UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM N-Q
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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)
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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, 2004
DATE OF REPORTING PERIOD: AUGUST 31, 2004
ITEM 1. SCHEDULE OF INVESTMENTS
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Chartwell Dividend and Income Fund, Inc. August 31, 2004
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SCHEDULE OF INVESTMENTS (UNAUDITED)
NUMBER OF MARKET
SHARES VALUE
-------------- ---------------
COMMON STOCK--72.6%
BANKS--16.1%
AmSouth Bancorporation 50,760 $ 1,322,298
Bank of America Corporation 212,000 9,535,760
Bank of New York Company, Inc. 40,000 1,192,000
Citigroup, Inc. 100,000 4,658,000
JPMorgan Chase & Company 150,000 5,937,000
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22,645,058
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BASIC INDUSTRY--4.8%
Alcoa, Inc. 70,000 2,266,600
Freeport-McMoRan Copper & Gold, Inc., Class B 30,000 1,128,900
K-Sea Transportation Partners LP(a) 10,000 286,700
Weyerhaeuser Company 50,000 3,125,500
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6,807,700
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CONSUMER STAPLES--6.4%
Altria Group, Inc. 139,450 6,826,078
Loews Corporation - Carolina Group 88,725 2,189,733
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9,015,811
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ENERGY--3.6%
Halliburton Company 90,000 2,625,300
Kerr-McGee Corporation 30,000 1,583,400
Marathon Oil Corporation 25,000 906,750
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5,115,450
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FINANCIAL--17.9%
ACE Limited 30,000 1,156,500
Alliance Capital Management Holdings LP 100,000 3,427,000
Fannie Mae 75,300 5,606,085
Hartford Financial Services Group, Inc. 70,000 4,281,200
Lincoln National Corporation 69,372 3,142,552
Morgan Stanley 55,940 2,837,836
Washington Mutual, Inc. 50,000 1,941,500
XL Capital Limited, Class A 40,000 2,808,000
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25,200,673
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INDUSTRIAL--2.6%
Cooper Industries Limited, Class A 30,000 1,656,600
Lyondell Chemical Company 100,000 1,969,000
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3,625,600
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REAL ESTATE--8.5%
Boston Properties, Inc. 30,000 1,664,400
BRE Properties, Class A 19,500 728,715
CarrAmerica Realty Corporation 32,600 1,086,884
Duke Realty Corporation 80,320 2,730,880
Equity Office Properties Trust 40,800 1,165,248
iStar Financial, Inc. 25,000 1,006,000
Mack-Cali Realty Corporation 27,682 1,252,887
Reckson Associates Realty Corporation 80,000 2,352,000
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11,987,014
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TECHNOLOGY--2.8%
Flextronics International Limited(a) 90,000 1,116,900
LSI Logic Corporation(a) 130,000 627,900
Nokia OYJ - ADR 140,000 1,663,200
Solectron Corporation(a) 100,000 516,000
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3,924,000
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TELECOMMUNICATIONS--5.0%
Citizens Communications Company(a) 350,000 4,420,500
1
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CHARTWELL
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Chartwell Dividend and Income Fund, Inc. August 31, 2004
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SCHEDULE OF INVESTMENTS (UNAUDITED)
NUMBER OF
SHARES/
PRINCIPAL MARKET
AMOUNT VALUE
-------------- ---------------
COMMON STOCK (CONTINUED)
TELECOMMUNICATIONS (CONTINUED)
SBC Communications, Inc. 100,000 $ 2,579,000
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6,999,500
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UTILITIES--4.9%
AmeriGas Partners LP 15,200 435,784
Cinergy Corporation 34,800 1,408,704
Duquesne Light Holdings, Inc. 30,000 563,700
Kinder Morgan Energy Partners LP 45,000 2,003,400
Northern Border Partners LP 26,600 1,074,640
TEPPCO Partners LP 34,800 1,388,172
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6,874,400
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TOTAL COMMON STOCK (COST $94,649,489) 102,195,206
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CORPORATE NOTES/BONDS--56.8%
BASIC INDUSTRY--12.2%
Aearo Company I
8.250%, 04/15/12 $ 555,000 571,650
Autocam Corporation+
10.875%, 06/15/14 600,000 609,000
Buhrmann US, Inc.+
8.250%, 07/01/14 640,000 644,800
California Steel Industries, Inc.
