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<SEC-DOCUMENT>0000930413-05-007680.txt : 20051116
<SEC-HEADER>0000930413-05-007680.hdr.sgml : 20051116
<ACCEPTANCE-DATETIME>20051116100905
ACCESSION NUMBER:		0000930413-05-007680
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050930
FILED AS OF DATE:		20051116
DATE AS OF CHANGE:		20051116
EFFECTIVENESS DATE:		20051116

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DNP SELECT INCOME FUND INC
		CENTRAL INDEX KEY:			0000806628
		IRS NUMBER:				363480989
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04915
		FILM NUMBER:		051208419

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 32760
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40232
		BUSINESS PHONE:		3123685510

	MAIL ADDRESS:	
		STREET 1:		PO BOX 32760
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40232

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DUFF & PHELPS SELECTED UTILITIES INC
		DATE OF NAME CHANGE:	19910429
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>c39850_n-q.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=78% align=center>&nbsp;</TD>
  <TD colspan=2 align=center><hr size="1" noshade>    </TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
	<TD colspan=2 align=center nowrap>
<FONT size=2 face="serif">OMB APPROVAL</FONT>
	</TD>
  </TR>
<TR>
	<TD>&nbsp;

	</TD>
    <TD width=11% nowrap><HR noshade size=1></TD>
    <TD width=11% nowrap><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">OMB Number:</FONT>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">3235-0578</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
	<TD align=left nowrap>
<FONT size=2 face="serif">Expires:</FONT>&nbsp;
	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">May 31, 2007</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
    <TD colspan=2 align=left nowrap> <FONT size=2 face="serif">Estimated average burden</FONT>&nbsp; </TD>
  </TR>
<TR valign="bottom">
	<TD align=left>&nbsp;</TD>
	<TD align=left nowrap> <FONT size=2 face="serif">hours per response:</FONT>&nbsp; </TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">21.09</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD>&nbsp;

	</TD>
	<TD nowrap><hr size="1" noshade>    </TD>
	<TD nowrap>
      <hr size="1" noshade>
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">UNITED STATES </FONT></P>
<P align="center">
<FONT size=2 face="serif">SECURITIES AND EXCHANGE COMMISSION </FONT></P>
<P align="center">
<FONT size=2 face="serif">Washington, D.C. 20549 </FONT></P>
<P align="center">
<B><FONT size=2 face="serif">FORM N-Q </FONT></B></P>
<center>
  <B><FONT size=2 face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B><BR>
  <B><FONT size=2 face="serif">MANAGEMENT INVESTMENT COMPANY </FONT></B><BR>
</center>
<P align="center">
<FONT size=2 face="serif">Investment Company Act file number </FONT><U><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-4915&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="center">
&nbsp;<U><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNP
Select Income Fund Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>
<P align="center"><FONT size=2 face="serif">(Exact name of registrant as specified in charter) </FONT></P>
<P align="center">
&nbsp;<FONT size=2 face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55
East Monroe Street, Chicago, Illinois 60603&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> </FONT></P>
<P align="center"><FONT size=2 face="serif">(Address of principal executive offices)
    (Zip code) </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=19% align=left>&nbsp;</TD>
	<TD width=33% align=left>
<FONT size=2 face="serif">Nathan I. Partain</FONT>&nbsp;
	</TD>
	<TD width=14%>&nbsp;
	</TD>
	<TD width=34% align=left>
<FONT size=2 face="serif">John R. Sagan</FONT>&nbsp;
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="serif">DNP Select Income Fund Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Mayer, Brown, Rowe &amp; Maw LLP</FONT>&nbsp;
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="serif">55 East Monroe Street</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">71 South Wacker Drive</FONT>&nbsp;
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="serif">Chicago, Illinois 60603</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Chicago, Illinois 60606</FONT>&nbsp;
	</TD>
  </TR>
</TABLE>
<center>
  <BR>
  <FONT size=2 face="serif">(Name and address of agents for service) </FONT>
</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Registrant&#146;s telephone number, including area
code:</FONT>&nbsp;
<u><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312) 368-5510&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></u></TD>
  </TR>
<TR>
	<TD>
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Date of fiscal year end:</FONT> <FONT size=2 face="serif"><u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December
31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT></TD>
  </TR>
<TR>
	<TD>
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Date of reporting period:</FONT> <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">September
30, 2005</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</u></TD>
  </TR>
<TR>
	<TD>
	</TD>
  </TR>
</TABLE>
<BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (&sect;&sect; 239.24 and 274.5 of this chapter), to file reports
with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1 -5). The Commission may use the information provided on Form N-Q in
its regulatory, disclosure review, inspection, and policymaking roles. </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of
information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (&#147;OMB&#148;) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any
suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. &sect; 3507.
</FONT></P>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>

