Table of Contents

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Table of Contents

Table of contents

Portfolio management review		1
Performance summary		3
Security type / sector allocation and top 10 equity holdings		7
Schedule of investments		8
Statement of assets and liabilities		16
Statement of operations		17
Statements of changes in net assets		18
Statement of cash flows		19
Financial highlights		20
Notes to financial statements		21
Report of independent registered public accounting firm		29
Other Fund information		30
Board of trustees / directors and officers addendum		44
About the organization		50

Delaware Investments^® Dividend and Income Fund, Inc. (“DDF” or the “Fund”), acting pursuant to a Securities and Exchange Commission (“SEC”) exemptive order and with the approval of the Fund’s Board of Directors (the “Board”), has adopted a managed distribution policy (the “Plan”). The Fund currently 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 months’ average NAV per share, divided by 12. 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.

Under the Plan, 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. The Fund will generally distribute amounts necessary to satisfy the terms of the Fund’s Plan and the requirements prescribed by excise tax rules and Subchapter M of the Internal Revenue Code (the “Code”). Each monthly distribution to shareholders is expected to be at the fixed percentage described above, except for extraordinary distributions and potential distribution rate increases or decreases to enable the Fund to comply with the distribution requirements imposed by the Code.

The Board may amend, suspend, or terminate the Fund’s Plan at any time without prior notice if it deems such action to be in the best interest of the Fund or its shareholders. The methodology for determining monthly distributions under the Plan will be reviewed at least annually by the Fund’s Board, and the Fund will continue to evaluate its distribution in light of ongoing market conditions. The suspension or termination of the Plan could have the effect of creating a trading discount (if the Fund’s stock is trading at or above NAV) or widening an existing trading discount. The Fund is subject to risks that could have an adverse impact on its ability to maintain distributions under the Plan. Examples of potential risks include, but are not limited to, economic downturns impacting the markets, increased market volatility, portfolio companies suspending or decreasing corporate dividend distributions, and changes in the Code.

Shareholders should not draw any conclusions about the Fund’s investment performance from the amounts of these distributions or from the terms of the Plan. The Fund’s total investment return on NAV is presented in its financial highlights table.

A cumulative summary of the Section 19(a) notices for the Fund’s current fiscal period, if applicable, is included in Other Fund Information. Section 19(a) notices for the Fund, as applicable, are available on the Fund’s website at delawarefunds.com/about/press-releases-closed-end.

Macquarie Asset Management (MAM) offers a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products. Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. This includes the following investment advisors: Macquarie Investment Management Business Trust (MIMBT), Macquarie Funds Management Hong Kong Limited, Macquarie Investment Management Austria Kapitalanlage AG, Macquarie Investment Management Global Limited, Macquarie Investment Management Europe Limited, and Macquarie Investment Management Europe S.A. For more information, including press releases, please visit delawarefunds.com/closed-end.

Unless otherwise noted, views expressed herein are current as of November 30, 2021, and subject to change for events occurring after such date.

The Fund is not FDIC insured and is not guaranteed. It is possible to lose the principal amount invested.

Advisory services provided by Delaware Management Company, a series of MIMBT, a US registered investment advisor.

None of the entities noted in this document is an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia) and the obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542 (Macquarie Bank). Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these entities. In addition, if this document relates to an investment, (a) each investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group company guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

The Fund is governed by US laws and regulations.

All third-party marks cited are the property of their respective owners.

© 2022 Macquarie Management Holdings, Inc.

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Table of Contents

Portfolio management review
Delaware Investments^® Dividend and Income Fund, Inc.

December 7, 2021 (Unaudited)

Performance preview (for the year ended November 30, 2021)
Delaware Investments Dividend and Income Fund, Inc. @ market price		1-year return		+30.69%
Delaware Investments Dividend and Income Fund, Inc. @ NAV		1-year return		+18.39%
Lipper Closed-end Income & Preferred Stock Funds Average @ market price		1-year return		+16.40%
Lipper Closed-end Income & Preferred Stock Funds Average @ NAV		1-year return		+11.27%

Past performance does not guarantee future results.

Performance at market price will differ from performance at net asset value (NAV). Although market price returns tend to reflect investment results over time, during shorter periods returns at market price can also be influenced by factors such as changing views about the Fund, market conditions, supply and demand for the Fund’s shares, or changes in the Fund’s distribution rate.

For complete, annualized performance for Delaware Investments Dividend and Income Fund, Inc., please see the table on page 3.

For the fiscal year ended November 30, 2021, Delaware Investments Dividend and Income Fund, Inc. returned +18.39% at net asset value (NAV) and +30.69% at market price (both figures reflect all distributions reinvested). For the Fund’s complete, annualized performance, please see the table on page 3.

Economic backdrop

During the fiscal year, the Fund’s performance was positive during a period in which stocks rallied and the fixed income markets faced rising inflationary pressure and, consequently, rising yields. Volatility began to increase in the last three months of the period.

The Fund’s fiscal year began with a new wave of COVID-19-related lockdowns around the world but also with optimism as vaccinations began to roll out in December 2020. The shift of power to Democrats in the White House and Congress enabled further stimulus packages in 2021 despite Republican opposition. Rising demand led to supply bottlenecks and sharply rising energy prices. This price pressure contributed to the highest inflation rates in years and led to discussions about the US Federal Reserve’s tapering its monthly bond purchases. Accordingly, yields also rose significantly. In September 2021, the Fed began to speak officially about the possibility of starting to reduce the pace of its asset purchases in 2021 and finally, in its November meeting, it decided to begin implementing this tapering policy.

Developments in China also caused turbulence over the summer, with tough government regulatory measures against its own technology sector, the collapse of real estate giant Evergrande, and electricity shortages in the country that led to power rationing.

After seven positive months, stock markets recorded their first monthly loss in September 2021 in the face of various uncertainties, including the US debt ceiling debate. This debate ended with, at least, the temporary postponement of a government shutdown. Against the backdrop of strong third-quarter earnings results, equities again reached new highs before a new, worrying COVID-19 variant, Omicron, was detected at the end of November, causing another setback for equities.

Individual contributors and detractors

During the fiscal year, individual equity investments were both the largest contributors and detractors, with most equity positions gaining value. Within the Fund’s US large-cap value equity subportfolio, energy company ConocoPhillips and retailer Lowe’s Companies Inc. were the largest contributors to the Fund’s performance. Both positions accounted for approximately a 1.8% average weight of gross assets each. In contrast, pharmaceutical company Viatris Inc. (average weight of approximately 1.6% of gross assets) and information technology (IT) services provider Fidelity National Information Services Inc. (average weight of roughly 1.3% of gross assets) detracted the most from the Fund’s performance.

Portfolio positioning

We regularly invest across multiple asset classes, searching for securities that offer a competitive yield and the opportunity for dividend growth. We also prioritize managing downside risk while seeking to limit any capital losses. Our asset shifts throughout the fiscal year reflected these priorities.

The Fund’s largest allocation remained in large-cap value equities, reflecting our generally bullish view on the US stock market, which we believe may offer investors a favorable combination of yield and upside potential from the ongoing economic recovery. During the fiscal year, after equities had performed strongly, we slightly reduced the Fund’s allocation to US large-cap value equities, to bring it back to our target for the asset class.

Within fixed income, we believe high yield bonds may continue to deliver income opportunities. With the proceeds from the equity rebalancing, we rebalanced the Fund’s high yield allocation back up to its target.

Further, we slightly decreased the Fund’s exposure to real estate investment trusts (REITs) during the fiscal year, while we raised the allocation to US convertible bonds.

The Fund’s use of leverage – a portfolio management tool designed to obtain a potentially higher return on the Fund’s investments –

1

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Table of Contents

Portfolio management review
Delaware Investments^® Dividend and Income Fund, Inc.

added to performance in light of the stock market’s increase. Leverage magnifies the effect of gains and losses. As a result, leverage added to the Fund’s results in a positive market environment.

Our approach

The growth outlook at the end of the Fund’s fiscal year has become opaque, in our view, against the backdrop of once again sharply rising COVID-19 infections in several countries around the world and the appearance of the Omicron variant. As of fiscal year end, it was suspected that the new variant could be more infectious than previous variants and could therefore lead to a new wave of restrictive measures, which would be harmful for the economic outlook.

As inflation remained an issue and the labor market continued to improve, the Fed began tapering its asset purchases in November and indicated that it could tighten monetary policy more rapidly than previously assumed. Whether or not the economy will stay on the path to recovery, in our opinion, will be heavily dependent on how the COVID-19 situation and monetary policy evolve over the coming months.

In our view, a thoughtful active management approach is needed given the increased uncertainty. We believe vigilant and continuous assessment of the current market environment offers opportunities to take advantage of market dislocations and may help us achieve what we consider to be attractive risk-adjusted returns through an active focus on portfolio risk and diversification.

We continue to focus on delivering income while actively managing risk. The Fund, therefore, seeks to deliver returns that are derived from tactical asset allocation decisions as well as from active management of individual asset classes and investment styles.

2

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Table of Contents

Performance summary (Unaudited)
Delaware Investments^® Dividend and Income Fund, Inc.

The performance quoted represents past performance and does not guarantee future results. Investment return, principal value, and market value of an investment will fluctuate so that shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted. Please obtain the most recent performance data by calling 866 437-0252 or visiting our website at delawarefunds.com/closed-end.

Fund performance

Average annual total returns through November 30, 2021

1 year

5 year

10 year

Lifetime

At market price (inception date March 26, 1993)

+30.69%

+10.69%

+12.73%

+8.67%

At net asset value (inception date March 26, 1993)

+18.39%

+7.46%

+11.23%

+8.82%

Diversification may not protect against market risk.

Fixed income securities and bond funds can lose value, and investors can lose principal, as interest rates rise. They also may be affected by economic conditions that hinder an issuer’s ability to make interest and principal payments on its debt. This includes prepayment risk, the risk that the principal of a bond that is held by a portfolio will be prepaid prior to maturity at the time when interest rates are lower than what the bond was paying. A portfolio may then have to reinvest that money at a lower interest rate.

High yielding, non-investment-grade bonds (junk bonds) involve higher risk than investment grade bonds. The high yield secondary market is particularly susceptible to liquidity problems when institutional investors, such as mutual funds and certain other financial institutions, temporarily stop buying bonds for regulatory, financial, or other reasons. In addition, a less liquid secondary market makes it more difficult to obtain precise valuations of the high yield securities.

Narrowly focused investments may exhibit higher volatility than investments in multiple industry sectors.

REIT investments are subject to many of the risks associated with direct real estate ownership, including changes in economic conditions, credit risk, and interest rate fluctuations.

The Fund may invest in derivatives, which may involve additional expenses and are subject to risk, including the risk that an underlying security or securities index moves in the opposite direction from what the portfolio manager anticipated. A derivatives transaction depends upon the counterparties’ ability to fulfill their contractual obligations.

The Fund may experience portfolio turnover in excess of 100%, which could result in higher transaction costs and tax liability.

If and when the Fund invests in forward foreign currency contracts or uses other investments to hedge against currency risks, the Fund will be subject to special risks, including counterparty risk.

The Fund borrows through a line of credit for purposes of leveraging. Leveraging may result in higher degrees of volatility because the Fund’s net asset value could be subject to fluctuations in short-term interest rates and changes in market value of portfolio securities attributable to leverage. Leverage magnifies the potential for gain and the risk of loss. As a result, a relatively small decline in the value of the underlying investments could result in a relatively large loss. In addition, the leverage through the line of credit is dependent on the credit provider’s ability to fulfill its contractual obligations.

IBOR risk is the risk that changes related to the use of the London interbank offered rate (LIBOR) or similar rates (such as EONIA) could have adverse impacts on financial instruments that reference these rates. The abandonment of these rates and transition to alternative rates could affect the value and liquidity of instruments that reference them and could affect investment strategy performance.

The disruptions caused by natural disasters, pandemics, or similar events could prevent the Fund from executing advantageous investment decisions in a timely manner and could negatively impact the Fund’s ability to achieve its investment objective and the value of the Fund’s investments.

Closed-end fund shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation or any other government agency.

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Table of Contents

Performance summary (Unaudited)
Delaware Investments^® Dividend and Income Fund, Inc.

Closed-end funds, unlike open-end funds, are not continuously offered. After being issued during a one-time-only public offering, shares of closed-end funds are sold in the open market through a securities exchange. Net asset value (NAV) is calculated by subtracting total liabilities by total assets, then dividing by the number of shares outstanding. At the time of sale, your shares may have a market price that is above or below NAV, and may be worth more or less than your original investment.

The Fund may make distributions of ordinary income and capital gains at calendar year end. Those distributions may temporarily cause extraordinarily high yields. There is no assurance that a Fund will repeat that yield in the future. Subsequent monthly distributions that do not include ordinary income or capital gains in the form of dividends will likely be lower.

The “Fund performance” table and the “Performance of a $10,000 investment” graph do not reflect the deduction of taxes the shareholder would pay on Fund distributions or redemptions of Fund shares.

Returns reflect the reinvestment of all distributions. Dividends and distributions, if any, are assumed, for the purpose of this calculation to be reinvested at prices obtained under the Fund’s dividend reinvestment policy. Shares of the Fund were initially offered with a sales charge of 6%. Performance since inception does not include the sales charge or any other brokerage commission for purchases made since inception.

Past performance does not guarantee future results.

Fund basics
As of November 30, 2021

Fund objectives	Fund start date
The Fund’s primary investment objective is to seek high current income; capital
appreciation is a secondary objective.	March 26, 1993
Total net assets	NYSE symbol
$80.2 million	DDF
Number of holdings
307

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Table of Contents

Market price versus net asset value (see notes below and on next page)

November 30, 2020 through November 30, 2021

For period beginning November 30, 2020 through November 30, 2021		Starting value		Ending value
	Delaware Investments® Dividend and Income Fund, Inc. @ NAV	$9.57		$10.54
	Delaware Investments® Dividend and Income Fund, Inc. @ market price	$8.90		$10.82

Past performance does not guarantee future results.

Performance of a $10,000 investment

For period beginning November 30, 2011 through November 30, 2021

For period beginning November 30, 2011 through November 30, 2021		Starting value		Ending value
	Delaware Investments® Dividend and Income Fund, Inc. @ market price	$10,000		$33,132
	Delaware Investments® Dividend and Income Fund, Inc. @ NAV	$10,000		$28,993
	Lipper Closed-end Income & Preferred Stock Funds Average @ market price	$10,000		$28,141
	Lipper Closed-end Income & Preferred Stock Funds Average @ NAV	$10,000		$24,234

The “Performance of a $10,000 investment” graph assumes $10,000 invested in the Fund on November 30, 2011, and includes the reinvestment of all distributions at market value. The graph assumes $10,000 in the Lipper Closed-end Income and Preferred Stock Funds Average at market price and at NAV.

Performance of the Fund and the Lipper peer group at market value is based on market performance during the period. Performance of the Fund and the Lipper peer group at NAV is based on the fluctuations in NAV during the period. Delaware Investments Dividend and Income

(continues)                    5

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Table of Contents

Performance summary (Unaudited)
Delaware Investments^® Dividend and Income Fund, Inc.

Fund, Inc. was initially offered with a sales charge of 6%. For market price, performance shown in both graphs above does not include fees, the initial sales charge, or any brokerage commissions on purchases. For NAV, performance shown in both graphs above includes fees, but does not include the initial sales charge or any brokerage commissions for purchases. Investments in the Fund are not available at NAV.

The Lipper Closed-end Income and Preferred Stock Funds Average represents the average return of closed-end funds that normally seek a high level of current income through investing in income-producing stocks, bonds, and money market instruments, or funds that invest primarily in preferred securities, often considering tax code implications (source: Lipper).

Market price is the price an investor would pay for shares of the Fund on the secondary market.

NAV is the total value of one fund share, generally equal to a fund’s net assets divided by the number of shares outstanding.

Past performance does not guarantee future results.

6

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Table of Contents

Security type / sector allocation and top 10 equity holdings
Delaware Investments^® Dividend and Income Fund, Inc.

As of November 30, 2021 (Unaudited)

Sector designations may be different from the sector designations presented in other Fund materials. The sector designations may represent the investment manager’s internal sector classifications.

