-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LqmmicZPC+923ccVL4a1K/eOQwzTVe5wyfHy/gJ4HKXeAUn4bP5J3rzuQ6dvRzs+
 Bcge+DoBrT6fZff5Fouy1Q==

<SEC-DOCUMENT>0000930413-07-004544.txt : 20070518
<SEC-HEADER>0000930413-07-004544.hdr.sgml : 20070518
<ACCEPTANCE-DATETIME>20070518155545
ACCESSION NUMBER:		0000930413-07-004544
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070331
FILED AS OF DATE:		20070518
DATE AS OF CHANGE:		20070518
EFFECTIVENESS DATE:		20070518

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:		07864782

	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>c48585_nq.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>nq.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">




<P align="right">&nbsp;</P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD colspan="2" align=left nowrap><div align="center"><font size=2 face="serif">OMB
      APPROVAL</font> </div>
    <div align="right"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><div align="right"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width=62% align=left nowrap>&nbsp;</TD>
	<TD width=13% align=left nowrap><font  size=2 face="serif">OMB Number:</font></TD>
	<TD width=7% align=left nowrap>&nbsp; <div align="right"><font  size=2 face="serif">3235-0578</font>&nbsp;</div></TD>
	<TD width=18% align=left nowrap>&nbsp;
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
	<TD align=left nowrap><font  size=2 face="serif">Expires:</font></TD>
	<TD align=left nowrap><div align="right"><font  size=2 face="serif">May 31, 2007</font></div></TD>
	<TD align=left nowrap>&nbsp;&nbsp;
	</TD>
  </TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><font  size=2 face="serif">Estimated average burden </font><br>
      <font  size=2 face="serif">hours per response:</font></TD>
  <TD align=left nowrap><div align="right"><font  size=2 face="serif">21.09</font></div></TD>
  <TD align=left nowrap><font  size=2 face="serif">&nbsp; </font></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap>&nbsp;</TD>
  <TD align=left nowrap><div align="right"></div></TD>
  <TD align=left nowrap>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="right">&nbsp;</P>
<P align="center">
<FONT  size=2 face="serif">UNITED STATES</FONT></P>
<P align="center">
<FONT  size=2 face="serif">SECURITIES AND EXCHANGE COMMISSION</FONT></P>
<P align="center">
<FONT  size=2 face="serif">Washington, D.C. 20549</FONT><BR>
<BR>
<B><FONT  size=2 face="serif">FORM N-Q </FONT></B></P>
<P align="center">
<B><FONT  size=2 face="serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED <br>
MANAGEMENT INVESTMENT COMPANY </FONT></B></P>
<P align="center">
<FONT  size=2 face="serif">Investment Company Act file number </FONT><U><FONT  size=2 face="serif">811-4915</FONT></U></P>
<P align="center">
<U><FONT  size=2 face="serif"><br>
&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;</FONT></U></P>
<P align="center">
<FONT  size=2 face="serif">(Exact name of registrant as specified in charter)</FONT></P>
<P align="center">
<U><FONT  size=2 face="serif"><br>
55 East Monroe Street, Suite 3600, Chicago, Illinois 60603</FONT></U></P>
<P align="center"> <FONT  size=2 face="serif">(Address of principal executive
offices)</FONT>&nbsp; <FONT  size=2 face="serif">(Zip code)</FONT>&nbsp; </P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=100%>
<TR valign="bottom">
	<TD align=left nowrap colspan=5>&nbsp;</TD>
  </TR>
<TR>
	<TD colspan=5>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;</TD>
	<TD align=left width=30% nowrap>
<FONT  size=2 face="serif">Nathan I. Partain</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap colspan=3>
<FONT  size=2 face="serif">John R. Sagan</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;</TD>
	<TD align=left width=30% nowrap>
<FONT  size=2 face="serif">DNP Select Income Fund Inc.</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap colspan=3>
<FONT  size=2 face="serif">Mayer, Brown, Rowe &amp; Maw LLP</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;</TD>
	<TD align=left width=30% nowrap>
<FONT  size=2 face="serif">55 East Monroe Street, Suite 3600</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap colspan=3>
<FONT  size=2 face="serif">71 South Wacker Drive</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left width=26% nowrap>&nbsp;</TD>
	<TD align=left width=30% nowrap>
<FONT  size=2 face="serif">Chicago, Illinois 60603</FONT>&nbsp;
	</TD>
	<TD align=left width=44% nowrap colspan=3>
<FONT  size=2 face="serif">Chicago, Illinois 60606</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=1 cellpadding=0 width=100%>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
      <div align="center"><FONT  size=2 face="serif">(Name and address of agents for service)</FONT>&nbsp;
	    </div></TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
<FONT  size=2 face="serif">Registrant&#146;s telephone number, including area code: <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(312) 368-5510&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
<FONT  size=2 face="serif">Date of fiscal year end: <U>&nbsp;&nbsp;December 31&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=100% nowrap>
<FONT  size=2 face="serif">Date of reporting period</FONT><U><FONT  size=2 face="serif">: March 31, 2007</FONT></U>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<P align="left">
&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 (&#167;&#167; 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 align="left">
&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. &#167;
3507. </FONT></P>

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



<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_2"></A>

<P align="left">
<FONT size=2 face="serif">ITEM 1.</FONT></P>
<P align="left">
<FONT size=2 face="serif">SCHEDULE OF INVESTMENTS. </FONT></P>
<P align="left">
<FONT size=2 face="serif">The Schedule of Investments follows.<br>
</FONT></P>


<P align="center"><B><FONT size=2 face="serif">DNP SELECT INCOME FUND INC. <br>
  STATEMENT
      OF NET ASSETS<br>
</FONT></B><B><FONT size=2 face="serif">(UNAUDITED) <br>
March 31, 2007</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left colspan=4>
<B><FONT size=2 face="serif">COMMON STOCKS&#151;98.8%</FONT></B>&nbsp;
	</TD>
	<TD width=13%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

