PHILADELPHIA, Jan. 2 /PRNewswire-FirstCall/ -- Today, Delaware Investments
Dividend and Income Fund, Inc. (the "Fund"), a New York Stock Exchange-listed
closed-end fund trading under the symbol "DDF," declares a monthly dividend of
$0.0575 per share. This dividend is payable January 30, 2009, to shareholders
of record at the close of business on January 16, 2009. The ex-dividend date
will be January 14, 2009.
The $0.0575 per share dividend represents a decrease of $0.0225 per share
from the previously declared monthly dividend of $0.08 per share, beginning
with the dividend to be paid on January 30, 2009. The reduced monthly
distribution reflects the impact of ongoing economic and market volatility and
its effect on the amount of available capital gains and net investment income
earned by the Fund. Given the challenging overall market conditions that
exist, the Fund's distribution rate was decreased to a level closer to the net
investment income and capital gains currently expected to be generated by the
Fund. The Fund continues to evaluate its monthly distribution in light of
ongoing economic and market conditions and may take further action in the
future.
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.
The Fund has implemented a managed distribution policy. Under the policy,
the Fund is managed with a goal of generating as much of the distribution 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 a return of capital.
About Delaware Investments:
Delaware Investments, an affiliate of Lincoln Financial Group, is a
Philadelphia-based diversified asset management firm with more than $125
billion in assets under management as of September 30, 2008. Through a broad
range of managed accounts and portfolios, mutual funds, retirement accounts,
sub-advised funds and other investment products, Delaware Investments provides
investment services to individual investors and to institutional investors
such as private and public pension funds, foundations, and endowment funds.
Delaware Investments is the marketing name for Delaware Management Holdings,
Inc. and its subsidiaries. For more information on Delaware Investments, visit
the company at http://www.delawareinvestments.com or for shareholder related
questions, call 800 523-1918. Lincoln Financial Group is the marketing name
for Lincoln National Corporation (NYSE: LNC) and its affiliates. For more
information on Lincoln Financial Group, visit http://www.lincolnfinancial.com.
SOURCE Delaware Investments