	Percentage
Security type / sector	of net assets
Convertible Bonds	6.36%
Corporate Bonds	34.29%
Automotive	1.24%
Banking	0.97%
Basic Industry	3.70%
Capital Goods	1.54%
Communications	2.34%
Consumer Cyclical	4.48%
Consumer Non-Cyclical	1.10%
Energy	5.03%
Financials	1.66%
Healthcare	3.54%
Insurance	0.56%
Media	3.54%
Real Estate Investment Trusts	0.33%
Services	1.90%
Technology & Electronics	0.83%
Transportation	0.75%
Utilities	0.78%
Common Stock	86.86%
Communication Services	6.57%
Consumer Discretionary	8.22%
Consumer Staples	4.82%
Energy	2.51%
Financials	11.75%
Healthcare	13.41%
Industrials	9.42%
Information Technology	15.12%
Materials	2.38%
REIT Diversified	0.36%
REIT Healthcare	0.94%
REIT Hotel	0.41%
REIT Industrial	0.91%
REIT Information Technology	0.81%
REIT Mall	0.23%
REIT Manufactured Housing	0.29%
REIT Multifamily	3.66%
REIT Office	0.43%
REIT Self-Storage	0.84%
REIT Shopping Center	0.64%
REIT Single Tenant	0.51%
REIT Specialty	0.06%
Utilities	2.57%
Convertible Preferred Stock	1.68%
Exchange-Traded Funds	0.02%
Short-Term Investments	6.35%
Total Value of Securities	135.56%
Borrowings Under Line of Credit	(36.77%	)
Receivables and Other Assets Net of
Liabilities	1.21%
Total Net Assets	100.00%

	Percentage
Top 10 equity holdings	of net assets
Broadcom	2.76%
Dollar Tree	2.75%
Motorola Solutions	2.72%
Equity Residential	2.71%
Dollar General	2.61%
CVS Health	2.61%
Lowe’s	2.59%
Edison International	2.57%
Archer-Daniels-Midland	2.57%
Northrop Grumman	2.52%

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Schedule of investments
Delaware Investments^® Dividend and Income Fund, Inc.

November 30, 2021

	Principal
	amount°		Value (US $)
Convertible Bonds – 6.36%
Basic Industry – 0.13%
Ivanhoe Mines 144A 2.50%
exercise price $7.43,
maturity date 4/15/26 #	81,000		$	106,756
				106,756
Capital Goods – 0.16%
Kaman 3.25% exercise price
$65.26, maturity date
5/1/24	130,000			130,845
				130,845
Communications – 0.89%
Cable One 144A 1.125%
exercise price $2,275.83,
maturity date 3/15/28 #	151,000			150,902
DISH Network 3.375% exercise
price $65.18, maturity date
8/15/26	161,000			148,805
InterDigital 2.00% exercise
price $81.29, maturity date
6/1/24	151,000			164,307
Liberty Broadband 144A 1.25%
exercise price $900.01,
maturity date 9/30/50 #	171,000			170,316
Liberty Latin America 2.00%
exercise price $20.65,
maturity date 7/15/24	76,000			75,097
				709,427
Consumer Cyclical – 0.40%
Cheesecake Factory 0.375%
exercise price $78.40,
maturity date 6/15/26	98,000			87,370
Ford Motor 144A 0.00%
exercise price $17.49,
maturity date 3/15/26 #, ^	108,000			140,535
FuboTV 144A 3.25% exercise
price $57.78, maturity date
2/15/26 #	108,000			93,442
				321,347
Consumer Non-Cyclical – 1.59%
BioMarin Pharmaceutical
0.599% exercise price
$124.67, maturity date
8/1/24	131,000			135,249
Chefs’ Warehouse 1.875%
exercise price $44.20,
maturity date 12/1/24	176,000			184,591
Chegg 3.90% exercise price
$107.55, maturity date
9/1/26 ^	101,000			83,173
Coherus Biosciences 1.50%
exercise price $19.26,
maturity date 4/15/26	108,000			130,680
Collegium Pharmaceutical
2.625% exercise price
$29.19, maturity date
2/15/26	150,000			142,219
Integra LifeSciences Holdings
0.50% exercise price
$73.67, maturity date
8/15/25	177,000			187,992
Ionis Pharmaceuticals 0.125%
exercise price $83.28,
maturity date 12/15/24	101,000			89,647
Jazz Investments I 2.00%
exercise price $155.81,
maturity date 6/15/26	63,000			70,087
Neurocrine Biosciences 2.25%
exercise price $75.92,
maturity date 5/15/24	46,000			56,839
Paratek Pharmaceuticals 4.75%
exercise price $15.90,
maturity date 5/1/24	214,000			196,003
				1,276,480
Electric – 0.26%
NextEra Energy Partners 144A
0.357% exercise price
$76.10, maturity date
11/15/25 #, ^	49,000			56,325
NRG Energy 2.75% exercise
price $44.89, maturity date
6/1/48	138,000			152,766
				209,091
Energy – 0.41%
Cheniere Energy 4.25%
exercise price $138.38,
maturity date 3/15/45	210,000			179,836
Helix Energy Solutions Group
6.75% exercise price $6.97,
maturity date 2/15/26	155,000			149,375
				329,211

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Table of Contents

				Principal
				amount°		Value (US $)
Convertible Bonds (continued)
Financials – 0.33%
	FTI Consulting 2.00% exercise
		price $101.38, maturity date
		8/15/23		99,000		$	147,856
	Repay Holdings 144A 0.343%
		exercise price $33.60,
		maturity date 2/1/26 #, ^		137,000			115,162
							263,018
Industrials – 0.31%
	Chart Industries 144A 1.00%
		exercise price $58.73,
		maturity date 11/15/24 #		83,000			249,934
							249,934
REITs – 0.31%
	Blackstone Mortgage Trust
		4.75% exercise price
		$36.23, maturity date
		3/15/23		141,000			144,324
	Summit Hotel Properties 1.50%
		exercise price $11.99,
		maturity date 2/15/26		103,000			103,736
							248,060
Technology – 1.19%
	Microchip Technology 1.625%
		exercise price $46.92,
		maturity date 2/15/27		73,000			174,464
	ON Semiconductor 1.625%
		exercise price $20.72,
		maturity date 10/15/23		83,000			246,666
	Palo Alto Networks 0.75%
		exercise price $266.35,
		maturity date 7/1/23		80,000			164,880
	Quotient Technology 1.75%
		exercise price $17.36,
		maturity date 12/1/22		158,000			156,730
	Travere Therapeutics 2.50%
		exercise price $38.80,
		maturity date 9/15/25		109,000			114,177
	Vishay Intertechnology 2.25%
		exercise price $31.32,
		maturity date 6/15/25		92,000			94,023
							950,940
Transportation – 0.38%
	Seaspan 144A 3.75% exercise
		price $13.01, maturity date
		12/15/25 #		152,000			181,412
	Spirit Airlines 1.00% exercise
		price $49.07, maturity date
		5/15/26		140,000			124,320
							305,732
Total Convertible Bonds
	(cost $4,674,718)						5,100,841
Corporate Bonds – 34.29%
Automotive – 1.24%
	Allison Transmission 144A
		5.875% 6/1/29 #		330,000			353,100
	Ford Motor Credit
		3.375% 11/13/25		310,000			317,031
		4.542% 8/1/26		305,000			326,350
							996,481
Banking – 0.97%
	Morgan Stanley 5.875%
		9/15/26 µ, ψ		425,000			479,246
	Popular 6.125% 9/14/23			280,000			298,252
							777,498
Basic Industry – 3.70%
	Allegheny Technologies
		5.125% 10/1/31		100,000			98,896
	Artera Services 144A 9.033%
		12/4/25 #		290,000			292,139
	Avient 144A 5.75% 5/15/25 #			88,000			91,306
	Chemours 144A 5.75%
		11/15/28 #		155,000			159,136
	First Quantum Minerals
		144A 7.25% 4/1/23 #		200,000			204,003
		144A 7.50% 4/1/25 #		200,000			205,714
	Freeport-McMoRan 5.45%
		3/15/43		185,000			228,361
	INEOS Quattro Finance 2 144A
		3.375% 1/15/26 #		200,000			199,317
	Koppers 144A 6.00%
		2/15/25 #		215,000			219,239
	New Gold 144A 7.50%
		7/15/27 #		150,000			157,267
	NOVA Chemicals
		144A 4.25% 5/15/29 #		160,000			157,102
		144A 5.00% 5/1/25 #		130,000			136,445
	Olin
		5.00% 2/1/30		175,000			183,081
		5.125% 9/15/27		195,000			201,251
	Standard Industries 144A
		4.75% 1/15/28 #		145,000			146,289

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Schedule of investments
Delaware Investments^® Dividend and Income Fund, Inc.

				Principal
				amount°		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
	Steel Dynamics 5.00%
		12/15/26		280,000		$	286,133
							2,965,679
Capital Goods – 1.54%
	Ardagh Packaging Finance
		144A 5.25% 8/15/27 #		300,000			294,743
	Intertape Polymer Group 144A
		4.375% 6/15/29 #		170,000			168,592
	Madison IAQ 144A 5.875%
		6/30/29 #		160,000			154,186
	Terex 144A 5.00% 5/15/29 #			180,000			183,609
	TK Elevator US Newco 144A
		5.25% 7/15/27 #		300,000			305,539
	TransDigm 144A 6.25%
		3/15/26 #		125,000			129,868
							1,236,537
Communications – 2.34%
	Altice France 144A 5.50%
		10/15/29 #		240,000			232,068
	Altice France Holding 144A
		6.00% 2/15/28 #		305,000			285,544
	Connect Finco 144A 6.75%
		10/1/26 #		200,000			208,786
	Consolidated Communications
		144A 5.00% 10/1/28 #		70,000			69,020
		144A 6.50% 10/1/28 #		70,000			72,800
	Frontier Communications
		Holdings
		144A 5.875% 10/15/27 #		145,000			149,971
		144A 6.75% 5/1/29 #		100,000			103,100
	Sprint
		7.125% 6/15/24		190,000			213,195
		7.875% 9/15/23		103,000			113,304
	T-Mobile USA
		2.625% 4/15/26		85,000			85,159
		3.375% 4/15/29		85,000			85,657
		3.50% 4/15/31		50,000			50,909
	Zayo Group Holdings 144A
		6.125% 3/1/28 #		225,000			212,327
							1,881,840
Consumer Cyclical – 4.48%
	Bath & Body Works
		6.875% 11/1/35		160,000			192,442
		6.95% 3/1/33		104,000			118,401
	Bloomin’ Brands 144A 5.125%
		4/15/29 #		150,000			147,947
	Boyd Gaming 4.75% 12/1/27			289,000			293,715
	Caesars Entertainment 144A
		6.25% 7/1/25 #		295,000			307,063
	Carnival
		144A 5.75% 3/1/27 #		300,000			293,857
		144A 7.625% 3/1/26 #		215,000			220,912
	Hilton Domestic Operating
		144A 4.00% 5/1/31 #		475,000			476,633
	Levi Strauss & Co. 144A 3.50%
		3/1/31 #		143,000			145,595
	MGM Resorts International
		4.75% 10/15/28		60,000			61,331
	PetSmart 144A 7.75%
		2/15/29 #		250,000			267,722
	Royal Caribbean Cruises 144A
		5.50% 4/1/28 #		305,000			297,308
	Scientific Games International
		144A 8.25% 3/15/26 #		137,000			144,373
	Six Flags Entertainment 144A
		4.875% 7/31/24 #		90,000			90,788
	White Cap Buyer 144A 6.875%
		10/15/28 #		150,000			153,349
	Wyndham Hotels & Resorts
		144A 4.375% 8/15/28 #		379,000			383,336
							3,594,772
Consumer Non-Cyclical – 1.10%
	Energizer Holdings 144A
		4.375% 3/31/29 #		150,000			142,512
	JBS USA LUX
		144A 6.50% 4/15/29 #		160,000			175,551
		144A 6.75% 2/15/28 #		20,000			21,595
	Kraft Heinz Foods 5.20%
		7/15/45		140,000			178,525
	Post Holdings
		144A 5.625% 1/15/28 #		180,000			185,563
		144A 5.75% 3/1/27 #		170,000			175,334
							879,080
Energy – 5.03%
	Ascent Resources Utica
		Holdings
		144A 5.875% 6/30/29 #		170,000			167,731
		144A 7.00% 11/1/26 #		80,000			81,319
	Cheniere Corpus Christi
		Holdings
		5.125% 6/30/27		40,000			45,321
		5.875% 3/31/25		80,000			89,162
	CNX Midstream Partners 144A
		4.75% 4/15/30 #		85,000			83,843
	CNX Resources
		144A 6.00% 1/15/29 #		155,000			158,895
		144A 7.25% 3/14/27 #		70,000			74,048
	Crestwood Midstream Partners
		144A 6.00% 2/1/29 #		188,000			190,546

10

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Table of Contents

				Principal
				amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
	DCP Midstream Operating
		5.125% 5/15/29		220,000		$	244,354
	Energy Transfer 5.50% 6/1/27			115,000			131,622
	EQM Midstream Partners
		144A 4.75% 1/15/31 #		90,000			91,085
		144A 6.50% 7/1/27 #		155,000			167,757
	Genesis Energy
		7.75% 2/1/28		210,000			205,811
		8.00% 1/15/27		160,000			159,007
	Murphy Oil 6.375% 7/15/28			265,000			273,770
	Murphy Oil USA 144A 3.75%
		2/15/31 #		145,000			139,925
	NuStar Logistics 5.625%
		4/28/27		160,000			163,746
	Occidental Petroleum
		6.45% 9/15/36		70,000			87,029
		6.60% 3/15/46		221,000			281,775
		6.625% 9/1/30		135,000			162,167
	PDC Energy 5.75% 5/15/26			175,000			177,079
	Southwestern Energy 7.75%
		10/1/27		145,000			155,694
	Targa Resources Partners
		5.375% 2/1/27		300,000			307,188
	TechnipFMC 144A 6.50%
		2/1/26 #		295,000			312,578
	Western Midstream Operating
		4.75% 8/15/28		75,000			81,822
							4,033,274
Financials – 1.66%
	Ally Financial
		4.70% 5/15/26 µ, ψ		155,000			160,328
		5.75% 11/20/25		435,000			492,949
	Castlelake Aviation Finance
		DAC 144A 5.00% 4/15/27 #		230,000			227,649
	Hightower Holding 144A
		6.75% 4/15/29 #		100,000			101,236
	Midcap Financial Issuer Trust
		144A 6.50% 5/1/28 #		200,000			204,417
	MSCI 144A 3.625% 11/1/31 #			145,000			147,754
							1,334,333
Healthcare – 3.54%
	Bausch Health 144A 6.25%
		2/15/29 #		340,000			308,720
	Centene
		3.375% 2/15/30		245,000			247,067
		4.625% 12/15/29		165,000			176,792
	Cheplapharm Arzneimittel
		144A 5.50% 1/15/28 #		200,000			200,378
	Community Health Systems
		144A 4.75% 2/15/31 #		90,000			88,791
		144A 6.625% 2/15/25 #		140,000			145,382
	DaVita 144A 4.625% 6/1/30 #			135,000			133,542
	Encompass Health 5.75%
		9/15/25		120,000			122,509
	HCA
		5.375% 2/1/25		405,000			442,260
		5.875% 2/15/26		165,000			185,155
		7.58% 9/15/25		80,000			95,229
	Ortho-Clinical Diagnostics
		144A 7.25% 2/1/28 #		72,000			75,733
	Service Corp International
		4.00% 5/15/31		285,000			284,840
	Tenet Healthcare
		144A 4.25% 6/1/29 #		160,000			158,669
		144A 6.125% 10/1/28 #		170,000			173,859
							2,838,926
Insurance – 0.56%
	HUB International 144A
		5.625% 12/1/29 #		155,000			154,933
	USI 144A 6.875% 5/1/25 #			295,000			296,362
							451,295
Media – 3.54%
	AMC Networks 4.25%
		2/15/29		370,000			361,799
	CCO Holdings
		144A 4.50% 8/15/30 #		175,000			176,697
		4.50% 5/1/32		40,000			39,893
		144A 5.125% 5/1/27 #		120,000			123,720
		144A 5.375% 6/1/29 #		130,000			137,740
	Clear Channel Outdoor
		Holdings 144A 7.50%
		6/1/29 #		95,000			97,774
	CSC Holdings
		144A 3.375% 2/15/31 #		250,000			228,860
		144A 5.00% 11/15/31 #		200,000			187,353
	Gray Television 144A 4.75%
		10/15/30 #		290,000			279,985
	Netflix 5.875% 11/15/28			315,000			377,509
	Nielsen Finance
		144A 4.50% 7/15/29 #		40,000			38,740
		144A 4.75% 7/15/31 #		135,000			131,162
	Sinclair Television Group 144A
		5.125% 2/15/27 #		195,000			181,018
	Sirius XM Radio 144A 4.00%
		7/15/28 #		325,000			321,951
	Terrier Media Buyer 144A
		8.875% 12/15/27 #		145,000			153,996
							2,838,197

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Schedule of investments
Delaware Investments^® Dividend and Income Fund, Inc.

