 30, 2021.

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

* The cumulative total 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 April 30, 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, and occurs until the last business day of the month preceding the month of the current recording date of distributions.

Although the performance of the net asset value may be indicative of the investment performance of the Fund, 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 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 related 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, if necessary, 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 makes monthly distributions to common shareholders at a target annual distribution rate of 7.5% of the average net asset value (“NAV”) per share of the Fund. The Fund will calculate the average net asset value per share for the 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 Regulations Revenue Code. This distribution method aims to provide shareholders with a constant, but not guaranteed, stream of income and 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 nothing guarantees that the policy will succeed. The method of 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. of the market.

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 would ordinarily hold or to the extent that the Fund must liquidate securities that it would not have sold, for this purpose. 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 accountability at the team level in finding 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 advisor. Macquarie Group means Macquarie Group Limited and its subsidiaries and affiliates worldwide. For more information on Delaware Funds® by Macquarie, visit 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. Unless otherwise indicated, MBL does not guarantee or provide any assurance as to the obligations of these entities.

© 2021 Macquarie Management Holdings, Inc.



866 437-0252

Media contacts

Daniela Palmieri

215 255-8878

Jessica fitzgerald

215 255-1336

Source: Macquarie Investment Management

Source link

Leave A Reply

Your email address will not be published.