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

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

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=center>	 <B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=9% align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD width=59% align=left>&nbsp;</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=center style="border-bottom:1px solid #000000;">	 <B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=7>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="Wingdings 2">&#162;</FONT> <B><FONT size=2 face="serif">ELECTRIC AND GAS&#151;72.4%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Atmos Energy Corp.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">31,280,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">3,071,300</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">CenterPoint Energy Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">55,099,122</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,125,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Consolidated Edison Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">57,442,500</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">700,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Dominion Resources, Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">62,139,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,530,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Duke Energy Corp.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">71,623,700</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">1,100,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Energy East Corp.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">26,796,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,464,000</FONT>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Exelon Corp.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">100,591,440</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">1,735,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">FPL Group Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">106,129,950</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,535,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">FirstEnergy Corp.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">101,678,400</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">1,749,800</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Great Plains Energy Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">56,781,010</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">581,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Integrys Energy Group, Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">32,251,310</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">188,673</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">National Grid PLC ADR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">14,869,319</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">675,714</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">National Grid PLC (United Kingdom)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">10,569,359</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">800,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Nicor Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">38,736,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Northeast Utilities Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">32,770,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">2,237,200</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">NSTAR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">78,570,464</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,350,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">PG&amp;E Corp.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">65,164,500</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">1,200,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">PPL Corp.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">49,080,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,453,884</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Pepco Holdings Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">42,191,714</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Pinnacle West Capital Corp.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">72,375,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,375,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Progress Energy Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">69,355,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">900,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Public Service Enterprise Group Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">74,736,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Puget Energy, Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">25,680,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">393,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">RWE AG (Germany)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">41,432,850</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Scottish &amp; Southern Energy ADR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">30,224,600</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">850,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Scottish &amp; Southern Energy PLC (United Kingdom)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">25,690,738</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Southern Co.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">73,300,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">1,015,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Spectra Energy Corp.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">26,664,050</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,200,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Teco Energy Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">37,862,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">1,500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Vectren Corp.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">42,900,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">WGL Holdings Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">31,980,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Westar Energy Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">27,520,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">3,499,304</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Xcel Energy Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">86,397,816</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>&nbsp;

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

	</TD>
	<TD align=right nowrap>
<FONT size=2 face="serif">1,699,881,842</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">The accompanying notes are an integral part of the
financial statement.</FONT></P>
<P align="center"><FONT size=2 face="serif">6</FONT></P>
<HR noshade align="center" width="100%" size=4>



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

<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">DNP SELECT INCOME FUND INC. <br>
STATEMENT OF NET ASSETS&#151;(Continued)<br>
(UNAUDITED) <br>
March 31, 2007</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=7% align=left>&nbsp;</TD>
  <TD width=3%>&nbsp;</TD>
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD width="13%">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=right style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Shares</FONT></B>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Description</FONT></B>&nbsp; </TD>
  <TD width=59% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=center style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">(Note
        1)</FONT></B>&nbsp; </TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="Wingdings 2">&#162;</FONT> <B><FONT size=2 face="serif">TELECOMMUNICATION&#151;17.4%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">2,095,230</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">AT&amp;T Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">82,614,919</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,464,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">BCE Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">41,401,920</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">565,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">BT Group PLC ADR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">33,905,650</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,377,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Chunghwa Telecom Co. Ltd. ADR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">27,429,840</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">2,500,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Citizens Communications Co.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">37,375,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">France Telecom SA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">26,316,840</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">4,855,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">TeliaSonera AB (Sweden)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">41,691,788</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">1,719,492</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Verizon Communications Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">65,203,137</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">621,640</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Vodafone Group PLC ADR</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">16,697,250</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">2,428,360</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Windstream Corp.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">35,672,608</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>&nbsp;

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

	</TD>
	<TD align=right>
<FONT size=2 face="serif">408,308,952</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="Wingdings 2">&#162;</FONT> <B><FONT size=2 face="serif">NON-UTILITY&#151;9.0%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">56,743</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">AMB Property Corp.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,335,921</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">67,522</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Alexandria Real Estate Equities Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,777,183</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">35,503</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Apartment Investment and Management Co.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,048,168</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">135,010</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Archstone Smith Trust</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,328,343</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">53,329</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">AvalonBay Communities Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,932,770</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">70,349</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Boston Properties Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">8,258,973</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">19,631</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Camden Property Trust</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,380,256</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">165,660</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Corporate Office Properties Trust</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,567,349</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">79,739</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">DCT Industrial Trust Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">943,312</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">125,128</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Developers Diversified Realty Corp.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,870,551</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">136,518</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Diamondrock Hospitality Co.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,593,842</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">146,428</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Digital Realty Trust Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,842,477</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">23,040</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Douglas Emmett Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">588,211</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">80,657</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Duke Realty Corp.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,506,160</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">180,034</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Equity Residential</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">8,683,040</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">50,019</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Essex Property Trust Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,476,460</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">161,797</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Extra Space Storage Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">3,064,435</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">13,324</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Federal Realty Investment Trust</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,207,421</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">143,913</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">General Growth Properties Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">9,292,462</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">182,904</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Health Care Property Investors Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,590,031</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">7</FONT></P>

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



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


<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">DNP SELECT INCOME FUND INC. <br>
STATEMENT OF NET ASSETS&#151;(Continued)<br>
(UNAUDITED) <br>
March 31, 2007</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD width=7% align=left>&nbsp;</TD>
  <TD width=3%>&nbsp;</TD>
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD width="13%">&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=right style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Shares</FONT></B>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Description</FONT></B>&nbsp; </TD>
  <TD width=59% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=center style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">(Note
        1)</FONT></B>&nbsp; </TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">36,271</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Hospitality Properties Trust</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=1% align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
	</TD>
	<TD width=8% align=right>
<FONT size=2 face="serif">1,697,483</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">378,215</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Host Hotels &amp; Resorts Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">9,950,837</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">17,835</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Kilroy Realty Corp.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,315,331</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">193,720</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Kimco Realty Corp.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">9,441,913</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">51,837</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">LaSalle Hotel Properties</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,403,163</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">92,756</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">The Macerich Co.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">8,566,944</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">178,322</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">ProLogis</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">11,578,448</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">103,604</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Public Storage Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">9,808,191</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">73,759</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Regency Centers Corp.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,162,564</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">57,795</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">SL Green Realty Corp.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">7,928,318</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">165,129</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Simon Property Group Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">18,370,601</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">92,002</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Sunstone Hotel Investors Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">2,507,975</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">45,100</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Tanger Factory Outlet Centers, Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">1,821,589</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">152,655</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">UDR, Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">4,674,296</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">157,847</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Ventas Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">6,650,094</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">80,630</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Vornado Realty Trust</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9,622,384</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">212,787,496</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Total Common Stocks (Cost&#151;&#36;1,711,156,368)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,320,978,290</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 align="center" width="100%" size=4>



