Company: DNP
Filing Date: 2025-06-20
Form Type: N-CSRS
Source: 0001193125-25-143433
Chunk: 5

Company: DNP SELECT INCOME FUND INC
Filing Date: 2025-06-20
Form: N-CSRS
Chunk 5
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3

Alternatively, a sudden or unexpected rise in interest rates would likely reduce the total return of fixed income investments, since higher interest rates could be expected to depress the valuations of fixed rate bonds held in a portfolio. Maturity and duration are measures of the sensitivity of a fund’s fixed income investments to changes in interest rates. More specifically, duration refers to the percentage change in a bond’s price for a given change in rates (typically +/- 100 basis points). In general, the greater the average maturity and duration of a portfolio, the greater is the potential percentage price volatility for a given change in interest rates. As of April 30, 2025, the Fund’s fixed income investments had an average maturity of 5.0 years and duration of 4.0 years, while the Bloomberg U.S. Utility Bond Index had an average maturity of 13.1 years and duration of 8.2 years. In addition to the Fund’s fixed income investments, the income-oriented equity investments held in the Fund can be adversely affected by a rise in interest rates. However, if improved economic growth accompanies the rising rates, the impact on income-oriented equity investments may be mitigated. As a practical matter, it is not possible for the Fund’s portfolio of investments to be completely insulated from unexpected moves in interest rates. Management believes that over the long term, the conservative distribution of fixed income investments along the yield curve and the growth potential of income-oriented equity holdings positions the Fund to take advantage of future opportunities while limiting volatility to some degree. However, a sustained and meaningful rise in interest rates from current levels would have the potential to significantly reduce the total return of leveraged funds holding income-oriented equities and fixed income investments, including DNP. A significant rise in interest rates would likely put downward pressure on both the net asset value and market price of such funds. Visit us on the Web: You can obtain the most recent shareholder financial reports and distribution information at our website, www.dpimc.com/dnp. We appreciate your interest in DNP Select Income Fund Inc. and will continue to do our best to be of service to you.

| Connie                                
 M. Luecke, CFA                        
 President and Chief Executive Officer | David D. Grumhaus,                          
 Jr.                                         
 Vice President and Chief Investment Officer |

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein, are those of the portfolio