6.125%, 03/15/14 980,000 938,350
Crown Euro Holdings SA
9.500%, 03/01/11 1,110,000 1,237,650
Danka Business Systems
11.000%, 06/15/10 525,000 549,937
Euramax International, Inc.
8.500%, 08/15/11 900,000 958,500
Imco Recycling, Inc.
10.375%, 10/15/10 855,000 919,125
K. Hovnanian Enterprises
6.500%, 01/15/14 830,000 827,925
Koppers Industries+
9.875%, 10/15/13 1,230,000 1,359,150
KRATON Polymers LLC+
8.125%, 01/15/14 440,000 437,800
Nalco Company+
8.875%, 11/15/13 1,090,000 1,181,287
Oregon Steel Mills, Inc.
10.000%, 07/15/09 1,020,000 1,096,500
Owens-Brockway Glass Container, Inc.
8.750%, 11/15/12 755,000 841,825
Ply Gem Industries, Inc.+
9.000%, 02/15/12 635,000 641,350
Sensus Metering Systems, Inc.+
8.625%, 12/15/13 700,000 689,500
Solo Cup Company
8.500%, 02/15/14 935,000 911,625
Tenneco Automotive, Inc., Series B
10.250%, 07/15/13 1,035,000 1,203,188
THL Buildco Inc.+
8.500%, 09/01/14 920,000 963,700
Wolverine Tube, Inc.
10.500%, 04/01/09 535,000 588,500
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17,171,362
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2
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CHARTWELL
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Chartwell Dividend and Income Fund, Inc. August 31, 2004
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SCHEDULE OF INVESTMENTS (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
-------------- ---------------
CORPORATE NOTES/BONDS (CONTINUED)
CAPITAL GOODS--4.9%
Allied Waste North America, Series B
8.500%, 12/01/08 $ 630,000 $ 694,575
GenCorp, Inc.
9.500%, 08/15/13 695,000 726,275
H&E Equipment Finance
11.125%, 06/15/12 625,000 640,625
Integrated Electrical Services, Inc., Series B
9.375%, 02/01/09 91,000 87,815
Integrated Electrical Services, Inc., Series C
9.375%, 02/01/09 885,000 854,025
Jacuzzi Brands, Inc.
9.625%, 07/01/10 1,135,000 1,257,012
Norcross Safety Products LLC, Series B
9.875%, 08/15/11 960,000 1,056,000
Sequa Corporation
9.000%, 08/01/09 780,000 854,100
Trinity Industries, Inc.+
6.500%, 03/15/14 825,000 796,125
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6,966,552
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CONSUMER CYCLICAL--8.3%
Allied Security Escrow+
11.375%, 07/15/11 600,000 636,000
Cenveo, Inc.
9.625%, 03/15/12 1,115,000 1,229,287
Coinmach Corporation
9.000%, 02/01/10 1,540,000 1,566,950
Friendly Ice Cream Corporation
8.375%, 06/15/12 715,000 693,550
LCE Acquisition Corporation+
9.000%, 08/01/14 760,000 775,200
Mandalay Resort Group
7.625%, 07/15/13 555,000 574,425
Mothers Work, Inc.
11.250%, 08/01/10 835,000 835,000
Norcraft Companies+
9.000%, 11/01/11 570,000 615,600
Phillips - Van Heusen
7.250%, 02/15/11 440,000 456,500
Service Corporation International+
6.750%, 04/01/16 885,000 856,238
Sonic Automotive, Inc., Series B
8.625%, 08/15/13 635,000 669,925
Vertis, Inc., Series B
10.875%, 06/15/09 1,210,000 1,312,850
Von Hoffman Corporation
10.250%, 03/15/09 1,310,000 1,463,925
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11,685,450
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CONSUMER STAPLES--6.6%
American Achievement Corporation+
8.250%, 04/01/12 625,000 640,625
American Seafood Group LLC
10.125%, 04/15/10 705,000 770,212
Amscan Holdings, Inc.+
8.750%, 05/01/14 595,000 595,744
Chattem, Inc.
7.000%, 03/01/14 640,000 636,800
FTD, Inc.