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


<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">DNP SELECT INCOME FUND INC. <br>
STATEMENT OF NET ASSETS&#151;(Continued) <br>
(UNAUDITED) <br>
March 31, 2007</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left colspan=4>
<B><FONT size=2 face="serif">PREFERRED STOCKS&#151;8.0%</FONT></B>&nbsp;
	</TD>
	<TD width="11%">&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
  <TD width=7% align=left>&nbsp;</TD>
  <TD width=3%>&nbsp;</TD>
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=right style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Shares</FONT></B>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD width=9% align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Description</FONT></B>&nbsp; </TD>
  <TD width=61% align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=center style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">(Note
        1)</FONT></B>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#E6E6E6">
<FONT size=2 face="Wingdings 2">&#162;</FONT> <B><FONT size=2 face="serif">UTILITY&#151;2.9%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">700,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Entergy Corp. 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 2/17/09</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">45,493,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">220,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Southern California Edison 6</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">% Perpetual</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">22,543,136</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">68,036,136</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="Wingdings 2">&#162;</FONT> <B><FONT size=2 face="serif">NON-UTILITY&#151;5.1%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
	<TD align=right>
<FONT size=2 face="serif">18,329,146</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">17,300</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">AvalonBay Communities Inc. 8.70% Series H Perpetual</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">470,387</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">650,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Duke Realty Corp. 6.95% Series M Perpetual</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">16,445,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">300,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Federal National Mortgage Association 7% Perpetual</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">15,825,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">400,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">New Plan Excel Realty Trust 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">% Series E Perpetual</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">10,008,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">900,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Public Storage Inc. 7</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT><FONT size=2 face="serif">% Series I Perpetual</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">23,238,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">600,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Realty Income Corp. 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">% Series D Perpetual</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">15,408,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">200,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Vornado Realty Trust 7% Series E Perpetual</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,080,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right>
<FONT size=2 face="serif">234,900</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Vornado Realty Trust 6</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">% Series G Perpetual</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,839,614</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">350,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Vornado Realty Trust 6</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">% Series I Perpetual</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8,746,500</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">119,389,647</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Total Preferred Stocks (Cost&#151;&#36;174,951,192)</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">187,425,783</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=7>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=4>
<B><FONT size=2 face="serif">BONDS&#151;37.8%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
</TR>
</TABLE>
<BR>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=8% align=left>&nbsp;

	</TD>
	<TD width=3%>&nbsp;
	</TD>
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width=4%>&nbsp;
	</TD>
	<TD align=center colspan=3 style="border-bottom:1px solid #000000;"> <B><FONT size=2 face="serif">Ratings</FONT></B>&nbsp;
	</TD>
	<TD width=4% align="center">&nbsp;
	</TD>
	<TD width=1% align=center>&nbsp;

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=11% align=center>&nbsp;

	</TD>
	<TD width=5% align="center">&nbsp;
	</TD>
	<TD width=11% align=center>
<B><FONT size=2 face="serif">Standard</FONT></B>&nbsp;
	</TD>
	<TD align="center">&nbsp;
	</TD>
	<TD align=center>&nbsp;

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>&nbsp;

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

	</TD>
	<TD align="center">&nbsp;
	</TD>
	<TD align=center>
<B><FONT size=2 face="serif">and</FONT></B>&nbsp;
	</TD>
	<TD align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center>
 &nbsp;<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
	</TD>
  </TR>
<TR valign="bottom" bgcolor="#FFFFFF">
	<TD align=right nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Par Value</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="9%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>
	</TD>
	<TD width="36%" align=left>&nbsp;</TD>
	<TD>&nbsp;
	</TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Moody&#146;s</FONT></B>&nbsp;
	</TD>
	<TD align="center">&nbsp;
	</TD>
	<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Poor&#146;s</FONT></B>&nbsp;
	</TD>
	<TD align="center">&nbsp;
	</TD>
	<TD colspan="2" align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="Wingdings 2">&#162;</FONT> <B><FONT size=2 face="serif">ELECTRIC AND GAS&#151;12.0%</FONT></B>
	</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" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">&#36;10,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">AGL Capital 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 bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">7<SUP><FONT size=2 face="serif">1</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">8</font><font size=2 face="serif"></font>%,
due 1/14/11</font>	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Baa1</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">BBB+</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right bgcolor="#E6E6E6">
 &nbsp;<FONT size=2 face="serif">10,593,890</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right bgcolor="#FFFFFF">
<FONT size=2 face="serif">22,000,000</FONT>&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#FFFFFF">
<FONT size=2 face="serif">Arizona Public Service Company</FONT>
	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=right bgcolor="#FFFFFF">&nbsp;

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" 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>	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Baa2</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">BBB&#150;</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
 &nbsp;<FONT size=2 face="serif">23,476,332</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right>
<FONT size=2 face="serif">19,450,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Comed Financing II</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=right>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">8&frac12;%,
due 1/15/27</font>	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Ba2</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6">
 &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;  &nbsp; <FONT size=2 face="serif">BB</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=right bgcolor="#E6E6E6">
 &nbsp;<FONT size=2 face="serif">19,733,523</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 align="center" width="100%" size=4>



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


<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">DNP SELECT INCOME FUND INC. <br>
STATEMENT OF NET ASSETS&#151;(Continued)<br>
(UNAUDITED) <br>
March 31, 2007</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom" bgcolor="#FFFFFF">
    <TD width="9%" align=left>&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD colspan="2" align=left>&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width=11% align=center>&nbsp;</TD>
    <TD width=5% align="center">&nbsp;</TD>
    <TD width=11% align=center><B><FONT size=2 face="serif">Standard</FONT></B>&nbsp; </TD>
    <TD width="4%" align="center">&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#FFFFFF">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=2 face="serif">and</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center>&nbsp;<B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#FFFFFF">
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Par
          Value</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD width="9%" align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Description</FONT></B> </TD>
    <TD width="35%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Moody&#146;s</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Poor&#146;s</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">(Note
          1)</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">&#36; &nbsp;9,304,000</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">Commonwealth Edison
        Co.</FONT> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">8%, due 5/15/08</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">BBB</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right><FONT size=2 face="serif">9,416,485</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><FONT size=2 face="serif">24,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">Dominion Resources Capital
        Trust I</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" bgcolor="#E6E6E6">
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><FONT size=2 face="serif">7.83%, due 12/01/27</FONT> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Baa3</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">BB+</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=right bgcolor="#FFFFFF"><FONT size=2 face="serif">24,451,152</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">20,000,000</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">Duke Energy Corp., Series
        D</FONT> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" 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> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <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">21,236,860</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><FONT size=2 face="serif">5,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">Entergy 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" bgcolor="#E6E6E6">
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><FONT size=2 face="serif">6.30%, due 9/01/35</FONT> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=right bgcolor="#FFFFFF"><FONT size=2 face="serif">4,970,365</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">24,340,000</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">Illinois Power Co.</FONT> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">2</font><font size=2 face="serif">%,
        due 6/15/09</font> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Baa3</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">BBB&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">24,692,054</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><FONT size=2 face="serif">17,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">Keyspan 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" bgcolor="#E6E6E6">
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><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> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=right bgcolor="#FFFFFF"><FONT size=2 face="serif">18,364,743</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">15,825,000</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">Niagara Mohawk Power
        Corp.</FONT> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" 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> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">15,883,458</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">Northern Border Partners
        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" bgcolor="#E6E6E6">
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><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> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">BBB</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=right bgcolor="#FFFFFF"><FONT size=2 face="serif">11,034,660</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">5,000,000</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">NSTAR</FONT> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">8%, due 2/15/10</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <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">5,380,120</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><FONT size=2 face="serif">9,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">PSEG Power 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" bgcolor="#E6E6E6">
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><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> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">BBB</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=right bgcolor="#FFFFFF"><FONT size=2 face="serif">11,458,485</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">16,043,000</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">Progress Energy Inc.</FONT> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">7.10%, due 3/01/11</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <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">17,140,245</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><FONT size=2 face="serif">22,750,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">Puget Capital Trust</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" bgcolor="#E6E6E6">
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><FONT size=2 face="serif">8.231%, due 6/01/27</FONT> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Ba1</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">BB</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=right bgcolor="#FFFFFF"><FONT size=2 face="serif">21,977,865</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">12,915,000</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">Sempra Energy</FONT> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">7.95%, due 3/01/10</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <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">13,865,234</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><FONT size=2 face="serif">6,488,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">Southern Union Co.</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" bgcolor="#E6E6E6">
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><FONT size=2 face="serif">7.60%, due 2/01/24</FONT> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Baa3</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">BBB&#150;</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=right bgcolor="#FFFFFF"><FONT size=2 face="serif">6,971,388</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">8,850,000</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">Southern Union Co.</FONT> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">4</font><font size=2 face="serif">%,
        due 11/15/29</font> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Baa3</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">BBB&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">10,211,493</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">TE Products Pipeline
        Co.</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" bgcolor="#E6E6E6">
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><FONT size=2 face="serif">7.51%, due 1/15/28</FONT> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">Baa3</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <FONT size=2 face="serif">BBB&#150;</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF" style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right bgcolor="#FFFFFF" style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">10,391,170</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">281,249,522</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 align="center" width="100%" size=4>



