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<SEC-DOCUMENT>0000930413-06-003906.txt : 20060519
<SEC-HEADER>0000930413-06-003906.hdr.sgml : 20060519
<ACCEPTANCE-DATETIME>20060519111000
ACCESSION NUMBER:		0000930413-06-003906
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060331
FILED AS OF DATE:		20060519
DATE AS OF CHANGE:		20060519
EFFECTIVENESS DATE:		20060519

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:		06854019

	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>c42701_nq.htm
<TEXT>

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

<BODY bgcolor="#ffffff">
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD colspan=2 align=center><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD align=center width=26%>&nbsp;</TD>
    <TD align=center width=26%>&nbsp;</TD>
    <TD align=center width=11%>&nbsp;</TD>
    <TD align=center width=7%>&nbsp;</TD>
    <TD colspan=2 align=center> <FONT size=2 face="serif">OMB APPROVAL</FONT> </TD>
</TR>
<TR>
	<TD width=26%>&nbsp;
	</TD>
    <TD width=26%>&nbsp;</TD>
    <TD width=11%>&nbsp;</TD>
    <TD width=7%>&nbsp;</TD>
    <TD colspan=2><HR noshade size=1></TD>
</TR>
<TR valign="bottom">
	<TD width=26% align=left>&nbsp;
</TD>
	<TD width=26%>&nbsp;
	</TD>
	<TD width=11% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD align=right>
      <div align="left"><font size=2 face="serif">OMB Number:</font>&nbsp; </div></TD>
    <TD align=right><font size=2 face="serif">3235-0578</font>&nbsp; </TD>
</TR>
<TR valign="bottom">
	<TD width=26% align=left>&nbsp;</TD>
	<TD width=26%>&nbsp;
	</TD>
	<TD width=11% align=right>&nbsp;</TD>
    <TD width=7% align=right>&nbsp;</TD>
    <TD width=12% align=right><div align="left"> <FONT size=2 face="serif"> <FONT size=2 face="serif">Expires:</FONT>&nbsp; </FONT> </div></TD>
    <TD width=18% align=right><font size=2 face="serif">May 31, 2007</font>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=26% align=left>&nbsp;</TD>
    <TD width=26% align=left>&nbsp;</TD>
    <TD width=11% align=left>&nbsp;</TD>
    <TD width=7% align=left>&nbsp;</TD>
    <TD colspan=2 align=left><div align="left"> <FONT size=2 face="serif">Estimated average burden</FONT>&nbsp; </div></TD>
</TR>
<TR valign="bottom">
	<TD colspan=3 align=left>&nbsp;</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=12% align=right nowrap>
    <div align="left"><FONT size=2 face="serif"> <FONT size=2 face="serif">hours per response:</FONT>&nbsp; </FONT></div></TD>
    <TD width=18% align=right><font size=2 face="serif">21.09</font>&nbsp; </TD>
</TR>
<TR>
	<TD colspan=3>&nbsp;
	</TD>
	<TD>
	</TD>
	<TD colspan="2">
<HR noshade size=2>
	</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>
<P align="center">
<B><FONT size=2 face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED <br>
MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P align="center">
<FONT size=2 face="serif">Investment Company Act file number </FONT><U><FONT size=2 face="serif">811-4915 </FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="center">
<U><FONT size=2 face="serif">DNP Select Income Fund Inc.</FONT></U><FONT size=2 face="serif"> </FONT></P>
<P align="center">
<FONT size=2 face="serif">(Exact name of registrant as specified in charter) </FONT></P>
<P align="center">
<FONT size=2 face="serif"><U>55 East Monroe Street, Chicago, Illinois 60603</U> </FONT></P>
<P align="center">
<FONT size=2 face="serif">(Address of principal executive offices) (Zip code) </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR valign="bottom">
  <TD width=26% align=left>&nbsp;</TD>
	<TD width=26% align=left>
<FONT size=2 face="serif">Nathan I. Partain</FONT>&nbsp;
	</TD>
	<TD width=13%>&nbsp;
	</TD>
	<TD width=35% align=left>
<FONT size=2 face="serif">John R. Sagan</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD width=26% align=left>&nbsp;</TD>
	<TD width=26% align=left>
<FONT size=2 face="serif">DNP Select Income Fund Inc.</FONT>&nbsp;
	</TD>
	<TD width=13%>&nbsp;
	</TD>
	<TD width=35% align=left>
<FONT size=2 face="serif">Mayer, Brown, Rowe &amp; Maw LLP</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD width=26% align=left>&nbsp;</TD>
	<TD width=26% align=left>
<FONT size=2 face="serif">55 East Monroe Street</FONT>&nbsp;
	</TD>
	<TD width=13%>&nbsp;
	</TD>
	<TD width=35% align=left>
<FONT size=2 face="serif">71 South Wacker Drive</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD width=26% align=left>&nbsp;</TD>
	<TD width=26% align=left>
<FONT size=2 face="serif">Chicago, Illinois 60603</FONT>&nbsp;
	</TD>
	<TD width=13%>&nbsp;
	</TD>
	<TD width=35% align=left>
<FONT size=2 face="serif">Chicago, Illinois 60606</FONT>&nbsp;
	</TD>
</TR>
</TABLE>

<P align="center">
<FONT size=2 face="serif">(Name and address of agents for service) </FONT></P>
<P>
<FONT size=2 face="serif">Registrant&#146;s telephone number, including area code: <U>(312) 368-5510</U>    </FONT></P>
<P><FONT size=2 face="serif">Date of fiscal year end: <U>December 31</U>  </FONT></P>
<P><FONT size=2 face="serif">Date of reporting period: <U>March 31, 2006</U> </FONT></P>
<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>
<A name="page_2"></A>

<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR valign="bottom">
	<TD width=16% align=right>
<FONT size=2 face="serif">ITEM 1.</FONT>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=77% 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 width=16% align=left>&nbsp;

	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=77% align=left>
<FONT size=2 face="serif">The Schedule of Investments follows.</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p><BR>