7.750%, 02/15/14 400,000 392,000
General Nutrition Center+
8.500%, 12/01/10 800,000 804,000
3
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CHARTWELL
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Chartwell Dividend and Income Fund, Inc. August 31, 2004
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SCHEDULE OF INVESTMENTS (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
-------------- ---------------
CORPORATE NOTES/BONDS (CONTINUED)
CONSUMER STAPLES (CONTINUED)
Hercules, Inc.+
6.750%, 10/15/29 $ 525,000 $ 523,687
Jean Coutu Group (PJC), Inc.+
8.500%, 08/01/14 1,005,000 1,017,563
Merisant Company+
9.500%, 07/15/13 1,060,000 1,065,300
Nova Chemicals Corporation
6.500%, 01/15/12 715,000 718,575
Stater Brothers Holdings+
8.125%, 06/15/12 715,000 747,175
United Agri Products+
8.250%, 12/15/11 720,000 781,200
WH Holdings Limited
9.500%, 04/01/11 490,000 526,750
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9,219,631
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ENERGY--3.9%
AmeriGas Partners LP, Series B
8.875%, 05/20/11 970,000 1,062,150
Belden & Blake Corporation+
8.750%, 07/15/12 1,130,000 1,183,675
Bluewater Finance Limited
10.250%, 02/15/12 1,000,000 1,065,000
Chesapeake Energy Corporation
7.500%, 06/15/14 625,000 670,313
NRG Energy, Inc.+
8.000%, 12/15/13 680,000 717,400
Pride International, Inc.+
7.375%, 07/15/14 770,000 823,900
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5,522,438
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FINANCIAL--3.8%
Bcp Caylux Holdings Luxembourg+
9.625%, 06/15/14 1,065,000 1,148,869
E*TRADE Financial Corporation+
8.000%, 06/15/11 870,000 891,750
Ship Finance International Limited
8.500%, 12/15/13 950,000 935,750
United Rentals North America, Inc.
7.750%, 11/15/13 1,200,000 1,122,000
Western Financial
9.625%, 05/15/12 1,120,000 1,237,600
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5,335,969
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HEALTHCARE--2.8%
Bio-Rad Laboratories, Inc.
7.500%, 08/15/13 755,000 807,850
Iasis Healthcare Corporation+
8.750%, 06/15/14 690,000 727,950
Res-Care, Inc.
10.625%, 11/15/08 645,000 693,375
Town Sports International
9.625%, 04/15/11 710,000 722,425
VWR International, Inc.+
8.000%, 04/15/14 1,010,000 1,047,875
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3,999,475
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INDUSTRIAL--2.9%
General Cable Corporation+
9.500%, 11/15/10 420,000 466,200
MediaCom Broadband, LLC
11.000%, 07/15/13 1,030,000 1,120,125
4
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CHARTWELL
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Chartwell Dividend and Income Fund, Inc. August 31, 2004
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SCHEDULE OF INVESTMENTS (UNAUDITED)
PRINCIPAL MARKET
AMOUNT VALUE
-------------- ---------------
CORPORATE NOTES/BONDS (CONTINUED)
INDUSTRIAL (CONTINUED)
Nationsrent, Inc.+
9.500%, 10/15/10 $ 1,050,000 $ 1,128,750
Rayovac Corporation
8.500%, 10/01/13 395,000 424,625
Superior Essex Communications LLC+
9.000%, 04/15/12 900,000 891,000
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4,030,700
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REAL ESTATE--3.9%
Aztar Corporation+
7.875%, 06/15/14 1,095,000 1,129,219
Courtyard By Marriott II LP, Series B
10.750%, 02/01/08 900,000 913,500
Geo Group, Inc.
8.250%, 07/15/13 785,000 798,737
Intrawest Corporation
7.500%, 10/15/13 890,000 907,800
LNR Property Corporation, Series A
7.250%, 10/15/13 325,000 341,250
Premier Entertainment Biloxi LLC+
10.750%, 02/01/12 760,000 799,900
Tech Olympic USA, Inc.
9.000%, 07/01/10 575,000 612,375
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5,502,781
-----------------------------------------------------------------------------------------------------------
TECHNOLOGY--1.6%
Knowles Electronics, Inc.