<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=7% align=right>
      <div align="left"><FONT size=2 face="serif">ITEM 1.</FONT>&nbsp;
      </div></TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=86% align=left>
<FONT size=2 face="serif">SCHEDULE OF INVESTMENTS.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">The Schedule of Investments follows.</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<center>
  <B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
  <B><FONT face="serif">STATEMENT OF NET ASSETS</FONT></B><BR>
  <B><FONT face="serif">(UNAUDITED)</FONT></B><BR>
  <B><FONT size=2 face="serif">September 30, 2005</FONT></B>
</center>
<P> <B><FONT size=2 face="serif">COMMON STOCKS&#151;96.6%</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="5%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="73%" align=left>&nbsp; </TD>
    <TD width="12%">&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Shares</FONT></B>&nbsp; </div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <B><FONT size=2 face="serif">Company</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD>
      <HR align="left" width="60" size=1 noshade>
    </TD>
    <TD> </TD>
    <TD width="1%">
      <HR noshade size=1>
    </TD>
    <TD width="7%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=6>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="serif">ELECTRIC&#151;62.7%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">982,300</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Ameren Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">52,543,227</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">860,245</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Cinergy Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">38,203,480</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">872,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Consolidated Edison Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">42,335,600</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,013,650</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Dominion Resources Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">87,315,811</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">977,193</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">DTE Energy Co.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">44,814,071</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,100,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Energy East Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">27,709,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,464,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Exelon Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">78,236,160</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,535,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">FirstEnergy Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">80,004,200</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,735,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">FPL Group Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">82,586,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">800,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Great Plains Energy Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">23,928,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,080,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Iberdrola S.A. (Spain)</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">30,273,876</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">188,673</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">National Grid PLC ADR</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">8,858,197</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">675,714</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">National Grid PLC (United Kingdom)</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6,353,583</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">2,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">NiSource Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">48,500,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">2,237,200</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">NSTAR</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">64,699,824</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">OGE Energy Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">28,100,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,250,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">PG&amp;E Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">49,062,500</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,200,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">PPL Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">38,796,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,500,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Pinnacle West Capital Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">66,120,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,375,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Progress Energy Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">61,531,250</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Puget Energy, Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">23,480,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">600,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">SCANA Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">25,344,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Scottish &amp; Southern Energy
        ADR</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">18,204,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">850,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Scottish &amp; Southern Energy
        PLC (United Kingdom)</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15,473,438</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">409,500</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Sempra Energy</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">19,271,070</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">2,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Southern Co.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">71,520,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,500,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Vectren Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">42,525,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">581,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">WPS Resources Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">33,581,800</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">3,499,304</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Xcel Energy Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">68,621,352</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=right> <FONT size=2 face="serif">1,277,991,439</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">The accompanying notes are an integral
    part of the financial statement.</FONT></P>
<P align="center"> <FONT size=2 face="serif">5</FONT></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<center>
  <B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
  <B><FONT face="serif">STATEMENT OF NET ASSETS&#151;(Continued)</FONT></B><BR>
  <B><FONT face="serif">(UNAUDITED)</FONT></B><BR>
  <B><FONT size=2 face="serif">September 30, 2005</FONT></B>
</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=5% align=left>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=68% align=left>&nbsp;</TD>
    <TD width=18%>&nbsp;</TD>
    <TD width=1% align=left>&nbsp;</TD>
    <TD width=6% align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Shares</FONT></B>&nbsp; </div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <B><FONT size=2 face="serif">Company</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD>
      <HR align="left" width="60" size=1 noshade>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=6>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="serif">GAS&#151;7.7%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,076,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">AGL Resources Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp; </div></TD>
    <TD align=right> <FONT size=2 face="serif">39,930,360</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Atmos Energy Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">28,250,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,043,055</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Keyspan Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">38,363,563</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">471,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Peoples Energy Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">18,547,980</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">WGL Holdings Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">32,130,000</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">157,221,903</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="serif">TELECOMMUNICATION&#151;15.3%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">177,100</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Alltel Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">11,530,981</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,600,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BCE Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">43,904,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">565,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BT Group PLC ADR</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">22,396,600</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">475,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Belgacom S.A.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">16,155,411</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,529,200</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BellSouth Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">40,217,960</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,350,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Chunghwa Telecom Co. Ltd.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">24,988,500</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">2,500,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Citizens Communications Co.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">33,875,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,392,230</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">SBC Communications, Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">33,371,753</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">856,250</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Telecom Corp of New Zealand Ltd.
        ADR</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">28,770,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,068,400</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Telstra Corp. Ltd. ADR</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">16,634,988</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,223,492</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Verizon Communications Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">39,995,953</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">311,841,146</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="serif">NON-UTILITY&#151;10.9%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">82,938</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">AMB Property Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">3,723,916</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">54,096</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Alexandria Real Estate Equities
        Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">4,473,198</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">193,367</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Archstone Smith Trust</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7,709,542</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">29,861</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">AvalonBay Communities Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2,559,088</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">147,218</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Boston Properties Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">10,437,756</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">67,586</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">CBL &amp; Associates Properties
        Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2,770,350</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">60,363</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Camden Property Trust</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">3,365,237</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">253,470</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">CenterPoint Properties Trust</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">11,355,456</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">213,251</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Corporate Office Properties Trust</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">7,453,122</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">227,689</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Developers Diversified Realty Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">10,633,076</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">The accompanying notes are an integral
