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<SEC-DOCUMENT>0000930413-07-006892.txt : 20070823
<SEC-HEADER>0000930413-07-006892.hdr.sgml : 20070823
<ACCEPTANCE-DATETIME>20070823142310
ACCESSION NUMBER:		0000930413-07-006892
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20070630
FILED AS OF DATE:		20070823
DATE AS OF CHANGE:		20070823
EFFECTIVENESS DATE:		20070823

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04915
		FILM NUMBER:		071075252

	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-CSRS
<SEQUENCE>1
<FILENAME>c49519_ncsrs.htm
<TEXT>

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


<TABLE width="25%" border=0 align="right" cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="4" align=center style="border-bottom:1px solid #000000; border-top:1px solid #000000; border-right:1px solid #000000; border-left:1px solid #000000;">	  <font size=2 face="serif">OMB
    APPROVAL</font></TD>
  </TR>
<TR valign="bottom">
  <TD width="5%" rowspan="4" style="border-bottom:1px solid #000000; border-left:1px solid #000000;">&nbsp;

    </TD>
  <TD width=74% align=left>
<FONT size=2 face="serif">OMB Number: 3235-0570</FONT>&nbsp;
	</TD>
    <TD width=15% align=left>&nbsp;</TD>
    <TD width="6%" rowspan="4" style="border-bottom:1px solid #000000; border-right:1px solid #000000;">&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="serif">Expires: April 30, 2008</FONT>&nbsp;
	</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left>
<FONT size=2 face="serif">Estimated average burden</FONT>&nbsp;
	</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
<TR valign="bottom">
  <TD align=left style="border-bottom:1px solid #000000;"><font size=2 face="serif">hours
    per response</font></TD>
	<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">19.4</FONT>&nbsp;
	</TD>
  </TR>
</TABLE>
<BR>
<P align="center">&nbsp;</P>
<P align="center">&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-CSR </FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT <br>
COMPANIES </FONT></B></P>
<P align="center">
<FONT size=2 face="serif">Investment Company Act file number </FONT><U><FONT size=2 face="serif">&nbsp; &nbsp; &nbsp;&nbsp;811-4915&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;</FONT></U></P>
<TABLE width="60%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">DNP Select Income Fund Inc.</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center>
<FONT size=2 face="serif">(Exact name of registrant as specified in charter)</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">55 East Monroe Street, Suite 3600, Chicago, Illinois 60603</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left><div align="center"><FONT size=2 face="serif">(Address of principal
	      executive offices)</FONT>&nbsp;
        <font size=2 face="serif">&nbsp; &nbsp; &nbsp; (Zip code)</font>	</div></TD>
  </TR>
</TABLE>
<BR>
<TABLE width="70%" border=0 align="center" cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=50% align=left>
<FONT size=2 face="serif">Nathan I. Partain</FONT>&nbsp;
	</TD>
	<TD width=50% align=left>
<FONT size=2 face="serif">John R. Sagan</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">DNP Select Income Fund Inc.</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Mayer, Brown, Rowe &amp; Maw LLP</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">55 East Monroe Street, Suite 3600</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">71 South Wacker Drive</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Chicago, Illinois 60603</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Chicago, Illinois 60606</FONT>&nbsp;
	</TD>
</TR>
<TR align="center" valign="bottom">
  <TD colspan="2">&nbsp;</TD>
</TR>
<TR align="center" valign="bottom">
  <TD colspan="2"><font size=2 face="serif">(Name and address of agents
    for service)</font></TD>
  </TR>
</TABLE>
<P align="left">
<FONT size=2 face="serif">Registrant&#146;s telephone number, including area code: <u>&nbsp; &nbsp; &nbsp;(312) 368-5510 &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp;</u>   </FONT></P>
<P align="left"><FONT size=2 face="serif">Date of fiscal year end: <u>&nbsp; &nbsp; &nbsp;December 31
    &nbsp; &nbsp; &nbsp;</u></FONT></P>
<P align="left"><FONT size=2 face="serif">Date of reporting period: </FONT><U><FONT size=2 face="serif">&nbsp;  June
      30, 2007&nbsp; &nbsp; &nbsp;</FONT></U></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Form N-CSR is to be used
by management investment companies to file reports with the Commission not later
than 10 days after the transmission to stockholders of any report that is required
to  be transmitted to stockholders under Rule 30e-1 under the Investment Company
Act of 1940 (17&nbsp;CFR&nbsp;270.30e-1). The Commission may use the information provided
on Form N-CSR 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-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of
information contained in Form N-CSR 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>

