DNP SELECT INCOME FUND INC. CHICAGO, Sept. 15, 2016 /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 October 31, 2016 November 10, 2016
6.5 November 30, 2016 December 12, 2016
6.5 December 30, 2016 January 10, 2017
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 current monthly distribution, payable September 12, 2016, together with the cumulative distributions paid this fiscal year to date from the following sources. 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.
Notification of Sources of Distribution
Distribution Period: August 2016
Distribution Amount Per Share of Common Stock: $0.065
Distribution Estimates August 2016 Year-to-date (YTD)
---------------------- ----------- -----------------
Per Share Amount % of Current Distribution Per Share Amount % of Cumulative Distributions
---------------- ------------------------- ---------------- -----------------------------
Net Investment Income $0.023 35% $0.267 41%
--------------------- ------ --- ------ ---
Net Realized Short Term Capital
Gains - - - -
------------------------------- --- --- --- ---
Net Realized Long Term Capital
Gains 0.017 26% 0.383 59%
------------------------------ ----- --- ----- ---
Return of Capital (or Other
Capital Source) 39% - -
0.025
--- -----
Total $0.065 100% $0.650 100%
(per common share)
-----------------
July 31, 2016
-------------
Average annual total return*
on NAV for the 5 years ended 15.17%
----------------------------- -----
Annualized current
distribution rate as a
percentage of NAV 7.74%
----------------------- ----
Cumulative total return on NAV
for the fiscal year 23.18%
------------------------------ -----
Cumulative fiscal year
distributions as a percentage
of NAV 5.81%
------------------------------ ----
* Simple arithmetic
average of each of the
past five annual
returns.
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.
The Fund will issue a separate 19(a) notice at the time of each monthly distribution using the most current financial information available.
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. is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS), a multi-boutique asset manager with $45.2 billion under management as of June 30, 2016. Duff & Phelps 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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/dnp-select-income-fund-announces-dividends-and-sources-of-distribution-300329160.html
SOURCE DNP Select Income Fund Inc.