    part of the financial statement.</FONT></P>
<P align="center"> <FONT size=2 face="serif">6</FONT></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P align="center"> <B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
    <B><FONT face="serif">STATEMENT OF NET ASSETS&#151;(Continued)</FONT></B><BR>
    <B><FONT face="serif">(UNAUDITED)</FONT></B><BR>
    <B><FONT size=2 face="serif">September 30, 2005</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=4% align=left>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=70% align=left>&nbsp;</TD>
    <TD width=15%>&nbsp;</TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=7% align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Shares</FONT></B>&nbsp; </div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <B><FONT size=2 face="serif">Company</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD>
      <HR align="left" width="60" size=1 noshade>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">89,481</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Digital Realty Trust Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1,610,658</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">153,154</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Equity Office Properties Trust</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5,009,667</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">220,180</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Equity Residential</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">8,333,813</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">47,604</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Essex Property Trust Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">4,284,360</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">83,441</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Extra Space Storage Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1,283,323</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">275,942</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">General Growth Properties Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">12,398,074</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">8,423</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Health Care REIT Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">312,409</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">23,013</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Home Properties Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">903,260</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">61,318</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Hospitality Properties Trust</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2,628,090</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">153,440</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Host Marriott Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2,593,136</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">149,583</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Innkeepers USA Trust</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2,311,057</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">70,004</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Kilroy Realty Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">3,922,324</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">195,886</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Kimco Realty Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6,154,738</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">99,965</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">LaSalle Hotel Properties</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">3,443,794</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">137,026</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">The Macerich Co.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">8,898,469</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">38,500</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">The Mills Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2,120,580</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">100,637</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Pan Pacific Retail Properties Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6,631,978</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">262,382</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">ProLogis</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">11,626,147</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">91,078</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Public Storage, Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6,102,226</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">23,321</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Realty Income Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">557,605</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">186,480</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Reckson Associates Realty Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">6,442,884</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">98,061</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Regency Centers Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5,633,604</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">224,131</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Simon Property Group Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">16,612,590</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">138,611</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">SL Green Realty Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">9,450,498</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">69,485</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Starwood Hotels &amp; Resorts Worldwide,
        Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">3,972,458</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">199,537</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Sunstone Hotel Investors Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">4,866,707</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">99,225</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">United Dominion Realty Trust Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2,351,633</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">68,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">U-Store-It Trust</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">1,378,360</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">91,780</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Ventas Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2,955,316</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">133,459</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Vornado Realty Trust</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">11,560,219</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">54,927</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Weingarten Realty Investors</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">2,078,987</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">222,909,705</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Total Common Stocks (Cost&#151;&#36;1,636,463,526)</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=right> <FONT size=2 face="serif">1,969,964,193</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD colspan=2>
      <HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">The accompanying notes are an integral
    part of the financial statement.</FONT></P>
<P align="center"> <FONT size=2 face="serif">7</FONT></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P align="center"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT face="serif">DNP SELECT
      INCOME FUND INC. <br>
  STATEMENT OF NET ASSETS&#151;(Continued) <br>
  (UNAUDITED)<br>
</FONT></B><B><FONT size=2 face="serif">September 30, 2005</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan=3 align=left>&nbsp;</TD>
    <TD width=13%>&nbsp;</TD>
    <TD width=1% align=left>&nbsp;</TD>
    <TD width=6% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left> <B><FONT size=2 face="serif">PREFERRED STOCKS&#151;9.3%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=73% align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Shares</FONT></B>&nbsp; </div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <B><FONT size=2 face="serif">Company</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD>
      <HR align="left" width="60" size=1 noshade>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=6>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="serif">UTILITY&#151;8.2%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">1,200,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Great Plains Energy Inc. 8% due
        2/16/07</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp; </div></TD>
    <TD align=left>
      <div align="right"><FONT size=2 face="serif">33,396,000</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">775,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Oneok Inc. 8</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">2</FONT><FONT size=2 face="serif">%
        due 2/16/06</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"><FONT size=2 face="serif">32,147,000</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">220,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Southern California Edison 6</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%
        Perpetual</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"><FONT size=2 face="serif">22,123,750</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">172,700</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Southern Union Co. 5</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT><FONT size=2 face="serif">%
        due 8/16/06</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"><FONT size=2 face="serif">13,592,354</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">400,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">TXU Corp. 8</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT><FONT size=2 face="serif">%
        due 11/16/05</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"><FONT size=2 face="serif">20,384,000</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">500,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">TXU Corp. 8</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%
        due 5/16/06</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"><FONT size=2 face="serif">45,475,000</FONT>&nbsp; </div></TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR align="right" size=1 noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"><FONT size=2 face="serif">167,118,104</FONT>&nbsp; </div></TD>
  </TR>
  <TR>
    <TD colspan=6>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="serif">NON-UTILITY&#151;1.1%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">400,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Federal National Mortgage Association
        7% Perpetual</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"><FONT size=2 face="serif">22,025,000</FONT>&nbsp; </div></TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR align="right" size=1 noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Total Preferred Stocks (Cost&#151;&#36;137,717,503)</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"><FONT size=2 face="serif">189,143,104</FONT>&nbsp; </div></TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<P> <B><FONT size=2 face="serif">BONDS&#151;29.5%</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=6% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=42% align=left>&nbsp; </TD>
    <TD width=28%>&nbsp; </TD>
    <TD colspan=3 align=center> <B><FONT size=2 face="serif">Ratings</FONT></B>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=6% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD colspan=3>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD></TD>
    <TD> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD width=5% align=left>
      <center>
    </center></TD>
    <TD width=2%>
      <center>
    </center></TD>
    <TD width=5% align=left>
      <center>
        <B><FONT size=2 face="serif">Standard</FONT></B>&nbsp;
    </center></TD>
    <TD>&nbsp; </TD>
    <TD colspan="2">
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>
      <center>
    </center></TD>
    <TD>
      <center>
    </center></TD>
    <TD align=center>
      <center>
        <B><FONT size=2 face="serif">and</FONT></B>&nbsp;
    </center></TD>
    <TD>&nbsp; </TD>
    <TD colspan="2">
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center nowrap>