				Principal
				amount°		Value (US $)
Corporate Bonds (continued)
Real Estate Investment Trusts – 0.33%
	GLP Capital 5.375% 4/15/26			110,000		$	122,176
	MGM Growth Properties
		Operating Partnership
		144A 3.875% 2/15/29 #		45,000			47,329
		5.75% 2/1/27		85,000			96,353
							265,858
Services – 1.90%
	Aramark Services 144A 5.00%
		2/1/28 #		345,000			347,398
	GFL Environmental 144A
		3.75% 8/1/25 #		59,000			59,816
	Iron Mountain 144A 4.50%
		2/15/31 #		305,000			299,960
	Legends Hospitality Holding
		144A 5.00% 2/1/26 #		90,000			91,050
	Prime Security Services
		Borrower 144A 5.75%
		4/15/26 #		220,000			233,152
	Sotheby’s 144A 5.875%
		6/1/29 #		200,000			201,061
	United Rentals North America
		3.875% 2/15/31		149,000			149,698
	Univar Solutions USA 144A
		5.125% 12/1/27 #		140,000			146,567
							1,528,702
Technology & Electronics – 0.83%
	Go Daddy Operating 144A
		3.50% 3/1/29 #		160,000			152,486
	SS&C Technologies 144A
		5.50% 9/30/27 #		490,000			509,931
							662,417
Transportation – 0.75%
	Delta Air Lines 7.375%
		1/15/26		206,000			238,497
	Mileage Plus Holdings 144A
		6.50% 6/20/27 #		150,000			160,393
	United Airlines
		144A 4.375% 4/15/26 #		55,000			55,326
		144A 4.625% 4/15/29 #		70,000			69,755
	VistaJet Malta Finance 144A
		10.50% 6/1/24 #		75,000			80,411
							604,382
Utilities – 0.78%
	Calpine
		144A 5.00% 2/1/31 #		285,000			274,720
		144A 5.25% 6/1/26 #		98,000			100,420
	PG&E 5.25% 7/1/30			90,000			92,400
	Vistra Operations 144A
		4.375% 5/1/29 #		160,000			157,292
							624,832
Total Corporate Bonds
	(cost $26,985,054)						27,514,103
				Number of
				shares
Common Stock – 86.86%
Communication Services – 6.57%
	Century Communications =, †			500,000			0
	Comcast Class A			35,748			1,786,685
	Verizon Communications			35,400			1,779,558
	Walt Disney †			11,779			1,706,777
							5,273,020
Consumer Discretionary – 8.22%
	Dollar General			9,475			2,096,817
	Dollar Tree †			16,500			2,208,195
	Lowe’s			8,500			2,079,015
	TJX			3,000			208,200
							6,592,227
Consumer Staples – 4.82%
	Archer-Daniels-Midland			33,100			2,059,151
	Conagra Brands			59,163			1,807,430
							3,866,581
Energy – 2.51%
	ConocoPhillips			28,679			2,011,258
							2,011,258
Financials – 11.75%
	American International Group			36,100			1,898,860
	Discover Financial Services			16,200			1,747,170
	MetLife			32,464			1,904,338
	Truist Financial			33,600			1,992,816
	US Bancorp			34,000			1,881,560
							9,424,744
Healthcare – 13.41%
	Baxter International			24,100			1,797,137
	Cigna			8,708			1,671,065
	CVS Health			23,500			2,092,910
	Johnson & Johnson			11,100			1,730,823
	Merck & Co.			24,300			1,820,313
	Viatris			133,757			1,646,549
							10,758,797
Industrials – 9.42%
	Dover			11,295			1,850,685
	Honeywell International			9,124			1,845,238

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				Number of
				shares			Value (US $)
Common Stock (continued)
Industrials (continued)
	Northrop Grumman			5,800		$	2,023,040
	Raytheon Technologies			22,714			1,838,017
							7,556,980
Information Technology – 15.12%
	Broadcom			4,000			2,214,720
	Cisco Systems			35,400			1,941,336
	Cognizant Technology Solutions
		Class A		25,682			2,002,682
	Fidelity National Information
		Services		17,039			1,780,576
	Motorola Solutions			8,600			2,177,348
	Oracle			22,200			2,014,428
							12,131,090
Materials – 2.38%
	DuPont de Nemours			25,832			1,910,535
							1,910,535
REIT Diversified – 0.36%
	DigitalBridge Group †			1,100			8,756
	Duke Realty			2,650			154,575
	EPR Properties			108			4,981
	Lamar Advertising Class A			240			26,222
	Lexington Realty Trust			5,276			79,404
	Outfront Media			570			14,244
							288,182
REIT Healthcare – 0.94%
	Alexandria Real Estate Equities			840			168,059
	CareTrust REIT			2,570			51,940
	Healthcare Trust of America
	Class A			2,740			93,050
	Healthpeak Properties			2,300			75,578
	Medical Properties Trust			5,000			106,450
	National Health Investors			470			24,553
	Omega Healthcare Investors			540			15,088
	Ventas			818			38,380
	Welltower			2,254			179,463
							752,561
REIT Hotel – 0.41%
	Apple Hospitality REIT			5,562			83,541
	Chatham Lodging Trust †			3,043			36,242
	Gaming and Leisure Properties			1,140			51,437
	Host Hotels & Resorts †			1,368			21,478
	Park Hotels & Resorts †			630			10,483
	Pebblebrook Hotel Trust			549			11,502
	Ryman Hospitality Properties †			155			11,997
	VICI Properties			3,860			104,992
							331,672
REIT Industrial – 0.91%
	Americold Realty Trust			593			19,356
	Plymouth Industrial REIT			860			25,585
	Prologis			4,262			642,496
	Terreno Realty			610			46,452
							733,889
REIT Information Technology – 0.81%
	Digital Realty Trust			1,338			224,436
	Equinix			524			425,593
							650,029
REIT Mall – 0.23%
	Simon Property Group			1,196			182,797
							182,797
REIT Manufactured Housing – 0.29%
	Equity LifeStyle Properties			1,300			105,690
	Sun Communities			700			132,006
							237,696
REIT Multifamily – 3.66%
	American Campus Communities			240			12,418
	American Homes 4 Rent Class A			1,430			57,329
	AvalonBay Communities			630			150,488
	Camden Property Trust			539			89,048
	Equity Residential			25,463			2,172,249
	Essex Property Trust			500			169,720
	Invitation Homes			3,880			156,907
	Mid-America Apartment
		Communities		310			63,937
	UDR			1,117			63,367
							2,935,463
REIT Office – 0.43%
	Boston Properties			568			61,253
	Columbia Property Trust			463			8,890
	Cousins Properties			1,866			70,460
	Douglas Emmett			870			28,510
	Highwoods Properties			1,560			67,392
	Kilroy Realty			616			39,751
	Orion Office REIT †			233			4,140
	Piedmont Office Realty Trust
		Class A		1,981			34,430
	SL Green Realty			200			13,886
	Vornado Realty Trust			480			19,267
							347,979
REIT Self-Storage – 0.84%
	CubeSmart			778			41,950
	Extra Space Storage			931			186,200
	Iron Mountain			418			18,994
	Life Storage			710			93,819
	National Storage Affiliates Trust			831			51,007

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Schedule of investments
Delaware Investments^® Dividend and Income Fund, Inc.

				Number of
				shares		Value (US $)
Common Stock (continued)
REIT Self-Storage (continued)
	Public Storage			860		$	281,547
							673,517
REIT Shopping Center – 0.64%
	Agree Realty			500			33,780
	Brixmor Property Group			3,795			86,298
	Federal Realty Investment Trust			268			32,876
	Kimco Realty			3,094			69,367
	Kite Realty Group Trust			2,542			51,145
	Regency Centers			1,065			73,847
	Retail Opportunity Investments			3,176			55,771
	SITE Centers			4,377			65,918
	Urban Edge Properties			2,850			49,105
							518,107
REIT Single Tenant – 0.51%
	Essential Properties Realty Trust			1,527			41,275
	Four Corners Property Trust			1,240			33,505
	National Retail Properties			1,270			56,007
	Realty Income			2,330			158,253
	Spirit Realty Capital			1,124			50,085
	STORE Capital			2,040			67,198
							406,323
REIT Specialty – 0.06%
	WP Carey			610			46,573
							46,573
Utilities – 2.57%
	Edison International			31,600			2,062,848
							2,062,848
Total Common Stock
	(cost $54,415,400)						69,692,868
Convertible Preferred Stock – 1.68%
	2020 Mandatory Exchangeable
		Trust 144A 6.50% exercise
		price $47.09, maturity date
		5/16/23 #		95			146,518
	Algonquin Power & Utilities
		7.75% exercise price
		$18.00, maturity date
		6/15/24		2,048			91,136
	AMG Capital Trust II 5.15%
		exercise price $195.47,
		maturity date 10/15/37		1,728			102,367
	Bank of America 7.25%
		exercise price $50.00 **		58			82,244
	El Paso Energy Capital Trust I
		4.75% exercise price
		$34.49, maturity date
		3/31/28		4,848			244,436
	Elanco Animal Health 5.00%
		exercise price $38.40,
		maturity date 2/1/23		2,890			129,934
	Essential Utilities 6.00%
		exercise price $42.19,
		maturity date 4/30/22		3,600			207,864
	Lyondellbasell Advanced
		Polymers 6.00% exercise
		price $52.33 **		133			133,864
	RBC Bearings 5.00% exercise
		price $226.60, maturity date
		10/15/24		623			64,917
	UGI 7.25% exercise price
		$52.57, maturity date
		6/1/24		1,500			144,975
Total Convertible Preferred Stock
	(cost $1,216,693)						1,348,255
Exchange-Traded Funds – 0.02%
	iShares Core US REIT ETF			90			5,642
	Vanguard Real Estate ETF			60			6,405
Total Exchange-Traded Funds
	(cost $10,460)						12,047
Short-Term Investments – 6.35%
Money Market Mutual Funds – 6.35%
	BlackRock FedFund –
		Institutional Shares (seven-
		day effective yield 0.03%)		1,273,056			1,273,056
	Fidelity Investments Money
		Market Government Portfolio
		– Class I (seven-day effective
		yield 0.01%)		1,273,056			1,273,056
	GS Financial Square
		Government Fund –
		Institutional Shares (seven-
		day effective yield 0.03%)		1,273,056			1,273,056
	Morgan Stanley Government
		Portfolio – Institutional
		Share Class (seven-day
		effective yield 0.03%)		1,273,056			1,273,056
Total Short-Term Investments
	(cost $5,092,224)						5,092,224
Total Value of
	Securities–135.56%
	(cost $92,394,549)					$	108,760,338

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.

14

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#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At November 30, 2021, the aggregate value of Rule 144A securities was $18,863,165, which represents 23.51% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at November 30, 2021. Rate will reset at a future date.
ψ	Perpetual security. Maturity date represents next call date.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
†	Non-income producing security.
**	Perpetual security with no stated maturity date.

Summary of abbreviations:
DAC – Designated Activity Company
ETF – Exchange-Traded Fund
GS – Goldman Sachs
MSCI – Morgan Stanley Capital International
REIT – Real Estate Investment Trust
USD – US Dollar

See accompanying notes, which are an integral part of the financial statements.

15

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Statement of assets and liabilities
Delaware Investments^® Dividend and Income Fund, Inc.

November 30, 2021

Assets:
	Investments, at value*		$	108,760,338
	Receivable for securities sold			707,610
	Dividends and interest receivable			563,144
	Foreign tax reclaims receivable			3,725
	Total Assets			110,034,817
Liabilities:
	Due to custodian			61,213
	Borrowing under line of credit			29,500,000
	Other accrued expenses			111,492
	Payable for securities purchased			75,805
	Investment management fees payable to affiliates			51,234
	Legal fees payable to affiliates			925
	Accounting and administration expenses payable to affiliates			663
	Directors’ fees and expenses payable			251
	Reports and statements to shareholders expenses payable to affiliates			84
	Total Liabilities			29,801,667
Total Net Assets			$	80,233,150
Net Assets Consist of:
	Common stock, $0.01 par value, 500,000,000 shares authorized to the Fund		$	61,270,461
	Total distributable earnings (loss)			18,962,689
Total Net Assets			$	80,233,150
Common Shares:
Net assets			$	80,233,150
Shares of beneficial interest outstanding, unlimited authorization, no par				7,611,158
Net asset value per share			$	10.54
____________________
*  Investments, at cost			$	92,394,549

See accompanying notes, which are an integral part of the financial statements.

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Statement of operations
Delaware Investments^® Dividend and Income Fund, Inc.

Year ended November 30, 2021

Investment Income:
	Dividends		$	1,742,963
	Interest			1,568,022
	Foreign tax withheld			(443	)
				3,310,542
Expenses:
	Management fees			603,896
	Interest Expense			291,156
	Dividend disbursing and transfer agent fees and expenses			107,051
	Legal fees			102,396
	Reports and statements to shareholders expenses			101,773
	Accounting and administration expenses			58,598
	Audit and tax fees			41,619
	Custodian fees			7,240
	Directors’ fees and expenses			3,418
	Registration fees			100
	Other			93,300
	Total operating expenses			1,410,547
Net Investment Income				1,899,995
Net Realized and Unrealized Gain:
	Net realized gain on investments			6,753,905
	Net change in unrealized appreciation (depreciation) of:
	Investments			4,627,934
	Foreign currencies			(177	)
	Net change in unrealized appreciation (depreciation)			4,627,757
Net Realized and Unrealized Gain				11,381,662
Net Increase in Net Assets Resulting from Operations			$	13,281,657

See accompanying notes, which are an integral part of the financial statements.

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Statements of changes in net assets
Delaware Investments^® Dividend and Income Fund, Inc.

			Year ended
			11/30/21				11/30/20
Increase (Decrease) in Net Assets from Operations:
	Net investment income		$	1,899,995			$	1,979,745
	Net realized gain			6,753,905				1,294,420
	Net change in unrealized appreciation (depreciation)			4,627,757				(7,773,761	)
	Net increase (decrease) in net assets resulting from operations			13,281,657				(4,499,596	)
Dividends and Distributions to Shareholders from:
	Distributable earnings			(5,886,470	)			(3,347,827	)
	Return of capital			—				(3,172,112	)
	Total distributions to shareholders			(5,886,470	)			(6,519,939	)
Capital Share Transactions:
	Cost of shares redeemed			—				(623,838	)
	Decrease in net assets derived from capital share transactions			—				(623,838	)
Net Increase (Decrease) in Net Assets				7,395,187				(11,643,373	)
Net Assets:
	Beginning of year			72,837,963				84,481,336
	End of year		$	80,233,150			$	72,837,963

See accompanying notes, which are an integral part of the financial statements.

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Statement of cash flows
Delaware Investments^® Dividend and Income Fund, Inc.

Year ended November 30, 2021

Cash flows provided by (used for) operating activities:
Net increase (decrease) in net assets resulting from operations		$	13,281,657
Adjustments to reconcile net increase (decrease) in net assets from operations to
net cash provided by (used for) operating activities:
Amortization of premium and accretion of discount on investments, net			(22,721	)
Proceeds from disposition of investment securities			43,998,400
Purchase of investment securities			(39,564,764	)
Purchase (Proceeds) from disposition of short-term investment securities, net			(2,644,005	)
Net realized (gain) loss on investments			(6,753,905	)
Net change in unrealized (appreciation) depreciation of investments			(4,627,934	)
Net change in unrealized (appreciation) depreciation of foreign currencies			177
(Increase) decrease in receivable for securities sold			(341,023	)
(Increase) decrease in dividends and interest receivable			9,921
Return of capital distributions on investments			263,906
(Increase) decrease in foreign dividend reclaim receivable			(118	)
Increase (decrease) in payable for securities purchased			(1,194,776	)
Increase (decrease) in accounting and administration expenses payable to affiliates			66
Increase (decrease) in investment management fees payable to affiliates			7,411
Increase (decrease) in reports and statements to shareholders expenses payable to affiliates			14
Increase (decrease) in Directors’ fees and expense payable to affiliates			251
Increase (decrease) in legal fees payable to affiliates			(215	)
Increase (decrease) in other accrued expenses payable			(13,392	)
Increase (decrease) in interest expense payable on line of credit			(700	)
Total adjustments			(10,883,407	)
Net cash provided by (used for) operating activities			2,398,250
Cash provided by (used for) financing activities:
Cash received from borrowing under line of credit			3,600,000
Cash dividends and distributions paid to shareholders			(5,886,470	)
Decrease in bank overdraft			(111,603	)
Net cash provided by (used for) financing activities			(2,398,073	)
Effect of exchange rates on cash			(177	)
Net increase (decrease) in cash			—
Cash at beginning of year			—
Cash at end of year		$	—
Cash paid during the period for interest expense from borrowings		$	291,856

See accompanying notes, which are an integral part of the financial statements.

