Cutwater Select Income Fund announced that Mr. Morris Lloyd, Jr. retired from his position on the Board of Trustees of the Fund. Mr. Lloyd served as a member of the Fund's Audit and Nominating Committees. The Board of Trustees appointed Mr. Thomas E. Spock to serve as a Trustee effective March 31, 2013.

Mr. Spock was also appointed to serve as a member of the Fund's Audit and Nominating Committees. Mr. Spock is currently a Partner at Scalar Media Partners, LLC.