UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
INVESTMENT COMPANY ACT FILE NUMBER 811-8747
CHARTWELL DIVIDEND AND INCOME FUND, INC.
(Exact name of registrant as specified in charter)
1235 Westlakes Drive, Suite 400
Berwyn, PA 19312
(Address of principal executive offices) (Zip code)
PNC Bank, National Association
400 Bellevue Parkway
Wilmington, DE 19809
Attn: Closed-End Department
(Name and address of agent for service)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 1-610-296-1400
DATE OF FISCAL YEAR END: NOVEMBER 30, 2008
DATE OF REPORTING PERIOD: FEBRUARY 29, 2008
ITEM 1. SCHEDULE OF INVESTMENTS
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 29, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
NUMBER OF MARKET
SHARES VALUE
------------- -------------
COMMON STOCK - 83.7%
BANKS - 12.4%
Bank of America Corporation ..................................... 200,000 $ 7,948,000
JPMorgan Chase & Company ........................................ 50,000 2,032,500
US Bancorp ...................................................... 110,000 3,522,200
Wells Fargo & Company ........................................... 60,000 1,753,800
-------------
15,256,500
-------------
BASIC INDUSTRY - 2.5%
Dow Chemical Company ............................................ 75,000 2,826,750
Packaging Corp of America ....................................... 10,000 227,900
-------------
3,054,650
-------------
CONSUMER STAPLES - 11.3%
Altria Group, Inc. .............................................. 100,000 7,314,000
B&G Foods, Inc., Class A ........................................ 100,000 994,000
B&G Foods, Inc. ................................................. 41,000 728,160
Entercom Communications Corporation, Class A .................... 100,000 1,117,000
Gatehouse Media, Inc. ........................................... 145,000 909,150
Regal Entertainment Group, Class A .............................. 110,000 2,170,300
Reynolds American, Inc. ......................................... 10,000 637,200
-------------
13,869,810
-------------
ENERGY - 11.3%
Baker Hughes, Inc. .............................................. 20,000 1,345,800
Calumet Specialty Products Partners LP (A) ...................... 5,000 150,850
Duncan Energy Partners LP (A) ................................... 15,000 316,650
Energy Transfer Partners LP (A) ................................. 100,000 4,792,000
Enterprise Products Partners LP (A) ............................. 50,000 1,548,500
Exxon Mobil Corporation ......................................... 40,000 3,480,400
Linn Energy LLC (A) ............................................. 7,000 159,600
Sunoco Logistics Partners LP (A) ................................ 40,000 2,140,000
-------------
13,933,800
-------------
FINANCIAL - 8.9%
AllianceBernstein Holding LP (A) ................................ 83,800 5,199,790
American Capital Strategies Limited ............................. 47,200 1,712,888
Apollo Investment Corporation * ................................. 100,000 1,550,000
MCG Capital Corporation ......................................... 100,000 1,200,000
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 29, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
NUMBER OF MARKET
SHARES VALUE
------------- -------------
COMMON STOCK (CONTINUED)
FINANCIAL (CONTINUED)
Och-Ziff Capital Management Group LLC, Class A .................. 36,095 $ 835,238
Star Asia Financial Limited + ................................... 50,000 462,500
-------------
10,960,416
-------------
HEALTH CARE PROVIDERS & SERVICES - 1.7%
Brookdale Senior Living, Inc. ................................... 80,000 2,087,200
-------------
HEALTHCARE - 3.6%
Bristol-Myers Squibb Company .................................... 40,000 904,400
Pfizer, Inc. .................................................... 160,000 3,564,800
-------------
4,469,200
-------------
HOTELS, RESTAURANTS & LEISURE - 1.6%
Carnival Corporation ............................................ 50,000 1,967,500
-------------
REAL ESTATE INVESTMENT TRUSTS - 9.2%
Alesco Financial, Inc. .......................................... 300,000 855,000
Annaly Capital Management, Inc. ................................. 110,000 2,275,900
CapitalSource, Inc. ............................................. 220,000 3,484,800