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


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=10% align=left>
<FONT size=2 face="serif">ITEM 1.</FONT>&nbsp;
	</TD>
	<TD width=90% align=left>
<FONT size=2 face="serif">REPORTS TO STOCKHOLDERS.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">The Semi-Annual Report to Stockholders follows.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
</TABLE>

<IMG src="c49519_ncsrsx1x1.jpg" border=0>
<BR>

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<p style="page-break-before:always"></p><PAGE>


<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Fund Distributions and Managed Distribution Plan: </FONT></B><FONT size=2 face="serif">Your Fund has been paying a regular 6.5 cent per share monthly distribution on its common stock since
July 1997. In February 2007, the Board of Directors adopted a Managed Distribution Plan, which provides for the Fund to continue to make a monthly distribution on its common stock of 6.5 cents per share. Under the Managed Distribution Plan, the Fund
will distribute all available investment income to shareholders, consistent with the Fund&#146;s primary investment objective. If and when sufficient investment income is not available on a monthly basis, the Fund will distribute long-term capital
gains and/or return capital to its shareholders. Whenever any portion of any Fund distribution is derived from a source other than net investment income, the Investment Company Act of 1940 (the &#147;1940 Act&#148;) and related SEC rules require the
Fund to furnish shareholders with a written statement disclosing what portion of the payment per share is derived from net investment income, net short-term capital gains, net long-term capital gains, and return of capital. To the extent that the
Fund uses capital gains and/or returns of capital to supplement its investment income, you should not draw any conclusions about the Fund&#146;s investment performance from the amount of the Fund&#146;s distributions or from the terms of the
Fund&#146;s Managed Distribution Plan. The Fund estimates that it has distributed more than its income and capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or
all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund&#146;s investment performance and should not be confused with &#147;yield&#148; or
&#147;income&#148;.</FONT></P>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The amounts and sources of distributions reported in statements furnished pursuant to the 1940 Act are only estimates and are not provided for tax reporting purposes. The actual amounts and
sources of the amounts for tax reporting purposes will depend upon the Fund&#146;s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the
calendar year that will tell you how to report these distributions for federal income tax purposes. The 1940 Act and related SEC rules generally prohibit investment companies from distributing long-term capital gains, as defined in the Internal
Revenue Code (&#147;IRC&#148;), more often than once in a twelve-month period. To the extent that the Fund&#146;s distributions of net long-term capital gain for a taxable year are offset by the Fund&#146;s capital loss carryovers, such
distributions are not treated by the IRC as long-term capital gain dividends. Instead such distributions are treated as additional ordinary dividends or as a return of capital, depending on whether the Fund has undistributed earnings. To date, all
of the Fund&#146;s distributions of net long-term capital gain have been fully offset by the Fund&#146;s capital loss carryovers, and therefore none of those distributions have constituted long-term capital gain dividends as defined in the IRC.
Funds that have adopted a Managed Distribution Plan generally seek exemptive relief from the SEC, permitting them to distribute long-term capital gains more than once a year. In order to potentially augment the sources from which the Fund&#146;s
monthly distribution can be paid after its capital loss carryovers have been fully utilized, the Fund applied for such exemptive relief in April 2007. If the granting of exemptive relief is denied or delayed by the SEC, and the Fund still needs to
supplement its investment income from other sources after utilizing all of its tax loss carryovers, the Fund&#146;s monthly shareholder distributions may need to include a portion of tax return of capital in order to maintain the distribution rate.
Even if the Fund receives exemptive relief from the SEC, a tax return of capital could also occur if the Fund were to distribute more than its income and net realized capital gains. Any return of capital would not be taxable to shareholders in the
year it is paid. Rather, shareholders would be required to reduce the cost basis of their shares by the amount of the return of capital so that, when the shares are ultimately sold, they will have properly accounted for the return of
capital.</FONT></P>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Board may amend, suspend or terminate the Managed Distribution Plan without prior notice to shareholders if it deems such action to be in the best interests of the Fund and its
shareholders. For example, the Board might take such action if the Plan had the effect of shrinking the Fund&#146;s assets to a level that was determined to be detrimental to Fund shareholders. The suspension or termination of the Plan could have
the effect of creating a trading discount (if the Fund&#146;s stock is trading at or above net asset value) or widening an existing trading discount.</FONT></P>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Managed Distribution Plan is described in a Question and Answer format on your Fund&#146;s website http://www.dnpselectincome.com and is also discussed on page four of this
report.</FONT></P>

