CHICAGO, July 29, 2014 /PRNewswire/ -- On July 28, 2014, the Board of Directors of each of
DNP Select Income Fund Inc. (NYSE: DNP), Duff & Phelps Global
Utility Income Fund Inc. (NYSE: DPG), Duff & Phelps Utility and
Corporate Bond Trust Inc. (NYSE: DUC), and DTF Tax-Free Income Inc.
(NYSE: DTF), elected Donald C. Burke
to fill the vacancy created by the retirement of independent
director Nancy Lampton.
Mr. Burke, age 53, currently serves as an independent director
of Avista Corp., a U.S. energy company that generates and transmits
electricity, and distributes natural gas. Mr. Burke previously
served as trustee for the Goldman Sachs mutual fund complex. Prior
to assuming those roles, Mr. Burke was a managing director for
BlackRock, Inc., and served as the president and chief executive
officer of the BlackRock U.S. mutual funds. In addition, Mr. Burke
has held a number of positions with Merrill Lynch Investment
Managers including Managing Director, Chief Financial Officer and
Treasurer, and Director of Taxation. Mr. Burke also has held
positions at accounting firm Deloitte & Touche.
Mr. Burke is widely recognized as a fund expert and has been a
frequent speaker at professional conferences and has authored
papers published in technical journals and newspapers.
Mr. Burke has a Bachelor's degree in accounting and economics
from the University of Delaware and a
Master's degree in taxation from Pace
University. In addition, he is a Certified Public
Accountant.
The Board welcomes Mr. Burke and anticipates his professional
experience and specialized knowledge and expertise will be of great
benefit to the funds' shareholders' interests.
About the Funds
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.
Duff & Phelps Global Utility Income Fund Inc. is a
closed-end non-diversified investment management company whose
investment objective is to seek total return, resulting primarily
from a high level of current income, with an emphasis on
tax-advantaged dividend income, and growth in current income, and
secondarily from capital appreciation, by investing in equities of
domestic and foreign utility companies in the electric, gas, water,
telecommunications, and midstream energy sectors. For more
information, visit www.dpgfund.com or call (866) 270-7598.
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.ducfund.com or call (800) 338-8214.
DTF Tax-Free Income Inc. is a closed-end diversified investment
management 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.dtffund.com or call (800) 338-8214.
About the Investment Adviser
Duff & Phelps Investment Management Co. 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.
Duff & Phelps is a subsidiary of Virtus Investment Partners
(NASDAQ: VRTS), a multi-boutique asset manager with $61.4 billion under management as of June 30, 2014. 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.
Sources:
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DNP Select Income
Fund Inc.
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Duff & Phelps
Global Utility Income Fund Inc.
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Duff & Phelps
Utility and Corporate Bond Trust Inc.
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DTF Tax-Free Income
Inc.
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SOURCE DNP Select Income Fund Inc.