UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
INVESTMENT COMPANY ACT FILE NUMBER 811-8747
CHARTWELL DIVIDEND AND INCOME FUND, INC.
(Exact name of registrant as specified in charter)
1235 Westlakes Drive, Suite 400
Berwyn, PA 19312
(Address of principal executive offices) (Zip code)
PNC Bank, National Association
400 Bellevue Parkway
Wilmington, DE 19809
Attn: Closed-End Department
(Name and address of agent for service)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 1-610-296-1400
DATE OF FISCAL YEAR END: NOVEMBER 30, 2010
DATE OF REPORTING PERIOD: FEBRUARY 28, 2010
ITEM 1. SCHEDULE OF INVESTMENTS
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 28, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
NUMBER OF MARKET
SHARES VALUE
--------- ------------
COMMON STOCK - 59.3%
AEROSPACE & DEFENSE - 1.4%
Honeywell International, Inc. ....................... 25,000 $ 1,004,000
------------
BANKS - 4.6%
JPMorgan Chase & Company ............................ 55,000 2,308,350
National Penn Bancshares, Inc. ...................... 64,415 443,819
NYSE Euronext ....................................... 20,000 527,600
------------
3,279,769
------------
BASIC INDUSTRY - 0.3%
PPG Industries, Inc. ................................ 3,000 184,620
------------
BEVERAGES - 1.6%
Coca-Cola Company ................................... 10,000 527,200
PepsiCo, Inc. ....................................... 10,000 624,700
------------
1,151,900
------------
COMPUTERS & PERIPHERALS - 1.4%
Hewlett-Packard Company ............................. 20,000 1,015,800
------------
ELECTRICAL EQUIPMENT - 2.0%
Emerson Electric Company ............................ 30,000 1,420,200
------------
ENERGY - 9.7%
Energy Transfer Partners LP (A) ..................... 42,500 1,966,900
Enterprise Products Partners LP (A) ................. 20,000 655,200
Exxon Mobil Corporation ............................. 20,000 1,300,000
General Maritime Corporation ........................ 105,000 759,150
Occidental Petroleum Corporation .................... 28,000 2,235,800
------------
6,917,050
------------
FINANCIAL - 7.6%
ACE Limited ......................................... 30,000 1,499,700
Lincoln National Corporation ........................ 50,000 1,259,000
MetLife, Inc. ....................................... 60,000 2,183,400
Star Asia Financial Limited * + (B)(C) .............. 15,000 471,900
------------
5,414,000
------------
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 28, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
NUMBER OF MARKET
SHARES VALUE
--------- ------------
COMMON STOCK (CONTINUED)
FOOD & STAPLES RETAILING - 0.9%
CVS Caremark Corporation ............................ 20,000 $ 675,000
------------
FOOD, BEVERAGE & TOBACCO - 1.1%
Kraft Foods, Inc., Class A .......................... 10,000 284,300
Philip Morris International, Inc. ................... 10,000 489,800
------------
774,100
------------
HEALTHCARE - 5.7%
Abbott Laboratories ................................. 20,000 1,085,600
Bristol-Myers Squibb Company ........................ 50,000 1,225,500
Pfizer, Inc. ........................................ 100,000 1,755,000
------------
4,066,100
------------
INDUSTRIAL CONGLOMERATES - 2.2%
3M Company .......................................... 20,000 1,603,000
------------
IT SERVICES - 0.4%
Paychex, Inc. ....................................... 10,000 299,400
------------
MACHINERY - 0.8%
Caterpillar, Inc. ................................... 10,000 570,500
------------
METALS & MINING - 1.1%
BHP Billiton Limited ADR ............................ 11,000 806,630
------------
MULTILINE RETAIL - 1.5%
JC Penney Company, Inc. ............................. 10,000 275,800
Target Corporation .................................. 16,000 824,320
------------
1,100,120
------------
PERSONAL PRODUCTS - 0.8%
Avon Products, Inc. ................................. 20,000 608,800
------------
REAL ESTATE INVESTMENT TRUSTS - 4.6%
Annaly Mortgage Management, Inc. .................... 120,000 2,205,600
