Company: DNP
Filing Date: 2025-06-20
Form Type: N-CSRS
Source: 0001193125-25-143433
Chunk: 3

Company: DNP SELECT INCOME FUND INC
Filing Date: 2025-06-20
Form: N-CSRS
Chunk 3
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 some concerns for now. On the LNG front, we see U.S. LNG exporters as the potential winners of the current trade discussions as the Trump administration has been vocal about using LNG as a tool to help narrow trade deficits with places like Europe and India. For communications carriers, there are two areas that could potentially be impacted by the tariffs—mobile phones and network equipment from foreign suppliers. The companies believe any increase in costs will be small, although

2

it is difficult to estimate at this point. With respect to towers, the companies are not calling out any impacts from tariffs on their businesses. The Fund also invests in fixed income securities, and the bond market has seen a lot of action with the 10-year Treasury yield experiencing swings not normally associated with this safe haven. Higher volatility in the fixed income market is expected to continue as investors grapple with the expected implications of tariffs and the lack of clarity around their implementation. The U.S. yield curve could steepen further if the Federal Reserve cuts short rates a couple of times in 2025, as currently expected by the market. Longer-term yields may not decline as much, and could possibly move higher later in the year, if tariffs begin to fuel inflation. Additionally, foreign demand is likely to turn more negative for both corporate fixed income securities and Treasuries, as retaliatory measures by other countries could lead to curtailed demand and possible selling. Board of Directors Meetings: At the regular March and June 2025 meetings of the Board of Directors, the Board declared the following monthly dividends:

| Cents 
 Per   
 Share |     | Record 
 Date   |     | Payable 
 Date    |     | Cents 
   Per 
 Share |     | Record    
 Date      |     | Payable   
 Date      |
| 6.5   |     | April  
 30     |     | May     
 12      |     |   6.5 |     | July      
 31        |     | August    
 11        |
| 6.5   |     | May    
 30     |     | June    
 10      |     |   6.5 |     | August    
 29        |     | September 
 10        |
| 6.5   |     | June   
 30     |     | July    
 10      |     |   6.5 |     | September 
 30        |     | October   
 10        |

Managed Distribution Plan: The Fund seeks to provide