13.125%, 10/15/09 1,000,000 1,055,000
Solectron Corporation
9.625%, 02/15/09 1,110,000 1,226,550
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2,281,550
-----------------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS--3.5%
Cablevision Systems Corporation+
8.000%, 04/15/12 945,000 973,350
Centennial Cellular Operating Company
10.125%, 06/15/13 640,000 660,800
Charter Communications Holdings, LLC
10.750%, 10/01/09 400,000 338,000
Charter Communications Operating, LLC+
8.000%, 04/30/12 425,000 423,938
Nextel Communications
7.375%, 08/01/15 1,265,000 1,328,250
Time Warner, Inc.
9.750%, 07/15/08 1,270,000 1,238,250
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4,962,588
-----------------------------------------------------------------------------------------------------------
TRANSPORTATION--0.2%
HLI Operating Company, Inc.
10.500%, 06/15/10 230,000 263,350
-----------------------------------------------------------------------------------------------------------
UTILITIES--2.2%
AES Corporation
9.500%, 06/01/09 1,270,000 1,419,225
CE Generation, LLC
7.416%, 12/15/18 699,449 726,178
PSEG Energy Holdings
8.625%, 02/15/08 825,000 907,500
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3,052,903
-----------------------------------------------------------------------------------------------------------
TOTAL CORPORATE NOTES/BONDS (COST $77,641,094) 79,994,749
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5
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CHARTWELL
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Chartwell Dividend and Income Fund, Inc. August 31, 2004
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SCHEDULE OF INVESTMENTS (UNAUDITED)
NUMBER OF
SHARES/
WRITTEN MARKET
CONTRACTS VALUE
-------------- ---------------
CONVERTIBLE PREFERRED STOCK--2.5%
FINANCIAL--1.0%
ACE Limited 26,025 $ 699,552
Chubb Corporation 10,000 273,900
Hartford Financial Services Group, Inc. 5,000 301,550
XL Capital Limited 10,000 237,800
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1,512,802
-----------------------------------------------------------------------------------------------------------
REAL ESTATE--1.5%
LTC Properties, Inc. 25,000 896,875
Ramco-Gershenson Properties 40,000 1,234,000
-----------------------------------------------------------------------------------------------------------
2,130,875
-----------------------------------------------------------------------------------------------------------
TOTAL CONVERTIBLE PREFERRED STOCK (COST $3,171,097) 3,643,677
-----------------------------------------------------------------------------------------------------------
PREFERRED STOCK--0.5%
FINANCIAL--0.3%
TransCanada Corporation 14,905 383,059
-----------------------------------------------------------------------------------------------------------
HEALTHCARE--0.2%
Rhone-Poulenc, Series A 10,620 272,509
-----------------------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCK (COST $657,218) 655,568
-----------------------------------------------------------------------------------------------------------
PREFERRED TERM SECURITIES--3.9%
I-Preferred Term Securities IV 1,000,000 1,046,100
Preferred Term Securities IV 2,000,000 1,440,500
Preferred Term Securities XIII 1,000,000 999,300
Preferred Term Securities XIV 2,000,000 2,000,000
-----------------------------------------------------------------------------------------------------------
5,485,900
-----------------------------------------------------------------------------------------------------------
TOTAL PREFERRED TERM SECURITIES (COST $5,603,150) 5,485,900
-----------------------------------------------------------------------------------------------------------
CASH EQUIVALENT--1.9%
INVESTMENT COMPANY--1.9%
SEI Daily Income Trust, Prime Obligations Fund, Class A 2,675,695 2,675,695
-----------------------------------------------------------------------------------------------------------
TOTAL CASH EQUIVALENT (COST $2,675,695) 2,675,695
-----------------------------------------------------------------------------------------------------------
TOTAL INVESTMENTS--138.2%
(COST $184,397,743)* 194,650,795
-----------------------------------------------------------------------------------------------------------
COVERED CALL OPTIONS WRITTEN--(0.4)%
ACE Limited Sept. 40 Call (300) (6,750)
Cooper Industries Limited Oct. 60 Call (130) (1,950)
Fannie Mae Sept. 75 Call (750) (67,500)
Flextronics International Limited Sept. 12.5 Call (600) (21,000)
Flextronics International Limited Sept. 17.5 Call (300) --
Freeport-McMoRan Copper & Gold, Inc. Nov. 35 Call (300) (123,000)
