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ARMONK, N.Y.--([ BUSINESS WIRE ])--The Cutwater Select Income Fund (NYSE: CSI) (the aFunda) declared a dividend of $0.2875 on December 14, 2011, payable on January 25, 2012, to shareholders of record on December 29, 2011, with a Net Asset Value and New York Stock Exchange ex-dividend date of December 27, 2011 and a comparison date of January 20, 2012.

The dividend of $0.2875 per share would equate to an annual dividend rate for the last four quarters of $1.15 per share.

The Fund's investment objective is to seek a high rate of return from interest income and trading activity. The Fund will also seek capital appreciation by purchasing debt securities at prices that the Fundas advisor, Cutwater Investor Services Corp., believes are below their intrinsic value. The Fund will also look to benefit from trading securities to optimize the risk adjusted yields.

A portion of a Fund's current distribution may include sources other than net investment income, including a return of capital. Investors should understand that a return of capital is not a distribution from income or gains of a Fund. As required under the Investment Company Act of 1940, as amended, a notice with the estimated components of the distribution will be sent to shareholders at the time of payment if it does not consist solely of net investment income. Such notice will also be posted to the Fundas website at [ www.cutwater.com ]. The notice should not be used to prepare tax returns as the estimates indicated in the notice may differ from the ultimate federal income tax characterization of distributions. After the end of each calendar year, investors will be sent a Form 1099-DIV informing them how to report distributions received during that year for federal income tax purposes.

Statements in this press release that are not historical facts are forward-looking statements as defined by the United States securities laws. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to uncertainties and other factors which are, in some cases, beyond the Fund's control and could cause actual results to differ materially from those set forth in the forward-looking statements.

An investor should consider a Fund's investment objectives, risks, charges and expenses carefully before investing.

Declaration Date: December 14, 2011