; DELAWARE INVESTMENTS GLOBAL DIVIDEND & INCOME FUND, INC - Notes to Mutual Funds Financial Statements - 1-25-2001
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DELAWARE INVESTMENTS GLOBAL DIVIDEND & INCOME FUND, INC - Notes to Mutual Funds Financial Statements - 1-25-2001

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									Notes to Financial Statements

Year Ended November 30, 2000

Delaware Group Global Dividend and Income Fund, Inc. (the "Fund") is registered as a diversified, closed-end
management investment company under the Investment Company Act of 1940, as amended. The Fund is
organized as a Maryland corporation. The primary investment objective is to seek high current income. Capital
appreciation is a secondary objective.

1. Significant Accounting Policies The following accounting policies are in accordance with accounting principles
generally accepted in the United States and are consistently followed by the Fund.

Security Valuation - All equity securities are valued at the last quoted sales price as of the regular close of the
New York Stock Exchange (NYSE) on the valuation date. If on a particular day an equity security does not
trade, then the mean between the bid and asked prices will be used. Securities listed on a foreign exchange are
valued at the last quoted sales price before the Fund is valued. Long-term debt securities are valued by an
independent pricing service and such prices are believed to reflect the fair value of such securities. Money market
instruments having less than 60 days to maturity are valued at amortized cost, which approximates market value.
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.

Federal Income Taxes - The Fund intends to continue to qualify as a regulated investment company for federal
income tax purposes and make the requisite distributions to shareholders. Accordingly, no provision for federal
income taxes has been made in the financial statements. Income and capital gain distributions are determined in
accordance with federal income tax regulations, which may differ from accounting principles generally accepted in
the United States.

Distributions - In December 1995, the Fund implemented a managed distribution policy. Under the policy, the
Fund declares and pays monthly distributions at an annual rate of not less than $1.50 per share and is managed
with a goal of generating as much of the distribution as possible from ordinary income (net investment income and
short-term capital gains). The balance of the distribution then comes from long-term capital gains and, if
necessary, a return of capital.

Foreign Currency Transactions - Transactions denominated in foreign currencies are recorded at the current
prevailing exchange rates. The value of all assets and liabilities denominated in foreign currencies are translated
into U.S. dollars at the exchange rate of such currencies against the U.S. dollar daily. Transaction gains or losses
resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency
transaction are reported in operations for the current period. It is not practical to isolate that portion of both
realized and unrealized gains and losses on investments in equity securities that result from fluctuations in foreign
currency exchange rates in the Statement of Operations. The Fund does isolate that portion of gains and losses
on investments in debt securities, which are due to changes in the foreign exchange rate from that which are due
to changes in market prices of debt securities. The Fund reports certain foreign currency related transactions as
components of realized gains (losses) for financial reporting purposes, where such components are treated as
ordinary income (loss) for federal income tax purposes.
Use of Estimates - The preparation of financial statements in conformity with accounting principles generally
accepted in the United States requires management to make estimates and assumptions that affect the reported
amounts of 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.

Other - Security transactions are recorded on the date the securities are purchased or sold (trade date). 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.
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 non-rebatable tax withholdings. Original issue discounts are accreted to
interest income over the lives of the respective securities. Withholding taxes on foreign dividends have been
provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.

Certain expenses of the Fund are paid through "commission" arrangements with brokers. These transactions are
done subject to best execution. The amount of these expenses was $2,038 for the year ended November 30,
2000. The Fund may receive earnings credits from its custodian when positive cash balances are maintained,
which are used to offset custody fees. There were no earnings credits for the year ended November 30, 2000.
The expenses paid under the above arrangements are included in their respective expense captions on the
Statement of Operations with the corresponding expense offset shown as "expenses paid indirectly."

2. Investment Management, Administration Agreements and Other Transactions with Affiliates In accordance
with the terms of the investment management agreement, the Fund pays Delaware Management Company
(DMC), a series of Delaware Management Business Trust and the investment manager of the Fund, an annual fee
which is calculated daily at the rate of 0.70% of the adjusted average weekly net assets. At November 30, 2000,
the Fund had a liability for investment management fees and other expenses payable to DMC of $122,357.

The Fund has entered into a sub-advisory agreement with Delaware International Advisers Ltd. (DIAL), an
affiliate of DMC, related to the foreign securities portion of the Fund. For the services provided DMC pays
DIAL an annual fee which is equal to 40% of the adjusted average weekly net assets. The Fund does not pay
any fees for these services.

