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<SEC-DOCUMENT>0000930413-06-008084.txt : 20061120
<SEC-HEADER>0000930413-06-008084.hdr.sgml : 20061120
<ACCEPTANCE-DATETIME>20061120164937
ACCESSION NUMBER:		0000930413-06-008084
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060930
FILED AS OF DATE:		20061120
DATE AS OF CHANGE:		20061120
EFFECTIVENESS DATE:		20061120

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:		061230389

	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>c45376_n-q.htm
<TEXT>

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

<BODY bgcolor="#ffffff">


<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="86%">&nbsp;</td>
    <td width="14%" nowrap><hr size="1" noshade>
      <center>
      <FONT size=2 face="serif">OMB APPROVAL </FONT>
      </center>
      <hr size="1" noshade>      <div align="justify"><FONT size=2 face="serif">OMB
          Number:&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 3235-0578</FONT><BR>
          <FONT size=2 face="serif">Expires:&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;  &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; May
            31, 2007</FONT><BR>
            <FONT size=2 face="serif">Estimated average burden</FONT><BR>
          <FONT size=2 face="serif">hours per response: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; 21.09</FONT>
          <hr size="1" noshade>
          </div></td>
  </tr>
</table>
<center>
  <BR>
  <FONT size=2 face="serif">UNITED STATES</FONT><br>
  <BR>
  <FONT size=2 face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT><br>
  <BR>
  <FONT size=2 face="serif">Washington, D.C. 20549</FONT><br>
  <BR>
  <B><FONT size=2 face="serif">FORM N-Q<br>
  </FONT></B><BR>
  <B><FONT size=2 face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</FONT></B><BR>
  <B><FONT size=2 face="serif">MANAGEMENT INVESTMENT COMPANY<br>
  </FONT></B><BR>
  <FONT size=2 face="serif">Investment Company Act file number </FONT><U><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-4915&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><br>
  <BR>
  <U><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNP Select Income Fund Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><BR>
  <FONT size=2 face="serif">(Exact name of registrant as specified in charter) </FONT><br>
  <BR>
  <U><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 East Monroe Street, Suite 3600, Chicago, Illinois&nbsp; 60603&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></U><BR>
  <FONT size=2 face="serif">(Address of principal executive offices)&nbsp;&nbsp; (Zip code) </FONT><br>
  <BR>
</center>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=15% align=left>&nbsp;</TD>
	<TD width=37% align=left>
<FONT size=2 face="serif">Nathan I. Partain</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD width=37% align=left>
<FONT size=2 face="serif">John R. Sagan</FONT>&nbsp;
	</TD>
    <TD width=15% align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="serif">DNP Select Income Fund Inc.</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Mayer, Brown, Rowe &amp; Maw LLP</FONT>&nbsp;
	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="serif">55 East Monroe Street, Suite 3600</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">71 South Wacker Drive</FONT>&nbsp;
	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
	<TD align=left>
<FONT size=2 face="serif">Chicago, Illinois 60603</FONT>&nbsp;
	</TD>
	<TD width=6%>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Chicago, Illinois 60606</FONT>&nbsp;
	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<center>
  <FONT size=2 face="serif">(Name and address of agents for service)</FONT>
  <p align="left"><BR>
      <FONT size=2 face="serif">Registrant&#146;s telephone number, including
      area code: <u>(312) 368-5510 </u></FONT><br>
        <BR>
    <FONT size=2 face="serif">Date of fiscal year end: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December
    31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></FONT><BR>
    <FONT size=2 face="serif"><br>
    Date of reporting period: <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 30, 2006&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </u></FONT>
  </p>
</center>
<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><br>


<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="10%" valign="top"><FONT size=2 face="serif">ITEM 1. </FONT></td>
    <td><p><FONT size=2 face="serif">SCHEDULE OF INVESTMENTS. </FONT></p>
    <p> <FONT size=2 face="serif">The Schedule of Investments follows. </FONT></p></td>
  </tr>
</table>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>


<P align="center">
<B><FONT face="serif">DNP SELECT INCOME FUND INC. <br>
STATEMENT OF NET ASSETS<br>
(UNAUDITED)</FONT></B><br>

<B><FONT size=2 face="serif">September 30, 2006</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">COMMON STOCKS&#151;98.7%</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD colspan="2" align=left>      <center>
          <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
    </center></TD>
  </TR>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD colspan="2" align=left>         <center>
          <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  </TR>
<TR valign="bottom">
        <TD width=9% align=center>
      <div align="left"><B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
            </div></TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD colspan="2" align=left>      <center>
          <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
    </center></TD>
  </TR>
<TR>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>&nbsp;      </TD>
        <TD width="70%">
<HR align="left" size=1 noshade width=15%>
        </TD>
        <TD width="6%">&nbsp;   </TD>
        <TD width="1%">
<HR noshade size=1>
        </TD>
        <TD width="9%">
<HR align="right" size=1 noshade>
        </TD>
</TR>
<TR>
        <TD colspan=6>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT FACE=WINGDINGS>n</FONT>&nbsp;<B><FONT size=2 face="serif">ELECTRIC AND GAS&#151;71.2%</FONT></B>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>

          <div align="right"></div></TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD width="70%" align=left>&nbsp;</TD>
  <TD width="6%">&nbsp;</TD>
  <TD width="1%" align=right>&nbsp;</TD>
  <TD width="9%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">982,300</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Ameren Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=right>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
            </div></TD>
        <TD width=9% align=left>

      <div align="right"><FONT size=2 face="serif">51,855,617</FONT>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Atmos Energy Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">28,550,000</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">3,071,300</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">CenterPoint Energy Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">43,981,016</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,125,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Consolidated Edison Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">51,975,000</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">2,030,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Duke Energy Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">61,306,000</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">900,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Endesa S.A. (Spain)</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">38,249,504</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,100,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Energy East Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">26,092,000</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,464,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Exelon Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">88,630,560</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,735,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">FPL Group Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">78,075,000</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,535,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">FirstEnergy Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">85,745,100</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">800,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Great Plains Energy Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">24,816,000</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">188,673</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">National Grid PLC ADR</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">11,827,910</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">675,714</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">National Grid PLC (United Kingdom)</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=center>
      <div align="right"><FONT size=2 face="serif">8,425,189</FONT>&nbsp;
            </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">800,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Nicor Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">34,208,000</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Northeast Utilities Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">23,270,000</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">2,237,200</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">NSTAR</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">74,632,992</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">OGE Energy Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">36,110,000</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,296,733</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Oneok Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">49,003,540</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,350,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">PG&amp;E Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">56,227,500</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,200,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">PPL Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">39,480,000</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,500,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Pinnacle West Capital Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">67,575,000</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,375,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Progress Energy Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">62,397,500</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Puget Energy, Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">22,730,000</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">393,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">RWE AG (Germany)</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">36,267,104</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">600,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">SCANA Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">24,162,000</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Scottish &amp; Southern Energy ADR</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">24,619,400</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">850,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Scottish &amp; Southern Energy PLC (United Kingdom)</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">20,926,653</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,587,301</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Scottish Power PLC (United Kingdom)</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">19,316,976</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Southern Co.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">68,920,000</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,625,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Teco Energy Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">25,431,250</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,500,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Vectren Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">40,275,000</FONT>&nbsp;
    </div></TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">WGL Holdings Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>
 <div align="right"><FONT size=2 face="serif">31,340,000</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 style="page-break-before:always"></P>
<PAGE>
<center>
  <p align="center">&nbsp;<B><FONT face="serif">DNP SELECT INCOME FUND INC. <br>
    STATEMENT OF NET ASSETS&#151;(Continued) <br>
    (UNAUDITED)</FONT></B>
    <br>