      <div align="left"><B><FONT size=2 face="serif">Par Value</FONT></B>&nbsp; </div></TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>
      <center>
        <B><FONT size=2 face="serif">Moody&#146;s</FONT></B>&nbsp;
    </center></TD>
    <TD>
      <center>
    </center></TD>
    <TD align=left>
      <center>
        <B><FONT size=2 face="serif">Poor&#146;s</FONT></B>&nbsp;
    </center></TD>
    <TD>&nbsp; </TD>
    <TD colspan="2">
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD><hr size="1" noshade>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=10>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="serif">ELECTRIC&#151;10.4%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">&#36;18,050,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Comed Financing II</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">2</FONT><FONT size=2 face="serif">%,
        due 1/15/27</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">&#36;18,840,680</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">9,304,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Commonwealth Edison Co.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">8%, due 5/15/08</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">9,989,407</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">24,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Dominion Resources Capital Trust
        I</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">7.83%, due 12/01/27</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">26,010,936</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">9,431,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">FPL Group Capital Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%,
        due 9/15/06</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">9,699,285</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">22,500,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Illinois Power Co.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">2</FONT><FONT size=2 face="serif">%,
        due 6/15/09</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">24,398,190</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">6,314,929</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Niagara Mohawk Power Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%,
        due 10/01/05</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">6,314,929</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">The accompanying notes are an integral
    part of the financial statement.</FONT></P>
<P align="center"> <FONT size=2 face="serif">8</FONT></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<center>
  <B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
  <B><FONT face="serif">STATEMENT OF NET ASSETS&#151;(Continued)</FONT></B><BR>
  <B><FONT face="serif">(UNAUDITED)</FONT></B><BR>
  <B><FONT size=2 face="serif">September 30, 2005</FONT></B>
</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=6% align=left>&nbsp;</TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=42% align=left>&nbsp;</TD>
    <TD width=28%>&nbsp;</TD>
    <TD colspan=3 align=center>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% align=left>&nbsp;</TD>
    <TD width=6% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=3 align=center> <B><FONT size=2 face="serif">Ratings</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD colspan=3>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD width=5% align=left>
      <center>
    </center></TD>
    <TD width=2%>
      <center>
    </center></TD>
    <TD width=5% align=left>
      <center>
        <B><FONT size=2 face="serif">Standard</FONT></B>&nbsp;
    </center></TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>
      <center>
    </center></TD>
    <TD>
      <center>
    </center></TD>
    <TD align=center>
      <center>
        <B><FONT size=2 face="serif">and</FONT></B>&nbsp;
    </center></TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Par Value</FONT></B>&nbsp; </div></TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>
      <center>
        <B><FONT size=2 face="serif">Moody&#146;s</FONT></B>&nbsp;
    </center></TD>
    <TD>
      <center>
    </center></TD>
    <TD align=left>
      <center>
        <B><FONT size=2 face="serif">Poor&#146;s</FONT></B>&nbsp;
    </center></TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD colspan="2">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">&#36;15,825,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Niagara Mohawk Power Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%,
        due 5/15/07</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp; </div></TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">16,850,207</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">5,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">NSTAR</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">8.00% due 2/15/10</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">5,608,010</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">9,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">PSEG Power LLC</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%,
        due 4/15/31</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">11,717,325</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">22,750,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Puget Capital Trust</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">8.231%, due 6/01/27</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Ba1</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BB</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">22,693,534</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">12,915,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Sempra Energy</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">7.95%, due 3/1/10</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">14,355,991</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">13,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Southern Co. Capital Trust II</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">8.14%, due 2/15/27</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">13,965,419</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">11,750,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Virginia Electric &amp; Power Co.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%,
        due 10/01/24</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">12,189,285</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">17,700,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Virginia Electric &amp; Power Co.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT><FONT size=2 face="serif">%,
        due 3/01/25</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">18,356,847</FONT>&nbsp; </div></TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR align="right" size=1 noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">210,990,045</FONT>&nbsp; </div></TD>
  </TR>
  <TR>
    <TD colspan=10>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="serif">GAS&#151;3.4%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">5,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">KN Energy Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT><FONT size=2 face="serif">%,
        due 3/01/28</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">5,721,040</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">7,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Keyspan Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">5</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%,
        due 11/15/10</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">7,903,616</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Northern Border Partners LP</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%,
        due 6/15/10</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">11,545,860</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">6,488,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Southern Union Co.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">7.60%, due 2/01/24</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa3</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">7,676,705</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">8,850,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Southern Union Co.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT><FONT size=2 face="serif">%,
        due 11/15/29</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa3</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">11,243,730</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">TE Products Pipeline Co.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">7.51%, due 1/15/28</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa3</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">10,511,180</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">The accompanying notes are an integral
    part of the financial statement.</FONT></P>
<P align="center"> <FONT size=2 face="serif">9</FONT></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P align="center"> <B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
    <B><FONT face="serif">STATEMENT OF NET ASSETS&#151;(Continued)</FONT></B><BR>
    <B><FONT face="serif">(UNAUDITED)</FONT></B><BR>
    <B><FONT size=2 face="serif">September 30, 2005</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="6%" align=left>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%" align=left>&nbsp;</TD>
    <TD width="42%" align=left>&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD colspan=3 align=center>&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=3 align=center> <B><FONT size=2 face="serif">Ratings</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD colspan=3>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD width="5%" align=left>
      <center>
    </center></TD>
    <TD width="2%">
      <center>
    </center></TD>
    <TD width="5%" align=left>
      <center>
        <B><FONT size=2 face="serif">Standard</FONT></B>&nbsp;
    </center></TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>
      <center>
    </center></TD>
    <TD>
      <center>
    </center></TD>
    <TD align=center>
      <center>
        <B><FONT size=2 face="serif">and</FONT></B>&nbsp;
    </center></TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Par Value</FONT></B>&nbsp; </div></TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>
      <center>
        <B><FONT size=2 face="serif">Moody&#146;s</FONT></B>&nbsp;
    </center></TD>
    <TD>
      <center>
    </center></TD>
    <TD align=left>
      <center>
        <B><FONT size=2 face="serif">Poor&#146;s</FONT></B>&nbsp;
    </center></TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD colspan="2">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">&#36;15,500,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="serif">Trans-Canada Pipeline</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left nowrap> <FONT size=2 face="serif">9</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%,
        due&nbsp;</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">4/20/06</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp; </div></TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">15,874,775</FONT>&nbsp; </div></TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR align="right" size=1 noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">70,476,906</FONT>&nbsp; </div></TD>
  </TR>
  <TR>
    <TD colspan=11>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="serif">TELECOMMUNICATION&#151;12.0%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">8,301,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="serif">AT&amp;T Wireless Services
        Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="serif">7.35%, due 3/01/06</FONT></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">8,398,238</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">15,200,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="serif">AT&amp;T Wireless Services
        Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left> <FONT size=2 face="serif">7<SUP>1</SUP>/</FONT><FONT size=1 face="serif">2</FONT><FONT size=2 face="serif">%,
        due 5/01/07</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">15,869,864</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">5,098,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="serif">BellSouth Capital Funding
        Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left> <FONT size=2 face="serif">7<SUP>3</SUP>/</FONT><FONT size=1 face="serif">4</FONT><FONT size=2 face="serif">%,
        due 2/15/10</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">5,685,345</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">22,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="serif">British Telecom PLC</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left> <FONT size=2 face="serif">8<SUP>3</SUP>/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%,