JPMorgan Chase Sept. 40 Call (500) --
Lincoln National Corporation Sept. 45 Call (538) (34,970)
LSI Logic Corporation Oct. 10 Call (700) --
LSI Logic Corporation Sept. 7.5 Call (600) --
Lyondell Chemical Sept. 17.5 Call (800) (184,000)
Lyondell Chemical Sept. 20 Call (200) --
Nokia Corporation Oct. 12.5 Call (1,400) (49,000)
SBC Communications, Inc. Sept. 25 Call (247) (20,995)
Solectron Corporation Sept. 7.50 Call (500) --
Washington Mutual Inc. Sept. 40 Call (500) (7,500)
Weyerhaeuser Company Sept. 65 Call (500) (12,500)
6
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CHARTWELL
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Chartwell Dividend and Income Fund, Inc. August 31, 2004
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SCHEDULE OF INVESTMENTS (UNAUDITED)
WRITTEN MARKET
CONTRACTS VALUE
-------------- ---------------
COVERED CALL OPTIONS WRITTEN (CONTINUED)
XL Capital Limited Sept. 70 Call (400) $ (36,000)
-------------
TOTAL CALL OPTIONS WRITTEN (PREMIUM RECEIVED $582,445) (565,165)
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OTHER LIABILITIES IN EXCESS OF OTHER ASSETS, NET--(37.8)% (53,283,919)++
-----------------------------------------------------------------------------------------------------------
NET ASSETS--100.0% $ 140,801,711
--------------------------------------------------------------------------------------------===============
* At August 31, 2004, the tax basis cost of the Fund's investments was
$183,912,902, and the unrealized appreciation and depreciation were
$15,128,970 and $(4,956,242), respectively.
+ Security 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 August 31, 2004,
these securities amounted to $28,734,820 or 20.4% of net assets.
++ As of August 31, 2004, $55,000,000 of commercial paper was outstanding
with an amortized cost of $54,963,229. The average discount rate of
commercial paper outstanding at August 31, 2004 was 1.62%. The average
daily balance of commercial paper outstanding for the quarter ended
August 31, 2004 was $54,928,791 at a weighted average discount rate of
1.382%. The maximum face amount of commercial paper outstanding at any
time during the quarter ended August 31, 2004 was $55,000,000. In
conjunction with the issuance of the commercial paper, the Fund has
entered into a line of credit arrangement with a bank for $30,000,000.
Interest on borrowing is based on market rates in effect at the time of
borrowing. The commitment fee is computed at the rate of 0.30% per
annum on the unused balance. There were no borrowings under this
arrangement during the quarter ended August 31, 2004.
(a) Non-income producing security
ADR American Depositary Receipt
LLC Limited Liability Company
LP Limited Partnership
Amounts designated "--" are either $0 or have been rounded to $0
For information regarding the Fund's policy regarding valuation of
investments and other significant accounting policies, please refer to
the Fund's most recent semi-annual or annual financial statements.
7
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CHARTWELL
ITEM 2. CONTROLS AND PROCEDURES
(a) The certifying officers, whose certifications are included herewith, have
evaluated the registrant's disclosure controls and procedures within 90 days of
the filing date of this report. In their opinion, based on their evaluation, the
registrant's disclosure controls and procedures are adequately designed, and are
operating effectively to ensure, that information required to be disclosed by
the registrant in the reports it files or submits under the Securities Exchange
Act of 1934 is recorded, processed, summarized and reported within the time
periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no significant changes in the registrant's internal control over
financial reporting that occurred during the registrant's last fiscal quarter
that has materially affected, or is reasonably likely to materially affect, the
registrants 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.
/s/Winthrop S. Jessup
By (Signature and Title)* --------------------------------------
Winthrop S. Jessup, President
(Principal Executive Officer)
Date 10/20/04
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.
/s/Winthrop S. Jessup
By (Signature and Title)* --------------------------------------
Winthrop S. Jessup, President
(Principal Executive Officer)
Date 10/20/04
/s/G. Gregory Hagar
By (Signature and Title)* --------------------------------------
G. Gregory Hagar, Vice President and CFO
(Principal Financial Officer)
Date 10/20/04
* Print the name and title of each signing officer under his or her signature.