<B><FONT size=2 face="serif">September 30, 2006</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
          </center></TD>
  </TR>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
          </center></TD>
  </TR>
<TR valign="bottom">
        <TD width=9% align=center>
      <div align="left"><B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
          </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
          </center></TD>
  </TR>
<TR>
        <TD width="9%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="70%">
<HR align="left" width="15%" size=1 noshade>    </TD>
        <TD width="6%">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="9%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">581,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">WPS Resources Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=right>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
          </div></TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">28,835,030</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Westar Energy Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">23,510,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">3,499,304</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Xcel Energy Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">72,260,628</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="9%">
        </TD>
        <TD width="4%">
        </TD>
        <TD width="70%">
        </TD>
        <TD width="6%">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="9%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">1,481,027,469</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=6>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT FACE=WINGDINGS>n</FONT>&nbsp;<B><FONT size=2 face="serif">TELECOMMUNICATION&#151;15.8%</FONT></B>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="70%" align=left>&nbsp;</TD>
  <TD width="6%">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="9%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,799,230</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">AT&amp;T Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">58,582,929</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,464,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">BCE Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">39,659,760</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">565,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">BT Group PLC ADR</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">28,572,050</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,377,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Chunghwa Telecom Co. Ltd. ADR</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">23,835,870</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">2,500,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Citizens Communications Co.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">35,100,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,028,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Telecom Italia SpA ADR</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">29,123,240</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">856,250</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Telecom Corp of New Zealand Ltd. ADR</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">19,205,688</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">4,855,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">TeliaSonera AB (Sweden)</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">31,136,446</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,719,492</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Verizon Communications Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">63,844,738</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="9%">
        </TD>
        <TD width="4%">
        </TD>
        <TD width="70%">
        </TD>
        <TD width="6%">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="9%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">329,060,721</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=6>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT FACE=WINGDINGS>n</FONT>&nbsp;<B><FONT size=2 face="serif">NON-UTILITY&#151;11.7%</FONT></B>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="70%" align=left>&nbsp;</TD>
  <TD width="6%">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="9%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">98,632</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">AMB Property Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">5,435,609</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">76,015</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Alexandria Real Estate Equities Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">7,130,207</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">40,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Apartment Investment and Management Co.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">2,176,400</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">192,850</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Archstone Smith Trust</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">10,498,754</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">66,221</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">AvalonBay Communities Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">7,973,008</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">90,195</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Boston Properties Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">9,320,751</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">64,978</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Camden Property Trust</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">4,938,978</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">182,500</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Corporate Office Properties Trust</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">8,168,700</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">151,112</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Developers Diversified Realty Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">8,426,005</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">103,223</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Diamondrock Hospitality Co.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">1,714,534</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">161,313</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Digital Realty Trust Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">5,052,323</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">170,450</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Equity Office Properties Trust</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">6,777,092</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">262,269</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Equity Residential</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">13,265,566</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">66,504</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Essex Property Trust Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">8,073,586</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">207,293</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Extra Space Storage Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">3,588,242</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">15,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width="70%" align=left>
<FONT size=2 face="serif">Federal Realty Investment Trust</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">1,114,500</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>


<P align="center">
<B><FONT face="serif">DNP SELECT INCOME FUND INC. <br>
STATEMENT OF NET ASSETS&#151;(Continued) <br>
(UNAUDITED)</FONT></B><br>

<B><FONT size=2 face="serif">September 30, 2006</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0 WIDTH=100%>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
          </center></TD>
  </TR>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
          </center></TD>
  </TR>
<TR valign="bottom">
        <TD width=9% align=center>
      <div align="left"><B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
          </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
          </center></TD>
  </TR>
<TR>
        <TD width="9%">
<HR noshade size=1>     </TD>
        <TD width="4%">
        </TD>
        <TD width="70%">
<HR align="left" width="15%" size=1 noshade>
        </TD>
        <TD width="6%">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="9%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">159,118</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">General Growth Properties Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=right>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
          </div></TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">7,581,973</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">44,159</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Hospitality Properties Trust</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">2,084,305</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">425,785</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Host Hotels &amp; Resorts Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">9,763,250</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">73,078</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Kilroy Realty Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">5,505,696</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">215,015</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Kimco Realty Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">9,217,693</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">74,629</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">LaSalle Hotel Properties</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">3,234,421</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">103,444</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">The Macerich Co.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">7,898,984</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">13,630</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Pan Pacific Retail Properties Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">946,195</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">248,630</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">ProLogis</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">14,186,828</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">124,335</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Public Storage Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">10,691,567</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">55,055</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Reckson Associates Realty Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">2,356,354</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">75,535</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Regency Centers Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">5,193,787</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">81,284</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">SL Green Realty Corp.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">9,079,423</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">200,020</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Simon Property Group Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">18,125,812</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">56,598</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Strategic Hotels and Resorts Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">1,125,168</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">202,422</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Sunstone Hotel Investors Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">6,015,982</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">184,367</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">United Dominion Realty Trust Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">5,567,883</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">173,891</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Ventas Inc.</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">6,701,759</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">120,381</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Vornado Realty Trust</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">13,121,529</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="9%">
        </TD>
        <TD width="4%">
        </TD>
        <TD width="70%">
        </TD>
        <TD width="6%">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="9%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">242,052,864</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="9%">
        </TD>
        <TD width="4%">
        </TD>
        <TD width="70%">
        </TD>
        <TD width="6%">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="9%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Total Common Stocks (Cost&#151;&#36;1,657,848,068)</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">2,052,141,054</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="9%">
        </TD>
        <TD width="4%">
        </TD>
        <TD width="70%">
        </TD>
        <TD width="6%">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="9%">
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><BR>
</p>
<P align="center">
<FONT size=2 face="serif">The accompanying notes are an integral part of the financial statement.</FONT></P>
<P align="center">
<FONT size=2 face="serif">6</FONT></P>

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

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


<P align="center">
<B><FONT face="serif">DNP SELECT INCOME FUND INC. <br>
STATEMENT OF NET ASSETS&#151;(Continued) <br>
(UNAUDITED)</FONT></B><br>

<B><FONT size=2 face="serif">September 30, 2006</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">PREFERRED STOCKS&#151;10.4%</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0 WIDTH=100%>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
          </center></TD>
  </TR>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
          </center></TD>
  </TR>
<TR valign="bottom">
        <TD width=9% align=center>
      <div align="left"><B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
          </div></TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
          </center></TD>
  </TR>
<TR>
        <TD width="9%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="70%">
<HR noshade size=1>
        </TD>
        <TD width="6%">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="9%">
<HR noshade size=1>
        </TD>
</TR>
<TR>
        <TD colspan=6>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT FACE=WINGDINGS>n</FONT>&nbsp;<B><FONT size=2 face="serif">UTILITY&#151;4.3%</FONT></B>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="70%" align=left>&nbsp;</TD>
  <TD width="6%">&nbsp;</TD>
  <TD align=right>&nbsp;</TD>
  <TD width="9%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">700,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Entergy Corp. 7 5/8% due 2/17/09</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=right>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
          </div></TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">38,094,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">1,200,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Great Plains Energy Inc. 8% due 2/16/07</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">29,904,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">220,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Southern California Edison 6 1/8% Perpetual</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">21,993,136</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="9%">
        </TD>
        <TD width="4%">
        </TD>
        <TD width="70%">
        </TD>
        <TD width="6%">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="9%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">89,991,136</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=6>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT FACE=WINGDINGS>n</FONT>&nbsp;<B><FONT size=2 face="serif">NON-UTILITY&#151;6.1%</FONT></B>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD align=right>&nbsp;</TD>
  <TD width="4%">&nbsp;</TD>
  <TD width="70%" align=left>&nbsp;</TD>
  <TD width="6%">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD width="9%" align=right>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">710,432</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">AMB Property Corp. 7% Series O Perpetual</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">18,073,390</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">17,300</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">AvalonBay Communities Inc. 8.70% Series H Perpetual</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">473,847</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">650,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Duke Realty Corp. 6.95% Series M Perpetual</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">16,562,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">104,900</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Equity Office Properties Trust 7 3/4% Series G Perpetual</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">2,664,460</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">300,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Federal National Mortgage Association 7% Perpetual</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">15,956,250</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">400,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">New Plan Excel Realty Trust 7 5/8% Series E Perpetual</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">10,216,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">8,500</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">ProLogis 6 3/4% Series F Perpetual</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">212,500</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">9,600</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">ProLogis 6 3/4% Series G Perpetual</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">240,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">208,600</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Public Storage Inc. 6.95% Series H Perpetual</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">5,283,838</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">900,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Public Storage Inc. 7 1/4% Series I Perpetual</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">23,328,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">600,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Realty Income Corp. 7 3/8% Series D Perpetual</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">15,240,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">200,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Vornado Realty Trust 7% Series E Perpetual</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">5,114,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">234,900</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Vornado Realty Trust 6 5/8% Series G Perpetual</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">5,708,070</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=right>
<FONT size=2 face="serif">350,000</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Vornado Realty Trust 6 5/8% Series I Perpetual</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">8,522,500</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="9%">
        </TD>
        <TD width="4%">
        </TD>
        <TD width="70%">
        </TD>
        <TD width="6%">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="9%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">127,594,855</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="9%">
        </TD>
        <TD width="4%">
        </TD>
        <TD width="70%">
        </TD>
        <TD width="6%">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="9%">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=9% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=70% align=left>
<FONT size=2 face="serif">Total Preferred Stocks (Cost&#151;&#36;213,330,081)</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=1% align=left>&nbsp;