        due 12/15/10</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">25,500,090</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">15,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="serif">Centurytel Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left> <FONT size=2 face="serif">8<SUP>3</SUP>/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%,
        due 10/15/10</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">16,963,515</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="serif">Centurytel Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left> <FONT size=2 face="serif">6<SUP>7</SUP>/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%,
        due 1/15/28</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">10,383,940</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">5,645,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="serif">Comcast Cable Communications
        Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left> <FONT size=2 face="serif">8<SUP>3</SUP>/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%,
        due 5/01/07</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">5,958,190</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="serif">France Telecom SA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="serif">7.20%, due 3/01/06</FONT></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">10,117,030</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="serif">France Telecom SA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left> <FONT size=2 face="serif">7<SUP>3</SUP>/</FONT><FONT size=1 face="serif">4</FONT><FONT size=2 face="serif">%,
        due 3/01/11</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">11,367,400</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">17,625,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="serif">GTE Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="serif">7.90%, due 2/01/27</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">18,809,347</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">5,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="serif">GTE North Inc., Series
        C</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left> <FONT size=2 face="serif">7<SUP>5</SUP>/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%,
        due 5/15/26</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A1</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">5,219,805</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">17,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="serif">Koninklijke KPN NV</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="serif">8%, due </FONT> <FONT size=2 face="serif">10/01/10</FONT>&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">19,300,185</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="serif">Sprint Capital Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left> <FONT size=2 face="serif">8<SUP>3</SUP>/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%,
        due 3/15/12</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">11,783,390</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=2 align=left> <FONT size=2 face="serif">TCI Communications Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left> <FONT size=2 face="serif">8<SUP>3</SUP>/</FONT><FONT size=1 face="serif">4</FONT><FONT size=2 face="serif">%,
        due 8/01/15</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">12,438,320</FONT>&nbsp; </div></TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">The accompanying notes are an integral
    part of the financial statement.</FONT></P>
<P align="center"> <FONT size=2 face="serif">10</FONT></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<center>
  <B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
  <B><FONT face="serif">STATEMENT OF NET ASSETS&#151;(Continued)</FONT></B><BR>
  <B><FONT face="serif">(UNAUDITED)</FONT></B><BR>
  <B><FONT size=2 face="serif">September 30, 2005</FONT></B>
</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=6% align=left>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=52% align=left>&nbsp;</TD>
    <TD width=19%>&nbsp;</TD>
    <TD colspan=3 align=center>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=1% align=left>&nbsp;</TD>
    <TD width=6% align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan=3 align=center> <B><FONT size=2 face="serif">Ratings</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD colspan=3>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD width=5% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=5% align=left>
      <center>
        <B><FONT size=2 face="serif">Standard</FONT></B>&nbsp;
    </center></TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center>
      <center>
        <B><FONT size=2 face="serif">and</FONT></B>&nbsp;
    </center></TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center>
      <div align="left"><B><FONT size=2 face="serif">Par Value</FONT></B>&nbsp; </div></TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>
      <center>
        <B><FONT size=2 face="serif">Moody&#146;s</FONT></B>&nbsp;
    </center></TD>
    <TD>&nbsp; </TD>
    <TD align=left>
      <center>
        <B><FONT size=2 face="serif">Poor&#146;s</FONT></B>&nbsp;
    </center></TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD colspan="2">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">&#36;11,500,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Telefonica Europe BV</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT><FONT size=2 face="serif">%,
        due 9/15/10</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp; </div></TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">12,977,578</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">12,295,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">360 Communications Co.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">7.60%, due 4/01/09</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">13,360,411</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">10,500,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Verizon Global Funding Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT><FONT size=2 face="serif">%,
        due 12/01/30</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">12,831,168</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">20,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Vodaphone Group PLC</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT><FONT size=2 face="serif">%,
        due 2/15/10</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">22,329,200</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">5,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Vodaphone Group PLC</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%,
        due 2/15/30</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">6,387,555</FONT>&nbsp; </div></TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR align="right" size=1 noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">245,680,571</FONT>&nbsp; </div></TD>
  </TR>
  <TR>
    <TD colspan=10>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="sans-serif">&#149; </FONT><B><FONT size=2 face="serif">NON-UTILITY&#151;3.7%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">#16,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">CIT Group Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">4.07%, due 6/07/06</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">16,024,208</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">8,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Dayton Hudson Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">9</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%,
        due 7/01/20</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">11,491,752</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">EOP Operating LP</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT><FONT size=2 face="serif">%,
        due 11/15/07</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">10,591,570</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">#15,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Sigma Finance Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">3.81%, due 12/16/05</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Aaa</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">AAA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">15,000,706</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">#22,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Whistlejacket Capital LLC</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">3.965%, due 3/03/06</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Aaa</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">AAA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">22,005,566</FONT>&nbsp; </div></TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR align="right" size=1 noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">75,113,802</FONT>&nbsp; </div></TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR align="right" size=1 noshade>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Total Bonds (Amortized Cost&#151;&#36;603,627,934)</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center>
      <div align="right"><FONT size=2 face="serif">602,261,324</FONT>&nbsp; </div></TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">The accompanying notes are an integral
    part of the financial statement.</FONT></P>
<P align="center"> <FONT size=2 face="serif">11</FONT></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<center>
  <B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
  <B><FONT face="serif">STATEMENT OF NET ASSETS&#151;(Continued)</FONT></B><BR>
  <B><FONT face="serif">(UNAUDITED)</FONT></B><BR>
  <B><FONT size=2 face="serif">September 30, 2005</FONT></B>
</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=1% align=left>&nbsp;</TD>
    <TD width=1% align=left>&nbsp;</TD>
    <TD width=6% align=left>&nbsp;</TD>
    <TD width=2%>&nbsp;</TD>
    <TD width=73% align=left>&nbsp;</TD>
    <TD width=9%>&nbsp;</TD>
    <TD width=2% align=left>&nbsp;</TD>
    <TD width=6% align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left> <B><FONT size=2 face="serif">Par Value/</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left> <B><FONT size=2 face="serif">Shares</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left nowrap>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD colspan=3>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=5 align=left> <B><FONT size=2 face="serif">MONEY MARKET INSTRUMENTS&#151;26.2%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">#</FONT>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">3,514</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">AIM STIC Liquid Assets Portfolio</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp; </div></TD>
    <TD align=right> <FONT size=2 face="serif">3,514</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">#</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">50,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Banc of America Securities LLC
        Repurchase Agreement,</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">3.988%, dated 9/30/05, due 10/03/05,
        with a repurchase price of</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;50,016,617 and collateralized
        by &#36;51,000,427 market value of</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">corporate bonds and medium term
        notes having an average coupon</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">rate of 6.68% and an original weighted
        average maturity of 7/27/21</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">50,000,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">#</FONT>&nbsp; </TD>
    <TD colspan=2 align=left>
      <div align="right"><FONT size=2 face="serif">100,000,000</FONT>&nbsp; </div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Bear Stearns Inc. Master Note</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">4.058%, due 10/03/05</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">100,000,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">#</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">75,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Dresdner Kleinwort Wasserstein
        Securities LLC Repurchase Agreement,</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">3.988%, dated 9/30/05, due 10/03/05,
        with a repurchase price of</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;75,024,925 and collateralized
        by &#36;76,504,891 market value of</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">collateralized mortgage obligations
        (CMOs) and corporate bonds</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">having an average coupon rate of
        1.77% and an original weighted</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">average maturity of 6/09/19</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">75,000,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">GE Capital Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">3.70%, due 10/03/05</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">9,997,944</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">#</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">48,900,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Goldman Sachs &amp; Co. Repurchase
