Delaware Investments® Dividend and Income Fund, Inc. Announces Discount Management Programs
05 Febbraio 2021 - 10:36PM
Business Wire
Today, Delaware Investments Dividend and Income Fund (the
“Fund”), a New York Stock Exchange–listed closed-end fund trading
under the symbol “DDF,” announced that the Fund’s Board approved
the commencement of the Fund’s annual tender offer measurement
period. If the Fund is trading at an average discount of more than
10% during the 12-week measurement period, the Board will consider
conducting a tender offer to provide a periodic liquidity
opportunity to shareholders. Additional information about the
tender offer would be communicated to shareholders at a later
date.
In addition, the Fund announced the results of its recent share
repurchase program utilization. For the fiscal year ended Nov. 30,
2020, the Fund repurchased 77,000 common shares valued at $623,838
with an average discount per share of 10.17%.
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 if
necessary, a return of capital. A return of capital may occur for
example, when some or all of the money that you invested in the
Fund is paid back to you. A return of capital distribution does not
necessarily reflect the Fund’s investment performance and should
not be confused with ‘yield’ or ‘income’. Even though the Fund may
realize current year capital gains, such gains may be offset, in
whole or in part, by the Fund’s capital loss carryovers from prior
years.
Under the Fund’s managed distribution policy, the Fund makes
monthly distributions to common shareholders at a targeted annual
distribution rate of 7.5% of the Fund’s average net asset value
(“NAV”) per share. The Fund will calculate the average NAV per
share from the previous three full months immediately prior to the
distribution based on the number of business days in those three
months on which the NAV is calculated. The distribution will be
calculated as 7.5% of the prior three month’s average NAV per
share, divided by 12. The Fund will generally distribute amounts
necessary to satisfy the Fund’s managed distribution policy and the
requirements prescribed by excise tax rules and Subchapter M of the
Internal Revenue Code. This distribution methodology is intended to
provide shareholders with a consistent, but not guaranteed, income
stream and a targeted annual distribution rate and is intended to
narrow any discount between the market price and the NAV of the
Fund’s common shares, but there is no assurance that the policy
will be successful in doing so. The methodology for determining
monthly distributions under the Fund’s managed distribution policy
will be reviewed at least annually by the Fund’s Board of Trustees,
and the Fund will continue to evaluate its distribution in light of
ongoing market conditions.
You should not draw any conclusions about the Fund's investment
performance from the amount of this distribution or from the terms
of the Fund's managed distribution policy. The amounts and sources
of the Fund’s distributions to be reported will be estimates and
will not be provided for tax reporting purposes. The actual amounts
and sources of the amounts for tax reporting purposes will depend
upon the Fund's investment experience during the remainder of its
fiscal year and may be subject to changes based on tax regulations.
The Fund will send you a Form 1099-DIV for the calendar year that
will tell you how to report these distributions for federal income
tax purposes.
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, which may
include up to 25% in real estate investment trusts (REITs) and real
estate industry operating companies. 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.
About Macquarie Investment Management
Macquarie Investment Management, a member of Macquarie Group,
includes the former Delaware Investments and is a global asset
manager with offices throughout the United States, Europe, Asia,
and Australia. As active managers, we prioritize autonomy and
accountability at the team level in pursuit of opportunities that
matter for clients. Macquarie Investment Management is supported by
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 refers to Macquarie Group Limited and its
subsidiaries and affiliates worldwide. For more information about
Delaware Funds® by Macquarie, visit delawarefunds.com or call 800
523-1918.
Other than Macquarie Bank Limited (MBL), none of the entities
referred to in this document are authorized deposit-taking
institutions 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 otherwise provide assurance in respect of
the obligations of these entities, unless noted otherwise.
© 2021 Macquarie Management Holdings, Inc.
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Investors Computershare 866 437-0252
delawarefunds.com/closed-end
Media contacts Daniela Palmieri 215 255-8878
Jessica Fitzgerald 215 255-1336
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