Declaration according to section – GuruFocus.com

On July 29, 2022, Delaware Investments Dividend and Income Fund, Inc. (NYSE: DDF) (the “Fund”), a closed-end fund, paid a monthly distribution on its common stock of $0.0610 per share to shareholders registered at the close of business on July 22, 2022.

The following table sets forth the estimated amount of sources of distribution for the purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules enacted thereunder. The Fund estimates the following percentages, of the total amount of the distribution per share, attributable to (i) net investment income, (ii) net realized short-term capital gain, (iii) net realized long-term capital gain term and (iv) return of capital or other source of capital. These percentages are disclosed for the current distribution as well as the amount of the cumulative distribution per share for the Fund year-to-date.

Current cast of:

Per share ($)

%

Net investment income

0.0191

31.3%

Net realized capital gain in the short term

0.0000

0.0%

Long-term net realized capital gain

0.0419

68.7%

Return of capital or other source of capital

0.0000

0.0%

Total (per common share)

0.0610

100.0%

Total fiscal year to date

Distribution of:

Per share ($)

%

Net investment income

0.1590

19.2%

Net realized capital gain in the short term

0.0129

1.6%

Long-term net realized capital gain

0.6548

79.2%

Return of capital or other source of capital

0.0000

0.0%

Total (per common share)

0.8267

100.0%

Shareholders should not draw any conclusion about the investment performance of the Fund from the amount of such distribution or from the terms of the Fund’s managed distribution policy. The amounts and sources of distributions set forth in this 19(a) Notice are estimates only and are not provided for tax reporting purposes. Actual amounts and sources of amounts for tax reporting purposes will depend on the Fund’s investment experience over the remainder of its financial year and may be subject to change as a result of 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.

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 for this current distribution as a percentage of the NAV on the last business day of the preceding month. broadcast recording date.

Fund performance and distribution information

Fiscal year to date (01/12/2021 to 30/06/2022)

Annualized Distribution Rate as a Percentage of Net Asset Value^

8.23%

Cumulative distribution rate on NAV ^^

9.30%

Cumulative total return on NAV*

-9.54%

Average annual total return on net asset value for the 5-year period ending 06/30/2022**

3.81%

^ Based on the net asset value of the Fund as of June 30, 2022.

^^ The cumulative distribution rate is the cumulative amount of distributions paid during the Fund’s financial year ending November 30, 2022 based on the Fund’s net asset value as of June 30, 2022.

* Cumulative total return is based on the change in net asset value, including distributions paid and assuming the reinvestment of such distributions for the period from December 1, 2021 to June 30, 2022.

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

Although the return on 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 the DDF

The primary 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-producing equity securities, including dividend-paying common stocks, convertible securities, preferred stocks and shares. other equity-related securities, which may include up to 25% in real estate investment trusts (REITs) and real estate operating companies. Up to 35% of the Fund’s total assets may be invested in non-convertible debt securities consisting primarily of high yield, high risk corporate bonds. In addition, the Fund uses leverage techniques with the aim of obtaining 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 as many distributions as possible 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 applicable, 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 the Fund’s capital loss carryforwards from previous years.

Currently, in accordance with 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 three full months immediately preceding the distribution based on the number of business days in those three months on which the net asset value is calculated. The distribution will be calculated as 7.5% of the average net asset value per share for the preceding three months, divided by 12. The Fund will generally distribute the amounts necessary to satisfy the Fund’s managed distribution policy and the requirements prescribed by the rules on excise tax and sub-chapter M of the Rules of Procedure. Revenue code. This distribution methodology is intended to provide shareholders with a constant, but not guaranteed, income stream and a targeted annual distribution rate and is intended to reduce the spread between the market price and the net asset value of the common shares of the Fund, but nothing does not guarantee that the policy will succeed in doing so. 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 the terms of the current market.

The payment of dividend distributions in accordance with the managed distribution policy may result in a reduction 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 to the extent that the market price is closely correlated to the net asset value per share of the Funds. The managed distribution policy may also adversely affect 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 is required to liquidate securities that he would not have sold, for the purpose of paying the dividend distribution. The Managed Distribution Policy may, in certain circumstances, cause taxable distribution amounts 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 the losses carried forward reduce the required amount of capital 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 Asset Management

Macquarie Asset Management is a global asset manager that aims to deliver positive impact to everyone. Recognized by institutions, pension funds, governments and individuals for managing over $545 billion in assets worldwide,1 we provide access to specialist investment expertise across a range of capabilities, including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewable energy, natural assets, real estate and transport financing.

Advisory services are provided by Delaware Management Company, a series of Macquarie Investment Management Business Trust, a registered investment adviser. Macquarie Asset Management is part of Macquarie Group, a diversified financial group providing clients with asset management, financing, banking, advisory and risk and capital solutions for debt, equities and commodities. Founded in 1969, Macquarie Group employs approximately 16,400 people in 31 markets and is listed on the Australian Securities Exchange. For more information on Macquarie’s Delaware Funds®visit delawarefunds.com or call 800 523-1918.

With the exception of Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any entity of the Macquarie group mentioned in this document is not an authorized depository institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or provide any other assurance with respect to the obligations of such other Macquarie group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk, including delays in repayment and loss of income and invested capital and (b) none of Macquarie Bank or any other entity within the Macquarie group does not guarantee any rate of return or return on the investment, nor guarantee the return of capital on the investment.

1 As of December 31, 2021

© 2022 Macquarie Management Holdings, Inc.

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