        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">217,585,991</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="9%">
        </TD>
        <TD width="4%">
        </TD>
        <TD width="70%">
        </TD>
        <TD width="6%">
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD width="9%">
<HR noshade size=1>
        </TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p>&nbsp;</p>
<p><BR>
</p>
<P align="center">
<FONT size=2 face="serif">The accompanying notes are an integral part of the financial statement.</FONT></P>
<P align="center">
<FONT size=2 face="serif">7</FONT></P>

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

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


<P align="center">
<B><FONT face="serif">DNP SELECT INCOME FUND INC. <br>
STATEMENT OF NET ASSETS&#151;(Continued) <br>
(UNAUDITED)</FONT></B><br>

<B><FONT size=2 face="serif">September 30, 2006</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">BONDS&#151;43.1%</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0 WIDTH=100%>
<TR valign="bottom">
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>

        </TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD colspan=3 align=center>
<B><FONT size=2 face="serif">Ratings</FONT></B>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="7%">
        </TD>
        <TD width="3%">
        </TD>
        <TD width="38%">
        </TD>
        <TD width="3%">
        </TD>
        <TD colspan=3>
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD width="2%"></TD>
        <TD width="10%">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>

        </TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>

          <center>
    </center></TD>
        <TD width=6%>
          <center>
    </center></TD>
        <TD width=10% align=left>
      <center>
        <B><FONT size=2 face="serif">Standard</FONT></B>&nbsp;
          </center></TD>
        <TD width=4%>
          <center>
    </center></TD>
        <TD colspan="2" align=center>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
        </center></TD>
  </TR>
<TR valign="bottom">
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>

        </TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>

          <center>
    </center></TD>
        <TD width=6%>
          <center>
    </center></TD>
        <TD width=10% align=center>
      <center>
        <B><FONT size=2 face="serif">and</FONT></B>&nbsp;
          </center></TD>
        <TD width=4%>
          <center>
    </center></TD>
        <TD colspan="2" align=center>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
        </center></TD>
  </TR>
<TR valign="bottom">
        <TD width=7% align=center>
      <div align="left"><B><FONT size=2 face="serif">Par Value</FONT></B>&nbsp;
          </div></TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>

        </TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>
      <center>
        <B><FONT size=2 face="serif">Moody&#146;s</FONT></B>&nbsp;
          </center></TD>
        <TD width=6%>
          <center>
    </center></TD>
        <TD width=10% align=left>

 <center>
   <B><FONT size=2 face="serif">Poor&#146;s</FONT></B>&nbsp;
    </center></TD>
        <TD width=4%>
          <center>
    </center></TD>
        <TD colspan="2" align=center>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
        </center></TD>
  </TR>
<TR>
        <TD width="7%">
<HR noshade size=1>
        </TD>
        <TD width="3%">
        </TD>
        <TD width="38%">
        </TD>
        <TD width="3%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="6%">
        </TD>
        <TD width="10%">
<HR noshade size=1>
        </TD>
        <TD width="4%">
        </TD>
        <TD colspan="2">
      <HR noshade size=1>       </TD>
  </TR>
<TR>
        <TD colspan=10>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=right>
<FONT size=2 face="sans-serif">&nbsp;</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=center>
      <div align="left"><FONT FACE=WINGDINGS>n</FONT>&nbsp;<B><FONT size=2 face="serif">ELECTRIC AND GAS&#151;14.2%</FONT></B>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
  <TD width=7% align=right>&nbsp;</TD>
  <TD width=3%>&nbsp;</TD>
  <TD width=38% align=center>&nbsp;</TD>
  <TD width=3% align=left>&nbsp;</TD>
  <TD width=10% align=left>&nbsp;</TD>
  <TD width="6%">&nbsp;</TD>
  <TD width=10% align=left>&nbsp;</TD>
  <TD width=4%>&nbsp;</TD>
  <TD width="2%" align=left>&nbsp;</TD>
  <TD width="10%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=right>
<FONT size=2 face="serif">$22,000,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=center>
      <div align="left"><FONT size=2 face="serif">Arizona Public Service Company</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div 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">%, due 8/01/36</FONT>&nbsp;
          </div></TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">BBB-</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=right><div align="left"><FONT size=2 face="serif">$</FONT></div></TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">23,015,366</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=right>
<FONT size=2 face="serif">19,450,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">Comed Financing II</FONT>
          </div></TD>
        <TD width=3% align=left>

          <div align="left"></div></TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div align="left"><FONT size=2 face="serif">8&frac12;%, due 1/15/27</FONT>&nbsp;
          </div></TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">Ba1</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">BBB-</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">20,192,776</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=right>
<FONT size=2 face="serif">9,304,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">Commonwealth Edison Co.</FONT>
          </div></TD>
        <TD width=3% align=left>

          <div align="left"></div></TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">8%, due 5/15/08</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">Baa1</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">A-</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">9,680,430</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=right>
<FONT size=2 face="serif">24,000,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=center>
      <div align="left"><FONT size=2 face="serif">Dominion Resources Capital Trust I</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">7.83%, due 12/01/27</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">Baa3</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">BB+</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">24,994,200</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=right>
<FONT size=2 face="serif">20,000,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">Duke Energy Corp., Series D</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div 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;
          </div></TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">A3</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">21,293,880</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=right>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">Entergy Corp.</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">6.30%, due 9/01/35</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">Baa1</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">A-</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">4,886,610</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=right>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">FirstEnergy Corp., Series B</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">6.45%, due 11/15/11</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">Baa3</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">BBB-</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">10,443,070</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=right>
<FONT size=2 face="serif">24,340,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">Illinois Power Co.</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div align="left"><FONT size=2 face="serif">7&frac12;%, due 6/15/09</FONT>&nbsp;
          </div></TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">25,627,927</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=right>
<FONT size=2 face="serif">17,000,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">Keyspan Corp.</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div 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;
          </div></TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">A3</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">A</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">18,361,700</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=right>
<FONT size=2 face="serif">15,825,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">Niagara Mohawk Power Corp.</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div 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;
          </div></TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">Baa1</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">A-</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">16,150,615</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=right>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">Northern Border Partners LP</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div align="left"><FONT size=2 face="serif">8</FONT><SUP><font size="2" face="serif">7</font></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%, due 6/15/10</FONT>&nbsp;
          </div></TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">11,087,840</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=right>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">NSTAR</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">8% due 2/15/10</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">A2</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">A</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">5,406,640</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=right>
<FONT size=2 face="serif">9,000,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">PSEG Power LLC</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD colspan="2" align=right>
      <div 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;
          </div></TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">Baa1</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">11,703,699</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=right>
<FONT size=2 face="serif">15,000,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">Progress Energy Inc.</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">7.10%, due 3/01/11</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">BBB-</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">16,094,340</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=right>
<FONT size=2 face="serif">22,750,000</FONT>&nbsp;
        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">Puget Capital Trust</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>&nbsp;