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


<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">DNP SELECT INCOME FUND INC. <br>
STATEMENT OF NET ASSETS&#151;(Continued)<br>
(UNAUDITED) <br>
March 31, 2007</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=9% align=left>&nbsp;</TD>
    <TD width=3%>&nbsp;</TD>
    <TD colspan="2" align=left>&nbsp;</TD>
    <TD width=4%>&nbsp;</TD>
    <TD align=center colspan=3 style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Ratings</FONT></B>&nbsp; </TD>
    <TD width=4% align="center">&nbsp;</TD>
    <TD width=1% align=center>&nbsp;</TD>
    <TD width=8% align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#FFFFFF">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=11% align=center>&nbsp;</TD>
    <TD width=5% align="center">&nbsp;</TD>
    <TD width=11% align=center><B><FONT size=2 face="serif">Standard</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#FFFFFF">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=2 face="serif">and</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center>&nbsp;<B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#FFFFFF">
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Par
          Value</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD width="9%" align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Description</FONT></B> </TD>
    <TD width="35%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Moody&#146;s</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Poor&#146;s</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">(Note
          1)</FONT></B>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=11>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="Wingdings 2">&#162;</FONT> <B><FONT size=2 face="serif">TELECOMMUNICATION&#151;16.7%</FONT></B> </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" bgcolor="#E6E6E6">
    <TD align=right><FONT size=2 face="serif">&#36;17,200,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">AT&amp;T Wireless Services
        Inc.</FONT> </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 bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><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 5/01/07</font> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">17,226,196</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=right bgcolor="#FFFFFF"><FONT size=2 face="serif">11,500,000</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><FONT size=2 face="serif">Alltel Corp.</FONT> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">8</font><font size=2 face="serif">%,
        due 7/01/32</font> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">12,150,935</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=right><FONT size=2 face="serif">15,098,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">BellSouth Capital Funding
        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 bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">4</font><font size=2 face="serif">%,
        due 2/15/10</font> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">16,150,617</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=right bgcolor="#FFFFFF"><FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><FONT size=2 face="serif">BellSouth Capital Funding
        Corp.</FONT> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">8</font><font size=2 face="serif">%,
        due 2/15/30</font> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">A2</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<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">11,736,100</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=right><FONT size=2 face="serif">22,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">British Telecom PLC</FONT> </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 bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">8</font><font size=2 face="serif">%,
        due 12/15/10</font> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">24,577,300</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=right bgcolor="#FFFFFF"><FONT size=2 face="serif">15,000,000</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><FONT size=2 face="serif">Centurytel Inc.</FONT> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">8</font><font size=2 face="serif">%,
        due 10/15/10</font> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<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">16,409,610</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=right><FONT size=2 face="serif">15,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">Centurytel Inc.</FONT> </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 bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><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 1/15/28</font> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">BBB</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">14,720,100</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=right bgcolor="#FFFFFF"><FONT size=2 face="serif">5,645,000</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><FONT size=2 face="serif">Comcast Cable Communications
        Inc.</FONT> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">8</font><font size=2 face="serif">%,
        due 5/01/07</font> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<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">5,657,859</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=right><FONT size=2 face="serif">13,900,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">Comcast 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 bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">7.05%, due 3/15/33</FONT> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">14,969,049</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=right bgcolor="#FFFFFF"><FONT size=2 face="serif">13,000,000</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><FONT size=2 face="serif">Deutsche Telekom Int&#146;l
        Finance BV</FONT> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">8%, due 6/15/10</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">14,102,179</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=right><FONT size=2 face="serif">23,140,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">France Telecom SA</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 bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><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 3/01/11</font> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">25,231,856</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=right bgcolor="#FFFFFF"><FONT size=2 face="serif">17,000,000</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><FONT size=2 face="serif">Koninklijke KPN NV</FONT> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">8%, due 10/01/10</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<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">18,454,622</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=right><FONT size=2 face="serif">15,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">Koninklijke KPN NV</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 bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">8</font><font size=2 face="serif">%,
        due 10/01/30</font> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">17,027,745</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=right bgcolor="#FFFFFF"><FONT size=2 face="serif">24,104,000</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><FONT size=2 face="serif">Nextel Communications
        Corp.</FONT> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">8</font><font size=2 face="serif">%,
        due 8/01/15</font> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Baa3</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<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">24,953,666</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=right><FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">Sprint Capital Corp.</FONT> </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 bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">8</font><font size=2 face="serif">%,
        due 3/15/12</font> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Baa3</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">BBB</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">11,168,690</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">11</FONT></P>