MFA Mortgage Investments, Inc. ...................... 150,000 1,086,000
------------
3,291,600
------------
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 28, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
NUMBER OF MARKET
SHARES VALUE
--------- ------------
COMMON STOCK (CONTINUED)
ROAD & RAIL - 0.9%
Union Pacific Corporation ........................... 10,000 $ 673,700
------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.2%
Intel Corporation ................................... 30,000 615,900
Microchip Technology, Inc. .......................... 35,000 947,100
------------
1,563,000
------------
SOFTWARE - 0.8%
Microsoft Corporation ............................... 20,000 573,200
------------
SPECIALTY RETAIL - 2.2%
Limited Brands, Inc. ................................ 70,000 1,547,700
------------
TELECOMMUNICATIONS - 3.4%
AT&T, Inc. .......................................... 40,500 1,004,805
Frontier Communications Corporation ................. 125,000 973,750
Verizon Communications, Inc. ........................ 15,000 433,950
------------
2,412,505
------------
TRANSPORTATION - 0.7%
Seaspan Corporation ................................. 50,000 511,000
------------
UTILITIES - 1.4%
Exelon Corporation .................................. 15,000 649,500
Southern Company .................................... 10,000 317,700
------------
967,200
------------
TOTAL COMMON STOCK (COST $39,643,051) ............... 42,430,894
------------
EXCHANGE TRADED FUNDS - 2.1%
SPDR KBW Bank ....................................... 65,000 1,528,150
------------
TOTAL EXCHANGE TRADED FUNDS (COST $871,731) ......... 1,528,150
------------
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 28, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
NUMBER OF
SHARES/
PRINCIPAL MARKET
AMOUNT VALUE
---------- ------------
PREFERRED STOCK - 1.8%
FINANCIAL - 1.1%
Solar Cayman Limited * + (B) ........................ 80,000 $ 748,800
------------
REAL ESTATE INVESTMENT TRUSTS - 0.7%
FelCor Lodging Trust, Inc. * ........................ 40,000 522,000
------------
TOTAL PREFERRED STOCK (COST $2,200,000) ............. 1,270,800
------------
CORPORATE NOTES/BONDS - 49.4%
BASIC INDUSTRY - 2.3%
Appleton Papers, Inc. +
10.500%, 06/15/15 ................................ $ 500,000 465,000
H&E Equipment Services, Inc.
8.375%, 07/15/16 ................................. 1,175,000 1,175,000
------------
1,640,000
------------
BUILDING MATERIALS - 1.1%
Gibraltar Industries, Inc.
8.000%, 12/01/15 ................................ 840,000 819,000
------------
CABLE TELEVISION - 3.4%
Cequel Communications Holdings I LLC and Cequel
Capital Corporation +
8.625%, 11/15/17 ................................. 500,000 502,500
CSC Holdings, Inc.
7.875%, 02/15/18 ................................. 750,000 785,625
Mediacom Broadband LLC
8.500%, 10/15/15 ................................. 750,000 761,250
Virgin Media Finance PLC
9.500%, 08/15/16 ................................. 350,000 372,750
------------
2,422,125
------------
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 28, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
---------- ------------
CORPORATE NOTES/BONDS (CONTINUED)
CONSTRUCTION MATERIALS - 1.1%
Headwaters, Inc. +
11.375%, 11/01/14 ................................ $ 750,000 $ 761,250
------------
CONSUMER FINANCE - 0.3%
Credit Acceptance Corporation +
9.125%, 02/01/17 ................................. 240,000 240,000
------------
ENERGY - 7.8%
Cie Generale de Geophysique
7.750%, 05/15/17 ................................. 500,000 492,500
Cimarex Energy Company
7.125%, 05/01/17 ................................. 650,000 653,250
Complete Production Services, Inc.
8.000%, 12/15/16 ................................. 780,000 762,450
Concho Resources, Inc.
8.625%, 10/01/17 ................................. 500,000 515,625
Copano Energy LLC
8.125%, 03/01/16 ................................. 935,000 946,687
Crosstex Energy +
8.875%, 02/15/18 ................................. 250,000 255,000
Hornbeck Offshore Services, Inc.