        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=left>&nbsp;</TD>
        <TD width=10% align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=7% align=left>&nbsp;

        </TD>
        <TD width=3%>&nbsp;
        </TD>
        <TD width=38% align=left>
      <div align="left"><FONT size=2 face="serif">8.231%, due 6/01/27</FONT>
          </div></TD>
        <TD width=3% align=left>&nbsp;

        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">Ba1</FONT>&nbsp;
        </TD>
        <TD width=6%>&nbsp;
        </TD>
        <TD width=10% align=left>
<FONT size=2 face="serif">BB</FONT>&nbsp;
        </TD>
        <TD width=4%>&nbsp;
        </TD>
        <TD width=2% align=right>&nbsp;</TD>
        <TD width=10% align=right>
<FONT size=2 face="serif">22,195,742</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>


<P align="center">
<B><FONT face="serif">DNP SELECT INCOME FUND INC. <br>
STATEMENT OF NET ASSETS&#151;(Continued) <br>(UNAUDITED)<br>
</FONT></B><B><FONT size=2 face="serif">September 30, 2006</FONT></B></P>
<TABLE border=0 cellspacing=0 cellpadding=0 WIDTH=100%>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=left>

        </TD>
        <TD width=82>&nbsp;
        </TD>
        <TD colspan=3 align=center>
<B><FONT size=2 face="serif">Ratings</FONT></B>&nbsp;
        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=left>&nbsp;

        </TD>
</TR>
<TR>
        <TD width="68">
        </TD>
        <TD width="29">
        </TD>
        <TD width="369">
        </TD>
        <TD width="82">
        </TD>
        <TD colspan=3>
<HR noshade size=1>
        </TD>
        <TD width="38">
        </TD>
        <TD width="19">
        </TD>
        <TD width="97">
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=left>

        </TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>

          <center>
    </center></TD>
        <TD width=50>
          <center>
    </center></TD>
        <TD width=105 align=left>
      <center>
        <B><FONT size=2 face="serif">Standard</FONT></B>&nbsp;
          </center></TD>
        <TD width=38>
          <center>
    </center></TD>
        <TD colspan="2" align=left>

          <center>
    </center>
      <center>
          <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
      </center></TD>
    </TR>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=left>

        </TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>

          <center>
    </center></TD>
        <TD width=50>
          <center>
    </center></TD>
        <TD width=105 align=center>
      <center>
        <B><FONT size=2 face="serif">and</FONT></B>&nbsp;
          </center></TD>
        <TD width=38>
          <center>
    </center></TD>
        <TD colspan="2" align=left>

          <center>
    </center>
      <center>
          <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </center></TD>
    </TR>
<TR valign="bottom">
        <TD width=68 align=center>
      <div align="left"><B><FONT size=2 face="serif">Par Value</FONT></B>&nbsp;
          </div></TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=left>

        </TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left><center>
          <B><FONT size=2 face="serif">Moody&#146;s</FONT></B>&nbsp;
          </center></TD>
        <TD width=50>
          <center>
    </center></TD>
        <TD width=105 align=left>

 <center>
   <B><FONT size=2 face="serif">Poor&#146;s</FONT></B>&nbsp;
    </center></TD>
        <TD width=38>
          <center>
    </center></TD>
        <TD colspan="2" align=left>

          <center>
    </center>
      <center>
          <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
      </center></TD>
    </TR>
<TR>
        <TD width="68">
<HR noshade size=1>
        </TD>
        <TD width="29">
        </TD>
        <TD width="369">
        </TD>
        <TD width="82">
        </TD>
        <TD width="115">
      <HR noshade size=1>
        </TD>
        <TD width="50">
        </TD>
        <TD width="105">
<HR noshade size=1>
        </TD>
        <TD width="38">
        </TD>
        <TD width="19">
<HR noshade size=1>
        </TD>
        <TD width="97">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=right>
<FONT size=2 face="serif">$12,915,000</FONT>&nbsp;
        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=left>
      <div align="left"><FONT size=2 face="serif">Sempra Energy</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>&nbsp;

        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>&nbsp;

        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=right>
      <div align="left"><FONT size=2 face="serif">7.95%, due 3/01/10</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>
<FONT size=2 face="serif">Baa1</FONT>&nbsp;
        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=right>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>&nbsp;
          </div></TD>
        <TD width=97 align=right>
<FONT size=2 face="serif">13,937,635</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=right>
<FONT size=2 face="serif">13,000,000</FONT>&nbsp;
        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=left>
      <div align="left"><FONT size=2 face="serif">Southern Co. Capital Trust II</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>&nbsp;

        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>&nbsp;

        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=right>
      <div align="left"><FONT size=2 face="serif">8.14%, due 2/15/27</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>
<FONT size=2 face="serif">Baa1</FONT>&nbsp;
        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=right>
<FONT size=2 face="serif">13,614,224</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=right>
<FONT size=2 face="serif">6,488,000</FONT>&nbsp;
        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=right>
      <div align="left"><FONT size=2 face="serif">Southern Union Co.</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>&nbsp;

        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>&nbsp;

        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=right>
      <div align="left"><FONT size=2 face="serif">7.60%, due 2/01/24</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>
<FONT size=2 face="serif">Baa3</FONT>&nbsp;
        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=right>
<FONT size=2 face="serif">6,780,382</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=right>
<FONT size=2 face="serif">8,850,000</FONT>&nbsp;
        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=right>
      <div align="left"><FONT size=2 face="serif">Southern Union Co.</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>&nbsp;

        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>&nbsp;

        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width="369" align=right>
      <div align="left"><FONT size=2 face="serif">8&frac14;%,</FONT>&nbsp;<FONT size=2 face="serif">due</FONT>&nbsp;<FONT size=2 face="serif">11/15/29</FONT>&nbsp;        </div>      </TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>
<FONT size=2 face="serif">Baa3</FONT>&nbsp;
        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=right>
<FONT size=2 face="serif">9,843,820</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=right>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=left>
      <div align="left"><FONT size=2 face="serif">TE Products Pipeline Co.</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>&nbsp;

        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>&nbsp;

        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=right>
      <div align="left"><FONT size=2 face="serif">7.51%, due 1/15/28</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>
<FONT size=2 face="serif">Baa3</FONT>&nbsp;
        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>
<FONT size=2 face="serif">BBB-</FONT>&nbsp;
        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=right>
<FONT size=2 face="serif">10,445,940</FONT>&nbsp;
        </TD>
</TR>
<TR>
        <TD width="68">
        </TD>
        <TD width="29">
        </TD>
        <TD width="369">
          <div align="left"></div></TD>
        <TD width="82">
        </TD>
        <TD width="115">
        </TD>
        <TD width="50">
        </TD>
        <TD width="105">
        </TD>
        <TD width="38">
        </TD>
        <TD width="19">
<HR noshade size=1>
        </TD>
        <TD width="97">
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=left>