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



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


<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">DNP SELECT INCOME FUND INC. <br>
STATEMENT OF NET ASSETS&#151;(Continued)<br>
(UNAUDITED) <br>
March 31, 2007</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width=9% align=left>&nbsp;</TD>
    <TD width=3%>&nbsp;</TD>
    <TD colspan="2" align=left>&nbsp;</TD>
    <TD width=4%>&nbsp;</TD>
    <TD align=center colspan=3 style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Ratings</FONT></B>&nbsp; </TD>
    <TD width=4% align="center">&nbsp;</TD>
    <TD width=1% align=center>&nbsp;</TD>
    <TD width=8% align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#FFFFFF">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD width=11% align=center>&nbsp;</TD>
    <TD width=5% align="center">&nbsp;</TD>
    <TD width=11% align=center><B><FONT size=2 face="serif">Standard</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#FFFFFF">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center><B><FONT size=2 face="serif">and</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center>&nbsp;<B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#FFFFFF">
    <TD align=right nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Par
          Value</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD width="9%" align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Description</FONT></B> </TD>
    <TD width="35%" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Moody&#146;s</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD align=center style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Poor&#146;s</FONT></B>&nbsp; </TD>
    <TD align="center">&nbsp;</TD>
    <TD colspan="2" align=center style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">(Note
          1)</FONT></B>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">&#36; 10,000,000</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">TCI Communications Inc.</FONT> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">4</font><font size=2 face="serif">%,
        due 8/01/15</font> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT size=2 face="serif">&#36;</FONT>&nbsp; </TD>
    <TD align=right><FONT size=2 face="serif">11,829,170</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><FONT size=2 face="serif">32,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">Telecom Italia Capital</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" bgcolor="#E6E6E6">
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><FONT size=2 face="serif">7.20%, due 7/18/36</FONT> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Baa2</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=right bgcolor="#FFFFFF"><FONT size=2 face="serif">33,419,552</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">15,000,000</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">Telefonica Emisiones
        SAU</FONT> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">7.045%, due 6/20/36</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<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">16,069,755</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><FONT size=2 face="serif">11,500,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">Telefonica Europe BV</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" bgcolor="#E6E6E6">
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">4</font><font size=2 face="serif">%,
        due 9/15/10</font> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=right bgcolor="#FFFFFF"><FONT size=2 face="serif">12,401,347</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">5,000,000</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">Telefonica Europe BV</FONT> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">4</font><font size=2 face="serif">%,
        due 9/15/30</font> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<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">6,006,955</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><FONT size=2 face="serif">10,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">Telus 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" bgcolor="#E6E6E6">
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">2</font><font size=2 face="serif">%,
        due 6/01/07</font> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=right bgcolor="#FFFFFF"><FONT size=2 face="serif">10,032,070</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">17,000,000</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">Telus Corp.</FONT> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">8%, due 6/01/11</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<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">18,635,366</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><FONT size=2 face="serif">10,500,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">Verizon Global Funding
        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" bgcolor="#E6E6E6">
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">4</font><font size=2 face="serif">%,
        due 12/01/30</font> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">A</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=right bgcolor="#FFFFFF"><FONT size=2 face="serif">12,205,945</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">20,000,000</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">Vodafone Group PLC</FONT> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">4</font><font size=2 face="serif">%,
        due 2/15/10</font> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right><FONT size=2 face="serif">21,361,440</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><FONT size=2 face="serif">5,000,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">Vodafone Group PLC</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" bgcolor="#E6E6E6">
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">8</font><font size=2 face="serif">%,
        due 2/15/30</font> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">A3</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">A&#150;</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF" style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right bgcolor="#FFFFFF" style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">5,788,295</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">392,286,419</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=11>&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><FONT size=2 face="Wingdings 2">&#162;</FONT> <B><FONT size=2 face="serif">NON-UTILITY&#151;9.1%</FONT></B> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">8,000,000</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">Dayton Hudson Corp.</FONT> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">9</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">8</font><font size=2 face="serif">%,
        due 7/01/20</font> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">A1</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<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">11,065,016</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right><FONT size=2 face="serif">9,600,000</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><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" bgcolor="#E6E6E6">
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#FFFFFF"><FONT size=2 face="serif">6.80%, due 2/12/09</FONT> </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Baa1</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">BBB+</FONT>&nbsp; </TD>
    <TD bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=left bgcolor="#FFFFFF">&nbsp;</TD>
    <TD align=right bgcolor="#FFFFFF"><FONT size=2 face="serif">9,871,334</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=right bgcolor="#E6E6E6"><FONT size=2 face="serif">100,000,000</FONT>&nbsp; </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD colspan="2" align=left bgcolor="#E6E6E6"><FONT size=2 face="serif">Federal National Mortgage
        Association</FONT> </TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
    <TD align=left bgcolor="#E6E6E6">&nbsp;</TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><font size=2 face="serif">/</font><font size=1 face="serif">4</font><font size=2 face="serif">%,
        due 1/16/09</font> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">Aaa</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">AAA</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=left style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">101,506,800</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">122,443,150</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom" bgcolor="#E6E6E6">
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">Total Bonds (Cost&#151;&#36;809,305,923)</FONT> </TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left style="border-bottom:1px solid #000000;">&nbsp;</TD>
    <TD align=right style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">795,979,091</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 align="center" width="100%" size=4>



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


<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">DNP SELECT INCOME FUND INC. <br>
STATEMENT OF NET ASSETS&#151;(Continued) <br>
(UNAUDITED) <br>
March 31, 2007</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left colspan=2>
<B><FONT size=2 face="serif">Par Value/</FONT></B>&nbsp;
	</TD>
	<TD width="3%">&nbsp;
	</TD>
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD width="7%">&nbsp;
	</TD>
	<TD colspan="2" align=center>	<B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
	</TD>
  </TR>
<TR valign="bottom">
	<TD align=left colspan=2 style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="9%" align=left nowrap style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD width="63%" align=left>&nbsp;</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
	</TD>
  </TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left colspan=5>
<B><FONT size=2 face="serif">SHORT-TERM INSTRUMENTS&#151;32.5%</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width="1%" align=left>&nbsp;

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

	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width="2%" align=left>
<FONT size=2 face="serif">#&#36;</FONT>&nbsp;
	</TD>
	<TD width="7%" align=right>
<FONT size=2 face="serif">5,737,561</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">AIM STIC Liquid Assets Portfolio</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">5,737,561</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">95,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Banc of America Securities LLC Repurchase Agreement,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#FFFFFF">
<FONT size=2 face="serif">5.478%, dated 3/30/07, due 4/02/07, with a repurchase price of</FONT>&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">&#36;95,043,367 and collateralized by &#36;96,900,000 market value of</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#FFFFFF">
<FONT size=2 face="serif">corporate bonds having an average coupon rate of 5.81% and</FONT>&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">an original weighted average maturity of 1/24/16</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">95,000,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<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 colspan="2" align=left>
<FONT size=2 face="serif">Bank of America, NA</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">5.49%, due 2/08/08</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=right bgcolor="#E6E6E6">
<FONT size=2 face="serif">25,005,500</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left bgcolor="#FFFFFF">
<FONT size=2 face="serif">#</FONT>&nbsp;
	</TD>
	<TD align=right bgcolor="#FFFFFF">
<FONT size=2 face="serif">40,000,000</FONT>&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#FFFFFF">
<FONT size=2 face="serif">BNP Paribas Securities Repurchase Agreement,</FONT>&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">5.488%, dated 3/30/07, due 4/02/07, 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" bgcolor="#E6E6E6">
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#FFFFFF">
<FONT size=2 face="serif">&#36;40,018,293 and collateralized by &#36;40,800,000 market value of</FONT>&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">corporate bonds having an average coupon rate of 5.47% and</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#FFFFFF">
<FONT size=2 face="serif">an original weighted average maturity of 11/24/14</FONT>&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=right bgcolor="#FFFFFF">
<FONT size=2 face="serif">40,000,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">#</FONT>&nbsp;
	</TD>
	<TD align=right bgcolor="#E6E6E6">
<FONT size=2 face="serif">25,000,000</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">Chesham Finance LLC</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left>&nbsp;