        Agreement,</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">4.008%, dated 9/30/05, due 10/03/05,
        with a repurchase price of</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;48,016,032 and collateralized
        by &#36;51,000,000 market value of asset</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">backed securities (ABS) having
        an average coupon rate of 3.96%</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">and an original weighted average
        maturity of 4/17/32</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">48,900,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">#</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">50,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Greenwich Capital Markets Inc.
        Repurchase Agreement,</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">4.018%, dated 9/30/05, due 10/03/05,
        with a repurchase price of</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;50,016,742 and collateralized
        by &#36;51,001,101 market value of</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">CMOs having an average coupon rate
        of 5.01% and an original</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">weighted average maturity of 9/12/34</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">50,000,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">#</FONT>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">50,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Lehman Brothers Inc. Repurchase
        Agreement,</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">3.988%, dated 9/30/05, due 10/03/05,
        with a repurchase price of</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;50,016,617 and collateralized
        by &#36;50,998,920 market value of ABS</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">having an average coupon rate of
        5.07% and an original weighted</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">average maturity of 11/28/34</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">50,000,000</FONT>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">The accompanying notes are an integral
    part of the financial statement.</FONT></P>
<P align="center"> <FONT size=2 face="serif">12</FONT></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<P align="center"> <B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
    <B><FONT face="serif">STATEMENT OF NET ASSETS&#151;(Continued)</FONT></B><BR>
    <B><FONT face="serif">(UNAUDITED)</FONT></B><BR>
    <B><FONT size=2 face="serif">September 30, 2005</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=3% align=left>&nbsp;</TD>
    <TD width=6% align=left>&nbsp;</TD>
    <TD width=9%>&nbsp;</TD>
    <TD width=74% align=left>&nbsp;</TD>
    <TD width=1%>&nbsp;</TD>
    <TD width=7% align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD colspan="2">
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left> <B><FONT size=2 face="serif">Par Value/</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD colspan="2">
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left> <B><FONT size=2 face="serif">Shares</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD colspan="2" nowrap>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD colspan=2>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD> </TD>
    <TD><hr size="1" noshade>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">#&#36;</FONT>&nbsp; </TD>
    <TD align=left>
      <div align="right"><FONT size=2 face="serif">50,000,000</FONT>&nbsp; </div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Merrill Lynch Government Securities
        Inc. Repurchase Agreement,</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">4.008%, dated 9/30/05, due 10/03/05,
        with a repurchase price of</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;50,016,700 and collateralized
        by &#36;52,503,572 market value of</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">CMOs having an average coupon rate
        of 5.39% and an original</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">weighted average maturity of 5/21/33</FONT>&nbsp; </TD>
    <TD><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif"> 50,000,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">#</FONT>&nbsp; </TD>
    <TD align=left>
      <div align="right"><FONT size=2 face="serif">50,000,000</FONT>&nbsp; </div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Morgan Stanley &amp; Co., Inc.
        Repurchase Agreement,</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">3.988%, dated 9/30/05, due 10/03/05,
        with a repurchase price of</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;50,016,617 and collateralized
        by &#36;51,055,123 market value of ABS</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">having an average coupon rate of
        6.25% and an original weighted</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">average maturity of 4/11/28</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">50,000,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">#</FONT>&nbsp; </TD>
    <TD align=left>
      <div align="right"><FONT size=2 face="serif">50,000,000</FONT>&nbsp; </div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Nomura Securities International
        Inc. Repurchase Agreement,</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">3.988%, dated 9/30/05, due 10/03/05,
        with a repurchase price of</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;50,016,617 and collateralized
        by &#36;51,000,001 market value of</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">CMOs having an average coupon rate
        of 5.63% and an original</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">weighted average maturity of 9/25/45</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">50,000,000</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD>
      <div align="right"></div></TD>
    <TD> </TD>
    <TD> </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>
      <div align="right"></div></TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Total Money Market Instruments
        (Amortized Cost&#151;&#36;533,901,458)</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">533,901,458</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=6>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Total Investments&#151;161.6% (Cost&#151;&#36;2,911,710,421)</FONT>&nbsp; </TD>
    <TD><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">3,295,270,079</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=6>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=4 align=left> <B><FONT size=2 face="serif">CASH AND OTHER ASSETS
          LESS LIABILITIES&#151;(37.1%)</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(756,592,063)</FONT> </TD>
  </TR>
  <TR>
    <TD colspan=4> </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=6>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=4 align=left> <B><FONT size=2 face="serif">REMARKETED PREFERRED
          STOCK&#151;(24.5%)</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan=3 align=left> &nbsp;<FONT size=2 face="serif">(&#36;.001 par
        value per share; 100,000,000 shares authorized and 5,000 shares</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan=3 align=left> &nbsp;<FONT size=2 face="serif">issued and outstanding;
        liquidation preference &#36;100,000 per share)</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">(500,000,000)</FONT> </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD colspan=3> </TD>
    <TD><HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=6>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=4 align=left> <B><FONT size=2 face="serif">NET ASSETS APPLICABLE
          TO COMMON STOCK&#151;100.0%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan=3 align=left> &nbsp;<FONT size=2 face="serif">(equivalent to &#36;9.13
        per share of common stock based on 223,181,435 shares</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan=3 align=left> &nbsp;<FONT size=2 face="serif">of common stock
        outstanding; authorized 250,000,000 shares)</FONT>&nbsp; </TD>
    <TD><FONT size=2 face="serif">&#36;</FONT> </TD>
    <TD align=right> <FONT size=2 face="serif">2,038,678,016</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD colspan=3> </TD>
    <TD><hr noshade size=3>
    </TD>
    <TD>
      <hr noshade size=3>
    </TD>
  </TR>
  <TR>
    <TD colspan=6>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan=3 align=left> &nbsp;<FONT size=2 face="serif"># This security
        was purchased with the cash proceeds from securities loans.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=6>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan=3 align=left> &nbsp;<FONT size=2 face="serif">The percentage
        shown for each investment category is the total value of that</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD colspan=3 align=left> &nbsp;<FONT size=2 face="serif">category as a percentage
        of the net assets applicable to common shares of the Fund.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<P align="center"> <FONT size=2 face="serif">The accompanying notes are an integral
    part of the financial statement.</FONT></P>
<P align="center"> <FONT size=2 face="serif">13</FONT></P>
<HR noshade  width="100%" size=4>
<P align="left" style="page-break-before:always"></P>
<PAGE>
<center>
  <B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
  <B><FONT face="serif">STATEMENT OF NET ASSETS&#151;(Continued)</FONT></B><BR>
  <B><FONT face="serif">(UNAUDITED)</FONT></B><BR>
  <B><FONT size=2 face="serif">September 30, 2005</FONT></B>
</center>
<TABLE border=0 cellspacing=0 cellpadding=0>
  <TR>
    <TD nowrap valign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan="2" valign=top nowrap><hr align="left" noshade width="140" size="1">
    </TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <FONT size=2 face="serif">(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD> <FONT size=2 face="serif">The market values for securities are determined
        as follows: Equity securities traded on a national securities exchange
        or traded over-the-counter and quoted on the NASDAQ System are valued
        at last sales prices. Fixed income securities and any other securities
        for which it is determined that market prices are unavailable or inappropriate
        are valued at a fair value using a procedure determined in good faith
        by the Board of Directors which includes the use of a pricing service.
        Each money market instrument having a maturity of 60 days or less is
        valued on an amortized cost basis, which approximates market value.</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD nowrap valign=top> <FONT size=2 face="serif">(2)</FONT></TD>
    <TD> <FONT size=2 face="serif">At December 31, 2004, the Fund&#146;s most
        recent fiscal tax year end, based on a tax cost of investments of &#36;2,776,340,015,
        the Fund had gross unrealized appreciation of &#36;365,962,302 and gross
        unrealized depreciation of &#36;32,560,868.</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
</TABLE>
<P align="center"> <FONT size=2 face="serif">14</FONT></P>
<HR noshade  width="100%" size=4>
<p align="left" style="page-break-before:always"></p>
<page>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width="5%" align=center nowrap>
      <div align="left"><FONT size=2 face="serif">ITEM 2.</FONT>&nbsp;
      </div></TD>
	<TD colspan="2" align=center>
      <div align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">CONTROLS AND PROCEDURES.</FONT>&nbsp;
      </div></TD>
  </TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD colspan="2" align=center><P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a)
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s principal executive officer and principal financial
        officer have concluded that the registrant&#146;s disclosure controls
        and procedures (as defined in Rule 30a-3(c) under the Investment Company
        Act of 1940 (the &#147;1940 Act&#148;)) are effective, based on an evaluation
        of those controls and procedures made as of a date within 90 days of
        the filing date of this report as required by Rule 30a-3(b) under the
        1940 Act and Rule 13a-15(b) under the Exchange Act. </FONT></P>
    <P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There
        has been no change in the registrant&#146;s internal control over financial
        reporting (as defined in Rule 30a-3(d) under the 1940 Act that occurred
        during the registrant&#146;s last fiscal quarter that has materially
        affected, or is reasonably likely to materially affect, the registrant&#146;s
    internal control over financial reporting.</FONT></P></TD>
  </TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>