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Financial highlights
Delaware Investments^® Dividend and Income Fund, Inc.

Selected data for each share of the Fund outstanding throughout each period were as follows:

		Year ended
		11/30/21				11/30/20				11/30/19				11/30/18				11/30/17
Net asset value, beginning of period		$	9.57			$	10.99			$	11.09			$	12.09			$	10.96
Income (loss) from investment operations
Net investment income1			0.25				0.26				0.31				0.28				0.34
Net realized and unrealized gain (loss)			1.49				(0.83	)			0.68				0.01				1.27
Total from investment operations			1.74				(0.57	)			0.99				0.29				1.61
Less dividends and distributions from:
Net investment income			(0.77	)			(0.44	)			(1.09	)			(0.95	)			(0.48	)
Net realized gain			—				—				—				(0.34	)			—
Return of capital			—				(0.41	)			—				—				—
Total dividends and distributions			(0.77	)			(0.85	)			(1.09	)			(1.29	)			(0.48	)
Net asset value, end of period		$	10.54			$	9.57			$	10.99			$	11.09			$	12.09
Market value, end of period		$	10.82			$	8.90			$	14.09			$	12.42			$	10.85
Total return based on:2
Net asset value			18.39%				(4.95%	)			7.51%	3			2.55%				15.49%
Market value			30.69%				(31.05%	)			23.07%				27.97%				17.11%
Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	80,233			$	72,838			$	84,481			$	85,244			$	92,916
Ratio of expenses to average net assets4,5,6,7			1.75%				2.12%				3.15%				2.48%				2.09%
Ratio of net investment income to average net assets8			2.35%				2.78%				2.88%				2.37%				2.94%
Portfolio turnover			38%				56%				52%				29%				36%
Leverage analysis:
Debt outstanding at end of period at par (000 omitted)		$	29,500			$	25,900			$	35,000			$	40,000			$	40,000
Asset coverage per $1,000 of debt outstanding at end of period		$	3,720			$	3,812			$	3,414			$	3,131			$	3,323

1	Calculated using average shares outstanding.
2	Total return is calculated assuming a purchase of common stock on the opening of the first day and a sale on the closing of the last day of each period reported. Dividends and distributions, if any, are assumed for the purpose of this calculation, to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Generally, total investment return based on net asset value will be higher than total investment return based on market value in periods where there is an increase in the discount or decrease in the premium of the market value to the net asset value from the beginning to the end of such periods. Conversely, total return based on net asset value will be lower than total return based on market value in periods where there is a decrease in the discount or an increase in the premium of the market value to the net asset value from the beginning to the end of such periods.
3	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.18% lower.
4	Expense ratios do not include expenses of the Underlying Funds in which the Fund invests.
5	The ratio of expenses before interest expense to adjusted average net assets (excluding debt outstanding) for the years ended November 30, 2021, 2020, 2019, 2018, and 2017 were 1.02%, 1.08%, 1.26%, 0.86%, and 0.87%, respectively.
6	The ratio of interest expense to average net assets for the years ended November 30, 2021, 2020, 2019, 2018, and 2017 were 0.36%, 0.61%, 1.35%, 1.23%, and 0.84% respectively.
7	The ratio of interest expense to adjusted average net assets (excluding debt outstanding) for the years ended November 30, 2021, 2020, 2019, 2018, and 2017 were 0.27%, 0.43%, 0.95%, 0.85%, and 0.58%, respectively.
8	The ratio of net investment income to adjusted average net assets (excluding debt outstanding) for the years ended November 30, 2021, 2020, 2019, 2018, and 2017 were 1.73%, 1.99%, 2.03%, 1.64%, and 2.05%, respectively.

See accompanying notes, which are an integral part of the financial statements.

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Notes to financial statements
Delaware Investments^® Dividend and Income Fund, Inc.

November 30, 2021

Delaware Investments^® Dividend and Income Fund, Inc. (Fund) is organized as a Maryland corporation and is a diversified closed-end management investment company under the Investment Company Act of 1940, as amended (1940 Act). The Fund’s shares trade on the New York Stock Exchange (NYSE) under the symbol DDF.

1. Significant Accounting Policies

The Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services — Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Fund.

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the NYSE on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Other debt securities are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Open-end investment companies are valued at their published net asset value (NAV). Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-US markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, the Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities and private placements are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund’s tax positions taken or expected to be taken on the Fund’s federal income tax returns through the year ended November 30, 2021 and for all open federal income tax years (years ended November 30, 2018–November 30, 2020), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. In regard to foreign taxes only, the Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of the Fund. If applicable, the Fund recognizes interest accrued on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statement of operations.” During the year ended November 30, 2021, the Fund did not incur any interest or tax penalties.

Distributions — 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. The Fund’s managed distribution policy is described in more detail on the inside front cover of this report.

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Notes to financial statements
Delaware Investments^® Dividend and Income Fund, Inc.

1. Significant Accounting Policies (continued)

Cash and Cash Equivalents — Cash and cash equivalents include deposits held at financial institutions, which are available for the Fund’s use with no restrictions, with original maturities of 90 days or less.

Use of Estimates — The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to the Fund are charged directly to the Fund. Other expenses common to various funds within the Delaware Funds by Macquarie^® (Delaware Funds) are generally allocated among such funds on the basis of average net assets. Management fees and certain other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. The financial statements reflect an estimate of the reclassification of the distribution character. Distributions received from investments in master limited partnerships are recorded as return of capital on the ex-dividend date. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates.

The Fund receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expenses paid under this arrangement are included on the “Statements of operations” under “Custodian fees” with the corresponding expenses offset included under “Less expenses paid indirectly.” There were no such earnings credits for the year ended November 30, 2021.

2. Investment Management, Administration Agreements, and Other Transactions with Affiliates

In accordance with the terms of its investment management agreement, the Fund pays Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust and the investment manager, an annual fee of 0.55%, calculated daily and paid monthly, of the adjusted average daily net assets of the Fund. For purposes of the calculation of investment management fees, adjusted average daily net assets exclude the line of credit liability.

DMC’s affiliate, Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), acts as sub-advisor to the Manager and provides asset allocation services to the Fund. MIMAK has primary day-to-day responsibility for managing the Fund and may allocate assets to its affiliate, Macquarie Investment Management Global Limited (MIMGL), to invest in real estate investment trust securities and other equity asset classes to which MIMAK may allocate assets. MIMAK may also allocate assets to the Manager.

DMC, and as applicable, MIMAK, may seek investment advice and recommendations from its affiliates: Macquarie Investment Management Europe Limited, MIMAK, and MIMGL (together, the “Affiliated Fixed Income Sub-Advisors”). The Manager may also permit these Affiliated Fixed Income Sub-Advisors to execute Fund fixed income security trades on behalf of the Manager and exercise investment discretion for securities in certain markets where DMC believes it will be beneficial to utilize an Affiliated Fixed Income Sub-Advisor’s specialized market knowledge. DMC may permit its affiliates, MIMGL and Macquarie Funds Management Hong Kong Limited (together, the “Affiliated Equity Sub-Advisors”), to execute Fund equity security trades on behalf of the Manager. The Manager may also seek quantitative support from MIMGL. Although the Affiliated Equity Sub-Advisors serve as sub-advisors, DMC has ultimate responsibility for all investment advisory services. For these services, DMC, not the Fund, may pay each Affiliated Fixed Income Sub-Advisor and Affiliated Equity Sub-Advisor a portion of its investment management fee.

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC provides fund accounting and financial administrative oversight services to the Fund. For these services, DIFSC’s fees are calculated daily and paid monthly based on the aggregate daily net assets (excluding the line of credit liability) of all funds within the Delaware Funds at the following annual rates: 0.00475% of the first $35 billion; 0.0040% of

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the next $10 billion; and 0.0025% of aggregate average daily net assets in excess of $45 billion (Total Fee). Each fund in the Delaware Funds pays a minimum of $4,000, which, in aggregate, is subtracted from the Total Fee. Each fund then pays its portion of the remainder of the Total Fee on a relative NAV basis. This amount is included on the “Statement of operations” under “Accounting and administration expenses.” For the year ended November 30, 2021, the Fund was charged $7,802 for these services.

As provided in the investment management agreement, the Fund bears a portion of the cost of certain resources shared with DMC, including the cost of internal personnel of DMC and/or its affiliates that provide legal and regulatory reporting services to the Fund. This amount is included on the “Statement of operations” under “Legal fees.” For the year ended November 30, 2021, the Fund was charged $17,826 for internal legal and regulatory reporting services provided by DMC and/or its affiliates’ employees.

Directors’ fees include expenses accrued by the Fund for each Director’s retainer and meeting fees. Certain officers of DMC and DIFSC are officers and/or Directors of the Fund. These officers and Directors are paid no compensation by the Fund.

In addition to the management fees and other expenses of the Fund, the Fund indirectly bears the investment management fees and other expenses of the investment companies (Underlying Funds) in which it invests. The amount of these fees and expenses incurred indirectly by the Fund will vary based upon the expense and fee levels of the Underlying Funds and the amount of shares that are owned of the Underlying Funds at different times.

Cross trades for the year ended November 30, 2021 were executed by the Fund pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Board reviews such transactions for compliance with the procedures adopted by the Board. Pursuant to these procedures, for the year ended November 30, 2021, the Fund engaged in Rule 17a-7 securities purchases of $1,094,912. As of November 30, 2021, the Fund did not engage in any Rule 17a-7 securities sales.

3. Investments

For the year ended November 30, 2021, the Fund made purchases and sales of investment securities other than short-term investments as follows:

Purchases		$	39,564,764
Sales			43,998,400

The tax cost of investments includes adjustments to net unrealized appreciation (depreciation), which may not necessarily be the final tax cost basis adjustments but which approximate the tax basis unrealized gains and losses that may be realized and distributed to shareholders. At November 30, 2021, the cost and unrealized appreciation (depreciation) of investments for federal income tax purposes for the Fund were as follows:

Cost of investments		$	92,582,330
Aggregate unrealized appreciation of investments		$	18,020,495
Aggregate unrealized depreciation of investments			(1,842,487	)
Net unrealized appreciation of investments		$	16,178,008

US GAAP defines fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the

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Notes to financial statements
Delaware Investments^® Dividend and Income Fund, Inc.

3. Investments (continued)

asset or liability based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized as follows:

Level 1 –	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and exchange-traded options contracts)
Level 2 –	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, and fair valued securities)
Level 3 –	Significant unobservable inputs, including the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities and fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of November 30, 2021:

		Level 1					Level 2					Level 3					Total
Securities
Assets:
Common Stock			$	69,692,868				$	—				$	—1				$	69,692,868
Convertible Bonds				—					5,100,841					—					5,100,841
Convertible Preferred Stock				1,348,255					—					—					1,348,255
Corporate Bonds				—					27,514,103					—					27,514,103
Exchange-Traded Funds				12,047					—					—					12,047
Short-Term Investments				5,092,224					—					—					5,092,224
Total Value of Securities			$	76,145,394				$	32,614,944				$	—				$	108,760,338

1	The security that has been valued at zero on the "Schedule of investments" is considered to be Level 3 investments in this table.

During the year ended November 30, 2021, there were no transfers into or out of Level 3 investments that had a significant impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities in the Fund occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Fund’s NAV is determined) are established using a separate pricing feed from a third-party vendor designed to establish a price for each such security as of the time that the Fund’s NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to the Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to the Fund’s net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 investments since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the year.

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4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from US GAAP. Additionally, distributions from net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the years ended November 30, 2021 and 2020 were as follows:

		Year ended
		11/30/21			11/30/20
Ordinary income		$	3,575,709		$	2,085,627
Long-term capital gains			2,310,761			1,262,200
Return of capital			—			3,172,112
Total		$	5,886,470		$	6,519,939

5. Components of Net Assets on a Tax Basis

As of November 30, 2021, the components of net assets on a tax basis were as follows:

Shares of beneficial interest		$	61,270,461
Undistributed long-term capital gains			2,784,681
Unrealized appreciation (depreciation) of investments and foreign
currencies			16,178,008
Net assets		$	80,233,150

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, tax treatment of contingent payment on debt instruments, trust preferred securities, deemed dividend income, and market discount and premium on debt instruments.

Paid-in capital		$	(33,075	)
Total distributable earnings (loss)			33,075

6. Capital Stock

Shares obtained under the Fund’s dividend reinvestment plan are purchased by the Fund’s transfer agent, Computershare, Inc., in the open market. There were no shares issued under the Fund’s dividend reinvestment plan for the years ended November 30, 2021 and 2020.

The Fund’s Board authorized management to implement an open-market share repurchase program pursuant to which the Fund may purchase up to 10% of the Fund’s shares, from time to time, in open-market transactions, at the discretion of management. The share repurchase program commenced on August 1, 2017 and has no stated expiration date.

The Fund did not repurchase shares under any share repurchase program during the year ended November 30, 2021. For the year ended November 30, 2020, the Fund repurchased 77,000 common shares valued at $623,838. The weighted average discount per share at the repurchase date was 10.37% for the year ended November 30, 2020.

The Fund intends to repurchase its common shares, at such times and in such amounts as is deemed advisable and in accordance with applicable law, subject to various factors, including the limitations imposed by the federal securities laws governing the repurchase of an issuer’s shares by the issuer.

7. Line of Credit

For the year ended November 30, 2021, the Fund borrowed a portion of the money available to it pursuant to a $40,000,000 Amended and Restated Credit Agreement with The Bank of New York Mellon (BNY Mellon) that expired on June 11, 2021. Effective June 11, 2021, the Fund

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Notes to financial statements
Delaware Investments^® Dividend and Income Fund, Inc.

7. Line of Credit (continued)

entered into Amendment No. 6 to the Amended and Restated Credit Agreement that is scheduled to terminate on June 10, 2022. Depending on market conditions and amount borrowed, the amount borrowed by the Fund pursuant to the Credit Agreement may be reduced or possibly increased in the future.

At November 30, 2021, the par value of loans outstanding was $29,500,000, at a variable interest rate of 1.00%. The carrying value of the loan approximates fair value. During the year ended November 30, 2021, the average daily balance of loans outstanding was $28,996,986 at a weighted average interest rate of approximately 0.99%. Interest on borrowing is based on a variable short-term rate plus an applicable margin. The commitment fee under the Amended and Restated Credit Agreement was computed at a rate of 0.15% per annum on the unused balance. The rate under Amendment No. 6 to the Amended and Restated Credit Agreement is computed at a rate of 0.15% per annum on the unused balance. The loan is collateralized by the Fund’s portfolio.

8. Securities Lending

The Fund, along with other funds in the Delaware Funds, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to US securities and foreign securities that are denominated and payable in US dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon the request of the borrower, BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security on any particular day, may be more or less than the value of the security on loan. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by the fund of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. The Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The Fund continues to record dividends or interest, as applicable, on the securities loaned and is subject to changes in value of the securities loaned that may occur during the term of the loan. The Fund has the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Fund, the security lending agent, and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of the Fund’s cash collateral account may be less than the amount the Fund would be required to return to the borrowers of the securities and the Fund would be required to make up for this shortfall.

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During the year ended November 30, 2021, the Fund had no securities out on loan.

9. Credit and Market Risk

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Fund’s performance.

When interest rates rise, fixed income securities (i.e. debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, (collectively, “IBORs”) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund to fluctuate.