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">5.260%, due 8/08/07</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">24,995,000</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 colspan="2" 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" bgcolor="#E6E6E6">
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#FFFFFF">
<FONT size=2 face="serif">5.508%, due 4/02/07</FONT>&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=right bgcolor="#FFFFFF">
<FONT size=2 face="serif">50,000,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">#</FONT>&nbsp;
	</TD>
	<TD align=right bgcolor="#E6E6E6">
<FONT size=2 face="serif">100,000,000</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">Credit Suisse First Boston LLC Repurchase Agreement,</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left>&nbsp;

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">5.478%, dated 3/30/07, due 4/02/07, 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 bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">&#36;100,045,650 and collateralized by &#36;102,000,366 market value of</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left>&nbsp;

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">asset-backed securities (ABS) and corporate bonds 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 bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">average coupon rate of 7.37% and an original weighted average</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left>&nbsp;

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">maturity of 8/20/29</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">100,000,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">50,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" 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" bgcolor="#FFFFFF">
	<TD align=left>&nbsp;

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">5.488%, dated 3/30/07, due 4/02/07, 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" bgcolor="#FFFFFF">
	<TD align=left>&nbsp;

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">&#36;50,022,867 and collateralized by &#36;51,004,095 market value of</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">corporate bonds having an average coupon rate of 6.25% 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 colspan="2" align=left>
<FONT size=2 face="serif">an original weighted average maturity of 11/20/17</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" bgcolor="#E6E6E6">
	<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 colspan="2" align=left>
<FONT size=2 face="serif">East-Fleet Finance LLC</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">5.343%, due 12/03/07</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=right bgcolor="#E6E6E6">
<FONT size=2 face="serif">24,996,000</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">13</FONT></P>

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



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


<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">DNP SELECT INCOME FUND INC. <br>
STATEMENT OF NET ASSETS&#151;(Continued)<br>
(UNAUDITED) <br>
March 31, 2007</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=left colspan=5>
<B><FONT size=2 face="serif">SHORT-TERM INSTRUMENTS&#151;32.5%</FONT></B>&nbsp;
	</TD>
	<TD width=10%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

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

	</TD>
</TR>
<TR>
	<TD colspan=8>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left colspan=2><B><FONT size=2 face="serif">Par Value/</FONT></B>&nbsp; </TD>
  <TD width="3%">&nbsp;</TD>
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=center><B><FONT size=2 face="serif">Value</FONT></B>&nbsp; </TD>
</TR>
<TR valign="bottom">
  <TD align=left colspan=2 style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Shares</FONT></B>&nbsp; </TD>
  <TD>&nbsp;</TD>
  <TD width="9%" align=left nowrap style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">Description</FONT></B>&nbsp; </TD>
  <TD width="60%" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD colspan="2" align=center style="border-bottom:1px solid #000000;"><B><FONT size=2 face="serif">(Note
        1)</FONT></B>&nbsp; </TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=2% align=left>
<FONT size=2 face="serif">#&#36;</FONT>&nbsp;
	</TD>
	<TD width=7% align=right>
<FONT size=2 face="serif">25,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Ebury Finance Ltd.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">5.270%, due 8/08/07</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right bgcolor="#E6E6E6">
<FONT size=2 face="serif">24,995,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=right bgcolor="#FFFFFF">
<FONT size=2 face="serif">40,000,000</FONT>&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#FFFFFF">
<FONT size=2 face="serif">General Electric Capital Corp.</FONT>&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">5.222%, due 4/02/07</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">40,000,000</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">German Residential Funding PLC</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">5.370%, due 8/22/07</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=right bgcolor="#E6E6E6">
<FONT size=2 face="serif">10,001,740</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#FFFFFF">
	<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 colspan="2" align=left>
<FONT size=2 face="serif">Goldman Sachs &amp; Co. Repurchase Agreement,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">5.508%, dated 3/30/07, due 4/02/07, 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" bgcolor="#FFFFFF">
	<TD align=left>&nbsp;

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">&#36;113,051,867 and collateralized by &#36;115,260,001 market value of</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">ABS and collateralized mortgage obligations (CMOs) having an</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">average coupon rate of 5.82% 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 colspan="2" align=left>
<FONT size=2 face="serif">maturity of 1/11/37</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" bgcolor="#E6E6E6">
	<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 colspan="2" align=left>
<FONT size=2 face="serif">Greenwich Capital Markets Inc. Repurchase Agreement,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">5.518%, dated 3/30/07, due 4/02/07, with a repurchase price of</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left>&nbsp;

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">&#36;50,022,992 and collateralized by &#36;51,003,001 market value of</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">CMOs having an average coupon rate of 5.00% and an original</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left>&nbsp;

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">weighted average maturity of 10/25/35</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">50,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Lehman Brothers Inc. Repurchase Agreement,</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#FFFFFF">
<FONT size=2 face="serif">5.488%, dated 3/30/07, due 4/02/07, with a repurchase price of</FONT>&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

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

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#FFFFFF">
<FONT size=2 face="serif">&#36;50,022,867 and collateralized by &#36;51,000,415 market value of</FONT>&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#FFFFFF">
<FONT size=2 face="serif">corporate bonds having an average coupon rate of 3.32% and</FONT>&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">an original weighted average maturity of 10/24/10</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" bgcolor="#E6E6E6">
	<TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
	</TD>
	<TD align=right>
<FONT size=2 face="serif">20,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Morgan Stanley &amp; Co., Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">5.62%, due 1/11/08</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=right bgcolor="#E6E6E6">
<FONT size=2 face="serif">20,021,480</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#FFFFFF">
	<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 colspan="2" 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>&nbsp;

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">5.488%, dated 3/30/07, due 4/02/07, 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" bgcolor="#FFFFFF">
	<TD align=left>&nbsp;

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">&#36;50,022,867 and collateralized by &#36;51,000,000 market value of</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">CMOs having an average coupon rate of 5.07% and an original</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">weighted average maturity of 7/29/39</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 bgcolor="#E6E6E6">
<FONT size=2 face="serif">#</FONT>&nbsp;
	</TD>
	<TD align=right bgcolor="#E6E6E6">
<FONT size=2 face="serif">25,000,000</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">Premier Asset Collateralized Entity LLC</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left>&nbsp;