Deerfield Capital Corporation ................................... 125,000 811,250
iStar Financial, Inc. ........................................... 80,000 1,576,800
Liberty Property Trust .......................................... 60,000 1,782,600
MFA Mortgage Investments, Inc. .................................. 58,000 554,480
-------------
11,340,830
-------------
TELECOMMUNICATIONS - 8.4%
AT&T, Inc. ...................................................... 80,000 2,786,400
Citizens Communications Company ................................. 200,000 2,148,000
Consolidated Communications Holdings, Inc. ...................... 110,824 1,596,974
Fairpoint Communications, Inc. .................................. 150,000 1,476,000
Windstream Corporation .......................................... 200,000 2,352,000
-------------
10,359,374
-------------
TRADING COMPANIES & DISTRIBUTORS - 2.5%
Aircastle Limited ............................................... 150,000 3,090,000
-------------
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 29, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
NUMBER OF MARKET
SHARES VALUE
------------- -------------
COMMON STOCK (CONTINUED)
TRANSPORTATION - 3.7%
FreeSeas Inc. ................................................... 126,949 $ 647,440
General Maritime Corporation .................................... 75,000 1,765,500
K-Sea Transportation Partners LP (A) ............................ 10,000 361,300
Paragon Shipping, Inc., Class A ................................. 50,000 802,000
Teekay LNG Partners LP (A) ...................................... 30,930 929,447
-------------
4,505,687
-------------
UTILITIES - 6.6%
AmeriGas Partners LP (A) ........................................ 15,200 494,760
Kinder Morgan Energy Partners LP (A) ............................ 45,000 2,585,700
ONEOK Partners LP (A) ........................................... 50,900 3,157,327
Southern Company ................................................ 10,000 345,300
TEPPCO Partners LP (A) .......................................... 34,800 1,314,048
Transmontaigne Partners LP (A) .................................. 9,502 280,974
-------------
8,178,109
-------------
TOTAL COMMON STOCK (COST $120,261,155) .......................... 103,073,076
=============
PREFERRED TERM SECURITIES + (C) - 10.5%
Alesco Preferred Funding VI, 12/23/37 ........................... 2,500 175,000
Alesco Preferred Funding IX, 06/23/36 ........................... 1,000 500,000
Alesco Preferred Funding X, 09/23/36 ............................ 1,000 400,000
Alesco Preferred Funding XI, 12/23/36 ........................... 5,000 325,000
Alesco Preferred Funding XII, 07/15/37 .......................... 5,000 310,000
Alesco Preferred Funding XIII, 09/23/37 ......................... 2,500 162,500
Alesco Preferred Funding XIV, 03/15/37 .......................... 5,000 275,000
Alesco Preferred Funding XVI, 03/23/38 .......................... 5,000 375,000
I-Preferred Term Securities IV, 06/24/34 ........................ 10,000 750,000
Preferred Term Securities IV, 12/23/31 .......................... 20,000 650,000
Preferred Term Securities XIII, 09/23/37 ........................ 10,000 660,500
Preferred Term Securities XIV, 06/24/34 ......................... 20,000 1,315,000
Preferred Term Securities XV, 09/24/34 .......................... 20,000 1,619,600
Preferred Term Securities XVI, 03/23/35 ......................... 10,000 766,400
Preferred Term Securities XVII, 09/23/35 ........................ 6,000 385,380
Preferred Term Securities XVIII, 06/23/35 ....................... 10,000 643,800
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 29, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
NUMBER OF MARKET
SHARES VALUE
------------- -------------
PREFERRED TERM SECURITIES (CONTINUED)
Preferred Term Securities XIX, 12/22/35 ......................... 10,000 $ 650,500
Preferred Term Securities XX, 03/22/38 .......................... 10,000 640,700
Preferred Term Securities XXI, 03/22/38 ......................... 10,000 707,600
Preferred Term Securities XXII, 03/22/37 ........................ 1,000 375,000
Preferred Term Securities XXIII, 12/22/36 ....................... 5,000 225,000
Preferred Term Securities XXIV, 03/22/37 ........................ 5,000 399,900
