Edgar Filing: DELAWARE INVESTMENTS DIVIDEND & INCOME FUND, INC

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:		811-07460

Exact name of registrant as specified in charter:		Delaware Investments^®Dividend and
		Income Fund, Inc.

Address of principal executive offices:		2005 Market Street
		Philadelphia, PA 19103

Name and address of agent for service:		David F. Connor, Esq.
		2005 Market Street
		Philadelphia, PA 19103

Registrant’s telephone number, including area code:		(800) 523-1918

Date of fiscal year end:		November 30

Date of reporting period:		February 29, 2016

Item 1. Schedule of Investments.

Schedule of investments

Delaware Investments^® Dividend and Income Fund, Inc.
February 29, 2016 (Unaudited)

		Number of	Value
		shares	(U.S. $)
Common Stock – 91.10%
Consumer Discretionary – 4.46%
	Johnson Controls	48,200	$	1,757,372
	Lowe’s	26,700		1,803,051
				3,560,423
Consumer Staples – 8.92%
	Archer-Daniels-Midland	51,400		1,796,944
	CVS Health	18,800		1,826,796
	Kraft Heinz	23,233		1,789,406
	Mondelez International	42,100		1,706,313
				7,119,459
Diversified REITs – 2.27%
	Fibra Uno Administracion †	104,000		217,063
	Gramercy Property Trust	60,845		459,380
	Intervest Offices & Warehouses †	14,738		378,934
	Lexington Realty Trust	55,700		431,118
	Vornado Realty Trust	565		48,793
	Wereldhave	5,500		278,769
				1,814,057
Energy – 9.50%
	California Resources	2,546		1,431
	Chevron	21,300		1,777,272
	ConocoPhillips	46,000		1,556,180
	Halliburton	58,000		1,872,240
	Marathon Oil	61,400		504,094
	Occidental Petroleum	27,200		1,871,904
				7,583,121
Financials – 9.23%
	Allstate	31,700		2,011,682
	Bank of New York Mellon	49,500		1,751,805
	BB&T	53,500		1,720,560
	Marsh & McLennan	33,100		1,888,355
				7,372,402
Healthcare – 15.40%
	Baxalta	41,800		1,610,136
	Cardinal Health	23,400		1,911,780
	Express Scripts Holding †	23,670		1,665,895
	Johnson & Johnson	17,700		1,862,217
	Merck	33,400		1,677,014
	Pfizer	61,489		1,824,379
	Quest Diagnostics @	26,200		1,743,086
				12,294,507
Healthcare REITs – 0.46%
	Healthcare Trust of America Class A	6,200		172,422
	Omega Healthcare Investors	1,400		44,884
	Welltower	2,300		146,694
				364,000
Hotel REITs – 0.99%
	Ashford Hospitality Prime	1,790		17,596
	Ashford Hospitality Trust	7,100		39,263
	DiamondRock Hospitality	14,100		125,490
	Host Hotels & Resorts	8,800		134,728
	Pebblebrook Hotel Trust	5,400		146,664
	Summit Hotel Properties	30,200		326,462
				790,203
Industrial REITs – 0.38%
	Prologis	680		26,153
	Terreno Realty	12,500		276,750
				302,903
Industrials – 6.80%
	Northrop Grumman	9,400		1,806,868
	Raytheon	14,500		1,795,825
	Waste Management	32,700		1,826,295
				5,428,988
Information Technology – 9.43%
	CA @	65,286		1,912,227
	Cisco Systems	78,000		2,042,040
	Intel	58,800		1,739,892
	Xerox	191,200		1,837,432
				7,531,591
Mall REITs – 1.94%
	General Growth Properties	3,471		95,522
	Simon Property Group	7,647		1,450,865
				1,546,387
Materials – 2.71%
	EI du Pont de Nemours	31,700		1,929,579
	Tarkett	8,063		236,265
				2,165,844
Mixed REITs – 0.32%
	Duke Realty	6,600		136,488
	PS Business Parks	1,300		119,353
				255,841
Mortgage REITs – 0.44%
	Colony Capital	9,700		159,080
	Starwood Property Trust	10,900		191,186
				350,266