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

	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">5.37%, due 4/25/07</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=right>
<FONT size=2 face="serif">25,000,000</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">22,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Sedna Finance Inc.</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#FFFFFF">
<FONT size=2 face="serif">5.33%, due 10/26/07</FONT>&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=right bgcolor="#FFFFFF">
<FONT size=2 face="serif">22,003,520</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">14</FONT></P>

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



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


<P align="center">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">DNP SELECT INCOME FUND INC. <br>
STATEMENT OF NET ASSETS&#151;(Continued) <br>
(UNAUDITED) <br>
March 31, 2007</FONT></B></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="5" align=left>
<B><FONT size=2 face="serif">SHORT-TERM INSTRUMENTS&#151;32.5%</FONT></B>&nbsp;
	</TD>
	<TD width=7%>&nbsp;
	</TD>
	<TD width=1% align=left>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=right>&nbsp;</TD>
  <TD width=3%>&nbsp;</TD>
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&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 colspan="2" align=left>&nbsp;

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

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Shares</FONT></B>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD width=9% align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
	</TD>
	<TD width=62% align=left>&nbsp;</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=center style="border-bottom:1px solid #000000;">	<B><FONT size=2 face="serif">(Note 1)</FONT></B>
	</TD>
	<TD align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD width=2% align=left nowrap>
<FONT size=2 face="serif"># &#36;</FONT></TD>
	<TD width=7% align=right> <FONT size=2 face="serif">35,000,000</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD colspan="2" align=left>
<FONT size=2 face="serif">Zane Funding LLC</FONT>&nbsp;
	</TD>
	<TD>&nbsp;
	</TD>
	<TD align=left>&nbsp;

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

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

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">5.350%, due 4/13/07</FONT>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">34,937,583</FONT>
	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#FFFFFF">
<FONT size=2 face="serif">Total Short-Term Instruments (Amortized Cost&#151;&#36;855,693,384)</FONT>&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD align=left bgcolor="#FFFFFF" style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right bgcolor="#FFFFFF" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">855,693,384</FONT>
	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=right bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#E6E6E6">
<B><FONT size=2 face="serif">TOTAL INVESTMENTS&#151;177.1% (Cost&#151;&#36;3,551,106,867)</FONT></B>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">4,160,076,548</FONT>
	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#FFFFFF">
<B><FONT size=2 face="serif">OTHER ASSETS LESS LIABILITIES&#151;(55.8%)</FONT></B>&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD align=left bgcolor="#FFFFFF" style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right bgcolor="#FFFFFF" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(1,311,108,814</FONT>
	</TD>
	<TD align=left bgcolor="#FFFFFF">
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD align=left bgcolor="#E6E6E6">&nbsp;

	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#E6E6E6">
<B><FONT size=2 face="serif">AUCTION PREFERRED STOCK&#151;(21.3%)</FONT></B>&nbsp;
	</TD>
	<TD bgcolor="#E6E6E6">&nbsp;
	</TD>
	<TD align=left bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">&nbsp;

	</TD>
	<TD align=right bgcolor="#E6E6E6" style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(500,000,000</FONT>
	</TD>
	<TD align=left bgcolor="#E6E6E6">
<FONT size=2 face="serif">)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#FFFFFF">
<B><FONT size=2 face="serif">NET ASSETS APPLICABLE TO COMMON STOCK&#151;100.0%</FONT></B>&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>&nbsp;
</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD colspan=2 align=left> &nbsp; &nbsp; &nbsp;<font size=2 face="serif">(equivalent to &#36;10.34 per
    share of common stock based on 227,170,556</font></TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom" bgcolor="#E6E6E6">
	<TD align=right bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD align=left bgcolor="#FFFFFF">&nbsp;

	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD colspan="2" align=left bgcolor="#FFFFFF">
 &nbsp; &nbsp; &nbsp;<FONT size=2 face="serif">shares of common stock outstanding; authorized 250,000,000 shares)</FONT>&nbsp;
	</TD>
	<TD bgcolor="#FFFFFF">&nbsp;
	</TD>
	<TD align=left bgcolor="#FFFFFF" style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
	</TD>
	<TD align=right bgcolor="#FFFFFF" style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">2,348,967,734</FONT>
	</TD>
	<TD align=left bgcolor="#FFFFFF" style="border-bottom:3px double #000000;">

	</TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif"># This security was purchased with the cash proceeds from securities loaned.</FONT></P>
<P align="left">
<FONT size=2 face="serif">The percentage shown for each investment category is the total value of that category as a percentage of the net assets applicable to common stock of the Fund.</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
  <TD colspan="2" valign=top nowrap><FONT size=2 face="serif">______________</FONT></TD>
  </TR>
<TR>
	<TD width="3%" valign=top nowrap>
<FONT size=2 face="serif">(1)</FONT></TD>
	<TD width=97%>
<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 sale price or, if there was no sale on the pricing date, then
the security is valued at the mean of the bid and ask prices as obtained on that day from one or more dealers regularly making a market in that security. Fixed income securities are valued at the mean of bid and ask prices provided by an independent
pricing service when such prices are believed to reflect the fair market value of such securities. Such bid and ask prices are determined taking into account securities prices, yields, maturities, call features, ratings, and institutional size
trading in similar securities and developments related to specific securities. Any securities for which it is determined that market prices are unavailable or inappropriate are valued at a fair value using a procedure determined in good faith by the
Board of Directors. Short-term investments having a maturity of 60 days or less are valued on an amortized cost basis, which approximates market value.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
	<TD nowrap valign=top>
<FONT size=2 face="serif">(2)</FONT></TD>
	<TD width=97%>
<FONT size=2 face="serif">At December 31, 2006, the Fund&#146;s most recent fiscal tax year end, based on a tax cost of investments of &#36;3,576,595,839, the Fund had gross unrealized appreciation of &#36;610,438,317 and gross unrealized
depreciation of &#36;12,184,772.</FONT>	</TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">15</FONT></P>

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



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


<A name="page_3"></A>

<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size=2 face="serif">ITEM 2.</font></td>
    <td colspan="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">CONTROLS AND PROCEDURES.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="7%">&nbsp;</td>
    <td colspan="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">(a)
        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></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">(b)
        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></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size=2 face="serif">ITEM 3.</font></td>
    <td colspan="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">EXHIBITS.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td width="14%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=2 face="serif">Exhibit 99.CERT</font></td>
    <td width="79%"><font size=2 face="serif">&nbsp;Certifications pursuant to Section
    302 of the Sarbanes-Oxley</font> <font size=2 face="serif">Act of 2002</font>&nbsp; </td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td colspan="2">&nbsp;</td>
  </tr>
</table>
<P align="left">&nbsp;</P>
<P align="left">&nbsp;</P>
<BR>