Preferred Term Securities XXV, 06/22/37 ......................... 5,000 413,200
Taberna Preferred Funding I Limited, 07/05/35 ................... 2,500 5,000
Taberna Preferred Funding II Limited, 06/30/35 .................. 5,000 5,000
Taberna Preferred Funding VI Limited, 12/05/36 .................. 5,000 25,000
Taberna Preferred Funding VII Limited, 02/05/37 ................. 5,000 10,000
U.S. Capital Funding VI Limited Corporation, 07/10/43 ........... 5,000 150,000
-------------
TOTAL PREFERRED TERM SECURITIES (COST $18,427,666) .............. 12,920,080
=============
CONVERTIBLE PREFERRED STOCK - 0.5%
FINANCIAL - 0.5%
ACE Limited, 7.800% ............................................. 26,025 650,104
-------------
TOTAL CONVERTIBLE PREFERRED STOCK (COST $663,297) ............... 650,104
=============
PREFERRED STOCK - 2.5%
FINANCIAL - 1.9%
Aspen Insurance Holdings Limited ................................ 20,000 1,080,000
Solar Cayman Limited * + ........................................ 80,000 1,217,600
-------------
2,297,600
-------------
REAL ESTATE INVESTMENT TRUSTS - 0.6%
FelCor Lodging Trust, Inc. ...................................... 40,000 804,000
-------------
TOTAL PREFERRED STOCK (COST $3,346,490) ......................... 3,101,600
=============
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 29, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
------------- -------------
CORPORATE NOTES/BONDS - 46.2%
AUTOMOBILES - 1.4%
Lear Corporation, Series B
8.750%, 12/01/16 ............................................. $ 885,000 $ 767,738
TRW Automotive, Inc. +
7.250%, 03/15/17 ............................................. 1,000,000 915,000
-------------
1,682,738
-------------
AUTOMOTIVE - 0.8%
Autonation, Inc.
7.000%, 04/15/14 ............................................. 1,000,000 920,000
-------------
BASIC INDUSTRY - 2.9%
Abitibi-Consolidated, Inc.
8.550%, 08/01/10 ............................................. 615,000 346,706
Blount, Inc.
8.875%, 08/01/12 ............................................. 750,000 733,125
Bowater Canada Finance Corporation
7.950%, 11/15/11 ............................................. 615,000 405,900
H&E Equipment Services, Inc.
8.375%, 07/15/16 ............................................. 1,175,000 981,125
Trimas Corporation
9.875%, 06/15/12 ............................................. 1,272,000 1,162,290
-------------
3,629,146
-------------
BROADCASTING & CABLE - 1.1%
Allbritton Communications Company
7.750%, 12/15/12 ............................................. 1,315,000 1,315,000
-------------
BUILDING MATERIALS - 1.6%
Gibraltar Industries, Inc.
8.000%, 12/01/15 ............................................. 1,340,000 1,118,900
WII Components, Inc.
10.000%, 02/15/12 ............................................ 1,000,000 855,000
-------------
1,973,900
-------------
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CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 29, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
------------- -------------
CORPORATE NOTES/BONDS (CONTINUED)
CABLE TELEVISION - 3.8%
CSC Holdings, Inc.
7.875%, 02/15/18 ............................................. $ 1,285,000 $ 1,191,837
DIRECTV Holdings LLC
6.375%, 06/15/15 ............................................. 750,000 699,375
Echostar DBS Corporation
6.625%, 10/01/14 ............................................. 1,000,000 965,000
Mediacom Broadband LLC
8.500%, 10/15/15 ............................................. 1,250,000 993,750
Quebecor Media, Inc.
7.750%, 03/15/16 ............................................. 895,000 825,638
-------------
4,675,600
-------------
CHEMICALS - 3.9%
Chemtura Corporation
6.875%, 06/01/16 ............................................. 1,000,000 910,000
Ineos Group Holdings +
8.500%, 02/15/16 ............................................. 1,020,000 770,100
Momentive Performance Materials, Inc.
9.750%, 12/01/14 ............................................. 1,000,000 900,000
Nova Chemicals Corporation
7.863%, 11/15/13 ............................................. 1,300,000 1,111,500
Tronox Worldwide LLC
9.500%, 12/01/12 ............................................. 1,285,000 1,134,013
-------------
4,825,613
-------------
CONSUMER PRODUCTS - 1.3%
Hanesbrands, Inc.