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



<p style="page-break-before:always"></p><PAGE>

<P align="justify">
<B><FONT size=2 face="serif">Dear Fellow Shareholders:</FONT></B></P>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Performance Review: </FONT></B><FONT size=2 face="serif">Consistent with its primary objective of current income, the Fund declared three monthly distributions of 6.5 cents per share of
common stock during the second quarter of 2007. The 6.5 cent per share monthly rate, without compounding, would be 78 cents annualized, or a 7.17% common stock dividend yield based on the June 29, 2007 closing price of &#36;10.88 per share. That
yield compares favorably with the quarter-end yields of 2.94% on the Dow Jones Utility Index and 2.99% on the S&amp;P Utilities Index. Please refer to the inside front cover and the dividend policy sections of this report for important information
about the Fund&#146;s distributions.</FONT></P>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Your Fund had a total return (income plus change in market price) of &#150;1.5% for the quarter ended June 30, 2007, and 4.3% year-to-date. This total return was somewhat below the &#150;.5%
quarterly and 6.9% year-to-date total return of the composite of the S&amp;P Utilities Index and the Lehman Utility Bond Index reflecting the stock and bond ratio of the Fund (the &#147;Composite Index&#148;). In comparison, the S&amp;P Utilities
Index &#150; a stock only index &#150; had a total return of &#150;.4% and 8.8%, respectively. Investor concerns over utility stock valuations and a rise in interest rates depressed returns for utility shares, bonds and their benchmarks during the
second quarter.</FONT></P>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">On a longer-term basis,
as of June 30, 2007, your Fund had a five-year cumulative total return of 57.3%,
below the 75.6% return of the Composite Index. In comparison, the S&amp;P Utilities
 Index had a total return during that period of 96.7%. It is important to note
that the Composite Index and the S&amp;P Utilities Index include no fees or expenses.
The following table compares the performance of your Fund to various market
benchmarks.</FONT></P>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=17%></TD>
     <TD width=2%></TD>
     <TD width=11%></TD>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=9%></TD>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=13%></TD>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=12%></TD>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=12%></TD>
     <TD width=2%></TD></TR>
<TR valign="bottom">
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>



