Board Chairman, Management Team to Ring Opening Bell at NYSE
CHICAGO, May 8, 2017 – Duff & Phelps Investment Management Co., an affiliated manager of Virtus Investment Partners, Inc. (NASDAQ: VRTS), celebrated the 30th anniversary of the Duff & Phelps Select Income Fund (NYSE: DNP) by ringing The Opening Bell® at the New York Stock Exchange on Monday, May 8.
David J. Vitale, chairman of the fund’s board of directors, rang the opening bell at 9:30 a.m. (Eastern). He was joined on the podium by other members of the board and by Nathan I. Partain, president and chief investment officer of Duff & Phelps Investment Management (DPIM) and the fund; John Creswell, executive managing director, DPIM; and members of the DPIM team.
DNP is a diversified, closed-end fund that has been managed by DPIM since its initial public offering in January 1987. The fund seeks to achieve its primary investment objectives of current income and long-term growth of income by investing primarily in a diversified portfolio of equity and fixed income securities of companies in the public utilities industry.
The fund had $3.8 billion of assets as of March 31, 2017, and has adopted a managed distribution plan that pays a $0.065 monthly dividend. The fund’s current annualized distribution rate is 8.11%, based on its net asset value (NAV) as of January 31, 2017, and its average annual total return on NAV for the five years ended January 31, 2017 was 13.82%. The fund has consistently sold at a premium to NAV during that period, and its annualized total return on an NAV basis is better than the S&P Composite 1500 Utilities Index’s return, as well as closed- and open-end utility category averages.
About Duff & Phelps Investment Management
Duff & Phelps Investment Management Co. was founded in 1932 and provides specialty investment strategies in institutional separate accounts and open- and closed-end funds that enhance client outcomes through active portfolio management. Its primary strategies include global listed infrastructure, global real estate securities, MLPs (master limited partnerships) and energy, and international equities. Duff & Phelps is a subsidiary of Virtus Investment Partners, a multi-boutique asset manager with $48.0 billion under management as of March 31, 2017.
About Virtus Investment Partners
Virtus Investment Partners (NASDAQ: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. Virtus offers access to a variety of investment styles across multiple disciplines to meet a wide array of investor needs, and provides products and services through affiliated managers and select subadvisers, each with a distinct investment style, autonomous investment process, and individual brand. Its affiliates include Duff & Phelps Investment Management, Kayne Anderson Rudnick Investment Management, Newfleet Asset Management, Rampart Investment Management, and Virtus ETF Solutions. Additional information can be found at www.virtus.com.
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