8.204%, 12/15/14 ............................................. 1,025,000 907,125
Levi Strauss & Company
9.750%, 01/15/15 ............................................. 675,000 673,313
-------------
1,580,438
-------------
ELECTRONIC EQUIPMENT & INSTRUMENTS - 1.8%
Flextronics International Limited
6.500%, 05/15/13 ............................................. 885,000 851,812
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 29, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
------------- -------------
CORPORATE NOTES/BONDS (CONTINUED)
ELECTRONIC EQUIPMENT & INSTRUMENTS (CONTINUED)
Superior Essex Communications LLC
9.000%, 04/15/12 ............................................. $ 1,450,000 $ 1,399,250
-------------
2,251,062
-------------
ENERGY - 3.7%
Cie Generale de Geophysique
7.750%, 05/15/17 ............................................. 1,000,000 1,012,500
Cimarex Energy Company
7.125%, 05/01/17 ............................................. 650,000 640,250
Complete Production Services, Inc.
8.000%, 12/15/16 ............................................. 780,000 753,675
Copano Energy LLC
8.125%, 03/01/16 ............................................. 935,000 958,375
Pioneer Natural Resources Company
6.650%, 03/15/17 ............................................. 1,000,000 963,809
Range Resources Corporation
7.500%, 05/15/16 ............................................. 250,000 259,375
-------------
4,587,984
-------------
FINANCIAL - 2.3%
Ford Motor Credit Company LLC
7.000%, 10/01/13 ............................................. 1,950,000 1,601,857
GMAC LLC
7.000%, 02/01/12 ............................................. 1,470,000 1,186,807
-------------
2,788,664
-------------
GAMING - 2.4%
Boyd Gaming Corporation
7.125%, 02/01/16 ............................................. 1,100,000 902,000
MTR Gaming Group, Inc., Series B
9.750%, 04/01/10 ............................................. 520,000 507,000
MTR Gaming Group, Inc.
9.000%, 06/01/12 ............................................. 700,000 619,500
Seneca Gaming Corporation
7.250%, 05/01/12 ............................................. 1,000,000 960,000
-------------
2,988,500
-------------
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 29, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
------------- -------------
CORPORATE NOTES/BONDS (CONTINUED)
HEALTHCARE - 3.7%
Bio-Rad Laboratories, Inc.
7.500%, 08/15/13 ............................................. $ 1,000,000 $ 1,012,500
Hanger Orthopedic Group, Inc.
10.250%, 06/01/14 ............................................ 1,000,000 1,012,500
HCA Inc. +
9.125%, 11/15/14 ............................................. 1,000,000 1,022,500
Iasis Healthcare Corporation
8.750%, 06/15/14 ............................................. 1,000,000 992,500
Omnicare, Inc.
6.875%, 12/15/15 ............................................. 650,000 570,375
-------------
4,610,375
-------------
METALS & MINING - 1.6%
Freeport-McMoRan Copper & Gold Inc.
8.375%, 04/01/17 ............................................. 1,000,000 1,062,500
Steel Dynamics, Inc.
6.750%, 04/01/15 ............................................. 945,000 928,463
-------------
1,990,963
-------------
PAPER & FOREST PRODUCTS - 2.3%
P H Glatfelter
7.125%, 05/01/16 ............................................. 1,190,000 1,187,025
U.S. Corrugated
0.000%, 06/01/13 ............................................. 1,000,000 770,000
Verso Paper Holdings LLC
11.375%, 08/01/16 ............................................ 1,000,000 910,000
-------------
2,867,025
-------------
PUBLISHING - 0.5%
Idearc, Inc.
8.000%, 11/15/16 ............................................. 1,075,000 639,625
-------------
REAL ESTATE MANAGEMENT - 1.2%
Corrections Corp of America
7.500%, 05/01/11 ............................................. 100,000 102,500
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 29, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
------------- -------------
CORPORATE NOTES/BONDS (CONTINUED)
REAL ESTATE MANAGEMENT (CONTINUED)
Geo Group, Inc.