(continues) NQ-DDF [2/16] 4/16 (16280) 1

Schedule of investments

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

		Number of	Value
		shares	(U.S. $)
Common Stock (continued)
Multifamily REITs – 2.45%
	ADO Properties 144A #†	11,797	$	353,431
	Apartment Investment & Management	20,819		762,184
	Equity Residential	3,700		275,613
	Gecina	1,794		221,909
	Post Properties	3,600		200,628
	Vonovia	4,606		143,057
				1,956,822
Office REITs – 3.51%
	alstria office REIT	18,775		237,331
	Brandywine Realty Trust	27,100		333,601
	Easterly Government Properties	53,600		916,560
	Equity Commonwealth @†	15,800		420,754
	Hudson Pacific Properties	5,400		137,700
	Mack-Cali Realty	10,100		200,990
	Paramount Group	11,700		176,904
	Parkway Properties	8,200		109,798
	SL Green Realty	3,100		273,358
				2,806,996
Retail REITs – 0.22%
	Klepierre	2,210		92,018
	Wheeler Real Estate Investment Trust @	72,456		86,223
				178,241
Self-Storage REITs – 0.53%
	Extra Space Storage	4,100		336,815
	Jernigan Capital	5,900		88,205
				425,020
Shopping Center REITs – 1.91%
	Brixmor Property Group	4,900		114,807
	DDR	16,300		272,699
	First Capital Realty	9,381		135,896
	Kimco Realty	13,830		369,953
	Kite Realty Group Trust	16,600		446,872
	Ramco-Gershenson Properties Trust	10,500		176,400
	Urban Edge Properties	332		8,074
				1,524,701
Single Tenant REIT – 0.71%
	STORE Capital	23,500		567,525
				567,525
Specialty REITs – 0.74%
	American Residential Properties	8,000		127,120
	EPR Properties	3,620		225,273
	Solar Capital	13,828		238,533
				590,926
Telecommunications – 4.92%
	AT&T	49,200		1,817,940
	Century Communications @=†	500,000		0
	Verizon Communications	41,600		2,110,368
				3,928,308
Utilities – 2.86%
	American Water Works	2,900		187,978
	Edison International	30,700		2,092,512
				2,280,490

Total Common Stock
	(cost $61,981,528)			72,739,021

Convertible Preferred Stock – 1.87%
	Crown Castle International 4.50% exercise price $86.67, maturity date 11/1/16	2,000		212,500
	El Paso Energy Capital Trust I 4.75% exercise price $50.00, maturity date 3/31/28 @	5,250		229,924
	Exelon 6.50% exercise price $43.75, maturity date 6/1/17	3,650		161,877
	Halcon Resources 5.75% exercise price $30.78, maturity date 12/31/49 @	92		1,748
	Huntington Bancshares 8.50% exercise price $11.95, maturity date 12/31/49 @	182		246,428
	Intelsat 5.75% exercise price $22.05, maturity date 5/1/16 @	1,349		6,920
	Maiden Holdings 7.25% exercise price $15.17, maturity date 9/15/16	3,693		165,446
	Wells Fargo 7.50% exercise price $156.71, maturity date 12/31/49	259		303,494

2 NQ-DDF [2/16] 4/16 (16280)

(Unaudited)

		Number of	Value
		shares	(U.S. $)
Convertible Preferred Stock (continued)
	Weyerhaeuser 6.375%
	exercise price $32.72,
	maturity date 7/1/16	3,638	$	169,094
Total Convertible Preferred
	Stock (cost $1,575,896)			1,497,431

		Principal
		amount°
Convertible Bonds – 7.80%
Brokerage – 0.27%
	Jefferies Group 3.875%
	exercise price $44.53,
	maturity date 11/1/29	217,000	$	214,016
				214,016
Capital Goods – 0.04%
	Titan Machinery 3.75%
	exercise price $43.17,
	maturity date 5/1/19 @	47,000		33,253
				33,253
Communications – 1.15%
	Alaska Communications
	Systems Group 6.25%
	exercise price $10.28,
	maturity date 5/1/18 @	304,000		297,160
	Clearwire Communications
	144A 8.25% exercise price
	$7.08, maturity date
	12/1/40 #@	317,000		307,490
	Liberty Interactive 144A
	1.00% exercise price
	$64.23, maturity date
	9/30/43 #	364,000		315,543
				920,193
Consumer Cyclical – 0.48%
	Huron Consulting Group
	1.25% exercise price
	$79.89, maturity date
	10/1/19	146,000		137,879
	Meritor 4.00% exercise price
	$26.73, maturity date
	2/15/27 ϕ	276,000		246,847
				384,726
Consumer Non-Cyclical – 1.59%
	HealthSouth 2.00% exercise
	price $38.08, maturity date
	12/1/43	188,000		202,217
	Hologic 0.00% exercise price
	$38.59, maturity date
	12/15/43 †ϕ	227,000		284,176
	NuVasive 2.75% exercise
	price $42.13, maturity date
	7/1/17	179,000		206,857
	Spectrum Pharmaceuticals
	2.75% exercise price
	$10.53, maturity date
	12/15/18 @	283,000		222,155
	Vector Group
	1.75% exercise price
	$24.64, maturity date
	4/15/20 ●	223,000		247,669
	2.50% exercise price
	$15.98, maturity date
	1/15/19 ●	72,000		107,423
				1,270,497
Energy – 0.10%
	Helix Energy Solutions Group
	3.25% exercise price
	$25.02, maturity date
	3/15/32	140,000		76,563
				76,563
Financials – 0.86%
	BGC Partners 4.50% exercise
	price $9.84, maturity date
	7/15/16	252,000		259,403
	GAIN Capital Holdings
	4.125% exercise price
	$12.00, maturity date
	12/1/18 @	224,000		215,600
	New Mountain Finance
	5.00% exercise price
	$15.93, maturity date
	6/15/19 @	214,000		207,580
				682,583
Industrials – 0.43%
	Chart Industries 2.00%
	exercise price $69.03,
	maturity date 8/1/18 @	262,000		218,934
	General Cable 4.50% exercise
	price $33.38, maturity date
	11/15/29 @ϕ	325,000		122,281
				341,215
REITs – 1.32%
	Blackstone Mortgage Trust
	5.25% exercise price
	$28.36, maturity date
	12/1/18	326,000		330,890