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

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_3"></A>






<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center colspan=5>
<B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center colspan=5>
<B><FONT face="serif">STATEMENT OF NET ASSETS</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center colspan=5>
<B><FONT face="serif">(UNAUDITED)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center colspan=5>
<B><FONT size=2 face="serif">March 31, 2006</FONT></B>
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=2 face="serif">COMMON STOCKS&#151;97.2%</FONT></B>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=2% colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=2% colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD width=10% align=center>
      <div align="left"><B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
      </div></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
        </TD>
        <TD width=2% colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="5%">
        </TD>
        <TD width="75%"><HR align="left" width="140" size=1 noshade>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<font face=WINGDINGS>n</font><b><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ELECTRIC&#151;62.1%</FONT></b></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">982,300</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Ameren Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=right>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
      </div></TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">48,938,186</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,125,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Consolidated Edison Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">48,937,500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">977,193</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">DTE Energy Co.</FONT>&nbsp;   </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">39,175,667</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">900,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Dominion Resources Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">62,127,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,330,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Duke Energy Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">38,769,500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,100,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Energy East Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">26,730,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,464,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Exelon Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">77,445,600</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,735,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">FPL Group Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">69,642,900</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,535,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">FirstEnergy Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">75,061,500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">800,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Great Plains Energy Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">22,520,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">188,673</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">National Grid PLC ADR</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9,363,841</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">675,714</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">National Grid PLC (United Kingdom)</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6,710,047</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">NiSource Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">40,440,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Northeast Utilities Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">19,530,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">2,237,200</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">NSTAR</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">64,006,292</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">OGE Energy Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">29,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,350,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">PG&amp;E Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">52,515,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,200,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">PPL Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">35,280,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,500,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Pinnacle West Capital Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">58,650,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,375,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Progress Energy Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">60,472,500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Puget Energy, Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">21,180,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">328,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">RWE AG (Germany)</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">28,539,204</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">600,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">SCANA Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">23,544,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Scottish &amp; Southern Energy ADR</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">19,635,100</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">850,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Scottish &amp; Southern Energy PLC (United Kingdom)</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">16,689,852</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Southern Co.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">65,540,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,500,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Vectren Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">39,570,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">581,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">WPS Resources Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">28,596,820</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">3,499,304</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Xcel Energy Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">63,512,367</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="10%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="75%">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,192,122,876</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">1</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 align=center colspan=5>
<B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center colspan=5>
<B><FONT face="serif">STATEMENT OF NET ASSETS&#151;(Continued)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center colspan=5>
<B><FONT face="serif">(UNAUDITED)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center colspan=5>
<B><FONT size=2 face="serif">March 31, 2006</FONT></B>
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=2% colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=2% colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD width=10% align=center>
      <div align="left"><B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
      </div></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
        </TD>
        <TD width=2% colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="5%">
        </TD>
        <TD width="75%">
<HR align="left" width="140" size=1 noshade>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;</TD>
        <TD width=2%> <font face=WINGDINGS>n</font><b><font size=2 face="serif">&nbsp;&nbsp;&nbsp;GAS&#151;6.8%</font></b>&nbsp; </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Atmos Energy Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=right>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
      </div></TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">26,330,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">800,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Nicor Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">31,648,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,296,733</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Oneok Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">41,819,639</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">WGL Holdings Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">30,420,000</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="10%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="75%">
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">130,217,639</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;</TD>
        <TD width=2%> <font face=WINGDINGS>n</font><font size=2 face="serif">&nbsp;&nbsp;&nbsp;<b>TELECOMMUNICATION&#151;16.3%</b></font><b></b>&nbsp; </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,799,230</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">AT&amp;T Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">48,651,179</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">177,100</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Alltel Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11,467,225</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,600,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">BCE Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">38,496,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">565,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">BT Group PLC ADR</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">21,933,300</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">475,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Belgacom S.A.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">15,169,530</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,006,500</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">BellSouth Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">34,875,225</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,350,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Chunghwa Telecom Co. Ltd.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">26,446,500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">2,500,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Citizens Communications Co.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">33,175,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">856,250</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Telecom Corp of New Zealand Ltd. ADR</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">23,392,750</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">1,719,492</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Verizon Communications Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">58,565,898</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="10%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="75%">
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">312,172,607</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;</TD>
        <TD width=2%><font face=WINGDINGS></font><font face=WINGDINGS>n</font><font size=2 face="serif">&nbsp;&nbsp;&nbsp;<b>NON-UTILITY&#151;12.0%</b></font><b></b>&nbsp; </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">98,632</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">AMB Property Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5,352,759</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">63,015</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Alexandria Real Estate Equities Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6,007,220</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">179,850</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Archstone Smith Trust</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">8,771,284</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">61,221</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">AvalonBay Communities Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6,679,211</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">110,195</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Boston Properties Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10,275,684</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">64,978</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Camden Property Trust</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4,681,665</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">190,500</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Corporate Office Properties Trust</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">8,713,470</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">175,112</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Developers Diversified Realty Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9,587,382</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">103,223</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Diamondrock Hospitality Co.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,425,510</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">94,168</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Digital Realty Trust Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,652,713</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">229,335</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Equity Residential</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10,730,585</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">66,504</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Essex Property Trust Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7,230,980</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">2</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 align=center colspan=5>
<B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center colspan=5>
<B><FONT face="serif">STATEMENT OF NET ASSETS&#151;(Continued)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center colspan=5>
<B><FONT face="serif">(UNAUDITED)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center colspan=5>
<B><FONT size=2 face="serif">March 31, 2006</FONT></B>
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=2% colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=2% colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD width=10% align=center>
      <div align="left"><B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
      </div></TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
        </TD>
        <TD width=2% colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="5%">
        </TD>
        <TD width="75%">
<HR align="left" width="140" size=1 noshade>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">207,293</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Extra Space Storage Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,563,367</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">204,118</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">General Growth Properties Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9,975,247</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">55,245</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Hospitality Properties Trust</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,412,549</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">287,785</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Host Marriott Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">6,158,599</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">105,450</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Innkeepers USA Trust</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,787,377</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">72,159</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Kilroy Realty Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5,575,004</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">178,015</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Kimco Realty Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7,234,530</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">93,629</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">LaSalle Hotel Properties</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,838,789</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">127,444</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">The Macerich Co.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">9,424,484</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">72,630</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Pan Pacific Retail Properties Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5,149,467</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">248,630</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">ProLogis</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">13,301,705</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">91,635</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Public Storage Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7,443,511</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">168,555</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Reckson Associates Realty Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">7,723,190</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">66,770</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Regency Centers Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4,486,276</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">107,284</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">SL Green Realty Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">10,889,326</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">200,020</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Simon Property Group Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">16,829,683</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">137,598</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Strategic Hotels and Resorts Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,203,281</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">194,122</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Sunstone Hotel Investors Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5,623,714</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">184,367</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">United Dominion Realty Trust Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5,261,834</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">126,620</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">U-Store-It Trust</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">2,551,393</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">124,891</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Ventas Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">4,143,883</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">120,381</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Vornado Realty Trust</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">11,556,576</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="10%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="75%">
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">230,242,248</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="10%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="75%">
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Total Common Stocks (Cost&#151;&#36;1,627,722,377)</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,864,755,370</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="10%">
        </TD>
        <TD width="5%">
        </TD>
        <TD width="75%">
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<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">3</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 align=center colspan=5> <B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=5> <B><FONT face="serif">STATEMENT OF NET ASSETS&#151;(Continued)</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=5> <B><FONT face="serif">(UNAUDITED)</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=5> <B><FONT size=2 face="serif">March 31, 2006</FONT></B> </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=3 align=left> <B><FONT size=2 face="serif">PREFERRED STOCKS&#151;10.0%</FONT></B>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left>&nbsp; </TD>
    <TD width=2% colspan="2" align=left>  <center>
      <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left>&nbsp; </TD>
    <TD width=2% colspan="2" align=left>  <center>
      <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=center> <div align="left"><B><FONT size=2 face="serif">Shares</FONT></B>&nbsp; </div></TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left> <B><FONT size=2 face="serif">Description</FONT></B>&nbsp; </TD>
    <TD width=2% colspan="2" align=left>  <center>
      <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD width="10%">
      <HR noshade size=1>
    </TD>
    <TD width="5%"> </TD>
    <TD width="75%">
      <HR align="left" width="140" size=1 noshade>
    </TD>
    <TD width="2%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=2%><font face=WINGDINGS></font><b><font face=WINGDINGS>n</font><font size=2 face="serif">&nbsp;&nbsp;&nbsp;</font><font size=2 face="serif">UTILITY&#151;7.1%</font></b>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">700,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left> <FONT size=2 face="serif">Entergy Corp. 7<SUP><FONT size=2 face="serif">5</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT>% due 2/17/09</FONT>&nbsp; </TD>
    <TD width=2% align=right> <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp; </div></TD>
    <TD width=8% align=right> <FONT size=2 face="serif">35,546,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">1,200,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left> <FONT size=2 face="serif">Great Plains Energy Inc. 8% due 2/16/07</FONT>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">29,352,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">220,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left> <FONT size=2 face="serif">Southern California Edison 6<SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT>% Perpetual</FONT>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">22,440,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">172,700</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left> <FONT size=2 face="serif">Southern Union Co. 5<SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT>% due 8/16/06</FONT>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">12,745,260</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">500,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left> <FONT size=2 face="serif">TXU Corp. 8<sup>1</sup>/<font size="1">8</font>% due 5/16/06</FONT>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">36,035,000</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="10%"> </TD>
    <TD width="5%"> </TD>
    <TD width="75%"> </TD>
    <TD width="2%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">136,118,260</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=5>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font face=WINGDINGS></font> </TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=2%><font face=WINGDINGS></font><b><font face=WINGDINGS>n</font><font size=2 face="serif">&nbsp;&nbsp;&nbsp;</font><font size=2 face="serif">NON-UTILITY&#151;2.9%</font></b>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">320,400</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left> <FONT size=2 face="serif">AMB Property Corp. 7% Series O Perpetual</FONT>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">8,378,460</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">11,300</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left> <FONT size=2 face="serif">AvalonBay Communities Inc. 8.70% Series H Perpetual</FONT>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">307,360</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">550,600</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left> <FONT size=2 face="serif">Duke Realty Corp. 6.95% Series M Perpetual</FONT>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">14,205,480</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">400,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left> <FONT size=2 face="serif">Federal National Mortgage Association 7% Perpetual</FONT>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">21,612,520</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">2,400</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left> <FONT size=2 face="serif">Health Care Property Investors Inc. 7<SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT>% Series E Perpetual</FONT>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">60,984</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">32,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left> <FONT size=2 face="serif">Health Care Property Investors Inc. 7.10% Series F Perpetual</FONT>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">832,320</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">5,700</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left> <FONT size=2 face="serif">ProLogis 6<SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT>% Series F Perpetual</FONT>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">142,500</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">3,800</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left> <FONT size=2 face="serif">ProLogis 6<SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT>% Series G Perpetual</FONT>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">95,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">356,800</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left> <FONT size=2 face="serif">Public Storage Inc. 6.95% Series H Perpetual</FONT>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">9,062,720</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">2,700</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left> <FONT size=2 face="serif">Vornado Realty Trust 6<SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT>% Series F Perpetual</FONT>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">66,960</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">5,300</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left> <FONT size=2 face="serif">Vornado Realty Trust 6<SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT>% Series H Perpetual</FONT>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">131,387</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">54,895,691</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="10%"> </TD>
    <TD width="5%"> </TD>
    <TD width="75%"> </TD>
    <TD width="2%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=75% align=left> <FONT size=2 face="serif">Total Preferred Stocks (Cost&#151;&#36;175,996,885)</FONT>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">191,013,951</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="10%"> </TD>
    <TD width="5%"> </TD>
    <TD width="75%"> </TD>
    <TD width="2%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD colspan=3 align=left> <B><FONT size=2 face="serif">BONDS&#151;35.3%</FONT></B>&nbsp; </TD>
    <TD colspan=4 align=center> <B><FONT size=2 face="serif">Ratings</FONT></B>&nbsp; </TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD width="2%" align="center">&nbsp; </TD>
    <TD width="8%" align=center>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=3> </TD>
    <TD width="2%" align="center">&nbsp;</TD>
    <TD width="8%" colspan=3 align="center">
      <HR noshade size=1>
    </TD>
    <TD width="3%" align="center"></TD>
    <TD align="center"> </TD>
    <TD width="8%" align="center"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left>&nbsp; </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="2%" align="center">&nbsp; </TD>
    <TD width="8%" align=center> <B><FONT size=2 face="serif">Standard</FONT></B></TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD colspan="2" align="center">  <B><FONT size=2 face="serif">Market</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left>&nbsp; </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD width="2%" align="center">&nbsp; </TD>
    <TD width="8%" align=center> <B><FONT size=2 face="serif">and</FONT></B>&nbsp; </TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD colspan="2" align="center">  <B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left> <B><FONT size=2 face="serif">Par Value</FONT></B>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left>&nbsp; </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="8%" align=center> <B><FONT size=2 face="serif">Moody&#146;s</FONT></B>&nbsp; </TD>
    <TD width="2%" align="center">&nbsp; </TD>
    <TD width="8%" align=center> &nbsp; &nbsp;<B><FONT size=2 face="serif">Poor&#146;s</FONT></B>&nbsp; </TD>
    <TD width="3%" align="center">&nbsp;</TD>
    <TD colspan="2" align="center">  <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="10%">
      <HR noshade size=1>
    </TD>
    <TD width="5%"> </TD>
    <TD width="52%"> </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="3%"></TD>