8.250%, 07/15/13 ............................................. $ 1,340,000 $ 1,351,725
-------------
1,454,225
-------------
RETAIL - 2.0%
Brown Shoe Company, Inc.
8.750%, 05/01/12 ............................................. 800,000 804,000
Couche-Tard US LP
7.500%, 12/15/13 ............................................. 400,000 400,000
Sonic Automotive, Inc., Series B
8.625%, 08/15/13 ............................................. 1,390,000 1,301,387
-------------
2,505,387
-------------
SERVICES - 3.7%
Allied Security Escrow Corporation
11.375%, 07/15/11 ............................................ 1,015,000 895,737
ARAMARK Corporation
8.500%, 02/01/15 ............................................. 1,000,000 990,000
Buhrmann US, Inc.
8.250%, 07/01/14 ............................................. 620,000 592,100
KAR Holdings, Inc. +
8.750%, 05/01/14 ............................................. 1,270,000 1,143,000
Lamar Media Corporation
6.625%, 08/15/15 ............................................. 1,000,000 920,000
-------------
4,540,837
-------------
TELECOMMUNICATIONS - 1.5%
Cincinnati Bell, Inc.
8.375%, 01/15/14 ............................................. 960,000 926,400
Hughes Network Systems LLC
9.500%, 04/15/14 ............................................. 855,000 857,137
-------------
1,783,537
-------------
TRANSPORTATION - 0.4%
Stena AB
7.500%, 11/01/13 ............................................. 550,000 543,813
-------------
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 29, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
------------- -------------
CORPORATE NOTES/BONDS (CONTINUED)
UTILITIES - 2.3%
Edison Mission Energy
7.000%, 05/15/17 ............................................. $ 650,000 $ 641,875
Elwood Energy LLC
8.159%, 07/05/26 ............................................. 959,946 958,321
NSG Holdings LLC +
7.750%, 12/15/25 ............................................. 1,200,000 1,168,500
-------------
2,768,696
-------------
TOTAL CORPORATE NOTES/BONDS (COST $61,178,446) .................. 56,923,128
=============
NUMBER OF
SHARES
-------------
CASH EQUIVALENTS - 0.7%
SEI Daily Income Trust, Prime Obligations Fund, Class A
Shares, 3.590% (B) ........................................... 782,152 782,152
-------------
TOTAL CASH EQUIVALENTS (COST $782,152) .......................... 782,152
=============
TOTAL INVESTMENTS - 144.1% (COST $204,659,206) ** ............... 177,450,140
=============
|
COVERED CALL OPTIONS WRITTEN - (0.9)%
WRITTEN
CONTRACTS
-------------
American Capital Strategies Limited, Expires: 03/22/08,
Strike Price: $35 ............................................ (310) (46,500)
Annaly Capital Management Inc., Expires: 04/19/08, Strike
Price: $20 ................................................... (1,000) (145,000)
AT&T, Inc., Expires: 04/19/08, Strike Price: $38 ................ (800) (51,200)
Baker Hughes, Inc., Expires: 03/22/08, Strike Price: $70 ........ (100) (11,500)
Baker Hughes, Inc., Expires: 04/19/08, Strike Price: $80 ........ (100) (4,000)
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 29, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
COVERED CALL OPTIONS WRITTEN (CONTINUED)
WRITTEN MARKET
CONTRACTS VALUE
------------- -------------
Bank of America Corporation, Expires: 03/22/08, Strike
Price: $45 ................................................... (500) $ (3,500)
Bank of America Corporation, Expires: 03/22/08, Strike
Price: $43 ................................................... (500) (17,500)
Bank of America Corporation, Expires: 04/19/08, Strike
Price: $45 ................................................... (1,000) (52,500)
Bristol-Myers Squibb Company, Expires: 03/22/08, Strike
Price: $25 ................................................... (100) (1,000)