(continues) NQ-DDF [2/16] 4/16 (16280) 3

Schedule of investments

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

		Principal	Value
		amount°	(U.S. $)
Convertible Bonds (continued)
REITs (continued)
	Campus Crest Communities
	Operating Partnership
	144A 4.75% exercise price
	$12.56, maturity date
	10/15/18 #@	270,000	$	268,313
	Spirit Realty Capital 3.75%
	exercise price $13.10,
	maturity date 5/15/21 @	261,000		258,065
	VEREIT 3.75% exercise price
	$14.99, maturity date
	12/15/20 @	216,000		199,666
				1,056,934
Technology – 1.56%
	Blucora 4.25% exercise price
	$21.66, maturity date
	4/1/19	148,000		108,040
	Cardtronics 1.00% exercise
	price $52.35, maturity date
	12/1/20	254,000		241,141
	Ciena 144A 3.75% exercise
	price $20.17, maturity date
	10/15/18 #	126,000		155,216
	Electronics For Imaging
	0.75% exercise price
	$52.72, maturity date
	9/1/19	192,000		194,160
	Intel 3.25% exercise price
	$21.18, maturity date
	8/1/39	130,000		193,132
	j2 Global 3.25% exercise
	price $69.21, maturity date
	6/15/29	140,000		171,325
	PROS Holdings 144A 2.00%
	exercise price $33.79,
	maturity date 12/1/19 #	237,000		181,305
				1,244,319
Total Convertible Bonds
	(cost $6,560,847)			6,224,299

Corporate Bonds – 37.03%
Automobiles – 0.23%
	Goodyear Tire & Rubber
	5.125% 11/15/23	175,000		180,687
				180,687
Banking – 1.95%
	JPMorgan Chase
	6.75% 8/29/49 ●	530,000		562,463
	Lloyds Banking Group
	7.50% 4/30/49 ●	330,000		309,375
	Popular 7.00% 7/1/19	230,000		221,087
	Royal Bank of Scotland Group
	8.00% 12/29/49 ●	200,000		183,000
	U.S. Bancorp
	5.125% 12/29/49 ●	280,000		281,344
				1,557,269
Basic Industry – 4.02%
	AK Steel 7.625% 5/15/20	124,000		75,640
	American Tire Distributors
	144A 10.25% 3/1/22 #	170,000		147,050
	ArcelorMittal
	6.50% 3/1/21	105,000		95,025
	10.85% 6/1/19	55,000		58,163
	Ball
	4.375% 12/15/20	65,000		68,047
	5.25% 7/1/25	290,000		303,413
	Berry Plastics 144A
	6.00% 10/15/22 #	135,000		141,075
	BHP Billiton Finance USA
	144A 6.25% 10/19/75 #●	200,000		198,000
	Builders FirstSource
	144A 7.625% 6/1/21 #	207,000		211,140
	144A 10.75% 8/15/23 #	205,000		192,085
	Cemex 144A
	7.25% 1/15/21 #	200,000		200,500
	Chemours
	144A 6.625% 5/15/23 #	60,000		43,650
	144A 7.00% 5/15/25 #	58,000		42,195
	CPG Merger Sub 144A
	8.00% 10/1/21 #@	55,000		50,875
	Freeport-Mcmoran
	2.30% 11/14/17	55,000		50,600
	Huntington Ingalls Industries
	144A 5.00% 12/15/21 #	45,000		47,531
	Joseph T Ryerson & Son
	11.25% 10/15/18 @	54,000		35,910
	Kissner Milling 144A
	7.25% 6/1/19 #@	95,000		84,787
	MTW Foodservice Escrow
	144A 9.50% 2/15/24 #	50,000		52,937
	NCI Building Systems 144A
	8.25% 1/15/23 #	105,000		109,200
	New Gold
	144A 6.25% 11/15/22 #	66,000		47,355
	144A 7.00% 4/15/20 #	70,000		59,063
	NOVA Chemicals 144A
	5.00% 5/1/25 #	140,000		137,550
	Orbital ATK 144A
	5.50% 10/1/23 #	95,000		98,563

4 NQ-DDF [2/16] 4/16 (16280)

(Unaudited)