8.000%, 09/01/17 ................................. 400,000 394,000
Linn Energy LLC
9.875%, 07/01/18 ................................. 185,000 197,950
Niska Gas Storage +
8.875%, 03/15/18 ................................. 50,000 50,688
Plains Exploration & Production Company
7.625%, 06/01/18 ................................. 500,000 503,750
Range Resources Corporation
7.500%, 05/15/16 ................................. 750,000 770,625
------------
5,542,525
------------
FINANCE-LEASING COMPANY - 0.6%
International Lease Finance Corporation MTN
5.650%, 6/01/14 ..................................... 500,000 424,862
------------
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 28, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
---------- ------------
CORPORATE NOTES/BONDS (CONTINUED)
FIREARMS AND AMMUNITION - 1.0%
Colt Defense LLC +
8.750%, 11/15/17 ................................. $ 750,000 $ 742,500
------------
GAMING - 2.7%
MTR Gaming Group, Inc.
9.000%, 06/01/12 ................................. 700,000 556,500
Seneca Gaming Corporation
7.250%, 05/01/12 ................................. 1,000,000 980,000
Yonkers Racing Corporation +
11.375%, 07/15/16 ................................ 400,000 424,000
------------
1,960,500
------------
HEALTHCARE - 1.6%
HCA Inc.
9.125%, 11/15/14 ................................. 500,000 526,875
Omnicare, Inc.
6.875%, 12/15/15 ................................. 650,000 627,250
------------
1,154,125
------------
INDUSTRIAL - 2.0%
Anixter, Inc.
10.000%, 03/15/14 ................................ 1,000,000 1,110,000
United Rentals North America, Inc.
10.875%, 06/15/16 ................................ 270,000 284,850
------------
1,394,850
------------
INTERNET SOFTWARE & SERVICES - 0.4%
Equinix, Inc.
8.125%, 03/01/18 ................................. 300,000 300,000
------------
LEISURE - 0.7%
Universal City Development Partners Limited +
8.875%, 11/15/15 ................................. 500,000 506,250
------------
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 28, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
---------- ------------
CORPORATE NOTES/BONDS (CONTINUED)
MACHINERY - 0.2%
Trimas Corporation +
9.750%, 12/15/17 ................................. $ 170,000 $ 171,700
------------
METALS & MINING - 1.1%
Cloud Peak Energy Resources LLC +
8.500%, 12/15/19 ................................. 500,000 507,500
Steel Dynamics, Inc.
7.375%, 11/01/12 ................................. 250,000 255,625
------------
763,125
------------
OIL-FIELD SERVICES - 0.7%
Aquilex Holdings LLC +
11.125%, 12/15/16 ................................ 500,000 525,000
------------
PAPER & FOREST PRODUCTS - 3.2%
P H Glatfelter
7.125%, 05/01/16 ................................. 1,190,000 1,148,350
PE Paper Escrow +
12.000%, 08/01/14 ................................ 250,000 271,716
U.S. Corrugated (B)
10.000%, 06/01/13 ................................ 1,000,000 850,000
------------
2,270,066
------------
REAL ESTATE MANAGEMENT - 0.5%
Corrections Corp of America
7.750%, 06/01/17 ................................. 300,000 309,000
Geo Group, Inc. +
7.750%, 10/15/17 ................................. 30,000 30,525
------------
339,525
------------
RETAIL - 2.8%
Brown Shoe Company, Inc.
8.750%, 05/01/12 ................................. 700,000 712,250
Couche-Tard US LP
7.500%, 12/15/13 ................................. 500,000 505,000
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 28, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
---------- ------------
CORPORATE NOTES/BONDS (CONTINUED)
RETAIL (CONTINUED)
Sonic Automotive, Inc., Series B
8.625%, 08/15/13 ................................. $ 750,000 $ 755,625
------------
1,972,875
------------
ROAD & RAIL - 1.0%
RailAmerica, Inc.
9.250%, 07/01/17 ................................. 675,000 711,281
------------
SERVICES - 2.2%
ARAMARK Corporation
8.500%, 02/01/15 ................................. 500,000 507,500
KAR Holdings, Inc.
8.750%, 05/01/14 ................................. 770,000 781,550
Mobile Mini, Inc.