Brookdale Senior Living, Inc., Expires: 04/19/08, Strike
Price: $25 ................................................... (400) (76,000)
CapitalSource, Inc., Expires: 03/22/08, Strike Price: $18 ....... (700) (14,000)
CapitalSource, Inc., Expires: 04/19/08, Strike Price: $18 ....... (1,500) (67,500)
Carnival Corporation, Expires: 03/22/08, Strike Price: $43 ...... (500) (15,000)
Dow Chemical Company, Expires: 03/22/08, Strike
Price: $40 ................................................... (750) (22,500)
iStar Financial, Inc., Expires: 03/22/08, Strike Price: $25 ..... (800) (8,000)
JPMorgan Chase & Company, Expires: 03/22/08, Strike
Price: $45 ................................................... (250) (11,250)
JPMorgan Chase & Company, Expires: 04/19/08, Strike
Price: $45 ................................................... (250) (32,500)
MFA Mortgage Investments, Inc., Expires: 04/19/08, Strike
Price: $10 ................................................... (380) (15,200)
Och-Ziff Capital Management Group LLC, Expires:
06/21/08, Strike Price: $25 .................................. (360) (48,600)
Packaging Corp of America, Expires: 03/22/08, Strike
Price: $25 ................................................... (100) (2,000)
Paragon Shipping, Inc., Expires: 03/22/08, Strike Price: $20 .... (500) (7,500)
Pfizer Inc., Expires: 03/22/08, Strike Price: $23 ............... (100) (4,000)
PHLX Bank Index, Expires: 03/22/08, Strike Price: $90 ........... (500) (42,500)
Regal Entertainment Group, Expires: 04/19/08, Strike
Price: $20 ................................................... (1,100) (57,750)
Reynolds American, Inc., Expires: 03/22/08, Strike
Price: $65 ................................................... (100) (5,000)
S&P 500 Index, Expires: 03/22/08, Strike Price: $1,400 .......... (300) (195,000)
Southern Company, Expires: 05/17/08, Strike Price: $40 .......... (100) (1,000)
Sunoco Logistics Partners LP, Expires: 03/22/08, Strike
Price: $55 ................................................... (400) (14,000)
US Bancorp, Expires: 03/22/08, Strike Price: $33 (500) (37,500)
Wells Fargo & Company, Expires: 03/22/08, Strike
Price: $30 ................................................... (600) (54,000)
-------------
TOTAL COVERED CALL OPTIONS WRITTEN
(PREMIUMS RECEIVED $1,808,366) ............................... (1,063,500)
-------------
OTHER LIABILITIES IN EXCESS OF ASSETS - (43.2)% +++ ............. (53,203,809)
-------------
NET ASSETS - 100.0% ............................................. $ 123,182,831
=============
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 29, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
* NON-INCOME PRODUCING SECURITY.
** AT FEBRUARY 29, 2008, THE TAX BASIS COST OF THE FUND'S INVESTMENTS WAS
$204,659,206, AND THE UNREALIZED APPRECIATION AND DEPRECIATION WERE $5,208,789
AND $(32,417,855), RESPECTIVELY.
+++ AS OF FEBRUARY 29, 2008, $55,000,000 OF COMMERCIAL PAPER WAS OUTSTANDING
WITH AN AMORTIZED COST OF $54,997,611. THE AVERAGE DISCOUNT RATE OF COMMERCIAL
PAPER OUTSTANDING AT FEBRUARY 29, 2008, WAS 5.07%. THE AVERAGE DAILY BALANCE OF
COMMERCIAL PAPER OUTSTANDING FOR THE QUARTER ENDED FEBRUARY 29, 2008 WAS
$54,717,443 AT A WEIGHTED AVERAGE DISCOUNT RATE OF 5.07%. THE MAXIMUM FACE
AMOUNT OF COMMERCIAL PAPER OUTSTANDING AT ANYTIME DURING THE QUARTER ENDED
FEBRUARY 29, 2008, WAS $55,000,000. IN CONJUNCTION WITH THE ISSUANCE OF THE
COMMERCIAL PAPER, THE FUND HAS ENTERED ONTO A LINE OF CREDIT ARRANGEMENT WITH A
BANK FOR $30,000,000. INTEREST ON BORROWING IS BASED ON MARKET RATES IN EFFECT
AT THE TIME OF BORROWING. THE COMMITMENT FEE IS COMPUTED AT THE RATE OF 0.30%
PER ANNUM ON THE UNUSED BALANCE. THERE WERE NO BORROWINGS UNDER THIS ARRANGEMENT
DURING THE QUARTER ENDED FEBRUARY 28, 2008.
