One Fund Still Seeking Votes to Approve Amendments to Fundamental Investment
Restrictions
CHICAGO, May 8 /PRNewswire-FirstCall/ -- DNP Select Income Fund Inc. (NYSE:
DNP), DTF Tax-Free Income Inc. (NYSE: DTF) and Duff & Phelps Utility and
Corporate Bond Trust Inc. (NYSE: DUC), the three closed-end funds advised by
Duff & Phelps Investment Management Co., today announced the streamlining of
their governance structure following the election of directors at the funds'
annual shareholder meetings held on May 6 and 7, 2009.
At the annual meetings, the shareholders of all three funds reelected as
independent directors Francis E. Jeffries, Nancy Lampton, Eileen A. Moran and
David J. Vitale. In addition, the board of directors of DNP elected Philip R.
McLoughlin and Geraldine M. McNamara as additional independent directors, and
the boards of directors of DTF and DUC elected Stewart E. Conner, Connie K.
Duckworth and Robert J. Genetski as additional independent directors. As a
result of these appointments, the board of directors of each of the three
funds now consists of the same twelve individuals, eleven of whom are
independent directors.
Nathan I. Partain, President and Chief Executive Officer of the funds,
commented: "This consolidation of board membership will enable the three
boards and their standing committees to hold joint meetings and is part of our
ongoing efforts to enhance the efficiency of the boards' oversight function
and achieve economies of scale across the funds. Because of this
consolidation, directors will now receive a single set of fees for their
service on all three boards, which will result in a reduced director
compensation expenditure for the funds in the aggregate."
DUC also announced the adjournment of its annual shareholder meeting to June
2, 2009, in order to allow additional time to solicit the votes of common
shareholders to approve the proposed amendments to the fund's fundamental
investment restrictions.
Mr. Partain noted: "Approval of these amendments by our shareholders is an
essential step for DUC to be able to replace its outstanding auction market
preferred shares (AMPS) with debt leverage. Even if we receive the exemptive
relief that we have requested from the SEC, we cannot refinance the remainder
of DUC's outstanding AMPS unless our shareholders approve these amendments to
allow the fund to borrow money and issue senior securities to the full extent
permitted by the Investment Company Act of 1940 and related SEC rules,
interpretations and modifications. I urge all shareholders who have not yet
voted to read the description of these amendments in our proxy statement and
cast their votes."
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.
DTF Tax-Free Income Inc. is a closed-end diversified investment company whose
investment objective is current income exempt from regular federal income tax
consistent with preservation of capital. The fund seeks to achieve its
investment objective by investing in a diversified portfolio of
investment-grade tax-exempt obligations. For more information, visit
www.dpimc.com or call (800) 864-0629.
Duff & Phelps Utility and Corporate Bond Trust Inc. is a closed-end
diversified investment management company whose primary investment objective
is high current income consistent with investing in securities of investment
grade quality. The fund seeks to achieve its objectives by investing
substantially all of its assets in a diversified portfolio of utility income
securities, corporate income securities, mortgage-backed securities and
asset-backed securities. For more information, visit www.dpimc.com or call
(800) 864-0629.
Duff & Phelps Investment Management Co. has more than 28 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 Investment Management Co. is a subsidiary of Virtus Investment
Partners, an asset management company with $22.6 billion under management (as
of December 31, 2008). 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.
DNP Select Income Fund Inc., Joseph C. Curry, Jr., or, Dianna P. Wengler, or,
Timothy P. Riordan, +1-888-878-7845; or DTF Tax Free Income Inc., Duff &
Phelps Utility and Corporate Bond Trust Inc., +1-800-338-8214; or Virtus
Investment Partners, Joe Fazzino, +1-860-263-4725