          <div align="left"></div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>&nbsp;

        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>&nbsp;

        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=right>
<FONT size=2 face="serif">295,756,836</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=right>
<FONT size=2 face="sans-serif">&nbsp;</FONT>&nbsp;
        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=left>
      <div align="left"><FONT FACE=WINGDINGS>n</FONT>&nbsp;<B><FONT size=2 face="serif">TELECOMMUNICATION&#151;17.5%</FONT></B>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>&nbsp;

        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>&nbsp;

        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=left>

          <div align="left"></div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>&nbsp;

        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>&nbsp;

        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=right>
<FONT size=2 face="serif"> </FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=right>
<FONT size=2 face="serif">17,200,000</FONT>&nbsp;
        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=left>
      <div align="left"><FONT size=2 face="serif">AT&amp;T Wireless Services Inc.</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>&nbsp;

        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>&nbsp;

        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width="369" align=right>
      <div align="left"><FONT size=2 face="serif">7&frac12;%,</FONT>&nbsp;<FONT size=2 face="serif">due</FONT>&nbsp;<FONT size=2 face="serif">5/01/07</FONT>&nbsp;      </div>    </TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>
<FONT size=2 face="serif">Baa1</FONT>&nbsp;
        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>
<FONT size=2 face="serif">A</FONT>&nbsp;
        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=right>
<FONT size=2 face="serif">17,402,289</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=right>
<FONT size=2 face="serif">11,500,000</FONT>&nbsp;
        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=left>
      <div align="left"><FONT size=2 face="serif">Alltel Corp.</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>&nbsp;

        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>&nbsp;

        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width="369" align=right>
      <div 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">%,</FONT>&nbsp;<FONT size=2 face="serif">due</FONT>&nbsp;<FONT size=2 face="serif">7/01/32</FONT>&nbsp;        </div>        </TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>
<FONT size=2 face="serif">A2</FONT>&nbsp;
        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>
<FONT size=2 face="serif">A-</FONT>&nbsp;
        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=right>
<FONT size=2 face="serif">13,035,434</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=right>
<FONT size=2 face="serif">15,098,000</FONT>&nbsp;
        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=left>
      <div align="left"><FONT size=2 face="serif">BellSouth Capital Funding Corp.</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>&nbsp;

        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>&nbsp;

        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width="369" align=right>
      <div align="left"><FONT size=2 face="serif">7&frac34;%,</FONT>&nbsp;<FONT size=2 face="serif">due</FONT>&nbsp;<FONT size=2 face="serif">2/15/10</FONT>&nbsp;        </div>      </TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>
<FONT size=2 face="serif">A2</FONT>&nbsp;
        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>
<FONT size=2 face="serif">A</FONT>&nbsp;
        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=right>
<FONT size=2 face="serif">16,168,886</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=right>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=left>
      <div align="left"><FONT size=2 face="serif">BellSouth Capital Funding Corp.</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>&nbsp;

        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>&nbsp;

        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width="369" align=right>
      <div 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">%,</FONT>&nbsp;<FONT size=2 face="serif">due</FONT>&nbsp;<FONT size=2 face="serif">2/15/30</FONT>&nbsp;        </div>      </TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>
<FONT size=2 face="serif">A2</FONT>&nbsp;
        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>
<FONT size=2 face="serif">A</FONT>&nbsp;
        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=right>
<FONT size=2 face="serif">11,426,990</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=right>
<FONT size=2 face="serif">22,000,000</FONT>&nbsp;
        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=right>
      <div align="left"><FONT size=2 face="serif">British Telecom PLC</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>&nbsp;

        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>&nbsp;

        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=right>
      <div 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>&nbsp;<FONT size=2 face="serif">12/15/10</FONT>&nbsp;      </div>      </TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>
<FONT size=2 face="serif">Baa1</FONT>&nbsp;
        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=right>
<FONT size=2 face="serif">24,676,080</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=right>
<FONT size=2 face="serif">15,000,000</FONT>&nbsp;
        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=left>
      <div align="left"><FONT size=2 face="serif">Centurytel Inc.</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>&nbsp;

        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>&nbsp;

        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=right>
      <div 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>&nbsp;<FONT size=2 face="serif">10/15/10</FONT>&nbsp;      </div>      </TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>
<FONT size=2 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=right>
<FONT size=2 face="serif">16,328,655</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=right>
<FONT size=2 face="serif">15,000,000</FONT>&nbsp;
        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=left>
      <div align="left"><FONT size=2 face="serif">Centurytel Inc.</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>&nbsp;

        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>&nbsp;

        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=right>
      <div 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">due</FONT>&nbsp;<FONT size=2 face="serif">1/15/28</FONT>&nbsp;      </div>      </TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>
<FONT size=2 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=right>
<FONT size=2 face="serif">14,485,185</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=right>
<FONT size=2 face="serif">5,645,000</FONT>&nbsp;
        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=left>
      <div align="left"><FONT size=2 face="serif">Comcast Cable Communications Inc.</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>&nbsp;

        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>&nbsp;

        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=right>
      <div 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>&nbsp;<FONT size=2 face="serif">5/01/07</FONT>&nbsp;      </div>      </TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>
<FONT size=2 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=right>
<FONT size=2 face="serif">5,741,518</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=right>
<FONT size=2 face="serif">13,900,000</FONT>&nbsp;
        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=left>
      <div align="left"><FONT size=2 face="serif">Comcast Corp.</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>&nbsp;

        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>&nbsp;

        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=right>
      <div align="left"><FONT size=2 face="serif">7.05%, due 3/15/33</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>
<FONT size=2 face="serif">Baa2</FONT>&nbsp;
        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=right>
<FONT size=2 face="serif">14,930,671</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=right>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=right>
      <div align="left"><FONT size=2 face="serif">France Telecom SA</FONT>&nbsp;
      </div></TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>&nbsp;

        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>&nbsp;

        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=left>&nbsp;

        </TD>
</TR>
<TR valign="bottom">
        <TD width=68 align=left>&nbsp;

        </TD>
        <TD width=29>&nbsp;
        </TD>
        <TD width=369 align=right>
      <div 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>&nbsp;<FONT size=2 face="serif">due</FONT>&nbsp;<FONT size=2 face="serif">3/01/11</FONT>&nbsp;      </div>      </TD>
        <TD width=82>&nbsp;
        </TD>
        <TD width=115 align=left>
<FONT size=2 face="serif">A3</FONT>&nbsp;
        </TD>
        <TD width=50>&nbsp;
        </TD>
        <TD width=105 align=left>
<FONT size=2 face="serif">A-</FONT>&nbsp;
        </TD>
        <TD width=38>&nbsp;
        </TD>
        <TD width=19 align=left>&nbsp;

        </TD>
        <TD width=97 align=right>
<FONT size=2 face="serif">10,966,040</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">9</FONT></P>