                                                          18
Notes to Financial Statements (continued)


Investment Management, Administration Agreements and Other Transactions with Affiliates (continued)

The Fund has engaged Delaware Service Company, Inc. (DSC), an affiliate of DMC, to provide accounting and
administration services. The Fund pays DSC a monthly fee computed at the annual rate of 0.05% of the Fund's
adjusted average weekly net assets subject to an annual minimum of $100,000. At November 30, 2000, the
Fund had a liability for such fees and other expenses payable to DSC of $22,491.

For purposes of the calculation of investment management fees and administration fees, adjusted average weekly
net assets do not include the Line of Credit liability.

Certain officers of DMC and DSC are officers, directors and/or employees of the Fund. These officers, directors
and/or employees are paid no compensation by the Fund.

3. Investments During the year ended November 30, 2000, the Fund made purchases of $44,537,990 and sales
of $52,022,241 of investment securities other than U.S. government securities and temporary cash investments.

At November 30, 2000, the aggregate cost of securities and unrealized appreciation/depreciation for federal
income tax purposes for the Fund was as follows:

          Cost of investments ..........................................                $105,958,651
                                                                                        ------------
          Aggregate unrealized appreciation ............................                  $5,561,705
          Aggregate unrealized depreciation ............................                 (17,108,904)
                                                                                        ------------
          Net unrealized depreciation ..................................                ($11,547,199)
                                                                                        ------------




4. Capital Shares On April 20, 2000, the Fund's Board of Directors approved a tender offer for shares of the
Fund's common stock. The tender offer authorized the Fund to purchase and hold as treasury shares up to 10%
percent of its issued and outstanding shares at a price equal to the Fund's net asset value on June 30, 2000, the
first business day following the expiration of the offer. The tender offer commenced on June 1, 2000 and expired
on June 29, 2000. In connection with the tender offer, the Fund purchased 665,065 shares of capital stock at a
total cost of $8,599,291. The 665,065 treasury shares will be available for issuance by the Fund without further
shareholder action.

The Fund did not repurchase any shares under the Share Repurchase Program during the fiscal year ended
November 30, 2000.

Shares issuable under the Fund's dividend reinvestment plan are purchased by the Fund's transfer agent, Mellon
Investor Services, LLC., in the open market.

5. Line of Credit The Fund has entered into a $25,000,000 Line of Credit Agreement with Chase Manhattan
Bank. At November 30, 2000, the principal amount outstanding was $25,000,000 at a variable interest rate of
7.27%. During the year ended November 30, 2000, the average daily balance outstanding was $25,000,000 at a
weighted average interest rate of approximately 6.86%. The maximum amount outstanding at any time during the
year was $25,000,000. Borrowings under the Agreement are collateralized by the Fund's portfolio.
6. Foreign Exchange Contracts The Fund may enter into forward foreign currency contracts and forward foreign
cross currency exchange contracts as a way of managing foreign exchange rate risk. A Fund may enter into these
contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date
the trade was entered into and the date the security is delivered and paid for. The Fund may also use these
contracts to hedge the U.S. dollar value of securities it already owns denominated in foreign currencies.

Forward foreign currency contracts and forward foreign cross currency exchange contracts are valued at the
mean between the bid and asked prices of the contracts and are marked-to-market daily. Interpolated values are
derived when the settlement date of the contract is an interim date for which quotations are not available. The
change in market value is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the
Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was
opened and the value at the time it was closed. The use of forward foreign currency contracts and forward
foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the Fund's
securities, but it does establish a rate of exchange that can be achieved in the future. Although forward foreign
currency contracts limit the risk of loss due to a decline in the value of the hedged currency, they also limit any
potential gain that might result should the value of the currency increase. In addition, the Fund could be exposed
to risks if the counterparties to the contracts are unable to meet the terms of their contracts.

The following forward foreign cross currency contracts were outstanding at November 30, 2000:

          Contracts To                 In Exchange                   Settlement               Unrealized
            Receive                        For                          Date                 Appreciation
          ------------                 -----------                   ----------              ------------
          EUR 1,596,423                GBP 964,000                    2/28/01                  $20,086




EUR - European Monetary Unit
GBP - British Pound Sterling

7. Options Written The Fund may enter into options contracts in accordance with its investment objectives.
When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to
reflect the current market value of the options written. Premiums received from writing options that expire
unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium
received and the amount paid on effecting a closing purchase transaction, including

                                                         19
Notes to Financial Statements (continued)

Year Ended November 30, 2000

Options Written (continued)

brokerage commissions, is treated as a realized gain or loss. If a call option is exercised, the premium is added to
the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss.
If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The
Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying
the written option.