    <TD><HR noshade size=1> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%"><font face=WINGDINGS></font><b><font face=WINGDINGS>n</font><font size=2 face="serif">&nbsp;&nbsp;&nbsp;</font><font size=2 face="serif">ELECTRIC&#151;12.5%</font></b>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="3%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left> <div align="right"><FONT size=2 face="serif">&#36;18,050,000</FONT>&nbsp; </div></TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">Comed Financing II</FONT>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="3%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" 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 width="2%" align=left>&nbsp;</TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">BBB-</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp;</TD>
    <TD><FONT size=2 face="serif">&#36;</FONT>&nbsp;  </TD>
    <TD width="8%" align=center> <div align="right"><FONT size=2 face="serif">18,624,333</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=center> <div align="right"><FONT size=2 face="serif">9,304,000</FONT>&nbsp; </div></TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">Commonwealth Edison Co.</FONT>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="3%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="8%" align=left> <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">8%, due 5/15/08</FONT>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">A-</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="8%" align=center> <div align="right"><FONT size=2 face="serif">9,775,769</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">4</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 align=center colspan=10> <B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=10> <B><FONT face="serif">STATEMENT OF NET ASSETS&#151;(Continued)</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=10> <B><FONT face="serif">(UNAUDITED)</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=10> <B><FONT size=2 face="serif">March 31, 2006</FONT></B> </TD>
  </TR>
  <TR>
    <TD colspan=10>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=10>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left>&nbsp; </TD>
    <TD width=2%>&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% align=left>&nbsp; </TD>
    <TD width=8% align=right>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="10%"> </TD>
    <TD width="5%"> </TD>
    <TD width="52%"> </TD>
    <TD width="2%"> </TD>
    <TD colspan=3>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%" align="right"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <center>
      <B><FONT size=2 face="serif">Standard</FONT></B>&nbsp;
    </center></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% colspan="2" align=left>  <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=center> <center>
      <B><FONT size=2 face="serif">and</FONT></B>&nbsp;
    </center></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% colspan="2" align=left>  <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=center> <B><FONT size=2 face="serif">Par Value</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <center>
      <B><FONT size=2 face="serif">Moody&#146;s</FONT></B>&nbsp;
    </center></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left><center>
      <B><FONT size=2 face="serif">Poor&#146;s</FONT></B>&nbsp;
    </center></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% colspan="2" align=left>  <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD width="10%">
      <HR noshade size=1>    </TD>
    <TD width="5%"> </TD>
    <TD width="52%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>    </TD>
    <TD width="2%"> </TD>
    <TD width="2%"><HR noshade size=1> </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">&#36;24,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Dominion Resources Capital Trust I</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">7.83%, due 12/01/27</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Baa3</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">BB+</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=right> <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp; </div></TD>
    <TD width=8% align=right> <FONT size=2 face="serif">25,421,832</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">20,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Duke Energy Corp., Series D</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% 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">8</FONT><FONT size=2 face="serif">%, due 3/01/10</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">BBB</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">21,242,100</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">5,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Entergy Corp.</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">6.30%, due 9/01/35</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A-</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">4,794,175</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">9,431,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">FPL Group Capital Inc.</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% 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 width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A-</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">9,524,423</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">25,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">FirstEnergy Corp., Series B</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">6.45%, due 11/15/11</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Baa3</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">BBB-</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">25,898,675</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">24,340,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Illinois Power Co.</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% 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 width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">25,672,712</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">15,825,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Niagara Mohawk Power Corp.</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% 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 width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A-</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">16,463,349</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">5,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">NSTAR</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">8% due 2/15/10</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A-</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">5,427,025</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">9,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">PSEG Power LLC</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% 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 width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">BBB</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">11,472,543</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">15,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Progress Energy Inc.</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">7.10%, due 3/01/11</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">BBB-</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">15,925,425</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">22,750,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Puget Capital Trust</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">8.231%, due 6/01/27</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Ba1</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">BB</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">21,749,114</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">12,915,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Sempra Energy</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">7.95%, due 3/01/10</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">13,960,314</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">13,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Southern Co. Capital Trust II</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">8.14%, due 2/15/27</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">13,747,318</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="10%"> </TD>
    <TD width="5%"> </TD>
    <TD width="52%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%"> </TD>
    <TD width="2%"> </TD>
    <TD width="2%">
      <HR noshade size=1>    </TD>
    <TD width="8%" align="right">
      <HR noshade size=1>    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">239,699,107</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=10>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="sans-serif">&nbsp;</FONT>&nbsp; </TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=2%><b><font face=WINGDINGS>n</font><font size=2 face="serif">&nbsp;&nbsp;&nbsp;</font><font size=2 face="serif"></font><font size=2 face="serif">GAS&#151;3.5%</font></b>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">5,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">KN Energy Inc.</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% 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 width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">BBB</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">5,368,995</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">7,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Keyspan Corp.</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% 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 width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=right> <FONT size=2 face="serif">7,574,063</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>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=center colspan=10> <B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=10> <B><FONT face="serif">STATEMENT OF NET ASSETS&#151;(Continued)</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=10> <B><FONT face="serif">(UNAUDITED)</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=10> <B><FONT size=2 face="serif">March 31, 2006</FONT></B> </TD>
  </TR>
  <TR>
    <TD colspan=10>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=10>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left>&nbsp; </TD>
    <TD width="2%">&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%" align=left>&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="10%"> </TD>
    <TD width="5%"> </TD>
    <TD width="52%"> </TD>
    <TD width="2%"> </TD>
    <TD colspan=3>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <center>
    </center></TD>
    <TD width="2%"> <center>
    </center></TD>
    <TD width="8%" align=left> <center>
      <B><FONT size=2 face="serif">Standard</FONT></B>&nbsp;
    </center></TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" colspan="2" align=left>  <center>
      <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <center>
    </center></TD>
    <TD width="2%"> <center>
    </center></TD>
    <TD width="8%" align=center><center>
      <B><FONT size=2 face="serif">and</FONT></B>&nbsp;
    </center></TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" colspan="2" align=left>  <center>
      <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=center> <B><FONT size=2 face="serif">Par Value</FONT></B>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <center>
      <B><FONT size=2 face="serif">Moody&#146;s</FONT></B>&nbsp;
    </center></TD>
    <TD width="2%"> <center>
    </center></TD>
    <TD width="8%" align=left> <center>
      <B><FONT size=2 face="serif">Poor&#146;s</FONT></B>&nbsp;
    </center></TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" colspan="2" align=left>  <center>
      <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD width="10%">
      <HR noshade size=1>    </TD>
    <TD width="5%"> </TD>
    <TD width="52%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>    </TD>
    <TD width="2%"> </TD>
    <TD width="2%"><HR noshade size=1> </TD>
    <TD width="8%">
      <HR noshade size=1>    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=right> <FONT size=2 face="serif">&#36;10,000,000</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">Northern Border Partners LP</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" 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">%,</FONT>&nbsp;<FONT size=2 face="serif">due</FONT> <font size=2 face="serif">6/15/10</font>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=right> <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp; </div></TD>
    <TD width="8%" align=center> <div align="right"><FONT size=2 face="serif">11,162,420</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=right> <FONT size=2 face="serif">6,488,000</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">Southern Union Co.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">7.60%, due 2/01/24</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=center> <div align="right"><FONT size=2 face="serif">7,048,862</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=right> <FONT size=2 face="serif">8,850,000</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">Southern Union Co.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" 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">%,</FONT>&nbsp;<FONT size=2 face="serif">due</FONT> <font size=2 face="serif">11/15/29</font>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">BBB</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=center> <div align="right"><FONT size=2 face="serif">10,338,782</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=right> <FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">TE Products Pipeline Co.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">7.51%, due 1/15/28</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">Baa3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">BBB-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=center> <div align="right"><FONT size=2 face="serif">10,440,610</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=right> <FONT size=2 face="serif">15,500,000</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">Trans-Canada Pipeline</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <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</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=center> <div align="right"><FONT size=2 face="serif">15,522,630</FONT>&nbsp; </div></TD>
  </TR>
  <TR>
    <TD width="10%"> </TD>
    <TD width="5%"> </TD>
    <TD width="52%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%"> </TD>
    <TD width="2%"> </TD>
    <TD width="2%">
      <HR noshade size=1>    </TD>
    <TD width="8%">
      <HR align="right" size=1 noshade>    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=center> <div align="right"><FONT size=2 face="serif">67,456,362</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=right> <FONT size=2 face="sans-serif">&nbsp;</FONT>&nbsp; </TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%"><font face=WINGDINGS></font><b><font face=WINGDINGS>n</font><font size=2 face="serif">&nbsp;&nbsp;&nbsp;</font><font size=2 face="serif"></font><font size=2 face="serif"></font><font size=2 face="serif">TELECOMMUNICATION&#151;14.2%</font></b>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=right> <FONT size=2 face="serif">17,200,000</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">AT&amp;T Wireless Services Inc.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" 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">%,</FONT>&nbsp;<FONT size=2 face="serif">due</FONT> <font size=2 face="serif">5/01/07</font>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=center> <div align="right"><FONT size=2 face="serif">17,595,411</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=right> <FONT size=2 face="serif">15,098,000</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">BellSouth Capital Funding Corp.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" 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">%,</FONT> <FONT size=2 face="serif">due 2/15/10</FONT>&nbsp;</TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=center> <div align="right"><FONT size=2 face="serif">16,236,117</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=right> <FONT size=2 face="serif">22,000,000</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">British Telecom PLC</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%,</FONT>&nbsp;<FONT size=2 face="serif">due</FONT> <font size=2 face="serif">12/15/10</font>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">A-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=center> <div align="right"><FONT size=2 face="serif">24,562,670</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=right> <FONT size=2 face="serif">15,000,000</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">Centurytel Inc.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">% ,</FONT><FONT size=2 face="serif">due 10/15/10</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=center> <div align="right"><FONT size=2 face="serif">16,449,165</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=right> <FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">Centurytel Inc.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">6</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">%,</FONT>&nbsp; <font size=2 face="serif">1/15/28</font>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=center> <div align="right"><FONT size=2 face="serif">9,562,540</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=right> <FONT size=2 face="serif">5,645,000</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">Comcast Cable Communications Inc.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%,</FONT> <FONT size=2 face="serif">due 5/01/07</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=center> <div align="right"><FONT size=2 face="serif">5,820,221</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=right> <FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">France Telecom SA</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" 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">%,</FONT> <FONT size=2 face="serif">due 3/01/11</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">A-</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=center> <div align="right"><FONT size=2 face="serif">10,932,300</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=right> <FONT size=2 face="serif">17,625,000</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">GTE Corp.</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">7.90%, due 2/01/27</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=center> <div align="right"><FONT size=2 face="serif">18,432,578</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=right> <FONT size=2 face="serif">5,000,000</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">GTE North Inc., Series C</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" 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">%,</FONT> <FONT size=2 face="serif">due 5/15/26</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=center> <div align="right"><FONT size=2 face="serif">5,039,440</FONT>&nbsp; </div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=right> <FONT size=2 face="serif">17,000,000</FONT>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">Koninklijke KPN NV</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=left> <div align="right"></div></TD>
  </TR>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="5%">&nbsp; </TD>
    <TD width="52%" align=left> <FONT size=2 face="serif">8%, due 10/01/10</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="8%" align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD width="2%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="8%" align=center> <div align="right"><FONT size=2 face="serif">18,264,681</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">6</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 align=center colspan=10> <B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=10> <B><FONT face="serif">STATEMENT OF NET ASSETS&#151;(Continued)</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=10> <B><FONT face="serif">(UNAUDITED)</FONT></B> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=10> <B><FONT size=2 face="serif">March 31, 2006</FONT></B> </TD>
  </TR>
  <TR>
    <TD colspan=10>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=10>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left>&nbsp; </TD>
    <TD width=2%>&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% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="10%"> </TD>
    <TD width="5%"> </TD>
    <TD width="52%"> </TD>
    <TD width="2%"> </TD>
    <TD colspan=3>
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%"> </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>
      <center>
    </center></TD>
    <TD width=2%>
      <center>
    </center></TD>
    <TD width=8% align=left>
      <center>
        <B><FONT size=2 face="serif">Standard</FONT></B>&nbsp;
    </center></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>
      <center>
    </center></TD>
    <TD width=2%>
      <center>
    </center></TD>
    <TD width=8% align=center>
      <center>
        <B><FONT size=2 face="serif">and</FONT></B>&nbsp;
    </center></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left> <B><FONT size=2 face="serif">Par Value</FONT></B>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>
      <center>
        <B><FONT size=2 face="serif">Moody&#146;s</FONT></B>&nbsp;
    </center></TD>
    <TD width=2%>
      <center>
    </center></TD>
    <TD width=8% align=left>
      <center>
        <B><FONT size=2 face="serif">Poor&#146;s</FONT></B>&nbsp;
    </center></TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD width="10%">
      <HR noshade size=1>
    </TD>
    <TD width="5%"> </TD>
    <TD width="52%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
    <TD width="2%"> </TD>
    <TD width="2%" colspan="2">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">&#36;15,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Koninklijke KPN NV</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%, due 10/01/30</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=right>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp; </div></TD>
    <TD width=8% align=center> <FONT size=2 face="serif">16,557,045</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">24,104,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Nextel Communications Corp.</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% 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">8</FONT><FONT size=2 face="serif">%, due 8/01/15</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A-</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">25,297,269</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Sprint Capital Corp.</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%, due 3/15/12</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A-</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">11,312,410</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">TCI Communications Inc.</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">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 8/01/15</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">11,720,230</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">11,500,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Telefonica Europe BV</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% 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 width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">12,385,120</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">12,295,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">360 Communications Co.</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">7.60%, due 4/01/09</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A-</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">12,997,635</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">10,500,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Verizon Global Funding Corp.</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% 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 width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">11,633,422</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">20,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Vodaphone Group PLC</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% 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 width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A+</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">21,450,300</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">5,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Vodaphone Group PLC</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% 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 width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A+</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">5,775,455</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="10%"> </TD>
    <TD width="5%"> </TD>
    <TD width="52%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%"> </TD>
    <TD width="2%"> </TD>
    <TD width="2%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">272,024,009</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="sans-serif">&nbsp;</FONT>&nbsp; </TD>
    <TD width=3%>&nbsp;</TD>
    <TD width=2%><font face=WINGDINGS></font><b><font face=WINGDINGS>n</font><font size=2 face="serif">&nbsp;&nbsp;&nbsp;</font><font size=2 face="serif"></font><font size=2 face="serif"></font><font size=2 face="serif"></font><font size=2 face="serif">NON-UTILITY&#151;5.1%</font></b>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">#&nbsp;&nbsp;16,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">CIT Group Inc.</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">5.01%, due 6/07/06</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">16,008,000</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">8,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Dayton Hudson Corp.</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% 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 width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">A+</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">10,929,184</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">9,600,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Duke Realty L.P.</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">6.80%, due 2/12/09</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">9,901,642</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">EOP Operating LP</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% 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 width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">BBB</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">10,341,120</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">#&nbsp;&nbsp;25,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Harrier Finance Funding LLC</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">4.82%, due 11/15/06</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Aaa</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">25,004,775</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=right> <FONT size=2 face="serif">#&nbsp;&nbsp;25,000,000</FONT>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Liquid Funding Ltd.</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">4.86%, due 4/24/06</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">Aaa</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left> <FONT size=2 face="serif">AAA</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">25,000,471</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="10%"> </TD>
    <TD width="5%"> </TD>
    <TD width="52%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%"> </TD>
    <TD width="2%"> </TD>
    <TD width="2%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">97,185,192</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="10%"> </TD>
    <TD width="5%"> </TD>
    <TD width="52%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%"> </TD>
    <TD width="2%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=10% align=left>&nbsp; </TD>
    <TD width=5%>&nbsp; </TD>
    <TD width=52% align=left> <FONT size=2 face="serif">Total Bonds (Cost&#151;&#36;695,905,858)</FONT>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=8% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=8% align=center> <FONT size=2 face="serif">676,364,670</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="10%"> </TD>
    <TD width="5%"> </TD>
    <TD width="52%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%"> </TD>
    <TD width="2%"> </TD>
    <TD width="8%">&nbsp; </TD>
    <TD width="2%"> </TD>
    <TD width="2%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <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>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center colspan=5>
<B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center colspan=5>
<B><FONT face="serif">STATEMENT OF NET ASSETS&#151;(Continued)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center colspan=5>
<B><FONT face="serif">(UNAUDITED)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center colspan=5>
<B><FONT size=2 face="serif">March 31, 2006</FONT></B>
        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=8% colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD width=10% align=left>
<B><FONT size=2 face="serif">Par Value/</FONT></B>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=8% colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR valign="bottom">
        <TD width=10% align=left>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>&nbsp;