+ SECURITIES ARE EXEMPT FROM REGISTRATION UNDER RULE 144A OF THE SECURITIES
ACT OF 1933. THESE SECURITIES MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM
REGISTRATION NORMALLY TO QUALIFIED INSTITUTIONS. AT FEBRUARY 29, 2008,
THESE SECURITIES AMOUNTED TO $19,619,280 OR 15.9% OF NET ASSETS.
(A) SECURITIES CONSIDERED MASTER LIMITED PARTNERSHIPS. AT FEBRUARY 29, 2008,
THESE SECURITIES AMOUNTED TO $23,430,946 OR 19.0% OF NET ASSETS.
(B) THE RATE SHOWN REPRESENTS THE 7-DAY EFFECTIVE YIELD AS OF FEBRUARY
29, 2008.
(C) SECURITIES CONSIDERED ILLIQUID. THE TOTAL VALUE OF SUCH SECURITIES AS OF
FEBRUARY 29, 2008 WAS $12,920,080 OR 10.5% OF NET ASSETS.
LLC LIMITED LIABILITY COMPANY
LP LIMITED PARTNERSHIP
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 29, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
FINANCIAL ACCOUNTING STANDARDS BOARD STATEMENT OF FINANCIAL ACCOUNTING STANDARDS
NO. 157, FAIR VALUE MEASUREMENTS ("FAS 157"), IS EFFECTIVE FOR THE FUND'S
FINANCIAL STATEMENTS ISSUED AFTER DECEMBER 1, 2007. IN ACCORDANCE WITH FAS 157,
FAIR VALUE IS DEFINED AS THE PRICE THAT THE FUND WOULD RECEIVE UPON SELLING AN
INVESTMENT IN A TIMELY TRANSACTION TO AN INDEPENDENT BUYER IN THE PRINCIPAL OR
MOST ADVANTAGEOUS MARKET OF THE INVESTMENT. FAS 157 ESTABLISHED A THREE-TIER
HIERARCHY TO MAXIMIZE THE USE OF THE OBSERVABLE MARKET DATA AND MINIMIZE THE USE
OF UNOBSERVABLE INPUTS AND TO ESTABLISH CLASSIFICATION OF THE FAIR VALUE
MEASUREMENTS FOR DISCLOSURE PURPOSES. INPUTS REFER BROADLY TO THE ASSUMPTIONS
THAT MARKET PARTICIPANTS WOULD USE IN PRICING AN ASSET. INPUTS MAY BE OBSERVABLE
OR UNOBSERVABLE. OBSERVABLE INPUTS ARE INPUTS THAT REFLECT THE ASSUMPTIONS
MARKET PARTICIPANTS WOULD USE IN PRICING THE ASSET OR LIABILITY DEVELOPED BASED
ON MARKET DATA OBTAINED FROM SOURCES INDEPENDENT OF THE REPORTING ENTITY.
UNOBSERVABLE INPUTS ARE INPUTS THAT REFLECT THE REPORTING ENTITY'S OWN
ASSUMPTIONS ABOUT THE ASSUMPTIONS MARKET PARTICIPANTS WOULD USE IN PRICING THE
ASSET OR LIABILITY DEVELOPED BASED ON THE BEST INFORMATION AVAILABLE IN THE
CIRCUMSTANCES.
THE THREE-TIER HIERARCHY OF INPUTS IS SUMMARIZED IN THE THREE BROAD LEVELS
LISTED BELOW:
o LEVEL 1 - QUOTED PRICES IN ACTIVE MARKETS FOR IDENTICAL INVESTMENTS
o LEVEL 2 - OTHER SIGNIFICANT OBSERVABLE INPUTS (INCLUDING QUOTED
PRICES FOR SIMILAR INVESTMENTS, INTEREST RATES, PREPAYMENT SPEEDS,
CREDIT RISKS, ETC.)
o LEVEL 3 - SIGNIFICANT UNOBSERVABLE INPUTS (INCLUDING THE FUND'S OWN
ASSUMPTIONS IN DETERMINING THE FAIR VALUE OF INVESTMENTS)
THE VALUATION TECHNIQUES USED BY THE FUND TO MEASURE FAIR VALUE IN ACCORDANCE
WITH FAS 157 DURING THE THREE MONTHS ENDED FEBRUARY 29, 2008 MAXIMIZED THE USE
OF OBSERVABLE INPUTS AND MINIMIZED THE USE OF UNOBSERVABLE INPUTS.
