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DNP Select Income Fund Announces Dividends and Sources of Distribution

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DNP Select Income Fund Inc. authorizes dividends on common stock. Distribution rate maintained at 6.5 cents per share. Estimated distribution amounts for August 2023: Net Investment Income - $0.012 per share (19%), Net Realized Long-Term Capital Gains - $0.053 per share (81%), Return of Capital - $0.162 per share (25%). Average annual total return on NAV for the 5 years ended May 31, 2023, is 7.27%. Annualized current distribution rate as a percentage of NAV is 9.52%. Cumulative total return on NAV for the fiscal YTD is -0.29%. Cumulative fiscal year distributions as a percentage of NAV is 5.55%.
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CHICAGO--(BUSINESS WIRE)-- 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

October 30, 2023

October 31, 2023

November 10, 2023

6.5

November 29, 2023

November 30, 2023

December 11, 2023

6.5

December 28, 2023

December 29, 2023

January 10, 2024

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, paid on September 11, 2023, together with the cumulative distributions paid this fiscal year to date from the following sources. The fiscal year is from November 1, 2022 to October 31, 2023. 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: August 2023
Distribution Amount Per Share of Common Stock: $0.065

 

Distribution Estimates

August 2023

Fiscal YTD

 

 

Per Share
Amount

% of Current
Distribution

Per Share
Amount

% of
Cumulative
Distributions

Net Investment Income

$0.012

19%

$0.143

22%

Net Realized Short-Term Capital Gains

-

-

-

-

Net Realized Long-Term Capital Gains

0.053

81%

0.345

53%

Return of Capital (or Other Capital Source)

-

-

0.162

25%

Total

(per common share)

$0.065

100%

$0.650

100%

 

May 31, 2023

 

Average annual total return* on NAV for the 5 years ended

7.27%

Annualized current distribution rate as a percentage of NAV

9.52%

Cumulative total return on NAV for the fiscal YTD

-0.29%

Cumulative fiscal year distributions as a percentage of NAV

5.55%

* 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 dpimc.com/dnp or call (800) 864-0629.

About the Investment Adviser

Duff & Phelps Investment Management Co,. an affiliated manager of Virtus Investment Partners, Inc., began in 1932 as a fundamental research firm and has been managing assets since 1979. The firm seeks to provide specialty investment strategies that enhance client outcomes through active portfolio management and customized solutions, utilizing a process with values that include quality, reliability, and specialization. Investment strategies include U.S. and global real estate securities, global listed infrastructure, energy infrastructure, water, and clean energy.

Dianna P. Wengler, Donny C. Overton or Clayton J. Minor, (833) 604-3163

Source: DNP Select Income Fund Inc.

DNP Select Income Fund Inc.

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About DNP

duff & phelps investment management co. is a chicago based sec registered investment advisor that was founded in 1932 as an investment research firm. duff & phelps has over 30 years of experience managing investment portfolios for institutional separate accounts and both open- and closed-end funds. our funds have received 20 lipper awards for top performance in peer comparisons. duff & phelps' product lines include global utilities, global infrastructure, global real estate, investment grade fixed income and large cap equities. duff & phelps is a wholly-owned subsidiary of publicly traded virtus investment partners (nasdaq:vrts, http://www.virtus.com).