Transactions in options written during the year ended November 30, 2000 for the Fund were as follows:

                                                                                Number
                                                                             of Contracts        Premiums
                                                                             ------------        --------
           Options outstanding at
              November 30, 1999 ............................                       247           $38,470
           Options written .................................                        --                --
           Options terminated in closing
              purchase transaction .........................                       --                 --
           Options expired .................................                     (247)           (38,470)
                                                                                 ----            -------
           Options outstanding at
              November 30, 2000 ............................                       --                 --
                                                                                 ====            =======




8. Credit and Market Risks Some countries in which the Fund invests 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 a 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 proportion of the aggregate market value of equity securities listed on
the major securities exchanges in emerging markets are 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 in high-yield fixed income securities which carry ratings of BB or lower by S&P and /or Ba or
lower by Moody's. Investments in these higher yielding securities may be 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 may invest up to 10% of its total assets in illiquid securities which may include securities with
contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of
1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of some of
these securities may adversely affect the Fund's ability to dispose of such securities in a timely manner and at a
fair price when it is necessary to liquidate such securities.

9. Geographic Disclosure As of November 30, 2000, the Fund's geographic diversification* was as follows:

          United States ........................                    $52,725,229                   55.85%
          United Kingdom .......................                      8,127,292                    8.61%
          South Africa .........................                      5,245,450                    5.56%
          Australia ............................                      3,618,681                    3.83%
          Germany ..............................                      3,587,298                    3.80%
          New Zealand ..........................                      2,864,038                    3.03%
          Poland ...............................                      2,356,795                    2.50%
          Greece ...............................                      2,246,752                    2.38%
          Mexico ...............................                      1,865,028                    1.98%
          Canada ...............................                      1,711,999                    1.81%
          Netherlands ..........................                      1,579,828                    1.67%
          Belgium ..............................                      1,421,425                    1.51%
          Argentina ............................                      1,323,750                    1.40%
          Spain ................................                      1,014,223                    1.07%
          Korea ................................                        958,000                    1.01%
          Hong Kong ............................                        907,191                    0.96%
          Portugal .............................                        873,476                    0.92%
          Columbia .............................                        747,500                    0.79%
          Russia ...............................                        487,800                    0.52%
          France ...............................                        441,086                    0.47%
          Hungary ..............................                        308,611                    0.33%
                                                                    -----------                  -------
          Total ................................                    $94,411,452                  100.00%
                                                                    ===========                  =======
          ---------------




* Based on the domicile of each security's issuer.

Like any investment in securities, the value of the portfolio may be subject to risk or loss from market, currency,
economic and political factors which occur in the countries where the Fund is invested.

                                                         20
Notes to Financial Statements (continued)


10. Tax Information (Unaudited)

The information set forth below is for the Fund's fiscal year as required by federal 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 a Fund. Accordingly, the information needed by shareholders for income tax
purposes will be sent to them in early 2001. Please consult your tax advisor for proper treatment of this
information.

For the fiscal year ended November 30, 2000, the Fund designates distributions paid during the year as follows:

                (A)*                     (B)*             (C)*             (D)              (E)**
               Long-Term               Ordinary
             Capital Gains              Income          Return            Total
             Distributions          Distributions     of Capital      Distribution        Qualifying
              (Tax Basis)            (Tax Basis)      (Tax Basis)      (Tax Basis)        Dividends(1)
             -------------          -------------     -----------     -------------       ------------
                   9%                     60%              31%             100%               42%




*Items (A) (B) and (C) are based on a percentage of the Fund's total distributions.
**Item (E) is based on a percentage of ordinary income of the Fund.
(1)Qualifying dividends represent dividends which qualify for the corporate dividends received deduction.

The amount per share of income from the foreign taxes paid to each country is listed in the following schedule:

                                                                    Gross Dividend   Foreign Taxes
          Country                                                      Per Share     Paid Per Share
          -------                                                   -------------------------------
          Australia ..................................                 $0.0272           $0.0015
          Belgium ....................................                  0.0033            0.0005
          Germany ....................................                  0.0095            0.0010
          France .....................................                  0.0013            0.0002
          Hong Kong ..................................                  0.0082            0.0000
          Netherlands ................................                  0.0072            0.0011
          New Zealand ................................                  0.0091            0.0014
          Spain ......................................                  0.0039            0.0006
          South Africa ...............................                  0.0032            0.0000
          United Kingdom .............................                  0.0729            0.0058

          Report of Independent Auditors
          --------------------------------------------------------------------------------
          To the Shareholders and Board of Directors




Delaware Group Global Dividend and Income Fund, Inc.