		Principal	Value
		amount°	(U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
	Rayonier AM Products 144A
	5.50% 6/1/24 #	120,000	$	97,500
	Standard Industries
	144A 5.125% 2/15/21 #	35,000		35,875
	144A 5.50% 2/15/23 #	60,000		61,050
	Steel Dynamics
	5.50% 10/1/24	160,000		150,400
	Summit Materials
	6.125% 7/15/23	195,000		175,013
	144A 8.50% 4/15/22 #	60,000		60,000
	TPC Group 144A
	8.75% 12/15/20 #	120,000		76,200
				3,206,392
Capital Goods – 2.00%
	Ardagh Packaging Finance
	144A 6.00% 6/30/21 #	200,000		184,000
	BWAY Holding 144A
	9.125% 8/15/21 #	220,000		183,700
	Gardner Denver 144A
	6.875% 8/15/21 #	255,000		170,850
	KLX 144A 5.875% 12/1/22 #	125,000		119,687
	Plastipak Holdings 144A
	6.50% 10/1/21 #	185,000		178,525
	Reynolds Group Issuer
	6.875% 2/15/21	100,000		103,750
	8.25% 2/15/21	145,000		143,187
	Signode Industrial Group
	144A 6.375% 5/1/22 #	175,000		149,625
	StandardAero Aviation
	Holdings 144A
	10.00% 7/15/23 #	185,000		172,975
	TransDigm
	6.00% 7/15/22	60,000		58,800
	6.50% 7/15/24	135,000		132,300
				1,597,399
Communications – 3.92%
	CCO Safari II 144A
	4.908% 7/23/25 #	130,000		133,563
	CenturyLink 6.75% 12/1/23	205,000		201,156
	Cogent Communications
	Finance 144A
	5.625% 4/15/21 #@	145,000		138,113
	Cogent Communications
	Group 144A
	5.375% 3/1/22 #	60,000		58,350
	CommScope Technologies
	Finance 144A
	6.00% 6/15/25 #	115,000		114,425
	Digicel 144A 6.75% 3/1/23 #	200,000		171,500
	Digicel Group 144A
	8.25% 9/30/20 #	221,000		173,485
	Frontier Communications
	144A 10.50% 9/15/22 #	75,000		76,031
	144A 11.00% 9/15/25 #	165,000		165,825
	Lamar Media 144A
	5.75% 2/1/26 #	167,000		173,366
	Level 3 Financing
	144A 5.375% 1/15/24 #	180,000		184,950
	5.375% 5/1/25	220,000		224,675
	Sprint
	7.125% 6/15/24	230,000		165,025
	7.875% 9/15/23	125,000		93,125
	Sprint Communications
	144A 7.00% 3/1/20 #	65,000		64,187
	144A 9.00% 11/15/18 #	110,000		114,741
	T-Mobile USA
	6.00% 3/1/23	100,000		103,500
	6.375% 3/1/25	40,000		40,550
	6.50% 1/15/26	50,000		50,919
	Virgin Media Secured Finance
	144A 5.25% 1/15/26 #	200,000		200,000
	Wind Acquisition Finance
	144A 7.375% 4/23/21 #	200,000		185,000
	Zayo Group 6.00% 4/1/23	305,000		301,950
				3,134,436
Consumer Cyclical – 3.27%
	American Builders &
	Contractors Supply 144A
	5.75% 12/15/23 #	100,000		103,250
	Aramark Services 144A
	5.125% 1/15/24 #	160,000		168,000
	Beacon Roofing Supply 144A
	6.375% 10/1/23 #	135,000		143,100
	Caleres 6.25% 8/15/23	135,000		134,325
	Group 1 Automotive 144A
	5.25% 12/15/23 #	115,000		108,387
	L Brands 144A
	6.875% 11/1/35 #	190,000		202,587
	LKQ 4.75% 5/15/23	80,000		77,200
	M/I Homes 6.75% 1/15/21	185,000		179,913
	MGM Resorts International
	6.00% 3/15/23	295,000		303,113
	Mohegan Tribal Gaming
	Authority
	9.75% 9/1/21	75,000		75,000