        </TD>
        <TD width=8% colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
      </center></TD>
  </TR>
<TR>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="5%">
        </TD>
        <TD width="75%">
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan=3 align=left>
<B><FONT size=2 face="serif">SHORT-TERM INSTRUMENTS&#151;48.9%</FONT></B>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD colspan=5>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">$&nbsp;&nbsp;&nbsp;&nbsp;35,000,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">AIG Funding Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">4.80%, due 5/30/06</FONT>&nbsp;
        </TD>
        <TD width=2% align=right>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
      </div></TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">34,724,667</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,754,508</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">AIM STIC Liquid Assets Portfolio</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,754,508</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">25,000,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">American Express Credit Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">4.80%, due 4/19/06</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">24,941,250</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,000,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Banc of America Securities LLC Repurchase Agreement,</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">4.92%, dated 3/31/06, due 4/03/06, with a repurchase price of</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">&#36;5,002,050 and collateralized by &#36;5,100,001 market value of</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">corporate bonds having an average coupon rate of 5.25% and</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">an original weighted average maturity of 9/15/14</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,000,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Bear Stearns Inc. Master Note</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">5%, due 4/03/06</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">50,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">25,000,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Citigroup Funding Inc.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">4.78%, due 4/05/06</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">24,986,722</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50,000,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Citigroup Global Markets Inc. Master Note</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">4.95%, due 4/03/06</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">50,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">#&nbsp;&nbsp;&nbsp;125,000,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Credit Suisse First Boston LLC Repurchase Agreement,</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">4.93%, dated 3/31/06, due 4/03/06, with a repurchase price of</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">&#36;125,051,302 and collateralized by &#36;127,503,575 market value of</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">asset-backed securities (ABS) and collateralized mortgage</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">obligations (CMOs) having an average coupon rate of 7.81% and</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">an original weighted average maturity of 3/21/31</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">125,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">#&nbsp;&nbsp;&nbsp;125,000,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Dresdner Kleinwort Wasserstein Securities LLC Repurchase Agreement,</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">4.93%, dated 3/31/06, due 4/03/06, with a repurchase price of</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">&#36;125,051,302 and collateralized by &#36;127,504,868 market value of</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">CMOs and corporate bonds having an average coupon rate of 6.05%</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">and an original weighted average maturity of 6/14/26</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">125,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">15,000,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">Florida Power and Light Co.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">4.77%, due 5/01/06</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">14,940,375</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
<FONT size=2 face="serif">25,000,000</FONT>&nbsp;
        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">GE Capital Corp.</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5%>&nbsp;
        </TD>
        <TD width=75% align=left>
<FONT size=2 face="serif">4.70%, due 4/10/06</FONT>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">24,970,625</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">8</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 align=center colspan=6> <B><FONT face="serif">DNP SELECT INCOME FUND
          INC.</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=6> <B><FONT face="serif">STATEMENT OF NET ASSETS&#151;(Continued)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=6> <B><FONT face="serif">(UNAUDITED)</FONT></B></TD>
  </TR>
  <TR valign="bottom">
    <TD align=center colspan=6> <B><FONT size=2 face="serif">March 31, 2006</FONT></B></TD>
  </TR>
  <TR>
    <TD colspan=6></TD>
  </TR>
  <TR>
    <TD colspan=6></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left></TD>
    <TD width=5% align=left></TD>
    <TD width=5%></TD>
    <TD width=70% align=left></TD>
    <TD width=2% colspan="2" align=left><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></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left><font size="2">&nbsp;</font></TD>
    <TD width=2% colspan="2" align=left><center>
        <font size="2"><B><FONT face="serif">Value</FONT></B>&nbsp; </font>
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left> <B><FONT size=2 face="serif">Shares</FONT></B></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left><font size="2">&nbsp;</font></TD>
    <TD width=2% colspan="2" align=left><center>
        <font size="2"><B><FONT face="serif">(Note 1)</FONT></B>&nbsp; </font>
    </center></TD>
  </TR>
  <TR>
    <TD colspan=2>
      <HR noshade size=1>
    </TD>
    <TD width="5%"><font size="2">&nbsp;</font></TD>
    <TD width="70%"><font size="2">&nbsp;</font></TD>
    <TD width="2%">
      <HR noshade size=1>
    </TD>
    <TD width="8%">
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=right nowrap> <FONT size=2 face="serif">#$</FONT></TD>
    <TD width=5% align=right nowrap><FONT size=2 face="serif">125,000,000</FONT></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">Goldman
        Sachs &amp; Co. Repurchase Agreement,</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">4.95%,
        dated 3/31/06, due 4/03/06, with a repurchase price of</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">&#36;125,051,510
        and collateralized by &#36;127,500,002 market value of</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">ABS and
        CMOs having an average coupon rate of 5.84% and an</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">original
        weighted average maturity of 5/09/32</FONT></TD>
    <TD width=2% align=right><FONT size=2 face="serif">&#36;</FONT></TD>
    <TD width=8% align=right> <font size="2">&nbsp;<FONT face="serif">125,000,000</FONT></font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left> <FONT size=2 face="serif">
      <div align="right">#</div>
    </FONT></TD>
    <TD width=5% align=right><FONT size=2 face="serif">50,000,000</FONT></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">Greenwich
        Capital Markets Inc. Repurchase Agreement,</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">4.96%,
        dated 3/31/06, due 4/03/06, with a repurchase price of</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">&#36;50,020,646
        and collateralized by &#36;51,001,053 market value of</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">CMOs having
        an average coupon rate of 7.31% and an original</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">weighted
        average maturity of 5/30/45</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <font size="2">&nbsp; &nbsp;<FONT face="serif">50,000,000</FONT></font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left> <FONT size=2 face="serif">
      <div align="right">#</div>
    </FONT> </TD>
    <TD width=5% align=right><FONT size=2 face="serif">60,000,000</FONT></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">Lehman
        Brothers Inc. Repurchase Agreement,</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">4.93%,
        dated 3/31/06, due 4/03/06, with a repurchase price of</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">&#36;60,024,625
        and collateralized by &#36;61,204,184 market value of</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">CMOs having
        an average coupon rate of 6.39% and an original</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">weighted
        average maturity of 12/12/36</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <font size="2">&nbsp; &nbsp;<FONT face="serif">60,000,000</FONT></font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left> <FONT size=2 face="serif">
      <div align="right">#</div>
    </FONT></TD>
    <TD width=5% align=right><FONT size=2 face="serif">40,000,000</FONT></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">Merrill
        Lynch Government Securities Inc. Repurchase Agreement,</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">4.95%,
        dated 3/31/06, due 4/03/06, with a repurchase price of</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">&#36;40,016,483
        and collateralized by &#36;42,004,411 market value of</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">CMOs having
        an average coupon rate of 5.70% and an original</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">weighted
        average maturity of 12/06/34</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <font size="2">&nbsp; &nbsp;<FONT face="serif">40,000,000</FONT></font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left> <FONT size=2 face="serif">
      <div align="right">#</div>
    </FONT></TD>
    <TD width=5% align=right><FONT size=2 face="serif">50,000,000</FONT></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">Nomura
        Securities International Inc. Repurchase Agreement,</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">4.93%,
        dated 3/31/06, due 4/03/06, with a repurchase price of</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">&#36;50,020,521
        and collateralized by &#36;51,000,000 market value of</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">CMOs having
        an average coupon rate of 5.25% and an original</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">weighted
        average maturity of 7/21/35</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <font size="2">&nbsp; &nbsp;<FONT face="serif">50,000,000</FONT></font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=right><FONT size=2 face="serif">20,000,000</FONT></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">Orange &amp; Rockland
        Utilities Inc.</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">4.87%,
        due 4/03/06</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <font size="2">&nbsp; &nbsp;<FONT face="serif">19,994,589</FONT></font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=right><FONT size=2 face="serif">25,000,000</FONT></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">Prudential
        Funding LLC</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">4.70%,
        due 4/04/06</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <font size="2">&nbsp; &nbsp;<FONT face="serif">24,990,208</FONT></font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=right><FONT size=2 face="serif">25,000,000</FONT></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">Southern
        Co. Funding Corp.</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left>
      <div align="right"><font size="2"></font></div></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">4.82%,
        due 5/25/06</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <font size="2">&nbsp; &nbsp;<FONT face="serif">24,819,250</FONT></font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left> <FONT size=2 face="serif">
      <div align="right">#</div>
    </FONT></TD>
    <TD width=5% align=right><FONT size=2 face="serif">30,000,000</FONT></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">Stanfield
        Victoria Funding LLC</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">4.40%,
        due 4/10/06</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <font size="2">&nbsp; &nbsp;<FONT face="serif">29,967,000</FONT></font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5% align=right><FONT size=2 face="serif">30,000,000</FONT></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">WPS Resources
        Corp.</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right><font size="2">&nbsp;</font></TD>
  </TR>
  <TR valign="bottom">
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5% align=left><font size="2">&nbsp;</font></TD>
    <TD width=5%><font size="2">&nbsp;</font></TD>
    <TD width=70% align=left valign="bottom"><FONT size=2 face="serif">4.87%,
        due 4/03/06</FONT></TD>
    <TD width=2% align=left><font size="2">&nbsp;</font></TD>
    <TD width=8% align=right> <font size="2">&nbsp; &nbsp;<FONT face="serif">29,991,883</FONT></font></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>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=center colspan=6>
<B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center colspan=6>
<B><FONT face="serif">STATEMENT OF NET ASSETS&#151;(Continued)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center colspan=6>
<B><FONT face="serif">(UNAUDITED)</FONT></B>
        </TD>
</TR>
<TR valign="bottom">
        <TD align=center colspan=6>
<B><FONT size=2 face="serif">March 31, 2006</FONT></B>
        </TD>
</TR>
<TR>
        <TD colspan=6>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>&nbsp;</TD>
        <TD width=2% colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>
      </center></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>
<B><FONT size=2 face="serif">Par Value/</FONT></B>&nbsp;
        </TD>
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>&nbsp;</TD>
        <TD width=2% colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
      </center></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
        </TD>
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left>&nbsp;</TD>
        <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>
      </center></TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="5%">&nbsp;</TD>
        <TD width="73%">&nbsp;</TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=right>
 &nbsp;<FONT size=2 face="serif">$200,000 </FONT></TD>
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left><font size=2 face="serif">Wisconsin Public Service Corp.</font>&nbsp; </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp; </TD>
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left><font size=2 face="serif">4.80%, due 4/04/06</font>&nbsp; </TD>
        <TD align=left>
<FONT size=2 face="serif">&#36;</FONT>
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">199,920</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="10%">
        </TD>
        <TD width="5%"></TD>
        <TD width="73%"></TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp; </TD>
        <TD width=5% align=left>&nbsp;</TD>
        <TD width=73% align=left><font size=2 face="serif">Total Short-Term Instruments (Amortized Cost&#151;&#36;938,280,997)</font>&nbsp; </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">938,280,997</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="10%">
        </TD>
        <TD width="5%"></TD>
        <TD width="73%"></TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=center>&nbsp;
</TD>
        <TD width=5% align=center>&nbsp;</TD>
        <TD width=73% align=center><div align="left"><font size=2 face="serif">Total Investments&#151;191.4% (Cost&#151;&#36;3,437,906,117)</font>&nbsp; </div></TD>
        <TD align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">3,670,414,988</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="10%">
        </TD>
        <TD width="5%"></TD>
        <TD width="73%"></TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="3" align=left>
<B><FONT size=2 face="serif">CASH AND OTHER ASSETS LESS LIABILITIES&#151;(49.7%)</FONT></B>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(953,138,439</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>
        </TD>
</TR>
<TR>
        <TD width="10%">
        </TD>
        <TD width="5%"></TD>
        <TD width="73%"></TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="6" align=left>
<B><FONT size=2 face="serif">PREFERRED STOCK&#151;(41.7%)</FONT></B>&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD colspan="5" align=left> <FONT size=2 face="serif">(&#36;.001 par value per share; 100,000,000 shares authorized)</FONT>&nbsp;       </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD colspan="5" align=left> <font face=WINGDINGS>n</font><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;<b>REMARKETED PREFERRED STOCK&#151;(26.1%)</b></FONT><b>&nbsp; </b>        </TD>
  </TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD colspan="2" align=left> <FONT size=2 face="serif">5,000 shares issued and outstanding; liquidation preference &#36;100,000 per share)</FONT>&nbsp; </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(500,000,000</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="10%"></TD>
        <TD width="5%"> </TD>
        <TD width="73%"></TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD colspan="2" align=left> <font face=WINGDINGS>n</font><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;<b>AUCTION PREFERRED STOCK&#151;(15.6%)</b></FONT><b>&nbsp;</b> </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD width=8% align=left>