9.750%, 08/01/14 ................................. 250,000 257,500
------------
1,546,550
------------
TELECOMMUNICATIONS - 3.7%
Cincinnati Bell, Inc.
8.375%, 01/15/14 ................................. 750,000 759,375
Clearwire Communications LLC +
12.000%, 12/01/15 ................................ 750,000 736,875
Frontier Communications Corporation
8.250%, 05/01/14 ................................. 150,000 154,875
Hughes Network Systems LLC
9.500%, 04/15/14 ................................. 1,000,000 1,027,500
------------
2,678,625
------------
TRANSPORTATION - 1.9%
Marquette Transportation Company +
10.875%, 01/15/17 ................................ 400,000 404,500
Stena AB
7.500%, 11/01/13 ................................. 950,000 950,000
------------
1,354,500
------------
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 28, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
---------- ------------
CORPORATE NOTES/BONDS (CONTINUED)
UTILITIES - 7.1%
AES Corporation +
9.750%, 04/15/16 ................................. $ 500,000 $ 536,250
Amerigas Partners LP
7.250%, 05/20/15 ................................. 750,000 757,500
Edison Mission Energy
7.000%, 05/15/17 ................................. 650,000 479,375
Elwood Energy LLC
8.159%, 07/05/26 ................................. 820,703 789,727
Ferrellgas Partners LP +
9.125%, 10/01/17 ................................. 100,000 105,000
Ferrellgas Partners LP
6.750%, 05/01/14 ................................. 400,000 392,000
Ipalco Enterprises, Inc. +
7.250%, 04/01/16 ................................. 500,000 507,500
North American Energy Alliance LLC +
10.875%, 06/01/16 ................................ 400,000 426,000
Sierra Pacific Resources
8.625%, 03/15/14 ................................. 750,000 767,813
Southern Star Central Corporation
6.750%, 03/01/16 ................................. 350,000 348,250
------------
5,109,415
------------
TOTAL CORPORATE NOTES/BONDS (COST $35,153,823) ...... 35,350,649
------------
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 28, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
NUMBER OF
SHARES/
WRITTEN MARKET
CONTRACTS VALUE
---------- ------------
CASH EQUIVALENTS - 0.5%
SEI Daily Income Trust, Prime Obligations Fund,
Class A, 0.070% (D) .............................. 390,696 $ 390,696
------------
TOTAL CASH EQUIVALENTS (COST $390,696) .............. 390,696
------------
TOTAL INVESTMENTS - 113.1% (COST $78,259,301) ** .... 80,971,189
------------
COVERED CALL OPTIONS WRITTEN - (0.4) %
ACE Limited, Expires: 03/20/10, Strike Price: $50 ... (100) (10,000)
Annaly Capital Management, Inc., Expires: 03/20/10,
Strike Price: $17 ................................ (400) (56,800)
Annaly Capital Management, Inc., Expires: 03/20/10,
Strike Price: $18 ................................ (800) (39,200)
AT&T, Inc., Expires: 03/20/10, Strike Price: $25 .... (100) (3,100)
BHP Biliton Limited, Expires: 03/20/10, Strike
Price: $80. ...................................... (110) (2,750)
Bristol-Myers Squibb, Expires: 03/20/10, Strike
Price: $26 ....................................... (200) (1,200)
Caterpillar, Inc., Expires: 03/20/10, Strike
Price: $63 ....... ............................... (100) (1,800)
CVS Caremark Corporation, Expires: 03/20/10, Strike