(continues) NQ-DDF [2/16] 4/16 (16280) 5

Schedule of investments

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

		Principal	Value
		amount°	(U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Mohegan Tribal Gaming
	Authority
	144A 9.75% 9/1/21 #	100,000	$	100,000
	PulteGroup 5.50% 3/1/26	40,000		40,650
	Rite Aid 144A
	6.125% 4/1/23 #	95,000		101,769
	Sabre GLBL 144A
	5.25% 11/15/23 #	180,000		183,600
	Sally Holdings
	5.625% 12/1/25	180,000		188,100
	Scotts Miracle-Gro 144A
	6.00% 10/15/23 #	175,000		182,875
	Tempur Sealy International
	144A 5.625% 10/15/23 #	170,000		173,400
	Wynn Las Vegas 144A
	5.50% 3/1/25 #	150,000		143,813
				2,609,082
Consumer Non-Cyclical – 3.11%
	Constellation Brands
	4.25% 5/1/23	65,000		67,681
	4.75% 11/15/24	80,000		84,100
	4.75% 12/1/25	50,000		52,437
	Cott Beverages
	5.375% 7/1/22	60,000		59,850
	6.75% 1/1/20	70,000		73,850
	Dean Foods 144A
	6.50% 3/15/23 #	145,000		152,930
	JBS USA 144A
	5.75% 6/15/25 #	255,000		220,575
	Kronos Acquisition Holdings
	144A 9.00% 8/15/23 #	165,000		144,375
	MEDNAX 144A
	5.25% 12/1/23 #	180,000		186,975
	Pinnacle Foods Finance 144A
	5.875% 1/15/24 #	125,000		132,187
	Post Holdings
	7.375% 2/15/22	120,000		127,650
	144A 7.75% 3/15/24 #	150,000		164,625
	Prestige Brands
	144A 5.375% 12/15/21 #	185,000		183,613
	144A 6.375% 3/1/24 #	35,000		36,225
	Spectrum Brands
	6.125% 12/15/24	240,000		255,000
	6.625% 11/15/22	125,000		135,156
	SUPERVALU 7.75% 11/15/22	180,000		141,300
	Team Health 144A
	7.25% 12/15/23 #	150,000		157,875
	Valeant Pharmaceuticals
	International
	144A 5.375% 3/15/20 #	75,000		68,250
	144A 6.75% 8/15/18 #	40,000		38,800
				2,483,454
Energy – 1.25%
	AmeriGas Finance
	7.00% 5/20/22	140,000		144,375
	Calumet Specialty Products
	Partners 7.625% 1/15/22	200,000		120,250
	Genesis Energy
	5.75% 2/15/21	165,000		136,950
	Murphy Oil USA
	6.00% 8/15/23	180,000		184,950
	Noble Energy 5.625% 5/1/21	165,000		149,163
	NuStar Logistics
	6.75% 2/1/21	165,000		141,075
	Targa Resources Partners
	144A 6.75% 3/15/24 #	140,000		119,350
				996,113
Financials – 0.74%
	Ally Financial
	5.75% 11/20/25	225,000		219,094
	International Lease Finance
	5.875% 8/15/22	160,000		170,800
	James Hardie International
	Finance 144A
	5.875% 2/15/23 #	200,000		200,000
				589,894
Healthcare – 3.90%
	Amsurg 5.625% 7/15/22	180,000		186,075
	Centene Escrow
	144A 5.625% 2/15/21 #	80,000		83,800
	144A 6.125% 2/15/24 #	50,000		53,187
	Community Health Systems
	6.875% 2/1/22	204,000		175,950
	DaVita HealthCare Partners
	5.00% 5/1/25	335,000		335,000
	HCA
	5.375% 2/1/25	280,000		285,600
	5.875% 2/15/26	100,000		103,250
	HealthSouth
	5.75% 11/1/24	95,000		96,425
	144A 5.75% 11/1/24 #	100,000		101,500
	144A 5.75% 9/15/25 #	90,000		89,775
	Hill-Rom Holdings 144A
	5.75% 9/1/23 #	180,000		185,850

6 NQ-DDF [2/16] 4/16 (16280)

(Unaudited)

		Principal	Value
		amount°	(U.S. $)
Corporate Bonds (continued)
Healthcare (continued)
	IASIS Healthcare
	8.375% 5/15/19	290,000	$	276,950
	Kinetic Concepts
	12.50% 11/1/19	220,000		171,187
	LifePoint Health
	5.875% 12/1/23	205,000		213,713
	Mallinckrodt International
	Finance
	4.75% 4/15/23	20,000		17,750
	144A 5.625% 10/15/23 #	165,000		162,937
	MPH Acquisition Holdings
	144A 6.625% 4/1/22 #	170,000		171,700
	Sterigenics-Nordion Holdings
	144A 6.50% 5/15/23 #	205,000		193,213
	Tenet Healthcare
	6.75% 6/15/23	35,000		31,894
	8.125% 4/1/22	185,000		182,802
				3,118,558
Industrials – 0.13%
	Standard Industries 144A
	6.00% 10/15/25 #	100,000		102,125
				102,125
Insurance – 0.68%
	HUB International
	144A 7.875% 10/1/21 #	215,000		192,963
	144A 9.25% 2/15/21 #	50,000		51,250
	USI 144A 7.75% 1/15/21 #	190,000		175,513
	XLIT 6.50% 12/29/49 ●	175,000		122,937
				542,663
Media – 4.20%
	CCO Holdings
	144A 5.375% 5/1/25 #	75,000		74,437
	144A 5.875% 4/1/24 #	40,000		40,950
	144A 5.875% 5/1/27 #	145,000		145,363
	CCOH Safari 144A
	5.75% 2/15/26 #	150,000		150,769
	Columbus International 144A
	7.375% 3/30/21 #	200,000		208,350
	CSC Holdings 5.25% 6/1/24	193,000		165,497
	DISH DBS 5.875% 11/15/24	145,000		130,833
	Gray Television
	7.50% 10/1/20	275,000		290,125
	Midcontinent
	Communications &
	Midcontinent Finance
	144A 6.875% 8/15/23 #	110,000		112,475
	Neptune Finco 144A
	6.625% 10/15/25 #	200,000		211,500
	Nielsen Finance 144A
	5.00% 4/15/22 #	185,000		188,006
	Numericable-SFR 144A
	6.00% 5/15/22 #	210,000		208,950
	RCN Telecom Services 144A
	8.50% 8/15/20 #	150,000		145,313
	Sinclair Television Group
	144A 5.625% 8/1/24 #	345,000		345,863
	Sirius XM Radio 144A
	5.375% 4/15/25 #	200,000		200,000
	Tribune Media 144A
	5.875% 7/15/22 #	170,000		170,425
	Univision Communications
	144A 8.50% 5/15/21 #	180,000		181,575
	VTR Finance 144A
	6.875% 1/15/24 #	200,000		188,500
	WideOpenWest Finance
	10.25% 7/15/19	210,000		192,150
				3,351,081
REITs – 1.08%
	Communications Sales &
	Leasing
	144A 6.00% 4/15/23 #	75,000		72,547
	8.25% 10/15/23	80,000		71,800
	Crown Castle International
	4.45% 2/15/26	170,000		172,796
	Equinix 5.875% 1/15/26	175,000		183,313
	ESH Hospitality 144A
	5.25% 5/1/25 #	265,000		258,375
	Iron Mountain
	144A 6.00% 10/1/20 #	85,000		90,313
	6.00% 8/15/23	10,000		10,650
				859,794
Services – 3.03%
	ADT 6.25% 10/15/21	180,000		176,400
	Air Medical Merger Sub 144A
	6.375% 5/15/23 #	195,000		170,625
	Avis Budget Car Rental 144A
	5.25% 3/15/25 #	240,000		213,300
	BlueLine Rental Finance 144A
	7.00% 2/1/19 #	135,000		99,563
	Boyd Gaming
	6.875% 5/15/23	155,000		160,037
	ExamWorks Group
	5.625% 4/15/23	195,000		196,706
	GEO Group
	5.125% 4/1/23	80,000		76,800