The Fund borrows through its line of credit for purposes of leveraging. Leveraging may result in higher degrees of volatility because the Fund’s NAV could be subject to fluctuations in short-term interest rates and changes in market value of portfolio securities attributable to the leverage. Leverage magnifies the potential for gain and the risk of loss. As a result, a relatively small decline in the value of the underlying investments could result in a relatively large loss. In addition, the leverage through the line of credit is dependent on the credit provider’s ability to fulfill its contractual obligations.

Some countries in which the Fund may invest require governmental approval for the repatriation of investment income, capital, or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid, and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Fund may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Fund.

The Fund invests a portion of its assets in high yield fixed income securities, which are securities rated BB or lower by Standard & Poor’s Financial Services LLC and Ba or lower by Moody’s Investors Service Inc., or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment grade securities.

The Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction or through a combination of such approaches. The Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

The Fund invests in REITs and is subject to the risks associated with that industry. If the Fund holds real estate directly as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the year ended November 30, 2021. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating-rate debt to finance their ongoing operations.

The Fund invests in bank loans and other securities that may subject it to direct indebtedness risk, the risk that the Fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition

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Notes to financial statements
Delaware Investments^® Dividend and Income Fund, Inc.

9. Credit and Market Risk (continued)

of the borrower. Loans that are fully secured offer the Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require the Fund to increase its investment in a company at a time when the Fund might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that the Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments. When a loan agreement is purchased, the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by a borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid.

As the Fund may be required to rely upon another lending institution to collect and pass on to the Fund amounts payable with respect to the loan and to enforce the Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Fund.

The Fund may invest up to 10% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A promulgated under the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Fund from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Fund’s 10% limit on investments in illiquid securities. Rule 144A securities have been identified on the “Schedule of investments.”

10. Contractual Obligations

The Fund enters into contracts in the normal course of business that contain a variety of indemnifications. The Fund’s maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Fund’s existing contracts and expects the risk of loss to be remote.

11. Recent Accounting Pronouncements

In March 2020, FASB issued an Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to November 30, 2021, that would require recognition or disclosure in the Fund’s financial statements.

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Report of independent
registered public accounting firm

To the Board of Directors and Shareholders of Delaware Investments^® Dividend and Income Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Delaware Investments^® Dividend and Income Fund, Inc. (the “Fund”) as of November 30, 2021, the related statements of operations and cash flows for the year ended November 30, 2021, the statements of changes in net assets for each of the two years in the period ended November 30, 2021, including the related notes, and the financial highlights for each of the five years in the period ended November 30, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of November 30, 2021, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period ended November 30, 2021 and the financial highlights for each of the five years in the period ended November 30, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of November 30, 2021 by correspondence with the custodian and transfer agents. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
January 21, 2022

We have served as the auditor of one or more investment companies in Delaware Funds by Macquarie^® since 2010.

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Other Fund information (Unaudited)
Delaware Investments^® Dividend and Income Fund, Inc.

Proxy results

The Fund held its Annual Meeting of Shareholders (the “Annual Meeting”) on August 19, 2021. The purpose of the Annual Meeting was to elect Class II Trustees to hold office until the Fund’s 2024 annual meeting, or until their respective successors are elected and qualified. At the Annual Meeting, the Fund’s shareholders elected the following Class II Trustees. The results of the voting at the meeting were as follows:

Nominee		Shares voted for		Shares withheld		No ballot received
Shawn K. Lytle		5,331,934		199,377		2,079,846
Thomas L. Bennett		4,830,221		701,090		2,079,846
Sandra A.J. Lawrence		5,330,716		200,595		2,079,846
Thomas K. Whitford		5,414,369		116,942		2,079,846

Fund management

The portfolio management team responsible for making the day-to-day investment decisions for the Fund includes Kristen E. Bartholdson, Adam H. Brown, Chris Gowlland, Erin Ksenak, Nikhil G. Lalvani, Benjamin Leung, Stefan Löwenthal, John P. McCarthy, Scot Thompson, Robert A. Vogel, Michael G. Wildstein, and Jürgen Wurzer. Listed below are the biographies for each member of the portfolio management team.

Kristen E. Bartholdson
Managing Director, Senior Portfolio Manager

Kristen E. Bartholdson is a senior portfolio manager for the firm’s US Large Cap Value Equity team. Prior to joining Macquarie Asset Management (MAM) in 2006 as an equity analyst, she worked at Susquehanna International Group from 2004 to 2006, where she was an equity research salesperson. From 2000 to 2004, she worked in equity research at Credit Suisse, most recently as an associate analyst in investment strategy. Bartholdson earned her bachelor’s degree in economics from Princeton University.

Ms. Bartholdson has been a co-portfolio manager of the Fund since December 2008.

Adam H. Brown, CFA
Managing Director, Senior Portfolio Manager

Adam H. Brown is a senior portfolio manager for the firm’s high yield strategies within Macquarie Asset Management Fixed Income (MFI). He manages MFI’s bank loan portfolios and is a co-portfolio manager for the high yield, fixed rate multisector, and core plus strategies. Brown joined Macquarie Asset Management (MAM) in April 2011 as part of the firm’s integration of Macquarie Four Corners Capital Management, where he had worked since 2002. At Four Corners, he was a co-portfolio manager on the firm’s collateralized loan obligations (CLOs) and a senior research analyst supporting noninvestment grade portfolios. Before that, Brown was with the predecessor of Wells Fargo Securities, where he worked in the leveraged finance group arranging senior secured bank loans and high yield bond financings for financial sponsors and corporate issuers. He earned an MBA from the A.B. Freeman School of Business at Tulane University and a bachelor’s degree in accounting from the University of Florida.

Mr. Brown has been a co-portfolio manager of the Fund since July 2016.

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Chris Gowlland, CFA
Senior Vice President, Head of Equity Quantitative Research

Chris Gowlland is the head of equity quantitative research, a role he assumed in July 2019. As part of his role, he also serves as portfolio manager for certain portfolios managed by the Global Equity team and for several different strategies in the firm’s multi-asset class offerings. Previously, he was a senior quantitative analyst for the firm’s equity department. Prior to joining Macquarie Asset Management (MAM) in May 2007, he spent seven years working in fundamental equity research and corporate finance for Morgan Stanley and Commerzbank Securities, followed by two years as a quantitative strategist at Morgan Stanley and at State Street Global Markets. Gowlland holds a bachelor’s degree in Chinese and Spanish from the University of Leeds (U.K.), a master’s degree in development studies from Brown University, and another master’s degree in international management from Thunderbird. He also spent several years in a Ph.D. program in political economy at Harvard University. Gowlland is a member of the CFA Institute, the CFA Society New York, the CFA Society of Philadelphia, and the Society of Quantitative Analysts.

Mr. Gowlland has been a co-portfolio manager of the Fund since June 2020.

Erin Ksenak
Senior Vice President, Portfolio Manager

Erin Ksenak is a portfolio manager on the firm’s US Large Cap Value Equity team, a role she assumed in December 2020. Prior to joining Macquarie Asset Management (MAM) in May 2017 as an equity analyst for the US Large Cap Value Equity team, she worked at Affinity Investment Advisors from 2014 to April 2017 as a portfolio manager for the domestic and international equity investment team. Before that, Ksenak worked at Miller Investment Management as a research associate. From 2009 to 2014, she worked at Morgan Stanley Investment Management (later known as Echo Point Investment Management) as a senior research analyst. Ksenak graduated summa cum laude from Fordham University with a bachelor’s degree in finance.

Ms. Ksenak has been a co-portfolio manager of the Fund since December 2020.

Nikhil G. Lalvani, CFA
Managing Director, Senior Portfolio Manager, Team Leader

Nikhil G. Lalvani is a senior portfolio manager for the firm’s US Large Cap Value Equity team and assumed the role of team leader in October 2018. At Macquarie Asset Management (MAM), Lalvani has worked as both a fundamental and quantitative analyst. Prior to joining the firm in 1997 as an account analyst, he was a research associate with Bloomberg. Lalvani holds a bachelor’s degree in finance from The Pennsylvania State University. He is a member of the CFA Institute and the CFA Society of Philadelphia.

Mr. Lalvani has been a co-portfolio manager of the Fund since October 2006.

Benjamin Leung, CFA
Managing Director, Co-Head of Systematic Investments, Head of Research

Benjamin Leung is the co-head of the Macquarie Systematic Investments (MSI) team, a role he assumed in August 2014. In addition to the day-to-day management of the global portfolios, he is also the head of research, responsible for driving the continual evolution of the systematic investment process. Leung joined the MSI team in May 2005 as a quantitative analyst, where his responsibilities included the development and maintenance of various quantitative models. Following his successful efforts to expand the quantitative capability to international markets, he formed the foundation of the current systematic investment approach. Prior to joining the MSI team, he worked as a software engineer for Macquarie’s Investment Banking Group Information Services Division in Sydney. Leung received a Bachelor of Engineering with Honours and a Masters in Commerce from the University of New South Wales.

Mr. Leung has been a co-portfolio manager of the Fund since January 2021.

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Other Fund information (Unaudited)
Delaware Investments^® Dividend and Income Fund, Inc.

Fund management (continued)

Stefan Löwenthal, CFA
Managing Director, Chief Investment Officer — Global Multi Asset Team

Stefan Löwenthal is the chief investment officer for Macquarie Investment Management Austria Kapitalanlage AG (MIMAK), a role he assumed in February 2013. He heads the global multi asset team based in Vienna, which is responsible for all asset allocation and security selection decisions, the management of mutual funds, as well as the development of new investment strategies. In addition, Löwenthal oversees the investment policy committee, which is responsible for strategic investment decisions at MIMAK. He began his career with Macquarie in February 2008 as a portfolio manager. He holds a Master of Management Science from Vienna University of Economics and Business. Löwenthal is a lecturer for economics at the IMC University of Applied Sciences in Krems (Austria) and the Qiongzhou University in Sanya (China).

Mr. Löwenthal has been a co-portfolio manager of the Fund since October 2020.

John P. McCarthy, CFA
Managing Director, Senior Client Portfolio Manager

John P. McCarthy is a senior portfolio manager for the Macquarie Asset Management Fixed Income (MFI) high yield strategies, a role he assumed in July 2016. From December 2012 to June 2016, he was co-head of credit research for MFI. McCarthy rejoined Macquarie Asset Management (MAM) in March 2007 as a senior research analyst, after he worked in the firm’s fixed income area from 1990 to 2000 as a senior high yield analyst and high yield trader, and from 2001 to 2002 as a municipal bond trader. Prior to rejoining the firm, he was a senior high yield analyst/trader at Chartwell Investment Partners. McCarthy earned a bachelor’s degree in business administration from Babson College, and he is a member of the CFA Society of Philadelphia.

Mr. McCarthy has been a co-portfolio manager of the Fund since December 2012.

Scot Thompson
Managing Director, Co-Head of Systematic Investments, Portfolio Manager

Scot Thompson is the co-head of the Macquarie Systematic Investments (MSI) team, a role he assumed in August 2014. His responsibilities include the day-to-day management of the global portfolios, oversight of the trading function, development of new strategies, and client engagement. From June 2003 to August 2014, Thompson was the equities head of product, responsible for product design, development, and client relationships for the firm’s Australian and global equities product range. Before that, he was a member of the firm’s private equity fund-of-fund and performance analytics teams. Prior to joining Macquarie in November 2001 as a quantitative performance analyst, he worked on the performance analytics team for Cogent Investment Administration, where he was responsible for investment performance and attribution reporting for a variety of clients over all asset classes. Thompson also worked in civil engineering before moving to finance, working for several Australian companies as a project manager focusing on underground installations, quarrying, and mining. He received a Bachelor of Civil Engineering from the University of Sydney and a Master of Applied Finance from Macquarie University.

Mr. Thompson has been a co-portfolio manager of the Fund since January 2021.

Robert A. Vogel Jr., CFA
Managing Director, Senior Portfolio Manager

Robert A. Vogel Jr. is a senior portfolio manager for the firm’s US Large Cap Value Equity team. Prior to joining Macquarie Asset Management (MAM) in 2004 as vice president and senior portfolio manager, he worked at Merrill Lynch Investment Managers for more than seven years, where he rose to the position of director and portfolio manager within the US Active Large-Cap Value team. He began his career in 1992 as a financial consultant at Merrill Lynch. Vogel graduated from Loyola University Maryland, earning both bachelor’s and master’s degrees in finance. He also earned an MBA with a concentration in finance from The Wharton School of the University of Pennsylvania. Vogel is a member of the CFA Society New York, the CFA Institute, and the CFA Society of Philadelphia.

Mr. Vogel has been a co-portfolio manager of the Fund since March 2005.

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Michael G. Wildstein, CFA
Senior Managing Director, Head of US Credit and Insurance

Michael G. Wildstein is head of US credit and insurance for Macquarie Asset Management Fixed Income (MFI). He manages corporate credit-related portfolios. Before joining the team, he was a senior corporate bond analyst for MFI, focused on the telecommunications sector for high-grade and high yield portfolios. Prior to joining Macquarie Asset Management (MAM) in March 2007 as a senior research analyst, Wildstein spent five years at Merrill Lynch Investment Managers in various roles that included portfolio manager for the core bond team, corporate bond research analyst, and corporate bond trader. Prior to this, Wildstein worked in finance, corporate strategy, and business development with several firms including RCN Corporation and AT&T Local Services. He earned an MBA from Drexel University and a bachelor’s degree from the University of Tampa.

Mr. Wildstein has been a co-portfolio manager of the Fund since September 2020.

Jürgen Wurzer, CFA
Senior Vice President, Deputy Head of Portfolio Management, Senior Investment Manager — Global Multi Asset Team

Jürgen Wurzer rejoined Macquarie Investment Management Austria Kapitalanlage AG (MIMAK) in April 2018 as deputy head of portfolio management for the firm’s global multi asset team based in Vienna. Prior to that, he worked at Erste Asset Management as a senior fund manager on the multi asset management team, where he worked from September 2016 to March 2018. Wurzer previously worked at MIMAK from January 2007 to August 2016, leaving the firm as senior investment manager on the global multi asset team. He graduated from University of Applied Sciences Wiener Neustadt with a master’s degree. Wurzer is a lecturer for asset allocation, quantitative finance, and portfolio and risk management at several educational institutions.

Mr. Wurzer has been a co-portfolio manager of the Fund since October 2020.

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Other Fund information (Unaudited)
Delaware Investments^® Dividend and Income Fund, Inc.

Dividend reinvestment plan

The Fund offers an automatic dividend reinvestment program (“Plan”). Shareholders who have shares registered in their own names are automatically considered participants in the Plan, unless they elect to withdraw from the Plan. Shareholders who hold their shares through a bank, broker, or other nominee should request the bank, broker, or nominee to participate in the Plan on their behalf. This can be done as long as the bank, broker, or nominee provides a dividend reinvestment service for the Fund. If the bank, broker, or nominee does not provide this service, such shareholders must have their shares taken out of “street” or nominee name and re-registered in their own name in order to participate in the Plan.

Computershare Trust Company, N.A. (“Computershare”) will apply all cash dividends, capital gains and other distributions (collectively, “Distributions”) on the Fund’s shares of common stock which become payable to each Plan participant to the purchase of outstanding shares of the Fund’s common stock for such participant. These purchases may be made on a securities exchange or in the over-the-counter market, and may be subject to such terms of price, delivery, and related matters to which Computershare may agree. The Fund will not issue new shares in connection with the Plan.

Distributions reinvested for participants are subject to income taxes just as if they had been paid directly to the shareholder in cash. Participants will receive a year-end statement showing distributions reinvested, and any brokerage commissions paid on such participant’s behalf.

Shareholders holding shares of the Fund in their own names who wish to terminate their participation in the Plan may do so by sending written instruction to Computershare so that Computershare receives such instructions by the Distribution record date. Shareholders with shares held in account by a bank, broker, or other nominee should contact such bank, broker, or other nominee to determine the procedure for withdrawal from the Plan.

If written instructions are not received by Computershare by the record date for a particular Distribution, that Distribution may be reinvested at the sole discretion of Computershare. After a shareholder’s instructions to terminate participation in the Plan become effective, Distributions will be paid to shareholders in cash. Upon termination, a shareholder may elect to receive either stock or cash for all the full shares in the account. If cash is elected, Computershare will sell such shares at the weighted average sale price obtained by Computershare’s broker for all shares sold on such batch on the applicable trade date or dates and then send the net proceeds to the shareholder, after deducting any applicable transaction fees, per share fees, and related expenses. Any fractional shares at the time of termination will be paid in cash at the current market price, less any applicable transaction fees, per share fees, and related expenses, if any. Shareholders may at any time request a full or partial withdrawal of shares from the Plan, without terminating participation in the Plan. When shares outside of the Plan are liquidated, Distributions on shares held under the Plan will continue to be reinvested unless Computershare is notified of the shareholder’s withdrawal from the Plan.

