DNP SELECT INCOME FUND ANNOUNCES DIVIDENDS AND SOURCES OF DISTRIBUTION

Rhea-AI Summary

The Board of Directors of DNP Select Income Fund has declared a monthly dividend of 6.5 cents per share, with ex-dividend dates on January 28, February 25, and March 30, 2022. The payment dates are set for February 10, March 10, and April 11, 2022. The fund operates under a Managed Distribution Plan, ensuring consistent payments, primarily from available investment income. For the fiscal year-to-date, the fund has distributed 8.26% of its NAV, with a total return of 18.76%.

Positive

• Monthly dividend of 6.5 cents maintains shareholder income.
• Total return on NAV for the fiscal YTD is 18.76%.
• Cumulative fiscal year distributions as a percentage of NAV is 8.26%.

Negative

• 59% of the distribution comes from return of capital, which may impact long-term sustainability.

CHICAGO, Dec. 16, 2021 /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 common stock as follows:

Cents Per Share	Ex-Dividend Date	Record Date	Payable Date
6.5	January 28, 2022	January 31, 2022	February 10, 2022
6.5	February 25, 2022	February 28, 2022	March 10, 2022
6.5	March 30, 2022	March 31, 2022	April 11, 2022

The Fund adopted a Managed Distribution Plan (the "Plan") in 2007 to maintain its current 6.5 cent per share distribution rate.  Under the Plan, the Fund will distribute all available investment income to its shareholders, consistent with the Fund's primary objective.  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 cent per share distribution level.

The following table sets forth the estimated amounts of the Fund's current monthly distribution, payable December 10, 2021, together with the cumulative distributions paid this fiscal year to date from the following sources.  The fiscal year is from November 1, 2021 to October 31, 2022.  All amounts are expressed per share of common stock based on U.S. generally accepted accounting principles, which may differ from federal income tax regulations.

Notification of Sources of Distribution Distribution Period: November 2021 Distribution Amount Per Share of Common Stock:  $0.065
Distribution Estimates	November 2021		Fiscal YTD
	Per Share Amount	% of Current Distribution	Per Share Amount	% of Cumulative Distributions
Net Investment Income	$0.025	38%	$0.025	38%
Net Realized Short-Term Capital Gains	-	-	-	-
Net Realized Long-Term Capital Gains	0.002	3%	0.002	3%
Return of Capital (or Other Capital Source)	0.038	59%	0.038	59%
Total (per common share)	$0.065	100%	$0.065	100%

 

October 31, 2021
Average annual total return* on NAV for the 5 years ended	9.45%
Annualized current distribution rate as a percentage of NAV	8.26%
Cumulative total return on NAV for the fiscal YTD	18.76%
Cumulative fiscal year distributions as a percentage of NAV	8.26%

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

You should not necessarily draw any conclusions about the Fund's investment performance from the amount of these distributions or from the terms of the Fund's Plan.

The amounts and sources of distributions reported in this notice are only estimates and are not being provided for tax reporting purposes.  The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations.  The Fund or your broker will send you a Form 1099-DIV for the calendar year that 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 current financial information available. 

About the Fund

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, please visit www.dpimc.com/dnp or call (800) 864-0629.

About the Investment Adviser

Duff & Phelps Investment Management Co. has more than 40 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 $177.3 billion under management as of September 30, 2021.  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.

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SOURCE DNP Select Income Fund Inc.

FAQ

What is the dividend amount for DNP?

DNP has declared a dividend of 6.5 cents per share.

What are the ex-dividend dates for DNP in 2022?

The ex-dividend dates are January 28, February 25, and March 30, 2022.

When will the dividends for DNP be payable?

The dividends will be payable on February 10, March 10, and April 11, 2022.

What percentage of DNP's distributions is from investment income?

38% of the distribution is from net investment income.

What is the total return on NAV for DNP over the past five years?

The average annual total return on NAV for the past five years is 9.45%.