<TD align=right colspan=14 style="border-bottom:1px solid #000000;">
      <div align="center"><B><FONT size=1 face="serif">Cumulative Total Return*</FONT></B>
      </div></TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=1 face="serif">
</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=center colspan=4 style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">DNP Select Income<br>
Fund Inc.</FONT></B>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=1 face="serif">For the period indicated<br>
through June 29, 2007</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">Market</FONT></B>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD style="border-bottom:1px solid #000000;">&nbsp;
</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">NAV</FONT></B>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD style="border-bottom:1px solid #000000;">&nbsp;
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
      <div align="center"><B><FONT size=1 face="serif">Composite<br>
  Index</FONT></B>
      </div></TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD style="border-bottom:1px solid #000000;">&nbsp;
</TD>
<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">S&amp;P<br>
Utilities Index</FONT></B>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD style="border-bottom:1px solid #000000;">&nbsp;
</TD>
<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">Lehman Brothers<br>
Utility Bond Index</FONT></B>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">One year</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">15.0</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">24.8</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">21.2</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">26.1</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">7.4</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Five years</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">57.3</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">86.8</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">75.6</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">96.7</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">24.4</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
</TR>
</TABLE>
<BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
<TD nowrap valign=top>
<FONT size=2 face="serif">*</FONT>&nbsp; &nbsp; &nbsp; </TD>
<TD width=100%>
<FONT size=2 face="serif">Total return includes dividends reinvested in the Fund or index, as applicable. The Composite Index is a composite of the returns of the S&amp;P Utilities Index and the Lehman Brothers Utility Bond Index, weighted to
reflect the stock and bond ratio of the Fund. Performance returns for the S&amp;P Utilities Index and Lehman Brothers Utility Bond Index were obtained from Bloomberg LLP. Fund returns were obtained from the Administrator of the Fund. Past
performance is not indicative of future results.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">The Investment Environment and Outlook: </FONT></B><FONT size=2 face="serif">The pace of economic activity as measured by Gross Domestic Product (GDP) has slowed over the course of 2006 and
into 2007. Some of the early 2006 slow-down can be attributed to the decline in activity related directly to hurricane Katrina. However, later in 2006, economic activity slowed as the result of an increasing contraction in residential construction
and a reduction in car production as dealers sold excess inventory off their lots. More broad-based inventory liquidation reduced first quarter 2007 GDP growth to only 0.7% annualized, the lowest level since the fourth quarter of 2002. Second
quarter GDP improved to a 3.2% annualized rate according to the Commerce Department&#146;s &#147;advance&#148; estimate released in late July and some inventory rebuilding may support growth later in the year.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Although the Federal
Reserve&#146;s (Fed&#146;s) most popular measure of consumer price inflation,
the Personal Consumption Expenditure Deflator (the PCE Index), decelerated somewhat
in the  latter part of 2006, the PCE Core Index, excluding food and energy, advanced
2&#188;%
for the year, well above what is believed to be the Fed&#146;s</FONT></P>
<P align="center">
<FONT size=2 face="serif">1</FONT></P>

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<p style="page-break-before:always"></p><PAGE>


<P align="justify">
<FONT size=2 face="serif">target range of 1% &#150; 2%. Further improvement in consumer inflation has been seen in 2007, with the PCE Core Index up only 1.9% year-over-year in June, the best report since March 2004. It was in June of 2004 that the
Fed initiated its program of raising short-term interest rates from 1% to 5&#188;%.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The statement released from the June 28 meeting of the Federal Open Market Committee (FOMC) and the July Congressional testimony of Fed Chairman Bernanke acknowledged the improvement in
inflation. The text, which follows a characteristic topic sequence, dropped the word &#147;elevated&#148; and referenced inflation that had &#147;improved modestly.&#148; However, the FOMC went on to note that &#147;a sustained moderation in
inflation pressures has yet to be convincingly demonstrated,&#148; and that the &#147;high level of resource utilization has the potential to sustain those pressures.&#148; Economic growth was characterized as &#147;moderate&#148; despite the weak
housing environment. The favorable trend in inflation and the less than favorable trend in economic growth were not sufficient to change the Fed&#146;s inflation focus and steady-state interest rate policy. Without some unexpected catalyst, your
Fund managers do not anticipate that monetary policy will change in the near future.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The broad stock market indexes continue to demonstrate confidence in the strength of the economy and the Fed&#146;s non-inflationary monetary policy, although price volatility has increased.
The markets are near their all-time highs, supported by stronger-than-expected earnings and record high merger activity, share buybacks, and private-equity deals. Even the weaker dollar helps multi-national companies profit from the strong global
economy and favorable currency translations.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In the bond markets, yields and risk premiums have risen somewhat. Since the beginning of the year through mid-year, 10-year Treasury yields have risen about 3 tenths of a percent and lower
quality indexes have underperfomed similar maturity Treasuries. In the derivatives markets (options and futures, for example) the costs of single issue and portfolio protection have increased, factors adversely affecting liquidity at the margin.
</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The utility industries have been relatively stable during the first half of 2007. Merger and acquisition risk has been light compared to other sectors, and regulation has been reasonably
supportive, with a few notable exceptions. Above all, your managers analyze companies for their ability to sustain and grow their dividends.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Back to the Electric Future? </FONT></B><FONT size=2 face="serif">On August 14, 2003, a cascade of electric transmission line failures and successive power plant shutdowns led to a blackout
covering approximately 9,000 square miles and affecting 50 million people in the Northeast quadrant of the United States and adjacent parts of Canada. An area of concern regarding the electrical system that the blackout highlighted was the lack of
capital investment in high voltage transmission. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">One of the biggest roadblocks for transmission investment has been the siting of high voltage electric lines. &#147;Not in My Back Yard&#148; concerns have been one of the primary hindrances to
transmission construction in heavily populated, high electric demand areas. Under the Energy Policy Act of 2005, the Department of Energy (DOE) was granted the authority to designate geographic areas as &#147;national interest electric transmission
corridors.&#148; A national interest corridor is an area where insufficient transmission capacity is raising the cost of electricity to consumers or jeopardizing reliable service, and the resolution of the problem would be in the national interest.
The national interest test can be met by determining that congestion inhibits the development of generation from renewable resources, such as wind, or clean coal technologies.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Despite federal capacity to determine national interest corridors, individual states retain the initial and primary responsibility for deciding how to resolve transmission capacity problems,
including how and where to site transmission. Recourse to the Federal Energy Regulatory Commission (FERC), which is housed within the DOE, is available when a state cannot or will not act promptly to resolve congestion or assure reliability.
&#147;Promptly&#148; is defined as a state failing to grant permits for transmission lines proposed in the corridors within a year of the filing of a permit application with state regulators. </FONT></P>
<P align="center">
<FONT size=2 face="serif">2</FONT></P>