Price: $35 ....................................... (200) (3,800)
Emerson Electric Company, Expires: 03/20/10, Strike
Price: $49 ....................................... (300) (9,000)
Hewlett-Packard Company, Expires: 03/20/10, Strike
Price: $50 ....................................... (100) (14,700)
Honeywell International, Inc., Expires: 03/20/10,
Strike Price: $42 ................................ (150) (2,850)
Intel Corporation, Expires: 03/20/10, Strike
Price: $21 ....................................... (100) (2,600)
JC Penney Company, Inc., Expires: 03/20/10, Strike
Price: $29 ....................................... (100) (2,500)
JPMorgan Chase & Company, Expires: 03/20/10, Strike
Price: $43 ....................................... (200) (13,000)
KBW Bank ETF, Expires: 03/20/10, Strike Price: $23 .. (250) (22,500)
KBW Bank, Expires: 03/20/10, Strike Price: $24 ...... (400) (10,000)
Kraft Foods, Inc., Expires: 03/20/10, Strike
Price: $29 ..... ................................. (100) (2,100)
Limited Brands, Inc., Expires: 03/20/10, Strike
Price: $23 ....................................... (700) (28,000)
|
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 28, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
WRITTEN MARKET
CONTRACTS VALUE
---------- ------------
COVERED CALL OPTIONS WRITTEN - (CONTINUED)
MetLife, Inc., Expires: 03/20/10, Strike Price: $37.. (300) $ (23,700)
Occidental Capital Management, Expires: 03/20/10,
Strike Price: $85 ................................ (280) (7,000)
Pfizer, Inc., Expires: 03/20/10, Strike Price: $18 .. (200) (3,800)
Union Pacific Corporation, Expires: 03/20/10, Strike
Price: $68 ....................................... (100) (14,900)
Verizon Communications, Inc., Expires: 03/20/10,
Strike Price: $30 ................................ (150) (1,200)
------------
TOTAL COVERED CALL OPTIONS WRITTEN
(PREMIUMS RECEIVED $240,574) ..................... (276,500)
------------
OTHER LIABILITIES IN EXCESS OF ASSETS - (12.7)% ++... (9,103,279)
------------
NET ASSETS - 100.0% ................................. $ 71,591,410
============
|
* NON-INCOME PRODUCING SECURITY.
+ SECURITIES ARE EXEMPT FROM REGISTRATION UNDER RULE 144A OF THE SECURITIES
ACT OF 1933. THESE SECURITIES MAY BE RESOLD IN TRANSACTIONS EXEMPT FROM
REGISTRATION NORMALLY TO QUALIFIED INSTITUTIONS. AT FEBRUARY 28, 2010,
THESE SECURITIES AMOUNTED TO $9,390,454 OR 13.1% OF NET ASSETS.
(A) SECURITIES CONSIDERED MASTER LIMITED PARTNERSHIPS. AT FEBRUARY 28, 2010,
THESE SECURITIES AMOUNTED TO $2,622,100 OR 3.7% OF NET ASSETS.
(B) SECURITIES FAIR VALUED IN ACCORDANCE WITH THE FAIR VALUE PROCEDURES, AT
FEBRUARY 28, 2010 THESE SECURITIES AMOUNTED TO $2,070,700 OR 2.9% OF NET
ASSETS.
(C) SECURITY IS ILLIQUID. THE TOTAL VALUE OF ILLIQUID SECURITIES AS OF FEBRUARY
28, 2010 WAS $471,900 OR 0.7% OF NET ASSETS.
(D) THE RATE REPORTED IS THE 7-DAY EFFECTIVE YIELD AS OF FEBRUARY 28, 2010.
ADR AMERICAN DEPOSITARY RECEIPT
LLC LIMITED LIABILITY COMPANY
LP LIMITED PARTNERSHIP
MTN MEDIUM TERM NOTE
PLC PUBLIC LIMITED COMPANY
|
SPDR STANDARD & POOR'S DEPOSITORY RECEIPTS
** AT FEBRUARY 28, 2010, THE TAX BASIS COST OF THE FUND'S INVESTMENTS WAS
$78,259,301, AND THE UNREALIZED APPRECIATION AND DEPRECIATION WERE
$8,203,029 AND $(5,491,141), RESPECTIVELY.