(continues) NQ-DDF [2/16] 4/16 (16280) 7

Schedule of investments

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

		Principal	Value
		amount°	(U.S. $)
Corporate Bonds (continued)
Services (continued)
	GEO Group
	5.875% 10/15/24	100,000	$	98,750
	GFL Escrow 144A
	9.875% 2/1/21 #	120,000		122,400
	Hertz 7.50% 10/15/18	40,000		40,600
	Mattamy Group 144A
	6.50% 11/15/20 #	230,000		200,100
	OPE KAG Finance Sub 144A
	7.875% 7/31/23 #	155,000		150,931
	Pinnacle Entertainment
	6.375% 8/1/21	90,000		95,963
	7.75% 4/1/22	70,000		76,650
	Service International
	5.375% 5/15/24	90,000		96,187
	United Rentals North America
	5.75% 11/15/24	235,000		230,253
	Vander Intermediate Holding
	II 144A PIK 9.75%
	2/1/19 #❆	80,000		28,200
	XPO Logistics 144A
	6.50% 6/15/22 #	200,000		190,000
				2,423,465
Technology – 2.50%
	CDW 5.50% 12/1/24	86,000		89,010
	CommScope 144A
	5.50% 6/15/24 #	130,000		126,587
	Emdeon 144A
	6.00% 2/15/21 #	165,000		153,863
	Entegris 144A
	6.00% 4/1/22 #	140,000		142,275
	First Data 144A
	7.00% 12/1/23 #	511,000		512,277
	Infor U.S.
	144A 5.75% 8/15/20 #	60,000		60,600
	144A 6.50% 5/15/22 #	175,000		152,250
	Micron Technology
	144A 5.25% 1/15/24 #	80,000		67,400
	144A 5.625% 1/15/26 #	40,000		32,500
	Microsemi 144A
	9.125% 4/15/23 #	170,000		180,625
	NXP 144A 5.75% 3/15/23 #	200,000		207,500
	Sensata Technologies UK
	Financing 144A
	6.25% 2/15/26 #	200,000		212,000
	Solera 144A
	10.50% 3/1/24 #	65,000		61,750
				1,998,637
Utilities – 1.02%
	AES 5.50% 4/15/25	160,000		144,800
	Altice U.S. Finance 144A
	7.75% 7/15/25 #	200,000		186,500
	Calpine
	5.375% 1/15/23	80,000		75,000
	5.50% 2/1/24	100,000		90,500
	DPL 6.75% 10/1/19	100,000		100,750
	Enel 144A
	8.75% 9/24/73 #●	200,000		218,000
				815,550
Total Corporate Bonds
	(cost $30,964,862)			29,566,599