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

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


<P align="center">
<B><FONT face="serif">DNP SELECT INCOME FUND INC.
<br>
STATEMENT OF NET ASSETS&#151;(Continued)
<br>(UNAUDITED)<br>
</FONT></B><B><FONT size=2 face="serif">September 30, 2006</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="10%" align=left>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD width="37%" align=left> </TD>
    <TD width="6%">&nbsp; </TD>
    <TD colspan=3 align=center> <B><FONT size=2 face="serif">Ratings</FONT></B>&nbsp; </TD>
    <TD width="3%">&nbsp; </TD>
    <TD width="2%" align=left>&nbsp; </TD>
    <TD width="12%" align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="11%"> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD colspan=3>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD width="11%" align=left>&nbsp; </TD>
    <TD width="4%">&nbsp; </TD>
    <TD width="11%" align=center> <B><FONT size=2 face="serif">Standard</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <B><FONT size=2 face="serif">Market</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><FONT size=2 face="serif">and</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=center> <B><FONT size=2 face="serif">Par Value</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><FONT size=2 face="serif">Moody&#146;s</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> &nbsp; &nbsp;<B><FONT size=2 face="serif">Poor&#146;s</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="11%">
      <HR noshade size=1>    </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=right> <FONT size=2 face="serif">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,625,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">GTE Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">7.90%, due 2/01/27</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">18,381,025</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=right> <FONT size=2 face="serif">17,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Koninklijke KPN NV</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">8%, due 10/01/10</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">18,382,117</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=right> <FONT size=2 face="serif">15,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Koninklijke KPN NV</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD><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">%,&nbsp;due</FONT>&nbsp;<FONT size=2 face="serif">10/01/30</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">17,243,835</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=right> <FONT size=2 face="serif">24,104,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Nextel Communications Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD><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">%,&nbsp;due</FONT>&nbsp;<FONT size=2 face="serif">8/01/15</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa3</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">24,894,105</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=right> <FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Sprint Capital Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD><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">%,&nbsp;due</FONT>&nbsp;<FONT size=2 face="serif">3/15/12</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa3</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">11,220,220</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=right> <FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">TCI Communications Inc.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD><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">%,&nbsp;due</FONT>&nbsp;<FONT size=2 face="serif">8/01/15</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">11,860,320</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=right> <FONT size=2 face="serif">32,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Telecom Italia Capital</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">7.20%, due 7/18/36</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">32,991,776</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=right> <FONT size=2 face="serif">15,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Telefonica Emisiones SAU</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">7.045%, due 6/20/36</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">15,880,665</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=right> <FONT size=2 face="serif">11,500,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Telefonica Europe BV</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD><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">%,&nbsp;due</FONT>&nbsp;<FONT size=2 face="serif">9/15/10</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">12,425,842</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=right> <FONT size=2 face="serif">5,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Telefonica Europe BV</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD><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">%,&nbsp;due</FONT>&nbsp;<FONT size=2 face="serif">9/15/30</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5,971,320</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=right> <FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Telus Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD><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">%,&nbsp;due</FONT>&nbsp;<FONT size=2 face="serif">6/01/07</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">10,132,060</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=right> <FONT size=2 face="serif">10,500,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Verizon Global Funding Corp.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD><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">%,&nbsp;due</FONT>&nbsp;<FONT size=2 face="serif">12/01/30</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">12,071,682</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=right> <FONT size=2 face="serif">20,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Vodafone Group PLC</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD><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">%,&nbsp;due</FONT>&nbsp;<FONT size=2 face="serif">2/15/10</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A-</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">21,461,760</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=right> <FONT size=2 face="serif">5,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Vodafone Group PLC</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD><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">%,&nbsp;due</FONT>&nbsp;<FONT size=2 face="serif">2/15/30</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A-</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">5,879,790</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="11%"> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width="11%" align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">363,958,265</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">10</FONT></P>

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

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


<P align="center">
<B><FONT face="serif">DNP SELECT INCOME FUND INC.
<br>
STATEMENT OF NET ASSETS&#151;(Continued)
<br>(UNAUDITED)<br>
</FONT></B><B><FONT size=2 face="serif">September 30, 2006</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> </TD>
    <TD>&nbsp; </TD>
    <TD colspan=3 align=center> <B><FONT size=2 face="serif">Ratings</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD colspan=3>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><FONT size=2 face="serif">Standard</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><FONT size=2 face="serif">and</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan=2 align=left> <B><FONT size=2 face="serif">Par Value</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> </TD>
    <TD>&nbsp; </TD>
    <TD align=center> <B><FONT size=2 face="serif">Moody&#146;s</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=center> &nbsp; &nbsp;<B><FONT size=2 face="serif">Poor&#146;s</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
    </center></TD>
  </TR>
  <TR>
    <TD colspan=2>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=9% align=right> <FONT size=2 face="sans-serif">&nbsp;</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <div align="left"><FONT FACE=WINGDINGS>n</FONT>&nbsp;<B><FONT size=2 face="serif">NON-UTILITY&#151;11.4%</FONT></B></div> </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=9% align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD width=2% align=left>&nbsp; </TD>
    <TD width=9% align=left>&nbsp; </TD>
  </TR>
    <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif"></FONT>&nbsp; </TD>
  </TR>
<TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">#&#36;</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">30,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size=2 face="serif">Bank of America, NA</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size=2 face="serif">5.43%, due 6/13/07</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Aa1</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">AA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=left> &nbsp;<FONT size=2 face="serif">30,010,410</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">8,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size=2 face="serif">Dayton Hudson Corp.</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size=2 face="serif">9</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%,
        due 7/01/20</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A1</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">A+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> &nbsp;<FONT size=2 face="serif">11,342,936</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">9,600,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size=2 face="serif">Duke Realty LP</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size=2 face="serif">6.80%, due 2/12/09</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center> <FONT size=2 face="serif">9,892,627</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size=2 face="serif">EOP Operating LP</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT><FONT size=2 face="serif">%,
        due 11/15/07</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">BBB</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> &nbsp;<FONT size=2 face="serif">10,246,140</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">100,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size=2 face="serif">Federal National Mortgage Association</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <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 7/18/08</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Aaa</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">AAA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">100,645,100</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">#</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">25,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size=2 face="serif">Harrier Finance Funding LLC</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size=2 face="serif">5.32%, due 11/15/06</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Aaa</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">AAA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> &nbsp;<FONT size=2 face="serif">24,998,991</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">#</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">25,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size=2 face="serif">Premier Asset Collateralized Entity LLC</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size=2 face="serif">5.36%, due 4/25/07</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Aaa</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">AAA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> &nbsp;<FONT size=2 face="serif">25,006,850</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> <FONT size=2 face="serif">#</FONT>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">25,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size=2 face="serif">Stanfield Victoria Funding LLC</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size=2 face="serif">5.33%, due 1/22/07</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Aaa</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">AAA</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> &nbsp;<FONT size=2 face="serif">25,003,225</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">237,146,279</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD> <FONT size=2 face="serif">Total Bonds (Cost&#151;&#36;908,240,008)</FONT> </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">896,861,380</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD>
      <HR noshade size=1>
    </TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">The accompanying notes are an integral part of the financial statement.</FONT></P>
<P align="center">
<FONT size=2 face="serif">11</FONT></P>

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

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


<P align="center">
<B><FONT face="serif">DNP SELECT INCOME FUND INC.<br>
STATEMENT
OF NET ASSETS&#151;(Continued)<br>
(UNAUDITED)<br>
</FONT></B><B><FONT size=2 face="serif">September 30, 2006</FONT></B></P>
<P align="left">
<B><FONT size=2 face="serif">SHORT-TERM INSTRUMENTS&#151;35.1%</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