++ AS OF FEBRUARY 28, 2010, $10,000,000 OF COMMERCIAL PAPER WAS OUTSTANDING
WITH AN AMORTIZED COST OF $9,951,000. THE DISCOUNT RATE OF COMMERCIAL PAPER
OUTSTANDING AT FEBRUARY 28, 2010, WAS 3.20%. THE AVERAGE DAILY BALANCE OF
COMMERCIAL PAPER OUTSTANDING FOR THE QUARTER ENDED FEBRUARY 28, 2010 WAS
$9,960,676 AT A WEIGHTED AVERAGE DISCOUNT RATE OF 3.21%. THE MAXIMUM FACE
AMOUNT OF COMMERCIAL PAPER OUTSTANDING AT ANYTIME DURING THE QUARTER ENDED
FEBRUARY 28, 2010, WAS $10,000,000. IN CONJUNCTION WITH THE ISSUANCE OF THE
COMMERCIAL PAPER, THE FUND HAS ENTERED ONTO A LINE OF CREDIT ARRANGEMENT
WITH A BANK FOR $25,000,000. THE LINE IS COLLATERALIZED BY SECURITIES HELD
IN THE FUND'S PORTFOLIO. INTEREST ON BORROWING IS BASED ON MARKET RATES IN
EFFECT AT THE TIME OF BORROWING. THE COMMITMENT FEE IS COMPUTED AT THE RATE
OF 0.10% PER ANNUM ON THE UNUSED BALANCE. THERE WERE NO BORROWINGS UNDER
THIS ARRANGEMENT DURING THE QUARTER ENDED FEBRUARY 28, 2010.
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 28, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
THE FOLLOWING TABLE SETS FORTH INFORMATION ABOUT THE LEVEL OF THE FUND'S
INVESTMENTS IN ACCORDANCE WITH ASC 820 (FORMERLY FAS 157) AT FEBRUARY 28, 2010:
LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
----------- ----------- ---------- -----------
INVESTMENTS IN SECURITIES
COMMON STOCK $41,958,994 $ -- $ 471,900 (1) $42,430,894
EXCHANGE TRADED FUND 1,528,150 -- -- 1,528,150
PREFERRED STOCK 522,000 -- 748,800 (1) 1,270,800
CORPORATE NOTES/BONDS -- 34,500,649 850,000 (2) 35,350,649
CASH EQUIVALENT 390,696 -- -- 390,696
----------- ----------- ---------- -----------
TOTAL INVESTMENTS IN SECURITIES $44,399,840 $34,500,649 $2,070,700 $80,971,189
=========== =========== ========== ===========
|
LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
----------- ----------- ---------- -----------
LIABILITIES
WRITTEN OPTIONS $ (276,500) $ -- $ -- $ (276,500)
----------- ----------- ---------- -----------
TOTAL LIABILITIES $ (276,500) $ -- $ -- $ (276,500)
=========== =========== ========== ===========
|
(1) CLASSIFIED AS FINANCIAL.
(2) CLASSIFIED AS PAPER & FOREST PRODUCTS
THE FOLLOWING IS A RECONCILIATION OF THE INVESTMENTS IN WHICH SIGNIFICANT
UNOBSERVABLE INPUTS (LEVEL 3) WERE USED IN DETERMINING VALUE:
COMMON CORPORATE PREFERRED
STOCK NOTES/BONDS STOCK TOTAL
-------- ----------- --------- ----------
BEGINNING BALANCE AS OF 11/30/09 $471,900 $850,000 $776,000 $2,097,900
REALIZED GAIN (LOSS) -- -- -- --
CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) -- -- (27,200) (27,200)
NET PURCHASE/SALES -- -- -- --
NET TRANSFERS IN/AND OR OUT OF LEVEL 3 -- -- -- --
-------- -------- -------- ----------
ENDING BALANCE AS OF 02/28/10 $471,900 $850,000 $748,800 $2,070,700
======== ======== ======== ==========
CHANGES IN UNREALIZED GAINS/(LOSSES)
INCLUDED IN EARNINGS RELATED TO
SECURITIES STILL HELD AT REPORTING DATE $ -- $ -- $(27,200) $ (27,200)
======== ======== ======== ==========
|
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
IN JANUARY 2010, THE FINANCIAL ACCOUNTING STANDARDS BOARD ISSUED ACCOUNTING
STANDARDS UPDATED NO. 2010-06, "IMPROVING DISCLOSURES ABOUT FAIR VALUE
MEASUREMENTS" ("ASU"). THE ASU REQUIRES ENHANCES DISCLOSURES ABOUT (1) TRANSFERS
INTO AND OUT OF LEVELS 1 AND 2 AND (2) PURCHASES, SALES, ISSUANCES, AND
SETTLEMENTS ON A GROSS BASIS RELATING TO LEVEL 3 MEASUREMENTS. THE FIRST
DISCLOSURE IS EFFECTIVE FOR THE FIRST REPORTING PERIOD (INCLUDING INTERIM
PERIODS) BEGINNING AFTER DECEMBER 15, 2009, AND THE SECOND DISCLOSURE WILL BE
EFFECTIVE FOR FISCAL YEAR BEGINNING AFTER DECEMBER 15, 2010, AND FOR INTERIM
PERIODS WITHIN THOSE FISCAL YEARS. MANAGEMENT IS CURRENTLY EVALUATING THE IMPACT
THE ADOPTIONS OF THIS ASU WILL HAVE ON THE FUND'S FINANCIAL STATEMENT
DISCLOSURES.
