PHILADELPHIA, Aug. 17 /PRNewswire-FirstCall/ -- Delaware Investments Dividend and Income Fund, Inc. (the "Fund") , a New York Stock Exchange listed closed-end fund trading under the symbol "DDF," today announced that the Fund's shareholders elected Patrick P. Coyne to the Fund's Board of Directors (the "Board") and re-elected the existing Directors to the Fund's Board. In connection with the election of Mr. Coyne, the Fund's Board appointed Mr. Coyne as Chairman of the Board. Mr. Coyne is also president of Delaware Investments, the parent company of the Fund's investment manager. The team responsible for managing the Fund's assets remains in its role at Delaware Investments.
The Fund is a diversified, closed-end fund. The Fund's 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 percent 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 percent 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 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.
In 1995, the Fund implemented a managed distribution policy. Under the policy, the Fund is managed with a goal of generating as much of the dividend as possible from ordinary income (net investment income and short-term capital gains). The balance of the dividend then comes from long-term capital gains and, if necessary, 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 $145 billion in assets under management as of June 30, 2006. Through a broad range of managed accounts and portfolios, mutual funds, retirement accounts, sub-advised funds, education savings plans 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/. Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. For more information on Lincoln Financial Group, visit http://www.lfg.com/.