We have audited the accompanying statement of net assets and statement of assets and liabilities of Delaware
Group Global Dividend and Income Fund, Inc. (the "Fund") as of November 30, 2000, and the related
statements of operations and cash flows for the year then ended, the statements of changes in net assets for each
of the two years in the period then ended, and the financial highlights for each of the five years in the period then
ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our
procedures included confirmation of securities owned as of November 30, 2000, by correspondence with the
custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material
respects, the financial position of Delaware Group Global Dividend and Income Fund, Inc. at November 30,
2000, 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 then ended, and its financial highlights for each of the five years in the period then
ended, in conformity with accounting principles generally accepted in the United States.

                                                                          /s/ Ernst & Young LLP

                  Philadelphia, Pennsylvania
                  January 5, 2001




                                                         21
DELAWARE(SM)                                     DGF                    Registrar and Stock Transfer Agent
INVESTMENTS                                    Listed                   Mellon Investors Services, LLC
---------------------                           NYSE                    Overpeck Centre
Philadelphia o London               THE NEW YORK STOCK EXCHANGE         85 - Challenger Road
                                                                        Ridgefield, NJ 07660
                                                                        1.800.851.9677

                                                                        For Securities Dealers
                                                                        1.800.362.7500

                                                                        For Financial Institutions
                                                                        Representatives Only
                                                                        1.800.659.2265

                                                                        www.delawareinvestments.com




This annual report is for the information of Delaware Group Global Dividend and Income Fund, Inc.
shareholders. It sets forth details about charges, expenses, investment objectives and operating policies of the
Fund. You should read the prospectus carefully before you invest. The return and principal value of an investment
in the Fund will fluctuate so that shares, when resold, may be worth more or less than their original cost.

Notice is hereby given in accordance with Section 23(c) of the Investment Act of 1940 that the Fund may from
time-to-time purchase shares of its Common Stock on the open market at market prices.

BOARD OF DIRECTORS                                     Thomas F. Madison                                Joseph H. Hastin
                                                       President and Chief Executive Officer            Senior Vice Pres
Charles E. Haldeman, Jr.                               MLM Partners, Inc.                               Philadelphia, PA
Chairman                                               Minneapolis, MN
Delaware Investments Family of Funds                                                                    Michael P. Bisho
Philadelphia, PA                                       Janet L. Yeomans                                 Senior Vice Pres
                                                       Vice President and Treasurer                     Philadelphia, PA
Walter P. Babich+                                      3M Corporation
Board Chairman                                         St. Paul, MN                                     Lisa O. Brinkley
Citadel Constructors, Inc.                                                                              Senior Vice Pres
King of Prussia, PA                                                                                     Philadelphia, PA

David K. Downes                                        AFFILIATED OFFICERS                              Investment Manag
President and Chief Executive Officer                                                                   Delaware Managem
Delaware Investments Family of Funds                   Richard J. Flannery                              Philadelphia, PA
Philadelphia, PA                                       President and Chief Executive Officer
                                                       Delaware Family of Funds                         International Af
John H. Durham                                         Delaware Distributors L.P.                       Delaware Interna
Private Investor                                                                                        London, England
Horsham, PA                                            William E. Dodge
                                                       Executive Vice President/                        Principal Office
John A. Fry                                            Chief Investment Officer, Equity                 2005 Market Stre
Executive Vice President                               Philadelphia, PA                                 Philadelphia, PA
University of Pennsylvania
Philadelphia, PA                                       Jude T. Driscoll                                 Independent Audi
                                                       Executive Vice President/                        Ernst & Young LL
Anthony D. Knerr+                                      Head of Fixed Income                             2001 Market Stre
Consultant, Anthony Knerr & Associates                 Delaware Family of Funds                         Philadelphia, PA
New York, NY

Ann R. Leven+
Former Treasurer, National Gallery of Art
Washington, DC




+ Audit Committee Member

(4154) Printed in the USA AR-DGF [11/00] PPL 1/01 Recordholders as of November 30, 2000: 231 (J6656)

								
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