Senior Secured Loans – 3.52%«
	Accudyne Industries Borrower
	1st Lien 4.00% 12/13/19	109,636		90,381
	Albertson’s Tranche B4 1st
	Lien 5.50% 8/25/21	179,968		175,744
	Amaya Holdings 1st Lien
	5.00% 8/1/21	170,000		158,313
	Applied Systems 2nd Lien
	7.50% 1/23/22 @	198,017		182,423
	Atkore International 2nd Lien
	7.75% 10/9/21	39,000		35,685
	Avago Technologies Cayman
	Finance Tranche B 1st Lien
	4.25% 2/1/23	185,000		182,254
	BJ’s Wholesale Club 2nd Lien
	8.50% 3/31/20 @	197,000		164,372
	Blue Ribbon 1st Lien
	5.50% 11/13/21	100,000		99,000
	Blue Ribbon 2nd Lien
	9.25% 11/13/22	35,000		34,125
	Flint Group 2nd Lien
	8.25% 9/7/22 @	175,000		162,313
	FMG Resources August 2006
	Pty 1st Lien
	4.25% 6/30/19	114,440		88,405
	Hertz Tranche B2 1st Lien
	3.00% 3/11/18	34,910		34,282
	Hilton Worldwide Finance
	Tranche B2
	3.50% 10/25/20	270,000		269,494
	J.C. Penney 1st Lien
	6.00% 5/22/18	179,082		177,626
	KIK Custom Products 1st Lien
	6.00% 8/26/22 @	84,788		78,994
	MacDermid Tranche B 1st Lien
	5.50% 6/7/20	79,800		72,992

8 NQ-DDF [2/16] 4/16 (16280)

(Unaudited)

		Principal	Value
		amount°	(U.S. $)
Senior Secured Loans« (continued)
	Maple Holdings Acquisition
	Tranche B 1st Lien
	5.25% 1/23/23	85,000	$	83,525
	Marina District Tranche B 1st
	Lien 6.50% 8/15/18	149,475		149,818
	Mauser Holdings 2nd Lien
	8.75% 7/31/22 @	90,000		75,825
	Microsemi Tranche B 1st Lien
	5.25% 1/15/23	24,265		24,240
	PET Acquisition Merger Sub
	Tranche B1 1st Lien
	5.75% 1/15/23 @	175,000		171,653
	Rite Aid 2nd Lien
	5.75% 8/21/20	77,000		77,193
	Solera Holdings Tranche B 1st
	Lien 5.75% 2/28/23	65,000		63,050
	Stardust Finance Holdings
	Tranche B 1st Lien
	6.50% 3/13/22 @	175,000		159,906
Total Senior Secured Loans
	(cost $2,930,193)			2,811,613

		Number of
		shares
Master Limited Partnership – 0.62%
	Ares Management	15,100		179,690
	Brookfield Infrastructure
	Partners	8,400		316,260
Total Master Limited
	Partnership (cost $487,080)			495,950

Preferred Stock – 1.24%
	Bank of America 6.50% ●	345,000		352,331
	GMAC Capital Trust I
	6.402% ●	8,000		194,080
	Morgan Stanley 5.55% ●	280,000		271,950
	Northstar Realty Finance
	8.50%	8,300		173,470
Total Preferred Stock
	(cost $1,007,397)			991,831

Warrant – 0.00%
	Wheeler Real Estate
	Investment Trust strike
	price $5.50, expiration
	date 4/29/19 †	7,872		198
Total Warrant (cost $65)				198

		Principal
		amount°
Short-Term Investments – 2.13%
Discount Notes – 1.89%≠
	Federal Home Loan Bank
	0.00% 3/1/16	41,187		41,187
	0.181% 3/7/16	28,067		28,066
	0.19% 3/22/16	34,087		34,082
	0.258% 3/2/16	5,125		5,125
	0.31% 3/14/16	595,624		595,566
	0.32% 4/13/16	83,112		83,081
	0.335% 5/2/16	134,971		134,892
	0.34% 4/22/16	167,640		167,563
	0.375% 4/21/16	8,237		8,234
	0.375% 5/18/16	194,676		194,533
	0.387% 5/27/16	156,329		156,200
	0.53% 8/15/16	61,781		61,663
				1,510,192
Repurchase Agreements – 0.24%
	Bank of America Merrill Lynch
	0.24%, dated 2/29/16, to
	be repurchased on 3/1/16,
	repurchase price $57,274
	(collateralized by U.S.
	government obligations
	0.00%
	11/15/18–5/15/26; market
	value $58,419)	57,273		57,273
	Bank of Montreal
	0.28%, dated 2/29/16, to
	be repurchased on 3/1/16,
	repurchase price $95,456
	(collateralized by
	U.S. government
	obligations 0.00%–8.75%
	4/15/16–2/15/44; market
	value $97,365)	95,456		95,456
	BNP Paribas
	0.29%, dated 2/29/16, to
	be repurchased on 3/1/16,
	repurchase price $36,271
	(collateralized by
	U.S. government
	obligations 0.00%–4.50%
	10/31/19–2/15/43; market
	value $36,997)	36,271		36,271
				189,000

Total Short-Term
	Investments
	(cost $1,699,113)			1,699,192

(continues) NQ-DDF [2/16] 4/16 (16280) 9

Schedule of investments

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

Total Value of
Securities – 145.31%
(cost $107,206,981)	$	116,026,134
Borrowing Under Line of
Credit – (45.09%)		(36,000,000	)
Liabilities Net of
Receivables and Other
Assets – (0.22%)		(180,493	)
Net Assets Applicable to
8,518,735 Shares
Outstanding – 100.00%	$	79,845,641