        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD colspan="2" align=left> <FONT size=2 face="serif">12,000 shares issued and outstanding; liquidation preference &#36;25,000 per share)</FONT>&nbsp; </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">(300,000,000</FONT>
        </TD>
        <TD width=2% align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="10%">
        </TD>
        <TD width="5%"></TD>
        <TD width="73%"></TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="8%">
<HR noshade size=1>
        </TD>
        <TD width="2%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD colspan="6" align=left>
<B><FONT size=2 face="serif">NET ASSETS APPLICABLE TO COMMON STOCK&#151;100.0%</FONT></B>&nbsp;
        </TD>
  </TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD colspan="5" align=left> <FONT size=2 face="serif">(equivalent to &#36;8.54 per share of common stock based on 224,505,404 shares</FONT>&nbsp;       </TD>
  </TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD colspan="2" align=left> <FONT size=2 face="serif">of common stock outstanding; authorized 250,000,000 shares)</FONT>&nbsp; </TD>
        <TD align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width=8% align=right>
<FONT size=2 face="serif">1,917,276,549</FONT>
        </TD>
        <TD width=2% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="10%"></TD>
        <TD width="5%"> </TD>
        <TD width="73%"></TD>
        <TD>
<HR noshade size=2>
        </TD>
        <TD width="8%">
<HR noshade size=2>
        </TD>
        <TD width="2%">
<HR noshade size=2>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=10% align=left>&nbsp;</TD>
        <TD colspan="5" align=left> <FONT size=2 face="serif"># This security was purchased with the cash proceeds from securities loans.</FONT>&nbsp;  </TD>
  </TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="5" align=left> <font size=2 face="serif">The percentage shown
      for each investment category is the total value of that category as a percentage
    of the net assets applicable to common shares of the Fund.</font></TD>
</TR>
</TABLE>