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

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=center>
<B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
        </TD>
</TR>
<TR>
        <TD colspan=2>
<HR noshade size=1>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
        <TD>
<HR noshade size=1>
        </TD>
</TR>
<TR valign="bottom">
        <TD width=2% align=left>
<FONT size=2 face="serif">#&#36;</FONT>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">7,785,954</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">AIM STIC Liquid Assets Portfolio</FONT>&nbsp;
        </TD>
        <TD width=2%>&nbsp;
        </TD>
        <TD width=1% align=right>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
        </TD>
        <TD width=9% align=right>
<FONT size=2 face="serif">7,785,954</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Banc of America Securities LLC Repurchase Agreement, 5.415%,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">dated 9/29/06, due 10/02/06, with a repurchase price of &#36;5,002,256</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">and collateralized by &#36;5,100,000 market value of corporate bonds</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">having an average coupon rate of 6.50% and an original weighted</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">average maturity of 1/15/12</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">125,000,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">BNP Paribas Securities Repurchase Agreement, 5.425%, dated 9/29/06,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">due 10/02/06, with a repurchase price of &#36;125,056,510 and collateralized</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">by &#36;127,500,001 market value of asset-backed securities (ABS) and</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">corporate bonds having an average coupon rate of 5.98% and an original</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">weighted average maturity of 10/16/16</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">125,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">50,000,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Citigroup Global Markets Inc. Master Note</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">5.45%, due 10/02/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">50,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">120,000,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Credit Suisse First Boston LLC Repurchase Agreement, 5.425%,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">dated 9/29/06, due 10/02/06, with a repurchase price of &#36;120,054,250</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">and collateralized by &#36;122,403,118 market value of ABS having an</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">average coupon rate of 6.57% and an original weighted average</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">maturity of 6/03/36</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">120,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">90,000,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Dresdner Kleinwort Wasserstein Securities LLC Repurchase Agreement,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">5.425%, dated 9/29/06, due 10/02/06, with a repurchase price of</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">&#36;90,040,688 and collateralized by &#36;91,804,313 market value of corporate</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">bonds having an average coupon rate of 5.33% and an original weighted</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">average maturity of 8/19/18</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">90,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">18,560,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Fenway Funding LLC</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">5.44%, due 10/02/06</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">18,557,195</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">113,000,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Goldman Sachs &amp; Co. Repurchase Agreement, 5.445%, dated 9/29/06,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">due 10/02/06, with a repurchase price of &#36;113,051,274 and collateralized</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">by &#36;115,260,001 market value of ABS and collateralized mortgage</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">obligations (CMOs) having an average coupon rate of 5.47% and an</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">original weighted average maturity of 2/21/35</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">113,000,000</FONT>&nbsp;
        </TD>
</TR>
<TR valign="bottom">
        <TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
        </TD>
        <TD align=right>
<FONT size=2 face="serif">50,000,000</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">Greenwich Capital Markets Inc. Repurchase Agreement, 5.455%,</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">dated 9/29/06, due 10/02/06, with a repurchase price of &#36;50,022,729</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">and collateralized by &#36;51,005,043 market value of CMOs having an</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">average coupon rate of 4.74% and an original weighted average</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=left>&nbsp;

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

        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>
<FONT size=2 face="serif">maturity of 5/28/27</FONT>&nbsp;
        </TD>
        <TD>&nbsp;
        </TD>
        <TD align=left>&nbsp;

        </TD>
        <TD align=right>
<FONT size=2 face="serif">50,000,000</FONT>&nbsp;
        </TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">The accompanying notes are an integral part of the financial statement.</FONT></P>
<P align="center">
<FONT size=2 face="serif">12</FONT></P>

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

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


<P align="center">
<B><FONT face="serif">DNP SELECT INCOME FUND INC.<br>
STATEMENT
OF NET ASSETS&#151;(Continued)<br>
(UNAUDITED)<br>
</FONT></B><B><FONT size=2 face="serif">September 30, 2006</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=2% align=left> </TD>
    <TD width=9% align=left nowrap>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD width=2%>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Market</FONT></B>
    </center></TD>
    <TD width=1% align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=left nowrap> <B><FONT size=2 face="serif">Par Value/</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">Value</FONT></B>
    </center></TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=left nowrap> <B><FONT size=2 face="serif">Shares</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD colspan="2" align=left>
      <center>
        <B><FONT size=2 face="serif">(Note 1)</FONT></B>
    </center></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD nowrap>
      <HR noshade size=1>
    </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD width="9%" nowrap>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">#&#36;</FONT> </TD>
    <TD align=center nowrap> <FONT size=2 face="serif">100,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Lehman Brothers Inc. Repurchase
        Agreement, 5.425%,</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD width=1% align=left>&nbsp; </TD>
    <TD align=left nowrap> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">dated 9/29/06, due 10/02/06, with
        a repurchase price of</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left nowrap> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;100,045,208 and collateralized
        by &#36;102,002,311 market value</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left nowrap> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">of CMOs and corporate bonds having
        an average coupon rate of</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left nowrap> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">4.99% and an original weighted
        average maturity of 4/18/21</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=right> <FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=2 face="serif">100,000,000</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right> <FONT size=2 face="serif">#</FONT> </TD>
    <TD align=left nowrap> &nbsp;<FONT size=2 face="serif">50,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Nomura Securities International
        Inc. Repurchase Agreement,</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left nowrap> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">5.425%, dated 9/29/06, due 10/02/06,
        with a repurchase price of</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left nowrap> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">&#36;50,022,604 and collateralized
        by &#36;51,000,000 market value of</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left nowrap> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">CMOs and corporate bonds having
        an average coupon rate of 5.17%</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left nowrap> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">and an original weighted average
        maturity of 7/09/39</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=2 face="serif">50,000,000</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD nowrap> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD nowrap>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Total Short-Term Instruments (Amortized
        Cost&#151;&#36;729,343,149)</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=2 face="serif">729,343,149</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD nowrap> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD nowrap>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD align=left nowrap>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left> <FONT size=2 face="serif">Total Investments&#151;187.3% (Cost&#151;&#36;3,508,761,306)</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=2 face="serif">3,895,931,574</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD nowrap> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD nowrap>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD colspan=3 align=left nowrap> <B><FONT size=2 face="serif">OTHER ASSETS
          LESS LIABILITIES&#151;(63.3%)</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=2 face="serif">(1,316,012,681</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD colspan=3 nowrap> </TD>
    <TD> </TD>
    <TD>
      <HR noshade size=1>
    </TD>
    <TD nowrap>
      <HR noshade size=1>
    </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD colspan=3 align=left nowrap> <B><FONT size=2 face="serif">AUCTION PREFERRED
          STOCK&#151;(24.0%)</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left nowrap> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD colspan=3 nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT size=2 face="serif">(</FONT><FONT size=2 face="serif">12,000
        shares issued and outstanding; liquidation preference &#36;25,000 per
        share)</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=2 face="serif">(500,000,000</FONT> </TD>
    <TD align=left> <FONT size=2 face="serif">)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD colspan=3 nowrap> </TD>
    <TD> </TD>
    <TD colspan="2">
      <HR noshade size=1>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=8>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD colspan=3 align=left nowrap> <B><FONT size=2 face="serif">NET ASSETS
          APPLICABLE TO COMMON STOCK&#151;100.0%</FONT></B>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left nowrap> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD colspan=3 nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(equivalent
        to &#36;9.21 per share of common stock based on 225,866,244 shares</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left nowrap> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD colspan=3 align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">of
        common stock outstanding; authorized 250,000,000 shares)</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=right nowrap> <FONT size=2 face="serif">2,079,918,893</FONT> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR>
    <TD> </TD>
    <TD colspan=3 nowrap> </TD>
    <TD> </TD>
    <TD colspan="2">
      <HR noshade size=2>
    </TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD colspan=3 align=left nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">#
        This security was purchased with the cash proceeds from securities loans.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left nowrap> </TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left></TD>
    <TD colspan=3 align=left nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=left nowrap></TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD colspan=3 nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The
        percentage shown for each investment category is the total value of that</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left nowrap> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left> </TD>
    <TD colspan=3 nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">category
        as a percentage of the net assets applicable to common shares of the
        Fund.</FONT>&nbsp; </TD>
    <TD>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left nowrap> </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">The accompanying notes are an integral part of the financial statement.</FONT></P>
<P align="center">
<FONT size=2 face="serif">13</FONT></P>