An investor holding shares that participate in the Plan in a brokerage account may not be able to transfer the shares to another broker and continue to participate in the Plan. Please contact your broker/dealer for additional details.

Computershare will charge participants their proportional share of the per share fees on market purchases. Participants may obtain a certificate or certificates for all or part of the full shares credited to their accounts at any time by making a request in writing to Computershare. A fee may be charged to the participant for each certificate issuance.

If you have any questions and shares are registered in your name, contact Computershare at 866 437-0252 or P.O. Box 505000, Louisville, KY 40233-5000. If you have any questions and shares are registered in “street” name, contact the broker/dealer holding the shares or your financial advisor.

Effective August 1, 2008, the Dividend Reinvestment Plan may be amended by the Fund upon 20 days written notice to the Plan’s participants.

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Section 19(a) notices

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

The amounts and sources of distributions reported in these 19(a) notices are only estimates and not being 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. Shareholders will receive a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Total Cumulative Distributions
for the year ended
November 30, 2021
		Net		Net
		Realized		Realized
		Short-		Long-				Total
Net		Term		Term		Return		Per
Investment		Capital		Capital		of		Common
Income		Gains		Gains		Capital		Share
$0.2636		$0.1886		$0.2947		$0.0265		$0.7734

Percentage Breakdown of the
Total Cumulative Distributions
for the year ended
November 30, 2021
		Net		Net
		Realized		Realized
		Short-		Long-				Total
Net		Term		Term		Return		Per
Investment		Capital		Capital		of		Common
Income		Gains		Gains		Capital		Share
34.10%		24.40%		38.10%		3.40%		100.00%

Shareholders should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the Fund’s managed distribution policy. The Fund estimates (as of the date hereof) that it has distributed more than its income and net realized capital gains for the current fiscal year; therefore, a portion of your distribution may be 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.” The Fund’s managed distribution policy is described in more detail on the inside front cover of this report.

Presented below are return figures, based on the change in the Fund’s net asset value per share (“NAV”), compared to the annualized distribution rate as a percentage of the NAV as of November 30, 2021.

Fund Performance and Distribution Information

Fiscal Year (11/30/20 through 11/30/21)
Annualized Distribution Rate as a Percentage of NAV^	41.66%
Cumulative Distribution Rate on NAV^^	3.47%
Cumulative Total Return on NAV for fiscal year ended 11/30/21	18.39%
Average Annual Total Return on NAV for the 5-Year Period Ending
11/30/21**	7.46%

^  Based on the Fund’s NAV as of November 30, 2021.

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Other Fund information (Unaudited)
Delaware Investments^® Dividend and Income Fund, Inc.

Section 19(a) notices (continued)

^^	Cumulative distribution rate is the cumulative amount of distributions paid during the Fund’s fiscal year ending November 30, 2021 based on the Fund’s NAV as of November 30, 2021.
*	Cumulative total return is based on the change in NAV including distributions paid and assuming reinvestment of these distributions for the period December 1, 2020 through November 30, 2021.
**	The 5-year average annual total return is based on change in NAV including distributions paid and assuming reinvestment of these distributions and is through the last business day of the month prior to the month of the current distribution record date.

While the NAV performance may be indicative of the Fund’s investment performance, 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 Fund’s market price, which is based on the supply and demand for the Fund’s shares in the open market.

Annual Tender Offer Measurement Period

The Fund’s Board has adopted an annual Tender Offer Measurement Period to provide a periodic liquidity opportunity to Fund shareholders. Specifically, if the Fund is trading at an average discount to net asset value of more than 10% during a 12-week measurement period established each year by the Board commencing during the first calendar quarter of the year and ending in the second calendar quarter, the Fund will consider conducting a tender offer during the second calendar quarter, subject to the conditions in the following paragraph. The average discount will be determined on the basis of the discount or premium, as the case may be, as of the last trading day in each week during such 12-week period.

Under the Tender Offer Measurement Period program, the Fund does not accept tenders or effect repurchases if: (1) such transactions, if consummated, would (a) result in delisting of the Fund’s shares from the New York Stock Exchange (“NYSE”) (for example, if the Fund’s capitalization would fall below the minimum threshold for continued listing); (b) impair the Fund’s status as a regulated investment company under the Internal Revenue Code of 1986, as amended; or (c) result in a failure to comply with the applicable asset coverage requirements in the event any senior securities are issued and outstanding (including those required by rating agencies or lenders, if any); (2) the amount of shares tendered would require liquidation of such a substantial portion of the Fund’s portfolio securities that the Fund would not be able to liquidate portfolio securities in an orderly manner in light of the existing market conditions or such liquidation would have an adverse effect on the NAV of the Fund to the detriment of non-tendering shareholders; (3) there is any (a) legal action or proceeding instituted or threatened challenging such transactions or otherwise adversely affecting the Fund that, in the Board’s judgment, would be material to the Fund; (b) suspension of or limitation on prices for trading securities generally on the NYSE or other national securities exchange(s), or the National Association of Securities Dealers Automated Quotation System (“NASDAQ”) National Market System; (c) declaration of a banking moratorium by Federal or state authorities or any suspension of payment by banks in the United States or New York State; (d) limitation affecting the Fund or the issuers of its portfolio securities imposed by federal or state authorities on the extension of credit by lending institutions; (e) commencement of war, armed hostilities or other international or national calamity directly or indirectly involving the United States; or (f) other event or condition that, in the Board’s judgment, would have a material adverse effect on the Fund or its shareholders if tendered shares were purchased; or (4) the Board determines that effecting any such transaction would constitute a breach of its fiduciary duty owed to the Fund or its shareholders. The Board may modify these exceptions in light of experience.

There can be no assurance that a tender offer will reduce or eliminate any spread between market price and the net asset value of the Fund’s shares. The market price of the shares will, among other things, be determined by the relative demand for and supply of shares in the market, the Fund’s investment performance, the Fund’s dividends and yields, and investor perception of the Fund’s overall attractiveness as an investment as compared with other investment alternatives. Nevertheless, the fact that a tender offer may be conducted may result in more of a reduction in the spread between market price and net asset value than might otherwise be the case.

The Fund traded at an average discount to net asset value of less than 10% during the 12-week measurement period in 2021 and therefore did not conduct a tender offer.

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Tax information

The information set forth below is for the Fund’s fiscal year as required by federal income tax laws. Shareholders, however, must report distributions on a calendar year basis for income tax purposes, which may include distributions for portions of two fiscal years of the Fund. Accordingly, the information needed by shareholders for income tax purposes will be sent to them in January of each year. Please consult your tax advisor for proper treatment of this information.

All disclosures are based on financial information available as of the date of this annual report and, accordingly are subject to change. For any and all items requiring reporting, it is the intention of the Fund to report the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

For the fiscal year ended November 30, 2021, the Fund reports distributions paid during the year as follows:

(A) Long-term Capital Gain Distributions (Tax Basis)	39.26%
(B) Ordinary Income Distributions (Tax Basis)	60.74%
Total Distributions (Tax Basis)	100.00%
(C) Qualifying Dividends 1	41.77%

(A) and (B) are based on a percentage of the Fund’s total distributions.

(C) is based on a percentage of the Fund’s ordinary income distributions.

¹  Qualifying dividends represent dividends which qualify for the corporate dividends received deduction.

*  For the fiscal year ended November 30, 2021, certain dividends paid by the Fund may be subject to a maximum tax rate of 20%. The percentage of dividends paid by the Fund from ordinary income reported as qualified dividend income is 41.79%. Complete information will be computed and reported in conjunction with your 2021 Form 1099-DIV.

Fund strategies and risks

What are the Fund’s principal investment strategies?

The Fund seeks to achieve its objectives by investing, under normal circumstances, at least 65% of its total assets in income-generating equity securities across any market capitalization, including dividend-paying common stocks, convertible securities, preferred stocks, and other equity-related securities, which may include up to 25% in 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 (commonly referred to as “junk bonds”). The Manager intends to shift investments between and within income-generating equity securities and debt securities within the percentage guidelines reflected above while assessing the relative attractiveness as well as tracking the yield differential between the sectors. Depending upon such yield differentials, the income-generating equity securities portion of the Fund’s portfolio will vary between 65% and 100% of the Fund’s total assets and the debt securities portion will vary between 35% and 0% of the Fund’s total assets. In addition, the Fund utilizes leveraging techniques in an attempt to obtain a higher return for the Fund.

In selecting investments for the Fund’s portfolio, the Manager employs a yield-oriented and value driven approach. The industry sector weightings in the income-generating equity securities portion of the Fund’s portfolio will be determined based on the Manager’s investment research efforts. The Fund’s investment in income-generating equity securities may include securities across any market capitalization.

Preferred stocks or convertible securities in which the Fund may invest, may be rated below investment grade (i.e., “Ba” or lower for convertible securities or “Ba” or lower for preferred stock by Moody’s or “BB” or lower for both convertible securities and preferred stock by S&P or similarly rated by other comparable rating agencies) or, if unrated, determined to be of comparable quality by the Manager. The Fund includes these assets in its income-generating equity securities category and they are in addition to the high yield, high-risk debt securities discussed above.

The debt securities component of the Fund’s portfolio will be structured to earn as high a level of current income as is consistent with reasonable risk, in light of the nature of such investments. The Manager will screen individual securities for such characteristics as minimum

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Other Fund information (Unaudited)
Delaware Investments^® Dividend and Income Fund, Inc.

What are the Fund’s principal investment strategies? (continued)

yield and issue size, issue liquidity, and financial and operational strength. In-depth credit research will then be conducted to arrive at a core group of securities within this universe from which the portfolio will be constructed. The Fund may invest in a wide variety of debt securities of any maturity or duration, although it is anticipated that under normal market conditions, the debt securities portion of the Fund’s portfolio primarily will be invested in corporate bonds. Such bonds may be rated below investment grade. Corporate bonds are bonds, notes, or debentures issued by corporations and other business organizations, including REITs, and other business trusts. The Fund may invest in foreign securities directly or indirectly through American depositary receipts (ADRs), European depositary receipts (EDRs), and global depositary receipts (GDRs). Under normal circumstances, no more than 5% of the Fund’s net assets are anticipated to be invested directly or indirectly through depository receipts in foreign issuers.

The Fund may invest up to 35% of its total assets in high yield, high-risk debt securities that are rated below investment grade or which are unrated but are of comparable quality as determined by the Manager.

In response to unfavorable market conditions, the Fund may make temporary investments in cash or cash equivalents or other high-quality, short-term instruments. These investments may not be consistent with the Fund’s investment objectives. To the extent that the Fund holds such instruments, it may be unable to achieve its investment objective. Further, the Fund is authorized to borrow up to 5% of its total assets for temporary defensive purposes such as the clearance of portfolio transactions, the payment of dividends or in connection with tender offers or shares repurchases.

The Fund may use leverage by borrowing through its line of credit. The Fund reserves the right, if the Manager believes that market conditions are appropriate, to use leverage to the extent permitted by the 1940 Act requirements. The Fund may buy or sell securities on a when-issued or delayed-delivery basis — that is, paying for securities before delivery or taking delivery at a later date. The Fund will designate cash or securities in amounts sufficient to cover its obligations, and will value the designated assets daily.

The Fund may invest in other investment companies which can include open-end funds, closed-end funds, unit investment trusts and business development companies to the extent permitted by the 1940 Act, SEC rules thereunder and exemptions thereto.

The Fund may use repurchase agreements as short-term investments for its cash position.

The Fund may invest up to 10% of its total assets in illiquid investments, which include securities, contractual restrictions on resale, repurchase agreements maturing in greater than seven days, and other securities which may not be readily marketable.

The Fund may invest in privately placed securities, including those that are eligible for resale only among certain institutional buyers without registration, which are commonly known as “Rule 144A Securities.” Restricted securities that are determined to be illiquid may not exceed the Fund’s limit on investments in illiquid investments.

The Fund may lend up to 25% of its total assets to qualified broker/dealers or institutional investors for their use relating to short sales or other security transactions. By lending its portfolio securities, the Fund attempts to increase its income through the receipt of interest on the loan. For additional information regarding Securities Lending, see Note 8 in “Notes to financial statements.”

The Fund may invest without limitation in loan participations in order to enhance total return, to affect diversification or to earn additional income.

The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. Floating rate loans may take as long as seven days to settle and may not be considered securities. Therefore, floating rate loans may not be afforded the protection of the federal securities laws.

The Fund may invest in futures, options, and closing transactions related thereto. The Fund will not invest in futures and options as principal investment strategies. In addition, the Fund may enter into futures contracts, purchase or sell options on futures contracts, and trade in options on foreign currencies, and may enter into closing transactions with respect to such activities to hedge or “cross hedge” the currency risks associated with its investments.

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The Fund may use interest rate swaps to adjust its sensitivity to interest rates or to hedge against changes in interest rates. Index swaps may be used to gain exposure to markets that the Fund invests in, such as the corporate bond market. The Fund may also use index swaps as a substitute for futures or options contracts if such contracts are not directly available to the Fund on favorable terms. The Fund may enter into credit default swaps in order to hedge against a credit event, to enhance total return, or to gain exposure to certain securities or markets. The Fund will not invest in swaps as a principal investment strategy. The Fund also may invest in and write listed options, which are also referred to as exchange-traded options. The Manager will use a combination of dividend capture trading, option overwriting, realization of gains on the sale of securities, dividend growth and currency forwards to enhance the sustainability of the income stream. The percentage of the Fund’s assets invested in these strategies will vary from time to time based on the Manager’s assessment of economic and market conditions and the potential for income.

At times when the Manager anticipates adverse conditions, the Manager may want to protect gains on securities without actually selling them. The Manager might use swaps to neutralize the effect of any price declines without selling a bond or bonds.

If the Fund has any financial obligation under a swap agreement, it will designate cash and liquid assets sufficient to cover the obligation and will value the designated assets daily as long as the obligation is outstanding. Use of these strategies can increase the operating costs of the Fund and can lead to loss of principal.

The Fund may enter into contracts to purchase or sell foreign currencies at a future date (a “forward foreign currency” contract or “forward” contract) for hedging purposes only. The Fund will not invest in forward foreign currency contracts as a principal investment strategy.

Although the Manager values the Fund’s assets daily in terms of US dollars, it does not intend to convert the Fund’s holdings of foreign currencies into US dollars on a daily basis. The Fund is permitted to, however, from time to time, purchase or sell foreign currencies and/or engage in forward foreign currency contracts in order to facilitate or expedite settlement of Fund transactions and to minimize currency value fluctuations.

Macquarie Investment Management Austria Kapitalanlage AG (MIMAK) serves as sub-advisor to the Fund’s investment manager and provides asset allocation services. MIMAK has primary day-to-day responsibility for managing the Fund, and may allocate assets to its affiliate, Macquarie Investment Management Global Limited (MIMGL), to invest in real estate investment trust securities and other equity asset classes to which MIMAK may allocate assets. In addition, MIMAK may seek investment advice and recommendations relating to fixed income securities from the Manager’s affiliates: Macquarie Investment Management Europe Limited (MIMEL) and MIMGL. MIMAK may also permit MIMGL, and Macquarie Funds Management Hong Kong Limited (MFMHKL) to execute Fund equity security trades on behalf of MIMAK. MIMAK may also permit MIMEL and MIMGL to exercise investment discretion and perform trading for fixed income securities in certain markets where MIMAK believes it will be beneficial to utilize MIMEL’s or MIMGL’s specialized market knowledge, and MIMAK may also seek quantitative support from MIMGL.

What are the principal risks of investing in the Fund?

Investing in any closed-end fund involves the risk that you may lose part or all of the money you invest. Over time, the value of your investment in the Fund will increase and decrease according to changes in the value of the securities in the Fund’s portfolio. An investment in the Fund may not be appropriate for all investors. The Fund’s principal risks include:

Net asset value discount risk — The risk that a closed-end investment company will trade at a discount from its net asset value (NAV).

Market risk — The risk that all or a majority of the securities in a certain market — such as the stock or bond market — will decline in value because of factors such as adverse political or economic conditions, future expectations, investor confidence, or heavy institutional selling.

