EXHIBIT (a)(1)(v)

                         NOTICE OF GUARANTEED DELIVERY
                    FOR TENDER OF SHARES OF COMMON STOCK OF
              DELAWARE INVESTMENTS DIVIDEND AND INCOME FUND, INC.


   This form, or one substantially equivalent hereto, must be used to accept
the Offer (as defined below) if Shareholders' certificates for common stock,
par value $0.01 per share (the "Shares") of Delaware Investments Dividend and
Income Fund, Inc. are not immediately available or time will not permit the
Letter of Transmittal and other required documents to be delivered to the
Depositary on or before 11:59 p.m., Eastern time, June 30, 2005, or such later
date to which the Offer is extended (the "Expiration Date"). Such form may be
delivered by hand or transmitted by facsimile transmission or mail to the
Depositary, and must be received by the Depositary on or before 5:00 p.m. New
York City time on the Expiration Date. See Section 2, "Procedures for
Tendering Shares," of the Offer to Purchase.

The Depositary: MELLON INVESTOR SERVICES LLC

Facsimile Copy Number: (201) 296-4293
To Confirm Receipt of Notice of Guaranteed Delivery and Facsimile
Transmission: (201) 296-4860
For Account Information Call: Toll Free: 1-866-340-1397

              By First Class Mail, By Overnight Courier, By Hand:




                               By Registered Certified
                               or Express Mail
By First Class Mail:           or Overnight Courier:               By Hand:
- --------------------------     ---------------------               --------
                                                             
Post Office Box 3301           85 Challenger Road                  120 Broadway, 13th Floor
South Hackensack, NJ 07606     Mail Stop-Reorg                     New York, NY 10271
                               Ridgefield Park, NJ 07660           Attention: Reorganization Dept.
                               Attention: Reorganization Dept.




       DELIVERY OF THIS INSTRUMENT TO AN ADDRESS OTHER THAN AS SET FORTH
       ABOVE OR TRANSMISSION VIA A FACSIMILE NUMBER OTHER THAN ONE LISTED
                   ABOVE DOES NOT CONSTITUTE A VALID DELIVERY

Ladies and Gentlemen:

   The undersigned hereby tenders to Delaware Investments Dividend and Income
Fund, Inc. (the "Fund"), upon the terms and subject to the conditions set
forth in its Offer to Purchase, dated June 3, 2005 and the related Letter of
Transmittal (which, together with any amendments or supplements to these
documents, collectively constitute the "Offer"), receipt of which is hereby
acknowledged, the number of Shares set forth below pursuant to the guaranteed
delivery procedures set forth in Section 2, "Procedures for Tendering Shares,"
of the Offer to Purchase.

================================================================================

Number of Shares Tendered:______________________________________________________

Certificate Nos. (if available):

________________________________________________________________________________

________________________________________________________________________________

If Shares will be tendered by book-entry transfer, check box: |_| The
Depository Trust Company

Account Number:_________________________________________________________________

Name(s) of Record Holder(s):

________________________________________________________________________________

________________________________________________________________________________


Address:________________________________________________________________________

________________________________________________________________________________


Area Code and Telephone Number:_________________________________________________

Taxpayer Identification (Social Security) Number:_______________________________

Dated:_____________________________________, 2005

________________________________________________________________________________
Signature(s)


================================================================================

GUARANTEE
(NOT TO BE USED FOR SIGNATURE GUARANTEE)

The undersigned, a participant in the Security Transfer Agents Medallion
Program, the New York Stock Exchange Medallion Signature Guarantee Program,
the Stock Exchange Medallion Program or an "Eligible Guarantor Institution" as
such term is defined in Rule 17Ad-15 under the Securities Exchange Act of
1934, as amended, hereby (a) represents that the above named person(s)
"own(s)" the Shares tendered hereby within the meaning of Rule 14e-4 under the
Securities Exchange Act of 1934, as amended ("Rule 14e-4"), (b) represents
that such tender of Shares complies with Rule 14e-4 and (c) guarantees to
deliver to the Depositary either certificates representing the Shares tendered
hereby, in proper form for transfer, or confirmation of Book-Entry Transfer of
such Shares into the Depositary's accounts at The Depository Trust Company, in
each case with delivery of a properly completed and duly executed Letter of
Transmittal, with any required signature guarantees, or an Agent's Message (as
defined in the Offer to Purchase), and any other required documents, within
three New York Stock Exchange trading days after the date hereof.

________________________________   ____________________________________________

Name of Firm:___________________   ____________________________________________
                                   (AUTHORIZED SIGNATURE)

Address:________________________   Name:_______________________________________
                                        (PLEASE PRINT)

________________________________   Title:______________________________________

Area Code and Tel. No.__________   Dated:_______________________________ , 2005

                 DO NOT SEND SHARE CERTIFICATES WITH THIS FORM.
      YOUR SHARE CERTIFICATES MUST BE SENT WITH THE LETTER OF TRANSMITTAL.