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



<p style="page-break-before:always"></p><PAGE>

<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">An analysis prepared every third year by the DOE provides the basis for corridor designation. In April, the DOE made its first two national interest corridor designations. One is composed of
northern Virginia and eight states running into New York, and the other is in the Southwest, stretching from California into Nevada and east to Arizona. The Arizona Corporation Commission recently rejected development of a new 230-mile transmission
line in the Southwest corridor, which would have taken power from western Arizona into Southern California, on the grounds that it would not provide any benefits to Arizona ratepayers while giving price breaks to California ratepayers. On the other
hand, the California Public Utilities Commission unanimously approved the proposed transmission line. In theory, this siting conflict could be resolved at the Federal level, but a &#147;prompt&#148; resolution is the best that might be
expected.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The electric industry needs to make significant investments in the electric transmission system. Impediments to that investment are being slowly chipped away, but there is much work to be done
to keep our electric future from looking a lot like the past.</FONT></P>
<P align="center">
<B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
<B><FONT face="serif">SECTOR ALLOCATION*</FONT></B><BR>
<B><FONT size=2 face="serif">June 30, 2007</FONT></B></P>
<P align="center">
<IMG src="c49519_ncsrsx5x1.jpg" border=0>
</P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
<TD nowrap valign=top>
<FONT size=2 face="serif">*</FONT>&nbsp; &nbsp; &nbsp; </TD>
<TD width=100%>
<FONT size=2 face="serif">Sector allocation is based on total investments rather than total net assets applicable to common shares and includes securities purchased with the cash collateral for securities loaned.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Board of Directors Meeting: </FONT></B><FONT size=2 face="serif">At the regular August 2007 Board of Directors&#146; meeting, the Board declared the following monthly dividends:</FONT></P>
<TABLE width=60% border=0 align="center" cellpadding=0 cellspacing=0>
<TR>
     <TD width=29%></TD>
     <TD width=2%></TD>
     <TD width=38%></TD>
     <TD width=2%></TD>
     <TD width=28%></TD></TR>
<TR valign="bottom">
<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">Cents Per Share</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">Record Date</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">Payable Date</FONT></B>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=center>
<FONT size=2 face="serif">6.5</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=center>
<FONT size=2 face="serif">September 28</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=center>
<FONT size=2 face="serif">October 10</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=center>
<FONT size=2 face="serif">6.5</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=center>
<FONT size=2 face="serif">October 31</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=center>
<FONT size=2 face="serif">November 13</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=center>
<FONT size=2 face="serif">6.5</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=center>
<FONT size=2 face="serif">November 30</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=center>
<FONT size=2 face="serif">December 10</FONT>&nbsp;
</TD>
</TR>
</TABLE><BR>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">About your Fund&#146;s Dividend Policy: </FONT></B><FONT size=2 face="serif">At the February 2007 Board of Directors meeting, the Board reaffirmed the current 6.5 cent per share monthly
distribution rate and formalized the monthly distribution process by adopting a Managed Distribution Plan. The Plan is described in a Question and Answer format on your Fund&#146;s website: http://www.dnpselectincome.com.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Longer-term interest rates remain relatively low despite Federal Reserve actions to increase short-term rates, and utility common stock dividend yields are well below their long-term average.
Since 2004, the Fund has made</FONT></P>
<P align="center">
<FONT size=2 face="serif">3</FONT></P>