Active management and selection risk — The risk that the securities selected by a fund’s management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

Credit risk — The risk that an issuer of a debt security, including a governmental issuer or an entity that insures a bond, may be unable to make interest payments and/or repay principal in a timely manner. For a further discussion of credit and market risks, see Note 9 in “Notes to financial statements.”

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Other Fund information (Unaudited)
Delaware Investments^® Dividend and Income Fund, Inc.

What are the principal risks of investing in the Fund? (continued)

Equity risk — The risk that stocks and other equity securities generally fluctuate in value more than bonds.

Issuer risk — The risk that the value of an issuer’s securities may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage, and reduced demand for the issuer’s goods and services.

High yield risk — The risk that high yield securities are subject to reduced creditworthiness of issuers, increased risk of default, and a more limited and less liquid secondary market. High yield securities may also be subject to greater price volatility and risk of loss of income and principal than are higher-rated securities. High yield bonds are sometimes issued by municipalities that have less financial strength and therefore have less ability to make projected debt payments on the bonds.

Interest rate risk — The risk that the prices of bonds and other fixed income securities will increase as interest rates fall and decrease as interest rates rise. Interest rate changes are influenced by a number of factors, such as government policy, monetary policy, inflation expectations, and the supply and demand of bonds. Bonds and other fixed income securities with longer maturities or duration generally are more sensitive to interest rate changes. A fund may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates.

Leveraging risk — The risk that certain fund transactions using leveraging techniques may give rise to leverage, causing a fund to be more volatile than if it had not been leveraged, which may result in increased losses to a fund. Leveraging techniques, such as borrowing, will pose certain risks for shareholders, including the possibility of higher volatility of both the NAV and market value of the shares. There can be no assurance that a fund would be able to realize a higher net return on its investment portfolio than the then current dividend interest rate on any senior securities. In such event, the fund leveraged capital structure would result in a lower yield to the shareholders than if the fund were not leveraged. Accordingly, the effect of leverage in a declining market is likely to be a greater decline in the NAV of shares than if a fund were not leveraged, which may be reflected in a greater decline in the market price of the shares. For additional information, see Note 9 in “Notes to financial statements.”

Liquidity risk — The possibility that investments cannot be readily sold within seven calendar days at approximately the price at which a fund has valued them. The illiquidity of portfolio securities may adversely affect the ability of a fund to dispose of such securities in a timely manner and at a fair price at times when it might be necessary or advantageous for the fund to liquidate portfolio securities. The risks associated with these investments will be accentuated in situations in which a fund’s operations require cash and could result in the fund borrowing to meet short-term cash requirements or incurring capital losses on the sale of these investments. The market for less liquid securities tends to be more volatile than the market for more liquid securities and market values of relatively illiquid investments may be more susceptible to change as a result of adverse publicity and investor perceptions than are the market values of more liquid securities. To the extent that there is no established retail market for securities, there may be relatively inactive trading in such securities and the ability to accurately value such securities may be adversely affected. During periods of reduced market liquidity and in the absence of readily available market quotations for portfolio securities, an investment manager’s judgment may play a greater role in the valuation of a fund’s securities due to the reduced availability of reliable objective data. To the extent that a fund invests in illiquid investments and securities which are restricted as to resale, the fund may incur additional risks and costs because such securities are particularly difficult to dispose of.

Company size risk — The risk that investments in small- and/or medium-sized companies may be more volatile than those of larger companies because of limited financial resources or dependence on narrow product lines.

Lower rated convertible securities and preferred stock risk — The risk that lower rated convertible securities and preferred stock are subject to a more limited and less liquid secondary trading market, greater price volatility, and reduced creditworthiness of issuers. The lack of a liquid secondary market for certain securities also may make it more difficult for a fund to obtain accurate market quotations for purposes of pricing its portfolio and calculating its NAV. Lower quality convertible securities and preferred stocks may have speculative elements or characteristics; their future cannot be considered as well assured and earnings and asset protection may be moderate or poor in comparison to investment grade securities. In addition, such lower quality securities face major ongoing uncertainties or exposure to adverse business, financial or economic conditions, which could lead to inadequate capacity to meet timely payments.

Real estate industry risk — This risk includes, among others: possible declines in the value of real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds; overbuilding; extended vacancies of properties; increases in competition,

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property taxes, and operating expenses; changes in zoning laws; costs resulting from the cleanup of, and liability to third parties resulting from, environmental problems; casualty for condemnation losses; uninsured damages from floods, earthquakes, or other natural disasters; limitations on and variations in rents; and changes in interest rates. REITs are subject to substantial cash flow dependency, defaults by borrowers, self-liquidation, and the risk of failing to qualify for tax-free pass-through of income under the Internal Revenue Code of 1986, as amended (Internal Revenue Code), or other similar statutes in non-US countries and/or to maintain exemptions from the 1940 Act.

Foreign risk — The risk that foreign securities may be adversely affected by political instability, changes in currency exchange rates, inefficient markets and higher transaction costs, foreign economic conditions, the imposition of economic or trade sanctions, or inadequate or different regulatory and accounting standards.

IBOR risk — The risk that changes related to the use of the London Interbank Offered Rate (LIBOR) or similar interbank offered rates (“IBORs,” such as the Euro Overnight Index Average (EONIA)) could have adverse impacts on financial instruments that reference LIBOR or a similar rate. While some instruments may contemplate a scenario where LIBOR or a similar rate is no longer available by providing for an alternative rate setting methodology, not all instruments have such fallback provisions and the effectiveness of replacement rates is uncertain. The abandonment of LIBOR and similar rates could affect the value and liquidity of instruments that reference such rates, especially those that do not have fallback provisions. The use of alternative reference rate products may impact investment strategy performance.

Securities lending risk — The risk that in a securities lending transaction, the borrower would fail financially at a time when the value of the security increases. In addition, should the borrower become insolvent, a fund could be faced with loss of rights in the collateral. For additional discussion on Securities lending risk, see Note 8 in “Notes to financial statements.”

Derivatives risk — Derivatives contracts, such as futures, forward foreign currency contracts, options, and swaps, may involve additional expenses (such as the payment of premiums) and are subject to significant loss if a security, index, reference rate, or other asset or market factor to which a derivatives contract is associated, moves in the opposite direction from what the portfolio manager anticipated. When used for hedging, the change in value of the derivatives instrument may also not correlate specifically with the currency, rate, or other risk being hedged, in which case a fund may not realize the intended benefits. Derivatives contracts are also subject to the risk that the counterparty may fail to perform its obligations under the contract due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

Counterparty risk — The risk that a counterparty to a derivatives contract (such as a swap, futures, or options contract) or a repurchase agreement may fail to perform its obligations under the contract or agreement due to, among other reasons, financial difficulties (such as a bankruptcy or reorganization).

Loans and other indebtedness risk — The risk that a fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower and the lending institution. A fund’s ability to sell its loans or to realize their full value upon sale may also be impaired due to the lack of an active trading market, irregular trading activity, wide bid/ask spreads, contractual restrictions, and extended trade settlement periods. In addition, certain loans in which a fund invests may not be considered securities. A fund therefore may not be able to rely upon the anti-fraud provisions of the federal securities laws with respect to these investments.

Currency risk — The risk that fluctuations in exchange rates between the US dollar and foreign currencies and between various foreign currencies may cause the value of an investment to decline.

Forward foreign currency risk — The use of forward foreign currency contracts may substantially change a fund’s exposure to currency exchange rates and could result in losses to a fund if currencies do not perform as the portfolio manager expects. The use of these investments as a hedging technique to reduce a fund’s exposure to currency risks may also reduce its ability to benefit from favorable changes in currency exchange rates.

Call options risk — The risk of potential losses if equity markets or an individual equity security do not move as expected and the potential for greater losses than if these techniques had not been used. By writing covered call options, the fund will not benefit from any potential increases in the value of a fund asset above the exercise price, but will bear the risk of declines in the value of the asset. Writing call options may expose a fund to additional costs. Derivatives may be difficult to sell, unwind or value.

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Other Fund information (Unaudited)
Delaware Investments^® Dividend and Income Fund, Inc.

Board consideration of Investment Advisory and Sub-Advisory Agreements for Delaware Investments Dividend and Income Fund, Inc. at a meeting held August 10-12, 2021

At a meeting held on August 10-12, 2021 (the “Annual Meeting”), the Board of Directors (the “Board”), including a majority of disinterested or independent Directors, approved the renewal of the Investment Advisory and Sub-Advisory Agreements for Delaware Investments Dividend and Income Fund, Inc. (the “Fund”). In making its decision, the Board considered information furnished at regular quarterly Board meetings, including reports detailing Fund performance, investment strategies, and expenses, as well as information prepared specifically in connection with the renewal of the investment advisory and sub-advisory contracts. Information furnished specifically in connection with the renewal of the Investment Management Agreement with Delaware Management Company (“DMC”), a series of Macquarie Investment Management Business Trust (“MIMBT”), and the Sub-Advisory Agreements with Macquarie Investment Management Global Limited (“MIMGL”), Macquarie Funds Management Hong Kong Limited (“MFMHK”), Macquarie Investment Management Europe Limited (“MIMEL”), and Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”) (the “Sub-Advisers”), included materials provided by DMC and its affiliates (collectively, “Macquarie Asset Management”) concerning, among other things, the nature, extent, and quality of services provided to the Fund; the costs of such services to the Fund, economies of scale; and the investment manager’s financial condition and profitability. In addition, in connection with the Annual Meeting, materials were provided to the Directors in May 2021, including reports provided by Broadridge Financial Solutions (“Broadridge”). The Broadridge reports compared the Fund’s investment performance and expenses with those of other comparable mutual funds. The Independent Directors reviewed and discussed the Broadridge reports with independent legal counsel to the Independent Directors. In addition to the information noted above, the Board also requested and received information regarding DMC’s policy with respect to advisory fee levels and its breakpoint philosophy; the structure of portfolio manager compensation; comparative client fee information; and any constraints or limitations on the availability of securities for certain investment styles, which had in the past year inhibited, or which were likely in the future to inhibit, the investment manager’s ability to invest fully in accordance with Fund policies.

In considering information relating to the approval of the Fund’s advisory and sub-advisory agreements, as applicable, the Independent Directors received assistance and advice from and met separately with independent legal counsel to the Independent Directors and also received assistance and advice from an experienced and knowledgeable independent fund consultant, JDL Consultants, LLC (“JDL”). Although the Board gave attention to all information furnished, the following discussion identifies, under separate headings, the primary factors taken into account by the Board during its contract renewal considerations.

Nature, extent, and quality of services. The Board considered the services provided by DMC to the Fund and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year, which covered matters such as the relative performance of the Fund; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Fund; compliance by DMC (“Management”) personnel with the Code of Ethics adopted throughout the Delaware Funds by Macquarie^® (“Delaware Funds”); and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of DMC and the emphasis placed on research in the investment process. The Board recognized DMC’s receipt of certain favorable industry distinctions during the past several years. The Board gave favorable consideration to DMC’s efforts to control expenses while maintaining service levels committed to Fund matters. The Board was satisfied with the nature, extent, and quality of the overall services provided by DMC.

Nature, extent, and quality of services. The Board considered the services provided by MIMGL, MFMHK, MIMEL, and MIMAK to the Fund and its shareholders. In reviewing the nature, extent, and quality of services, the Board considered reports furnished to it throughout the year at regular Board Meetings covering matters such as relative performance of the Fund; compliance of portfolio managers with the investment policies, strategies, and restrictions for the Fund; the compliance of MIMGL, MFMHK, MIMEL, and MIMAK personnel with its Code of Ethics; and adherence to fair value pricing procedures as established by the Board. The Board was pleased with the current staffing of MIMGL, MFMHK, MIMEL, and MIMAK and the emphasis placed on research in the investment process. The Board was satisfied with the nature, extent, and quality of the overall services provided by MIMGL, MFMHK, MIMEL, and MIMAK.

Investment performance. The Board placed significant emphasis on the investment performance of the Fund in view of the importance of investment performance to shareholders. Although the Board considered performance reports and discussions with portfolio managers at Board meetings throughout the year, the Board gave particular weight to the Broadridge reports furnished for the Annual Meeting. The Broadridge reports prepared for the Fund showed the investment performance of its shares in comparison to a group of similar funds (the “Performance Universe”). A fund with the highest performance ranked first, and a fund with the lowest ranked last. The highest/best performing 25% of funds in the Performance Universe make up the first quartile; the next 25%, the second quartile; the next 25%, the third quartile; and the lowest/ worst performing 25% of funds in the Performance Universe make up the fourth quartile. Comparative annualized performance for the Fund

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was shown for the past 1-, 3-, 5-, and 10-year periods, to the extent applicable, ended December 31, 2020. The Board’s objective is that the Fund’s performance for the 1-, 3-, and 5-year periods be at or above the median of its Performance Universe.

The Performance Universe for the Fund consisted of the Fund and all leveraged closed-end income and preferred stock funds as selected by Broadridge. The Broadridge report comparison showed that the Fund’s total return for the 1-year period was in the third quartile of its Performance Universe. The report further showed that the Fund’s total return for the 3-year period was in the fourth quartile of its Performance Universe and the Fund’s total return for the 5- and 10-year periods was in the second quartile of its Performance Universe. The Board observed that the Fund’s shorter-term performance results were not in line with the Board’s objective. In evaluating the Fund’s performance, the Board considered the Fund’s long-term performance, which was strong. The Board also considered performance attribution included in the meeting materials and performance reports delivered by Management personnel to the Board’s Investments Committee. The Board was satisfied that Management was taking action to improve comparative Fund performance and to meet the Board’s performance objective.

Comparative expenses. The Board considered expense data for the Delaware Funds. Management provided the Board with information on pricing levels and fee structures for the Fund as of its most recently completed fiscal year. The Board also focused on the comparative analysis of effective management fees and total expense ratios of the Fund versus effective management fees and expense ratios of a group of similar closed-end funds as selected by Broadridge (the “Expense Group”). In reviewing comparative costs, the Fund’s contractual management fee and the actual management fee incurred by the Fund were compared with the contractual management fees (assuming all funds in the Expense Group were similar in size to the Fund) and actual management fees (as reported by each fund) within the Expense Group, taking into account any applicable fee waivers. The Fund’s total expenses were also compared with those of its Expense Group. The Board’s objective is for each Fund’s total expense ratio to be competitive with those of the peer funds within its Expense Group.

The expense comparisons for the Fund showed that its actual management fee was in the quartile with the lowest expenses of its Expense Group and its total expenses were in the quartile with the highest expenses of its Expense Group. The Board gave favorable consideration to the Fund’s Management fee but noted that the Fund’s total expenses were not in line with the Board’s objective. In evaluating total expenses, the Board considered the limited number of funds in the Expense Group. The Board was satisfied with Management’s efforts to improve the Fund’s total expense ratio and to bring it in line with the Board’s objective.

Management profitability. The Board considered the level of profits, if any, realized by DMC in connection with the operation of the Fund. In this respect, the Board reviewed the Investment Management Profitability Analysis that addressed the overall profitability of DMC’s business in providing management and other services to each of the individual funds and the Delaware Funds as a whole. Specific attention was given to the methodology used by DMC in allocating costs for the purpose of determining profitability. Management stated that the level of profits of DMC, to a certain extent, reflects recent operational cost savings and efficiencies initiated by DMC. The Board considered DMC’s efforts to improve services provided to Fund shareholders and to meet additional regulatory and compliance requirements resulting from recent industry-wide Securities and Exchange Commission initiatives. The Board also considered the extent to which DMC might derive ancillary benefits from fund operations, including the potential for procuring additional business as a result of the prestige and visibility associated with its role as service provider to the Delaware Funds and the benefits from allocation of fund brokerage to improve trading efficiencies. As part of its work, the Board also reviewed a report prepared by JDL regarding MIMBT profitability as compared to certain peer fund complexes and the Independent Directors discussed with JDL personnel regarding DMC’s profitability in such context. The Board found that the management fees were reasonable in light of the services rendered and the profitability of DMC.

Management profitability. Directors were also given available information on profits being realized by each of MIMGL, MFMHK, MIMEL, and MIMAK in relation to the services being provided to the Fund and in relation to the respective sub-adviser’s overall investment advisory business, but believed such information to be of limited relevance because the sub-advisory fees are paid by DMC out of its management fee, and changes in the level of sub-advisory fees have no impact on Fund expenses. The Board was also provided information on potential fall-out benefits derived or to be derived by each sub-adviser in connection with its relationship to the Fund, such as reputational enhancement, soft dollar arrangements or commissions paid to affiliated broker/dealers, as applicable.