THE FOLLOWING IS A SUMMARY OF THE INPUTS USED AS OF FEBRUARY 29, 2008 IN VALUING
THE FUND'S INVESTMENTS IN ACCORDANCE WITH FAS 157 CARRIED AT VALUE:
INVESTMENTS IN OTHER FINANCIAL
VALUATION INPUTS SECURITIES INSTRUMENTS*
----------------------------------------------- --------------------------------
LEVEL 1 - QUOTED PRICES $ 105,689,495 $ (1,063,500)
LEVEL 2 - OTHER SIGNIFICANT OBSERVABLE INPUTS 57,156,865 --
LEVEL 3 - SIGNIFICANT UNOBSERVABLE INPUTS 14,603,780 --
-------------- ------------
TOTAL $ 177,450,140 $ (1,063,500)
============== ============
|
* OTHER FINANCIAL INSTRUMENTS ARE DERIVATIVE INSTRUMENTS NOT REFLECTIVE IN THE
PORTFOLIO OF INVESTMENTS, SUCH AS FUTURES, FORWARDS AND SWAP CONTRACTS, WHICH
ARE VALUED AT THE UNREALIZED APPRECIATION/DEPRECIATION ON THE INSTRUMENT.
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 29, 2008
SCHEDULE OF INVESTMENTS (UNAUDITED)
THE FOLLOWING IS A RECONCILIATION OF THE INVESTMENTS IN WHICH SIGNIFICANT
UNOBSERVABLE INPUTS (LEVEL 3) WERE USED IN DETERMINING VALUE:
INVESTMENTS IN
SECURITIES
---------------
BEGINNING BALANCE AS OF 11/30/07 $ 17,320,680
CHANGE IN UNREALIZED
APPRECIATION/(DEPRECIATION) (1,728,938)
NET PURCHASE/(SALES) (211,862)
NET TRANSFERS IN/AND OR OUT OF LEVEL 3 (776,100)
--------------
ENDING BALANCE AS OF 2/29/08 $ 14,603,780
==============
|
FOR INFORMATION ON THE FUND'S POLICY REGARDING VALUATION OF INVESTMENTS AND
OTHER SIGNIFICANT ACCOUNTING POLICIES, PLEASE REFER TO THE FUND'S MOST RECENT
SEMI-ANNUAL OR ANNUAL FINANCIAL STATEMENTS.
ITEM 2. CONTROLS AND PROCEDURES
(a) The registrant's principal executive officer and principal financial officer
have concluded that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended,
(the "1940 Act")) are effective as of a date within 90 days of the filing of
this report that includes the disclosure required by this paragraph, based on
their evaluation of these controls and procedures, required by Rule 30a-3(b)
under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended.
(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the registrant's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 3. EXHIBITS.
(a) A separate certification for the principal executive officer and the
principal financial officer of the registrant as required by Rule 30a-2(a) under
the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed
herewith.
SIGNATURES
Pursuant to the requirements of the securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Chartwell Dividend and Income Fund, Inc.
By (Signature and Title)* /s/ Winthrop S. Jessup
----------------------------------------
Winthrop S. Jessup, President
(Principal Executive Officer)
|
Date April 24, 2008
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Winthrop S. Jessup
----------------------------------------
Winthrop S. Jessup, President
(Principal Executive Officer)
|
Date April 24, 2008
By (Signature and Title)* /s/ G. Gregory Hagar
----------------------------------------
G. Gregory Hagar, Vice President and CFO
(Principal Financial Officer)
|
Date April 24, 2008
* Print the name and title of each signing officer under his or her signature.
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