CHARTWELL DIVIDEND & INCOME FUND, INC. FEBRUARY 28, 2010
SCHEDULE OF INVESTMENTS (UNAUDITED)
SUBSEQUENT EVENT
IN ACCORDANCE WITH THE PROVISIONS SET FORTH IN FASB STATEMENT OF FINANCIAL
ACCOUNTING STANDARDS ASC 855 "SUBSEQUENT EVENTS," MANAGEMENT HAS DETERMINED THAT
NO MATERIAL EVENTS OR TRANSACTIONS OCCURRED SUBSEQUENT TO FEBRUARY 28, 2010,
THAT WOULD REQUIRE ADDITIONAL DISCLOSURE IN THE FUND'S SCHEDULE OF INVESTMENTS
OTHER THAN THE FOLLOWING: EFFECTIVE WITH THE COMMERCIAL PAPER MATURITY DATE OF
APRIL 26, 2010, THE FUND HAS TERMINATED THE COMMERCIAL PAPER PROGRAM. THE FUND
UTILIZED THE AFOREMENTIONED LINE OF CREDIT ARRANGEMENT TO PAY DOWN THE
$10,000,000 OF COMMERCIAL PAPER AND TO BORROW AN ADDITIONAL $10,000,000,
BRINGING TOTAL LEVERAGE TO $20,000,000. THE LINE OF CREDIT BEARS A VARIABLE
INTEREST RATE EQUAL TO THE 1-MONTH LIBOR MARKET INDEX RATE PLUS 0.90% PER ANNUM
(APPROXIMATELY 1.16% AS OF APRIL 26, 2010).
FOR INFORMATION ON THE FUND'S POLICY REGARDING VALUATION OF INVESTMENTS, FAIR
VALUE HIERARCHY AND OTHER SIGNIFICANT ACCOUNTING POLICIES, PLEASE REFER TO NOTE
1 OF THE FUND'S MOST RECENT SEMI-ANNUAL OR ANNUAL FINANCIAL STATEMENTS.
ITEM 2. CONTROLS AND PROCEDURES
(a) The registrant's principal executive officer and principal financial officer
have concluded that the registrant's disclosure controls and procedures (as
defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended,
(the "1940 Act")) are effective as of a date within 90 days of the filing of
this report that includes the disclosure required by this paragraph, based on
their evaluation of these controls and procedures, required by Rule 30a-3(b)
under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended.
(b) There were no changes in the registrant's internal control over financial
reporting that occurred during the registrant's last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 3. EXHIBITS.
(a) A separate certification for the principal executive officer and the
principal financial officer of the registrant as required by Rule 30a-2(a) under
the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), are filed
herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Chartwell Dividend and Income Fund, Inc.
By (Signature and Title)* /s/ Winthrop S. Jessup
----------------------------------------
Winthrop S. Jessup, President
(Principal Executive Officer)
|
Date April 29, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Winthrop S. Jessup
----------------------------------------
Winthrop S. Jessup, President
(Principal Executive Officer)
|
Date April 29, 2010
By (Signature and Title)* /s/ G. Gregory Hagar
----------------------------------------
G. Gregory Hagar, Vice President and CFO
(Principal Financial Officer)
|
Date April 29, 2010
* Print the name and title of each signing officer under his or her
signature.
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