Three Duff & Phelps Funds Create Unified Board Structure
09 5월 2009 - 9:13AM
PR Newswire (US)
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 http://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 http://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
http://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 http://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
http://www.virtus.com/. DATASOURCE: DNP Select Income Fund Inc.
CONTACT: 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 Web Site: http://www.dnpselectincome.com/
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