<P>
<B><FONT size=2 face="serif">_________________</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
        <TD nowrap valign=top>
<FONT size=2 face="serif">(1)</FONT>&nbsp; &nbsp; &nbsp;        </TD>
        <TD>
<FONT size=2 face="serif">Equity securities traded on a national or foreign securities exchange or traded over-the-counter and quoted on the NASDAQ System are valued at the last reported sales price, or if there was no sale on the pricing date, then
the security is valued at the mean of the bid and ask prices as obtained on that day from one or more dealers regularly making a market in that security. Fixed income securities are valued at the mean of bid and ask prices provided by an independent
pricing service when such prices are believed to reflect the fair market value of such securities. Such
bid and ask prices are determined taking into account securities prices, yields,
maturities, call features, ratings, and institutional size trading in similar
securities and developments related to specific securities. Any 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. Short-term investments having a maturity of 60 days or less are
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>&nbsp; &nbsp; &nbsp;        </TD>
        <TD>
<FONT size=2 face="serif">At December 31, 2005, the Fund&#146;s most recent fiscal tax year end, based on a tax cost of investments of &#36;3,010,132,491, the Fund had gross unrealized appreciation of &#36;362,153,165 and gross unrealized
depreciation of &#36;83,919,490.</FONT> </TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<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>











