DNP Select Income Fund Announces Dividends and Sources of Distribution

CHICAGO, Nov. 7, 2013 /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

December 31, 2013

January 10, 2014

6.5

January 31, 2014

February 10, 2014

6.5

February 28, 2014

March 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 October monthly distribution, payable November 12, 2013, 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

0.014

22%

0.299

46%

Net Realized Long Term Capital Gains

0.001

1%

0.338

52%

Return of Capital or Other Capital Source

0.050

77%

0.013

2%

Total

(per common share)

0.065

100%

0.650

100%

 

Average annual total return* (in relation to NAV) for the 5 years ended on October 31, 2013

18.7%

Annualized current distribution rate expressed as a percentage of NAV as of October 31, 2013

8.7%

Cumulative total return (in relation to NAV) for the fiscal year through October 31, 2013

17.4%

Cumulative fiscal year distributions as a percentage of NAV as of October 31, 2013

7.2%

* 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 29 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 $55.0 billion under management as of September 30, 2013. 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.



RELATED LINKS
http://www.dnpselectincome.com

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