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

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


<P>
<B><FONT size=2 face="serif">DNP SELECT INCOME
FUND INC.<br>
STATEMENT OF NET ASSETS&#151;(Continued)<br>
(UNAUDITED)<br>
September 30, 2006</FONT></B></P>
<P>&nbsp;</P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td valign="top" nowrap><FONT size=2 face="serif">(1)&nbsp;&nbsp;</FONT></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 valign="top" nowrap>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" nowrap><FONT size=2 face="serif">(2)&nbsp;&nbsp;</FONT></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>
</table>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P>
<FONT size=2 face="serif">14</FONT></P>

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



<table width="100%"  border="0" cellpadding="0" cellspacing="0">
  <tr>
    <td width="5%" nowrap><FONT size=2 face="serif">ITEM 2.</FONT></td>
    <td colspan="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif"> CONTROLS AND PROCEDURES. </FONT></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td width="20%">&nbsp;</td>
    <td width="75%">&nbsp;</td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td colspan="2"><P>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The registrant&#146;s
          principal executive officer and principal financial officer have concluded
          that the registrant&#146;s disclosure controls and procedures (as defined
          in Rule 30a-3(c) under the Investment Company Act of 1940 (the &#147;1940
          Act&#148;)) are effective, based on an evaluation of those controls
          and procedures made as of a date within 90 days of the filing date
          of this report as required by Rule 30a-3(b) under the 1940 Act and
          Rule 13a-15(b) under the Exchange Act. </FONT></P>
      <P> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There has
          been no change in the registrant&#146;s internal control over financial
          reporting (as defined in Rule 30a-3(d) under the 1940 Act that occurred
          during the registrant&#146;s last fiscal quarter that has materially
          affected, or is reasonably likely to materially affect, the registrant&#146;s
    internal control over financial reporting. </FONT></P></td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td nowrap><FONT size=2 face="serif">ITEM 3.&nbsp;&nbsp;</FONT></td>
    <td colspan="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">EXHIBITS.</FONT>&nbsp; </td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr>
    <td nowrap>&nbsp;</td>
    <td nowrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Exhibit 99.CERT</FONT>&nbsp; </td>
    <td> <FONT size=2 face="serif">Certifications pursuant to Section 302 of
    the Sarbanes-Oxley Act of 2002</FONT>&nbsp; </td>
  </tr>
</table>
<BR>

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

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


  <FONT size=2 face="serif">SIGNATURES</FONT></center>
<P align="left">
&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>
<div align="left">
  <TABLE width="88%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
	    <TD width=23% align=left>
    <FONT size=2 face="serif">(Registrant)</FONT></TD>
	    <TD width=3%>&nbsp;
	    </TD>
	    <TD width=74% align=left>
    <FONT size=2 face="serif">DNP SELECT INCOME FUND INC.</FONT>&nbsp;
	    </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
	    <TD align=left>
    <FONT size=2 face="serif">By (Signature and Title)</FONT></TD>
	    <TD>&nbsp;
	    </TD>
	    <TD align=left>
    <FONT size=2 face="serif"><u>&nbsp;/s/ N</u></FONT><u><FONT size=1 face="serif">ATHAN </FONT><FONT size=2 face="serif">I. P</FONT><FONT size=1 face="serif">ARTAIN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></u>&nbsp;
	    </TD>
    </TR>
    <TR valign="bottom">
	    <TD align=left>&nbsp;

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

	</TD>
	    <TD>&nbsp;
	    </TD>
	    <TD align=left>
    <FONT size=2 face="serif">President and Chief Executive Officer</FONT>&nbsp;
	    </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
	    <TD align=left>
    <FONT size=2 face="serif">Date</FONT>&nbsp;
	    </TD>
	    <TD>&nbsp;
	    </TD>
	    <TD align=left>
    <FONT size=2 face="serif">November 20, 2006</FONT>&nbsp;
	    </TD>
    </TR>
  </TABLE>
  <BR>
</div>
<P align="left">
&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>
<div align="left">
  <TABLE width="88%" border=0 cellpadding=0 cellspacing=0>
    <TR valign="bottom">
	    <TD width=23% align=left>
    <FONT size=2 face="serif">By (Signature and Title)</FONT></TD>
	    <TD width=3%>&nbsp;
	    </TD>
	    <TD width=74% align=left>
    <FONT size=2 face="serif"><u>&nbsp;/s/ N</u></FONT><u><FONT size=1 face="serif">ATHAN </FONT><FONT size=2 face="serif">I. P</FONT><FONT size=1 face="serif">ARTAIN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></u>&nbsp;
	    </TD>
    </TR>
    <TR valign="bottom">
	    <TD align=left>&nbsp;

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

	</TD>
	    <TD>&nbsp;
	    </TD>
	    <TD align=left>
    <FONT size=2 face="serif">President and Chief Executive Officer</FONT>&nbsp;
	    </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
	    <TD align=left>
    <FONT size=2 face="serif">Date</FONT>&nbsp;
	    </TD>
	    <TD>&nbsp;
	    </TD>
	    <TD align=left>
    <FONT size=2 face="serif">November 20, 2006</FONT>&nbsp;
	    </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
	    <TD align=left>
    <FONT size=2 face="serif">By (Signature and Title)</FONT>&nbsp;
	    </TD>
	    <TD>&nbsp;
	    </TD>
	    <TD align=left>
    <FONT size=2 face="serif"><u>&nbsp;/s/ J</u></FONT><u><FONT size=1 face="serif">OSEPH </FONT><FONT size=2 face="serif">C. C</FONT><FONT size=1 face="serif">URRY</FONT><FONT size=2 face="serif">, J</FONT><FONT size=1 face="serif">R</FONT><FONT size=2
face="serif">.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></u>&nbsp;
	    </TD>
    </TR>
    <TR valign="bottom">
	    <TD align=left>&nbsp;

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

	</TD>
	    <TD>&nbsp;
	    </TD>
	    <TD align=left>
    <FONT size=2 face="serif">Senior Vice President and Treasurer</FONT>&nbsp;
	    </TD>
    </TR>
    <TR valign="bottom">
      <TD align=left>&nbsp;</TD>
      <TD>&nbsp;</TD>
      <TD align=left>&nbsp;</TD>
    </TR>
    <TR valign="bottom">
	    <TD align=left>
    <FONT size=2 face="serif">Date</FONT>&nbsp;
	    </TD>
	    <TD>&nbsp;
	    </TD>
	    <TD align=left>
    <FONT size=2 face="serif">November 20, 2006</FONT>&nbsp;
	    </TD>
    </TR>
  </TABLE>
  <BR>

</div>
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</center></BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>c45376_ex99-cert.htm
<TEXT>

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

<BODY bgcolor="#ffffff">


<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><BR>
</p>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">I, Nathan I. Partain, certify that:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=50% align=right>
      <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:</FONT>&nbsp;
        <FONT size=2 face="serif">November 20, 2006</FONT>&nbsp;
	  </div></TD>
	<TD width=50% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=2>&nbsp;

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

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

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

	</TD>
	<TD align=left>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">(Principal Executive Officer)</FONT>&nbsp;
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  <br>


  <B><FONT size=2 face="serif">CERTIFICATIONS</FONT></B><BR>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">I, Joseph C. Curry, Jr., certify that:</FONT></P>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
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      <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:</FONT>&nbsp;
        <FONT size=2 face="serif">November 20, 2006</FONT>&nbsp;
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<FONT size=2 face="serif"><u>&nbsp;/s/ Joseph C. Curry, Jr.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u></FONT>&nbsp;
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<FONT size=2 face="serif">Joseph C. Curry, Jr.</FONT>&nbsp;
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<FONT size=2 face="serif">Senior Vice President and Treasurer</FONT>&nbsp;
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<FONT size=2 face="serif">(Principal Financial Officer)</FONT>&nbsp;
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