DNP Select Income Fund Announces Dividends And Sources Of Distribution

PRNewswire 14-Jun-2018 5:01 PM

DNP Select Income Fund Announces Dividends And Sources Of Distribution

PR Newswire

CHICAGO, June 14, 2018 /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, 2018


August 10, 2018

6.5


August 31, 2018


September 10, 2018

6.5


September 28, 2018


October 10, 2018

 

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 June 11, 2018, together with the cumulative distributions paid this fiscal year to date from the following sources.  The fiscal year is from November 1, 2017 to October 31, 2018.  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:  May 2018
Distribution Amount Per Share of Common Stock:  $0.065


Distribution Estimates

May 2018

Fiscal YTD


 

Per Share Amount

% of Current
Distribution

Per Share Amount

% of Cumulative
Distributions

Net Investment Income

$0.021

32%

$0.150

33%

Net Realized Short-Term
Capital Gains

-

-

-

-

Net Realized Long-Term
Capital Gains

-

-

0.269

59%

Return of Capital (or Other
Capital Source)

0.044

68%

0.036

8%

Total

(per common share)

$0.065

100%

$0.455

100%

 

April 30, 2018


Average annual total return* on NAV for the 5 years ended

7.56%

Annualized current distribution rate as a percentage of NAV

8.64%

Cumulative total return on NAV for the fiscal YTD

-5.60%

Cumulative fiscal year distributions as a percentage of NAV

4.32%

* 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. has more than 39 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 $89.1 billion under management as of March 31, 2018.  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.

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SOURCE DNP Select Income Fund Inc.

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