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

<p style="page-break-before:always"></p><PAGE>

<P align="justify">
<FONT size=2 face="serif">increased use of realized gains offset by tax loss carryforwards to supplement its investment income. Until the Fund utilizes all of its tax loss carryforwards, distributions to shareholders derived from realized gains will
be treated as ordinary income for tax purposes under the Internal Revenue Code (IRC). The treatment of the Fund&#146;s realized gains as ordinary income for tax purposes has enabled the Fund to maintain its current monthly &#147;income only&#148;
distribution rate. In the absence of tax loss carryforwards, distributions from realized gains would be treated as taxable gains rather than ordinary income.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Investment Company Act of 1940 and related rules of the Securities and Exchange Commission (SEC) generally prohibit investment companies from distributing long-term capital gains, as
defined by the IRC, more often than once in a twelve&#150;month period. However, funds that have adopted a Managed Distribution Plan often seek exemptive relief from the SEC, permitting them to distribute long-term capital gains more than once a
year. In order to potentially augment the sources from which your Fund&#146;s monthly distribution can be paid, the Fund&#146;s Board of Directors authorized the Fund to apply to the SEC for such exemptive relief at the same time that it adopted the
Managed Distribution Plan. </FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">If the granting of exemptive relief is denied or delayed by the SEC, and the Fund still needs to supplement its investment income from other sources after utilizing all of its tax loss
carryforwards, the Fund&#146;s monthly shareholder distributions may need to include a portion of return of capital in order to maintain the distribution rate. Even if the Fund receives exemptive relief from the SEC, a return of capital could occur
if the Fund were to distribute more than its income and net realized capital gains. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you but does not necessarily reflect the
Fund&#146;s investment performance and should not be confused with &#147;yield&#148; or &#147;income.&#148; Any return of capital would not be taxable to shareholders in the year it is paid. Rather, shareholders would be required to reduce the cost
basis of their shares by the amount of the return of capital so that, when the shares are ultimately sold, they will have properly accounted for the return of capital.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Automatic Dividend Reinvestment Plan and Direct Deposit Service&#151;</FONT></B><FONT size=2 face="serif">The Fund has a dividend reinvestment plan available as a benefit to all registered
shareholders and also offers direct deposit service through electronic funds transfer to all registered shareholders currently receiving a monthly dividend check. These services are offered through The Bank of New York. For more information and/or
an authorization form on automatic dividend reinvestment or direct deposit, please contact The Bank of New York (1-877-381-2537 or </FONT><U><FONT size=2 face="serif">http://stock.bankofny.com</FONT></U><FONT size=2 face="serif">). Information on
these services is also available on the Fund&#146;s web site at the address noted below.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size=2 face="serif">Visit us on the Web&#151;</FONT></B><FONT size=2 face="serif">You can obtain the most recent shareholder financial reports and dividend information at our website,
http://www.dnpselectincome.com.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">We appreciate your interest in DNP Select Income Fund Inc., and we will continue to do our best to be of service to you.</FONT></P>

<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=43%></TD>
     <TD width=33%></TD></TR>
<TR valign="bottom">
  <TD align=left><img src="c49519_ncsrsx6x1.jpg" width="285" height="63" border=0>&nbsp;</TD>
  <TD align=left><IMG src="c49519_ncsrsx6x2.jpg" width="225" height="63" border=0>&nbsp;</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Francis E. Jeffries, CFA</FONT>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Nathan I. Partain, CFA</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Chairman of the Board</FONT>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Director, President and Chief</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=left>&nbsp;

</TD>
<TD align=left>
<FONT size=2 face="serif">Executive Officer</FONT>&nbsp;
</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">4</FONT></P>