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



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

<P align="center">
<FONT size=2 face="serif">SIGNATURES</FONT></P>
<P 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>
<TABLE border=0 cellspacing=0 cellpadding=0 width=75%>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
  <TD><font size=2 face="serif">(Registrant)</font></TD>
  <TD colspan=1><font size=2 face="serif">DNP SELECT INCOME FUND INC.</font></TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
  <TD><font size=2 face="serif">By (Signature and Title)</font></TD>
  <TD colspan=1 style="border-bottom:1px solid #000000;"><font size=2 face="serif">/s/
      N</font><font size=1 face="serif">ATHAN </font>&nbsp;<font size=2 face="serif">I.
    P</font><font size=1 face="serif">ARTAIN </font></TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD colspan=1><font size=2 face="serif">Nathan I. Partain<br>
    President and Chief Executive Officer</font></TD>
</TR>
<TR valign="top">
  <TD>&nbsp;</TD>
  <TD colspan=1>&nbsp;</TD>
</TR>
<TR valign="top">
	<TD width=25%><P><FONT size=2 face="serif">Date</FONT></P>

	</TD>
	<TD width=75% colspan=1><P><FONT size=2 face="serif">May 18, 2007</FONT></P>

	</TD>
</TR>
</TABLE>
<BR>
<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>
<TABLE border=0 cellspacing=0 cellpadding=0 width=75%>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD colspan=1>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><font size=2 face="serif">By (Signature and Title)</font></TD>
    <TD colspan=1 style="border-bottom:1px solid #000000;"><font size=2 face="serif">/s/
        N</font><font size=1 face="serif">ATHAN </font>&nbsp;<font size=2 face="serif">I.
        P</font><font size=1 face="serif">ARTAIN </font></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD colspan=1>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD colspan=1><font size=2 face="serif">Nathan I. Partain<br>
      President and Chief Executive Officer</font></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD colspan=1>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD width=25%><P><FONT size=2 face="serif">Date</FONT></P></TD>
    <TD width=75% colspan=1><P><FONT size=2 face="serif">May 18, 2007</FONT></P></TD>
  </TR>
</TABLE>
<P align="left">&nbsp;</P>
<TABLE border=0 cellspacing=0 cellpadding=0 width=75%>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD colspan=1>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD><font size=2 face="serif">By (Signature and Title)</font></TD>
    <TD colspan=1 style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/
        J</FONT><FONT size=1 face="serif">OSEPH </FONT><FONT size=2 face="serif">&nbsp;C.
        C</FONT><FONT size=1 face="serif">URRY</FONT><FONT size=2 face="serif">,
    J</FONT><FONT size=1 face="serif">R</FONT><FONT size=2 face="serif">.</FONT></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD colspan=1>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD colspan=1><FONT size=2 face="serif">Joseph C. Curry, Jr.<br>
    </FONT><FONT size=2 face="serif">Senior Vice President and Treasurer</FONT></TD>
  </TR>
  <TR valign="top">
    <TD>&nbsp;</TD>
    <TD colspan=1>&nbsp;</TD>
  </TR>
  <TR valign="top">
    <TD width=25%><P><FONT size=2 face="serif">Date</FONT></P></TD>
    <TD width=75% colspan=1><P><FONT size=2 face="serif">May 18, 2007</FONT></P></TD>
  </TR>
</TABLE>
<P align="left">&nbsp;</P>
<BR>

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


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>c48585_ex99cert.htm
<TEXT>

<HTML>
<HEAD>
   <TITLE>certs.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</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></P>
<P align="left">
 &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;<font size="2" face="serif">1.
    <FONT size=2 face="serif">I have reviewed this report on Form N-Q of DNP
Select Income Fund Inc.;</FONT> </font></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">2.
    <FONT size=2 face="serif">Based on my knowledge, this report does not contain
    any untrue statement of a material fact or omit to</FONT> 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;<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;<FONT size=2 face="serif">4. The registrant&#146;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;<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;<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;<FONT size=2 face="serif">(c) Evaluated the effectiveness of the registrant&#146;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;<FONT size=2 face="serif">(d) Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">5. The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons
performing the equivalent functions):</FONT></P>
<P align="left">
&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&#146;s ability to record, process, summarize, and report financial information; and</FONT></P>
<P align="left">
&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&#146;s internal control over financial reporting.</FONT></P>
<P align="left">
&nbsp;&nbsp;<FONT size=2 face="serif">Date: May 18, 2007</FONT></P>
<P align="left">
<FONT size=2 face="serif"> </FONT></P>

<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="29%" style="border-bottom:1px solid #000000;"><font size=2 face="serif">/s/ Nathan I. Partain</font></td>
    <td width="26%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><font size=2 face="serif">Nathan I. Partain<br>
President and Chief Executive Officer<br>
(Principal Executive Officer) </font></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P align="left"><BR>
</P>
<HR noshade width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>
<A name="page_2"></A>

<P align="center">
<B><FONT size=2 face="serif">CERTIFICATIONS</FONT></B></P>
<P align="left">
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">I, Joseph C. Curry, Jr., certify that:</FONT></P>

<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">1.
    <FONT size=2 face="serif">I have reviewed this report on Form N-Q of DNP
Select Income Fund Inc.;</FONT> </FONT></P>
<P align="left"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size="2" face="serif">2. <FONT size=2 face="serif">Based
      on my knowledge, this report does not contain any untrue statement of a
      material fact or omit to</FONT> 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;<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;<FONT size=2 face="serif">4. The registrant&#146;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;<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;<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;<FONT size=2 face="serif">(c) Evaluated the effectiveness of the registrant&#146;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;<FONT size=2 face="serif">(d) Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the registrant&#146;s most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">5. The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors (or persons
performing the equivalent functions):</FONT></P>
<P align="left">
&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&#146;s ability to record, process, summarize, and report financial information; and</FONT></P>
<P align="left">
&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&#146;s internal control over financial reporting.</FONT></P>
<P align="left">&nbsp;&nbsp;<FONT size=2 face="serif">Date: May 18, 2007</FONT></P>
<P align="left"> <FONT size=2 face="serif"> </FONT></P>
<table width="100%"  border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="45%">&nbsp;</td>
    <td width="29%" style="border-bottom:1px solid #000000;"><FONT size=2 face="serif">/s/
    Joseph C. Curry, Jr.</FONT></td>
    <td width="26%">&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td><FONT size=2 face="serif">Joseph C. Curry, Jr.<br>
Senior Vice President and Treasurer<br>
(Principal Financial Officer) </FONT></td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
</table>
<P align="left"><BR>
</P>
<P align="left">&nbsp;</P>
<HR noshade width="100%" size=4>


</BODY>

</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