<TR valign="bottom">
	<TD width=5% align=right>
      <div align="left"><FONT size=2 face="serif">ITEM 3.</FONT>&nbsp;
      </div></TD>
	<TD colspan="2" align=left>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">EXHIBITS.</FONT>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=3>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=14% align=left nowrap>
<FONT size=2 face="serif">Exhibit 99.CERT</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
	</TD>
	<TD width=81% align=left>
<FONT size=2 face="serif">Certifications pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002</FONT></TD>
</TR>
<TR valign="bottom">
	<TD width=5% align=left>&nbsp;

	</TD>
	<TD width=14% align=left>&nbsp;

	</TD>
	<TD width=81% align=left>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<FONT size=2 face="serif">SIGNATURES </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=30% align=left>
<FONT size=2 face="serif">(Registrant)</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">DNP SELECT INCOME FUND INC.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD width=30% align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=left>
<FONT size=2 face="serif">By (Signature and Title)</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">/s/ N</FONT><FONT size=1 face="serif">ATHAN </FONT><FONT size=2 face="serif">I. P</FONT><FONT size=1 face="serif">ARTAIN</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="30%">
	</TD>
	<TD>
<HR align="left" width="300" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Nathan I. Partain</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD width=30% align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=left>
<FONT size=2 face="serif">Date</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">November 14, 2005</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=30% align=left>
<FONT size=2 face="serif">By (Signature and Title)</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">/s/ N</FONT><FONT size=1 face="serif">ATHAN </FONT><FONT size=2 face="serif">I. P</FONT><FONT size=1 face="serif">ARTAIN</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="30%">
	</TD>
	<TD><HR align="left" width="300" size=1 noshade></TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Nathan I. Partain</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD width=30% align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=left>
<FONT size=2 face="serif">Date</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">November 14, 2005</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD width=30% align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=left>
<FONT size=2 face="serif">By (Signature and Title)</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">/s/ J</FONT><FONT size=1 face="serif">OSEPH </FONT><FONT size=2 face="serif">C. C</FONT><FONT size=1 face="serif">URRY</FONT><FONT size=2 face="serif">, J</FONT><FONT size=1 face="serif">R</FONT><FONT size=2
face="serif">.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD width="30%">
	</TD>
	<TD><HR align="left" width="300" size=1 noshade></TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Joseph C. Curry, Jr.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Vice President and Treasurer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD width=30% align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=30% align=left>
<FONT size=2 face="serif">Date</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">November 14, 2005</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c39850_ex99-cert.htm
<TEXT>

