DNP SELECT INCOME FUND ANNOUNCES DIVIDENDS AND DISTRIBUTION SOURCES

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CHICAGO, March 7, 2022 /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 shares ordinary as follows:

Cents per share

Ex-dividend date

Registration Date

Payment date

6.5

April 28, 2022

April 29, 2022

May 10, 2022

6.5

May 27, 2022

May 31, 2022

June 10, 2022

6.5

June 29, 2022

June 30, 2022

July 11, 2022

The Fund adopted a managed distribution plan (the “Plan”) in 2007 in order to maintain its 6.5 cents payout rate per share. Under the terms of the plan, the Fund will distribute all available investment income to its shareholders, in accordance with the primary objective of the Fund. 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 cents distribution level per share.

The following table shows the estimated amounts of the Fund’s current monthly distribution, payable March 10, 2022, as well as the cumulative distributions paid in this year to date from the following sources. The fiscal year is from November 1, 2021 for October 312022. All amounts are per common share based on US generally accepted accounting principles, which may differ from federal income tax regulations.

Notification of Distribution Sources

Distribution period: February 2022

Distribution amount per common share: $0.065


Distribution estimates

February 2022

Cumulative fiscal year since the beginning of the year


Per share
Rising

% of current
Distribution

Per share
Rising

% of
Cumulative
Distributions

Net investment income

$0.019

29%

$0.088

34%

Short-term net realized capital gains

Net realized long-term capital gains

0.025

39%

0.133

51%

Return of capital (or other source of capital)

0.021

32%

0.039

15%

Total

(per common share)

$0.065

100%

$0.260

100%

January 31, 2022


Average annual total return* on net asset value for the 5 years ended

9.55%

Current annualized payout rate as a percentage of net asset value

8.02%

Cumulative total return on net asset value for the year YTD

5.02%

Cumulative distributions for the year as a percentage of net asset value

2.01%

* Simple arithmetic average of each of the last five annual returns.

You should not necessarily draw any conclusions about the Fund’s investment performance from the amount of such distributions or the terms of the Fund’s plan.

The amounts and sources of distributions set forth in this notice are estimates only and are not provided for tax reporting purposes. Actual amounts and sources of amounts for tax reporting purposes will depend on the Fund’s investment experience over the remainder of the year and may be subject to change as a result of tax regulations. The Fund or your dealer will send you a Form 1099-DIV for the calendar year which 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 recent financial information available.

About the Fund

DNP Select Income Fund Inc. is a diversified closed-end investment management company whose primary investment objectives are current income and long-term income growth. The fund seeks to achieve these objectives by investing primarily in a diversified portfolio of equity and fixed income securities of companies in the utilities sector. For more information, please visit www.dpimc.com/dnp or call (800) 864-0629.

About the Investment Advisor

Duff & Phelps Investment Management Co. has over 40 years of experience managing investment portfolios, including institutional segregated accounts and open and closed-end funds investing in utilities, infrastructure and real estate investment trusts (REIT). For more information, visit www.dpimc.com.

Duff & Phelps is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS), a multi-boutique asset manager with $187.2 billion under management since the 31st of December, 2021. Virtus provides investment management products and services to individuals and institutions through a multi-manager asset management business, comprising a number of individual affiliate managers, each with a style of separate investment, an autonomous investment process and an individual brand. Additional information is available at www.virtus.com.

SOURCE DNP Select Income Fund Inc.

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