Economies of scale. As a closed-end fund, the Fund does not issue shares on a continuous basis. Fund assets, therefore, increase primarily as a result of the increase in value of the underlying securities in the Fund. Accordingly, the Board determined that the Fund was not likely to experience significant economies of scale due to asset growth and, therefore, a fee schedule with breakpoints to pass the benefit of economies of scale on to shareholders was not likely to provide the intended effect.

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

								Number of		Other
						Principal		Portfolios in Fund		Directorships
Name,		Position(s)				Occupation(s)		Complex Overseen		Held by
Address,		Held with		Length of Time		During the		by Trustee		Trustee
and Birth Date		Fund(s)		Served		Past Five Years		or Officer		or Officer
Interested Trustee
Shawn K. Lytle1		President,		President and		Global Head of Macquarie Investment		150		Trustee — UBS
610 Market Street		Chief Executive Officer,		Chief Executive Officer		Management2				Relationship Funds, SMA
Philadelphia, PA		and Trustee		since August 2015		(January 2019–Present)				Relationship Trust, and
19106-2354				Trustee since		Head of Americas of				UBS Funds
February 1970				September 2015		Macquarie Group				(May 2010–April 2015)
						(December 2017–Present)
						Deputy Global Head of Macquarie Investment
						Management
						(2017–2019)
						Head of Macquarie Investment Management
						Americas
						(2015–2017)
Independent Trustees
Jerome D. Abernathy		Trustee		Since January 2019		Managing Member, Stonebrook Capital		150		None
610 Market Street						Management, LLC (financial technology: macro
Philadelphia, PA						factors and databases)
19106-2354						(January 1993-Present)
July 1959
Thomas L. Bennett		Chair and Trustee		Trustee since March		Private Investor		150		None
610 Market Street				2005		(March 2004–Present)
Philadelphia, PA				Chair since March 2015
19106-2354
October 1947
Ann D. Borowiec		Trustee		Since March 2015		Chief Executive Officer, Private Wealth		150		Director — Banco
610 Market Street						Management (2011–2013) and Market				Santander International
Philadelphia, PA						Manager, New Jersey Private Bank (2005–				(October 2016–December
19106-2354						2011) — J.P. Morgan Chase & Co.				2019)
November 1958										Director — Santander
										Bank, N.A. (December
										2016–December 2019)
Joseph W. Chow		Trustee		Since January 2013		Private Investor		150		Director and Audit
610 Market Street						(April 2011–Present)				Committee Member —
Philadelphia, PA										Hercules Technology
19106-2354										Growth Capital, Inc.
January 1953										(July 2004–July 2014)

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								Number of		Other
						Principal		Portfolios in Fund		Directorships
Name,		Position(s)				Occupation(s)		Complex Overseen		Held by
Address,		Held with		Length of Time		During the		by Trustee		Trustee
and Birth Date		Fund(s)		Served		Past Five Years		or Officer		or Officer
H. Jeffrey Dobbs		Trustee		Since April 2021		Global Sector Chairman, Industrial		150		Director, Valparaiso
610 Market Street						Manufacturing, KPMG LLP				University
Philadelphia, PA						(2010–2015)				(2012–Present)
19106-2354										Director, TechAccel LLC
May 1955										(2015–Present) (Tech
										R&D)
										Board Member, Kansas
										City Repertory Theatre
										(2015–Present)
										Board Member,
										PatientsVoices, Inc.
										(healthcare)
										(2018–Present)
										Kansas City Campus for
										Animal Care
										(2018–Present)
										Director, National
										Association of
										Manufacturers
										(2010–2015)
										Director, The Children’s
										Center
										(2003-2015)
										Director, Metropolitan
										Affairs Coalition
										(2003–2015)
										Director, Michigan
										Roundtable for Diversity
										and Inclusion
										(2003–2015)
										Trustee, Ivy Funds
										Complex
										(2019–2021)
John A. Fry		Trustee		Since January 2001		President — Drexel University		150		Director; Compensation
610 Market Street						(August 2010–Present)				Committee and
Philadelphia, PA						President — Franklin & Marshall College				Governance Committee
19106-2354						(July 2002–June 2010)				Member — Community
}May 1960										Health Systems
										(May 2004–Present)
										Director — Drexel Morgan
										& Co. (2015–2019)
										Director, Audit and
										Compensation Committee
										Member — vTv
										Therapeutics Inc.
										(2017–Present)
										Director and Audit
										Committee Member — FS
										Credit Real Estate Income
										Trust, Inc. (2018–Present)
										Director — Federal
										Reserve
										Bank of Philadelphia
										(January 2020–Present)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

								Number of		Other
						Principal		Portfolios in Fund		Directorships
Name,		Position(s)				Occupation(s)		Complex Overseen		Held by
Address,		Held with		Length of Time		During the		by Trustee		Trustee
and Birth Date		Fund(s)		Served		Past Five Years		or Officer		or Officer
Joseph Harroz, Jr.		Trustee		Since April 2021		President (2020–Present), Interim President		150		Director, OU Medicine, Inc
610 Market Street						(2019–2020), Vice President (2010–2019) and				(2020–Present)
Philadelphia, PA						Dean, College of Law (2010–2019), University				Director and Shareholder,
19106-2354						of Oklahoma; Managing Member, Harroz				Valliance Bank
January 1967						Investments, LLC, (commercial enterprises)				(2007–Present)
						(1998–2019); Managing Member, St. Clair, LLC				Director, Foundation
						(commercial enterprises) (2019–Present)				Healthcare (formerly
										Graymark HealthCare)
										(2008–2017)
										Trustee, the Mewbourne
										Family Support
										Organization (2006–-
										Present) (non-profit)
										Independent Director, LSQ
										Manager, Inc. (real estate)
										(2007–2016)
										Director, Oklahoma
										Foundation for Excellence
										(non-profit)
										(2008–Present)
										Trustee, Ivy Funds
										Complex (1998–2021)

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								Number of		Other
						Principal		Portfolios in Fund		Directorships
Name,		Position(s)				Occupation(s)		Complex Overseen		Held by
Address,		Held with		Length of Time		During the		by Trustee		Trustee
and Birth Date		Fund(s)		Served		Past Five Years		or Officer		or Officer
Sandra A.J. Lawrence		Trustee		Since April 2021		Chief Administrative Officer, Children’s Mercy		150		Director, Hall Family
610 Market Street						Hospitals and Clinics (2016–2019); CFO,				Foundation
Philadelphia, PA						Children’s Mercy Hospitals and Clinics (2005–				(1993–Present)
19106-2354						2016)				Director, Westar Energy
September 1957										(utility) (2004–2018)
										Trustee, Nelson-Atkins
										Museum of Art (non-
										profit) (2021–Present)
										(2007–2020)
										Director, Turn the Page KC
										(non-profit) (2012–2016)
										Director, Kansas
										Metropolitan Business and
										Healthcare Coalition (non-
										profit) (2017–2019)
										Director, National
										Association of Corporate
										Directors (non-profit)
										National Board (2022-
										Present); Regional Board
										(2017–2021)
										Director, American Shared
										Hospital Services (medical
										device) (2017–2021)
										Director, Evergy, Inc.,
										Kansas City Power & Light
										Company, KCP&L Greater
										Missouri Operations
										Company, Westar Energy,
										Inc. and Kansas Gas and
										Electric Company (related
										utility companies)
										(2018–Present)
										Director, Stowers
										(research) (2018)
										Co-Chair, Women
										Corporate Directors
										(director education)
										(2018–2020)
										Trustee, Ivy Funds
										Complex (2019–2021)
										Director, Brixmor Property
										Group Inc. (2021–Present)
										Director, Sera
										Prognostics Inc.
										(biotechnology)
										(2021–Present)
										Director, Recology
										(resource recovery) (2021–
										Present)

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Board of trustees / directors and officers addendum
Delaware Funds by Macquarie^®

								Number of		Other
						Principal		Portfolios in Fund		Directorships
Name,		Position(s)				Occupation(s)		Complex Overseen		Held by
Address,		Held with		Length of Time		During the		by Trustee		Trustee
and Birth Date		Fund(s)		Served		Past Five Years		or Officer		or Officer
Frances A.		Trustee		Since September 2011		Private Investor		150		Trust Manager and Audit
Sevilla-Sacasa						(January 2017–Present)				Committee Chair —
610 Market Street						Chief Executive Officer — Banco Itaú				Camden Property Trust
Philadelphia, PA						International				(August 2011–Present)
19106-2354						(April 2012–December 2016)				Director; Audit
January 1956						Executive Advisor to Dean (August 2011–				and Compensation
						March 2012) and Interim Dean				Committee Member —
						(January 2011–July 2011) — University of				Callon Petroleum
						Miami School of Business Administration				Company
						President — U.S. Trust, Bank of America				(December 2019–Present)
						Private Wealth Management (Private Banking)				Director — New Senior
						(July 2007-December 2008)				Investment Group Inc.
										(January 2021–September
										2021)
										Director; Audit Committee
										Member — Carrizo Oil &
										Gas, Inc. (March 2018–
										December 2019)
Thomas K. Whitford		Trustee		Since January 2013		Vice Chairman — PNC		150		Director — HSBC North
610 Market Street						Financial Services Group				America Holdings Inc.
Philadelphia, PA						(2010–April 2013)				(December 2013–Present)
19106-2354										Director — HSBC USA Inc.
March 1956										(July 2014–Present)
										Director — HSBC Bank
										USA, National Association
										(July 2014–March 2017)
										Director — HSBC Finance
										Corporation
										(December 2013–April
										2018)
Christianna Wood		Trustee		Since January 2019		Chief Executive Officer and		150		Director; Finance
610 Market Street						President — Gore Creek Capital, Ltd.				Committee and Audit
Philadelphia, PA						(August 2009–Present)				Committee Member —
19106-2354										H&R Block Corporation
August 1959										(July 2008–Present)
										Director; Investments
										Committee, Capital and
										Finance Committee, and
										Audit Committee Member
										— Grange Insurance
										(2013–Present)
										Trustee; Chair of
										Nominating and
										Governance Committee
										and Audit Committee
										Member — The Merger
										Fund (2013–October
										2021), The Merger Fund
										VL (2013–October 2021);
										WCM Alternatives: Event-
										Driven Fund (2013–
										October 2021), and WCM
										Alternatives: Credit Event
										Fund (December 2017–
										October 2021)
										Director; Chair of
										Governance Committee
										and Audit Committee
										Member — International
										Securities Exchange
										(2010–2016)

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								Number of		Other
						Principal		Portfolios in Fund		Directorships
Name,		Position(s)				Occupation(s)		Complex Overseen		Held by
Address,		Held with		Length of Time		During the		by Trustee		Trustee
and Birth Date		Fund(s)		Served		Past Five Years		or Officer		or Officer
Janet L. Yeomans		Trustee		Since April 1999		Vice President and Treasurer (January 2006–		150		Director; Personnel and
610 Market Street						July 2012), Vice President — Mergers &				Compensation Committee
Philadelphia, PA						Acquisitions				Chair; Member of
19106-2354						(January 2003–January 2006), and Vice				Nominating, Investments,
July 1948						President and Treasurer				and Audit Committees for
						(July 1995–January 2003) — 3M Company				various periods
										throughout directorship
										— Okabena Company
										(2009–2017)
Officers
David F. Connor		Senior Vice President,		Senior Vice President,		David F. Connor has served in various		150		None3
610 Market Street		General Counsel, and		since May 2013; General		capacities at different times at Macquarie
Philadelphia, PA		Secretary		Counsel since May 2015;		Investment Management.
19106-2354				Secretary since October
December 1963				2005
Daniel V. Geatens		Senior Vice President and		Senior Vice President and		Daniel V. Geatens has served in various		150		None3
610 Market Street		Treasurer		Treasurer since October		capacities at different times at Macquarie
Philadelphia, PA				2007		Investment Management.
19106-2354
October 1972
Richard Salus		Senior Vice President and		Senior Vice President and		Richard Salus has served in various capacities		150		None
610 Market Street		Chief Financial Officer		Chief Financial Officer		at different times at Macquarie Investment
Philadelphia, PA				since November 2006		Management.
19106-2354
October 1963

1	Shawn K. Lytle is considered to be an “Interested Trustee” because he is an executive officer of the Fund’s(s’) investment advisor.
2	Macquarie Investment Management is the marketing name for Macquarie Management Holdings, Inc. and its subsidiaries, including the Fund’s investment manager.
3	David F. Connor serves as Senior Vice President and Secretary, and Daniel V. Geatens serves as Senior Vice President, Treasurer, and Chief Financial Officer, for the six portfolios of the Optimum Fund Trust, which have the same investment advisor as the registrant. Mr. Geatens also serves as the Chief Financial Officer and Treasurer for Macquarie Global Infrastructure Total Return Fund Inc., which has the same investment manager as the Fund.

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About the organization

This annual report is for the information of Delaware Investments^® Dividend and Income Fund, Inc. shareholders. The figures in this report represent past results that are not a guarantee of future results. The return and principal value of an investment in the Fund will fluctuate so that shares, when sold, may be worth more or less than their original cost.

Notice is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Fund may, from time to time, purchase shares of its common stock on the open market at market prices. The Fund may purchase up to 10% of its outstanding shares.

Board of directors/trustees Shawn K. Lytle President and Chief Executive Officer Delaware Funds by Macquarie® Philadelphia, PA Jerome D. Abernathy Managing Member Stonebrook Capital Management, LLC Jersey City, NJ Thomas L. Bennett Chairman of the Board Delaware Funds by Macquarie Private Investor Rosemont, PA Ann D. Borowiec Former Chief Executive Officer Private Wealth Management J.P. Morgan Chase & Co. New York, NY Joseph W. Chow Former Executive Vice President State Street Corporation Boston, MA H. Jeffrey Dobbs+ Former Global Chairman of Industrial Manufacturing KPMG LLP Detroit, MI John A. Fry+ President Drexel University Philadelphia, PA Joseph Harroz, Jr. President University of Oklahoma Norman, OK Sandra A.J. Lawrence+ Former Chief Administrative Officer Children’s Mercy Hospitals and Clinics Kansas City, MO +  Audit Committee member

Frances A. Sevilla-Sacasa+ Former Chief Executive Officer Banco Itaú International Miami, FL Thomas K. Whitford+ Former Vice Chairman PNC Financial Services Group Pittsburgh, PA Christianna Wood Chief Executive Officer and President Gore Creek Capital, Ltd. Golden, CO Janet L. Yeomans Former Vice President and Treasurer 3M Company St. Paul, MN Affiliated officers David F. Connor Senior Vice President, General Counsel, and Secretary Delaware Funds by Macquarie Philadelphia, PA Daniel V. Geatens Senior Vice President and Treasurer Delaware Funds by Macquarie Philadelphia, PA Richard Salus Senior Vice President and Chief Financial Officer Delaware Funds by Macquarie Philadelphia, PA The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT. The Fund’s Forms N-PORT, as well as a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities are available without charge (i) upon request, by calling 866 437-0252; and (ii) on the SEC’s website at sec.gov. In addition, a description of the policies and procedures that the Fund uses to determine how to vote proxies (if any) relating to portfolio securities and the Schedule of Investments included in the Fund’s most recent Form N-PORT are available without charge on the Fund’s website at delawarefunds.com/closed-end. The Fund’s Forms N-PORT may be reviewed and copied at the SEC’s

Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330. Information (if any) regarding how the Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at delawarefunds.com/proxy; and (ii) on the SEC’s website at sec.gov. Investment manager Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT) Philadelphia, PA Principal office of the Fund 610 Market Street Philadelphia, PA 19106-2354 Independent registered public accounting firm PricewaterhouseCoopers LLP Two Commerce Square Suite 1800 2001 Market Street Philadelphia, PA 19103-7042 Registrar and stock transfer agent Computershare, Inc. 480 Washington Blvd. Jersey City, NJ 07310 866 437-0252 computershare.com/investor Website delawarefunds.com/closed-end Your reinvestment options Delaware Investments Dividend and Income Fund, Inc. offers an automatic dividend reinvestment program. If you would like to change your reinvestment option, and shares are registered in your name, contact Computershare, Inc. at 866 437-0252. You will be asked to put your request in writing. If you have shares registered in “street” name, contact the broker/dealer holding the shares or your financial advisor. If you choose to receive your dividends in cash, you may now elect to receive them by ACH transfer. Contact Computershare at the phone number above for more information.

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