<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR valign="bottom">
	<TD width=8% align=right>
<FONT size=2 face="serif">ITEM 2.</FONT>&nbsp;
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD colspan=2 align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONTROLS AND PROCEDURES.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT>&nbsp;
        <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s principal executive officer and principal financial officer have</FONT>&nbsp;
	  </div></TD>
  </TR>
<TR valign="bottom">
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD colspan=2 align=left>
<FONT size=2 face="serif">concluded that the registrant&#146;s disclosure controls and procedures (as defined in Rule 30a-3(c)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD colspan=2 align=left>
<FONT size=2 face="serif">under the Investment Company Act of 1940 (the &#147;1940 Act&#148;)) are effective, based on an</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD colspan=2 align=left>
<FONT size=2 face="serif">evaluation of those controls and procedures made as of a date within 90 days of the filing date of</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD colspan=2 align=left>
<FONT size=2 face="serif">this report as required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Exchange Act.</FONT>&nbsp;
	</TD>
	<TD width=65% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD colspan="2" align=right>
      <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT>&nbsp;
        <FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There has been no change in the registrant&#146;s internal control over financial</FONT>&nbsp;
	  </div></TD>
  </TR>
<TR valign="bottom">
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD colspan=2 align=left>
<FONT size=2 face="serif">reporting (as defined in Rule 30a-3(d) under the 1940 Act that occurred during the registrant&#146;s last</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD colspan=2 align=left>
<FONT size=2 face="serif">fiscal quarter that has materially affected, or is reasonably likely to materially affect, the</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD colspan=2 align=left>
<FONT size=2 face="serif">registrant&#146;s internal control over financial reporting.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=8% align=right>
<FONT size=2 face="serif">ITEM 3.</FONT>&nbsp;
	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=23% align=center>
      <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS.</FONT>&nbsp;
      </div></TD>
	<TD width=65% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=23% align=right>
      <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 99.CERT</FONT>&nbsp;
      </div></TD>
	<TD width=65% align=right>
      <div align="left"><FONT size=2 face="serif">Certifications pursuant to Section 302 of the Sarbanes-Oxley</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD width=23% align=left>&nbsp;