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<P align="right">
<B><FONT size=2 face="serif">EXHIBIT 99.CERT </FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">CERTIFICATIONS </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">I, Nathan I. Partain, certify that:</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">1. I have reviewed this report on Form N-Q of DNP Select Income Fund Inc.;</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for
which the report is filed;</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the
equivalent functions):</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></P>
<P>
<FONT size=2 face="serif">Date: November 14, 2005  </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=50% align=left>&nbsp;</TD>
	<TD width=50% align=left>
<FONT size=2 face="serif">/s/ Nathan I. Partain</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
	<TD>
<HR align="left" width="400" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="serif">Nathan I. Partain</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="serif">(Principal Executive Officer)</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

<HR noshade  width="100%" size=4>

<P align="left" style="page-break-before:always"></P>
<PAGE>


<P align="center">
<B><FONT size=2 face="serif">CERTIFICATIONS </FONT></B></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">I, Joseph C. Curry, Jr., certify that:</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">1. I have reviewed this report on Form N-Q of DNP Select Income Fund Inc.;</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for
which the report is filed;</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; </FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and
procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially
affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the
equivalent functions):</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's
ability to record, process, summarize, and report financial information; and</FONT></P>
<P>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></P>
<P>
<FONT size=2 face="serif">Date: November 14, 2005  </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=50% align=left>&nbsp;</TD>
	<TD width=50% align=left>
<FONT size=2 face="serif">/s/ Joseph C. Curry, Jr.</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
	<TD>
      <HR align="left" width="400" size=1 noshade>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="serif">Joseph C. Curry, Jr.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="serif">Vice President and Treasurer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="serif">(Principal Financial Officer)</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

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</DOCUMENT>
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