____________________

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Feb. 29, 2016, the aggregate value of Rule 144A securities was $18,351,708, which represents 22.98% of the Fund’s net assets.
@	Illiquid security. At Feb. 29, 2016, the aggregate value of illiquid securities was $8,302,978, which represents 10.40% of the Fund’s net assets.
❆	100% of the income received was in the form of cash.
=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At February 29, 2016, the aggregate value of fair valued securities was $0, which represents 0.00% of the Fund’s net assets.
≠	The rate shown is the effective yield at the time of purchase.
°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.
†	Non-income-producing security.
●	Variable rate security. The rate shown is the rate as of Feb. 29, 2016. Interest rates reset periodically.
«	Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (LIBOR), and (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at Feb. 29, 2016.
ϕ	Step coupon bond.Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at Feb. 29, 2016.

Summary of abbreviations:
PIK – Payment-in-kind
REIT – Real Estate Investment Trust

10 NQ-DDF [2/16] 4/16 (16280)

Notes

Delaware Investments^® Dividend and Income Fund, Inc.
February 29, 2016 (Unaudited)

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by Delaware Investments^® Dividend and Income Fund, Inc. (Fund). This report covers the period of time since the Fund’s last fiscal year end.

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 New York Stock Exchange 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. Securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Open-end investment company securities are valued at net asset value per share, as reported by the underlying investment company. Debt securities are valued based upon valuations provided by an independent pricing service 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. 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 Directors (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-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. 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 occured 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).

2. Investments

At Feb. 29, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Feb. 29, 2016, the cost and unrealized appreciation (depreciation) of investments were as follows:

Cost of investments	$	107,206,981
Aggregate unrealized appreciation of investments	$	17,138,656
Aggregate unrealized depreciation of investments		(8,319,503	)
Net unrealized appreciation of investments	$	8,819,153

U.S. 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 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 below.

Level 1	–	inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, 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, 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, fair valued securities)

(continues) NQ-DDF [2/16] 4/16 (16280) 11

(Unaudited)

2. Investments (continued)

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 Feb. 29, 2016:

Securities	Level 1		Level 2		Level 3		Total
Common Stock
Consumer Discretionary	$	3,560,423	$	—		$—	$	3,560,423
Consumer Staples		7,119,459		—		—		7,119,459
Diversified REITs		1,535,288		278,769		—		1,814,057
Energy		7,583,121		—		—		7,583,121
Financials		7,372,402		—		—		7,372,402
Healthcare		12,294,507		—		—		12,294,507
Healthcare REITs		364,000		—		—		364,000
Hotel REITs		790,203		—		—		790,203
Industrial REITs		302,903		—		—		302,903
Industrials		5,428,988		—		—		5,428,988
Information Technology		7,531,591		—		—		7,531,591
Mall REITs		1,546,387		—		—		1,546,387
Materials		1,929,579		236,265		—		2,165,844
Mixed REITs		255,841		—		—		255,841
Mortgage REITs		350,266		—		—		350,266
Multifamily REITs		1,591,856		364,966		—		1,956,822
Office REITs		2,806,996		—		—		2,806,996
Retail REITs		86,223		92,018		—		178,241
Self-Storage REITs		425,020		—		—		425,020
Shopping Center REITs		1,524,701		—		—		1,524,701
Single Tenant REIT		567,525		—		—		567,525
Specialty REITs		590,926		—		—		590,926
Telecommunications		3,928,308		—		—		3,928,308
Utilities		2,280,490		—		—		2,280,490
Convertible Preferred Stock¹		1,495,683		1,748		—		1,497,431
Convertible Bond¹		—		6,224,299		—		6,224,299
Corporate Debt		—		35,790,898		—		35,790,898
Senior Secured Loans		—		2,811,613		—		2,811,613
Master Limited Partnership		495,950		—		—		495,950
Preferred Stock¹		367,550		624,281		—		991,831
Warrant		198		—		—		198
Short-Term Investments		—		1,699,192		—		1,699,192
Total Value of Securities	$	74,126,384	$	41,899,750		$—	$	116,026,134

The securities that have been valued at zero on the “Schedule of investments” are considered to be Level 3 investments in this table.

12 NQ-DDF [2/16] 4/16 (16280)

(Unaudited)

¹Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced instruments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types:

	Level 1	Level 2	Level 3	Total
Convertible Preferred Stock	99.88%	0.12%	—	100.00%
Preferred Stock	37.06%	62.94%	—	100.00%

During the period ended Feb. 29, 2016, there were no transfers between Level 1 investments, Level 2 investments, or 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 net asset value 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 net asset value is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occuring 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 recognized transfers between levels 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, interim, or end of the period in relation to net assets. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.

3. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Feb. 29, 2016 that would require recognition or disclosure in the Fund’s “Schedule of investments.”

NQ-DDF [2/16] 4/16 (16280) 13

Item 2. Controls and Procedures.

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below: