CHICAGO, June 19, 2014 /PRNewswire/ -- The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), a closed-end fund advised by Duff & Phelps Investment Management Co., today authorized the payment of dividends on its common stock as follows:
|
Cents Per Share
|
Record Date
|
Payable Date
|
|
6.5
|
July 31, 2014
|
August 11, 2014
|
|
6.5
|
August 29, 2014
|
September 10, 2014
|
|
6.5
|
September 30, 2014
|
October 10, 2014
|
The Fund adopted a Managed Distribution Plan (the "Plan") in 2007 to maintain its current 6.5 cent per share distribution rate. Under the Plan, the Fund will distribute all available investment income to its shareholders, consistent with the Fund's primary objective. If and when sufficient investment income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return of capital to its shareholders in order to maintain the 6.5 cent per share distribution level.
The following table sets forth the estimated amounts of the Fund's May monthly distribution, payable June 10, 2014, together with the cumulative distributions paid this fiscal year to date from the following sources: net investment income; net realized short term capital gains; net realized long term gains; and return of capital or other capital source. All amounts are expressed per share of common stock based on U.S. generally accepted accounting principles, which may differ from federal income tax regulations.
|
Current
Distribution ($)
|
% Breakdown of the Current Distribution
|
Total Cumulative Distributions for the Fiscal Year to Date ($)
|
% Breakdown of the Total Cumulative Distributions for the Fiscal Year to Date
|
|
Net Investment Income
|
0.027
|
42%
|
0.246
|
54%
|
|
Net Realized Long Term Capital Gains
|
0.027
|
41%
|
0.168
|
37%
|
|
Return of Capital or Other Capital Source
|
0.011
|
17%
|
0.041
|
9%
|
|
Total
(per common share)
|
0.065
|
100%
|
0.455
|
100%
|
|
Average annual total return* (in relation to NAV) for the 5 years ended on May 31, 2014
|
22.2%
|
|
Annualized current distribution rate expressed as a percentage of NAV as of May 31, 2014
|
7.9%
|
|
Cumulative total return (in relation to NAV) for the fiscal year through May 31, 2014
|
14.8%
|
|
Cumulative fiscal year distributions as a percentage of NAV as of May 31, 2014
|
4.6%
|
* Simple arithmetic average of each of the past five annual returns.
The Fund will issue a separate 19(a) notice at the time of each monthly distribution using the most current financial information available. You should not necessarily draw any conclusions about the Fund's investment performance from the amount of these distributions or from the terms of the Fund's Plan.
The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
About the Fund
DNP Select Income Fund Inc. is a closed-end diversified investment management company whose primary investment objectives are current income and long-term growth of income. The fund seeks to achieve these objectives by investing primarily in a diversified portfolio of equity and fixed income securities of companies in the public utilities industry. For more information, visit www.dnpselectincome.com or call (800) 864-0629.
About the Investment Adviser
Duff & Phelps Investment Management Co. has more than 35 years of experience managing investment portfolios, including institutional separate accounts and open- and closed-end funds investing in utilities, infrastructure and real estate investment trusts (REITs). For more information, visit www.dpimc.com.
Duff & Phelps is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS), a multi-boutique asset manager with $58.0 billion under management as of March 31, 2014. Virtus provides investment management products and services to individuals and institutions through a multi-manager asset management business, comprising a number of individual affiliated managers, each with a distinct investment style, autonomous investment process and individual brand. Additional information can be found at www.virtus.com.
SOURCE DNP Select Income Fund Inc.