	</TD>
	<TD width=65% align=left>
<FONT size=2 face="serif">Act of 2002</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><BR>

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

<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_4"></A>

<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>
<P>&nbsp;</P>
<table width="100%"  border="0">
  <tr>
    <td width="19%"><font size=2 face="serif">(Registrant) </font></td>
    <td width="34%"><font size=2 face="serif">DNP SELECT INCOME FUND INC. </font></td>
    <td width="47%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="serif">By (Signature and Title)</font></td>
    <td><font size=2 face="serif">/s/ N</font><font size=1 face="serif">ATHAN </font><font size=2 face="serif">I.</font><font size=1 face="serif">&nbsp; </font><font size=2 face="serif">P</font><font size=1 face="serif">ARTAIN</font><font
size=2 face="serif">&nbsp; </font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><HR noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Nathan I. Partain</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">President and Chief Executive Officer</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="serif">Date</font></td>
    <td><font size=2 face="serif">May 19, 2006</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>

<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">
  <tr>
    <td width="19%"><font size=2 face="serif">By (Signature and Title) </font></td>
    <td width="34%"><font size=2 face="serif">/s/ N</font><font size=1 face="serif">ATHAN </font><font size=2 face="serif">&nbsp;I.</font><font size=1 face="serif">&nbsp; </font><font size=2 face="serif">P</font><font size=1 face="serif">ARTAIN</font><font
size=2 face="serif">&nbsp; </font></td>
    <td width="47%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><HR noshade size=1></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Nathan I. Partain</font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">President and Chief Executive Officer </font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td><font size=2 face="serif">Date</font></td>
    <td><font size=2 face="serif">May 19, 2006 </font></td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td><font size=2 face="serif">By (Signature and Title)</font></td>
    <td><font size=2 face="serif">/s/ J</font><font size=1 face="serif">OSEPH </font><font size=2 face="serif">&nbsp;C.</font><font size=1 face="serif">&nbsp; </font><font size=2 face="serif">C</font><font size=1 face="serif">URRY</font><font
size=2 face="serif">,</font><font size=1 face="serif">&nbsp; </font><font size=2 face="serif">J</font><font size=1 face="serif">R</font><font size=2 face="serif">&nbsp; </font></td>
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    <td><HR noshade size=1></td>
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    <td>&nbsp;</td>
    <td><font size=2 face="serif">Joseph C. Curry, Jr. </font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Senior Vice President and Treasurer </font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td><font size=2 face="serif">Date</font></td>
    <td><font size=2 face="serif">May 19, 2006 </font></td>
    <td>&nbsp;</td>
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  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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<FONT size=2 face="serif"> </FONT></P>
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<TYPE>EX-99.CERT
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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: May 19, 2006  </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR valign="bottom">
  <TD width=57% align=left>&nbsp;</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">/s/ Nathan I. Partain</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
	<TD width="27%"><HR noshade size=1>
	</TD>
    <TD width="16%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=57% align=left>&nbsp;</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Nathan I. Partain</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD width=57% align=left>&nbsp;</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD width=57% align=left>&nbsp;</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">(Principal Executive Officer)</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

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<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: May 19, 2006  </FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR valign="bottom">
  <TD width=50% align=left>&nbsp;</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">/s/ Joseph C. Curry, Jr.</FONT>&nbsp;
	</TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
	<TD width="28%"><HR noshade size=1>
	</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=50% align=left>&nbsp;</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Joseph C. Curry, Jr.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD width=50% align=left>&nbsp;</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Senior Vice President and Treasurer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD width=50% align=left>&nbsp;</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">(Principal Financial Officer)</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
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