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



<p style="page-break-before:always"></p><PAGE>

<P align="center">
<B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
<B><FONT face="serif">SCHEDULE OF INVESTMENTS</FONT></B><BR>
<B><FONT face="serif">(UNAUDITED)</FONT></B><BR>
<B><FONT face="serif">June 30, 2007</FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=9%></TD>
     <TD width=2%></TD>
     <TD width=58%></TD>
     <TD width=2%></TD>
     <TD width=15%></TD>
     <TD width=2%></TD>
     <TD width=10%></TD></TR>
<TR valign="bottom">
<TD align=left colspan=3>
<B><FONT size=2 face="serif">COMMON STOCKS&#151;98.1%</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
      <div align="center"><B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </div></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 align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left >&nbsp;

</TD>
<TD style="border-bottom:1px solid #000000;">&nbsp;
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
      <div align="center"><B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
      </div></TD>
</TR>
<TR>
<TD colspan=7>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left><FONT size=2 face="webdings">&#60;</FONT>&nbsp;<B><FONT size=2 face="serif">ELECTRIC
AND GAS&#151;70.4%</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&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 align=left>
<FONT size=2 face="serif">Atmos Energy Corp.</FONT>&nbsp;
</TD>
<TD>&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">30,060,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">3,071,300</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">CenterPoint Energy Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">53,440,620</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 align=left>
<FONT size=2 face="serif">Consolidated Edison Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">50,760,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">700,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Dominion Resources, Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">60,417,000</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 align=left>
<FONT size=2 face="serif">Duke Energy Corp.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">64,599,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">1,464,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Exelon Corp.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">106,286,400</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">1,735,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">FPL Group Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">98,443,900</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">1,535,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">FirstEnergy Corp.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">99,360,550</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">1,749,800</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Great Plains Energy Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">50,954,176</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">581,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Integrys Energy Group, Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">29,474,130</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">188,673</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">National Grid PLC ADR</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">13,920,294</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">675,714</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">National Grid PLC (United Kingdom)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">10,005,195</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">800,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Nicor Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">34,336,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Northeast Utilities Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">28,360,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">2,237,200</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">NSTAR</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">72,597,140</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">1,350,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">PG&amp;E Corp.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">61,155,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">1,200,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">PPL Corp.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">56,148,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Pepco Holdings Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">56,400,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">1,500,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Pinnacle West Capital Corp.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">59,775,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">1,375,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Progress Energy Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">62,686,250</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">900,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Public Service Enterprise Group Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">79,002,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Puget Energy, Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">24,180,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">500,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Red Electrica de Espana, S.A. (Spain)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">23,486,067</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Scottish &amp; Southern Energy ADR</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">29,071,900</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">850,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Scottish &amp; Southern Energy PLC (United Kingdom)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">24,711,186</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">2,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Southern Co.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">68,580,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">1,015,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Spectra Energy Corp.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">26,349,400</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">2,200,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Teco Energy Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">37,796,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">1,500,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Vectren Corp.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">40,395,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">WGL Holdings Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">32,640,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Westar Energy Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">24,280,000</FONT>&nbsp;
</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">5</FONT></P>



<p style="page-break-before:always"></p><PAGE>

<P align="center">&nbsp;</P>
<hr noshade align="center" width="100%" size=4>
<P align="center"><B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
  <B><FONT face="serif">SCHEDULE OF INVESTMENTS&#151;(Continued)</FONT></B><BR>
  <B><FONT face="serif">(UNAUDITED)</FONT></B><BR>
  <B><FONT face="serif">June 30, 2007</FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=9%></TD>
     <TD width=2%></TD>
     <TD width=53%></TD>
     <TD width=2%></TD>
     <TD width=18%></TD>
     <TD width=2%></TD>
     <TD width=11%></TD></TR>
<TR valign="bottom">
<TD align=left>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
      <div align="center"><B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </div></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 align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD >&nbsp;

</TD>
<TD style="border-bottom:1px solid #000000;">&nbsp;
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
      <div align="center"><B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">3,499,304</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Xcel Energy Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">71,630,753</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=left>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">1,581,300,961</FONT>&nbsp;
</TD>
</TR>
<TR>
<TD colspan=7>&nbsp;

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="webdings">&#60;</FONT><B><FONT size=2 face="serif">&nbsp;TELECOMMUNICATION&#151;21.5%</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">2,095,230</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">AT&amp;T Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">86,952,045</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">1,464,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">BCE Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">55,324,560</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">565,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">BT Group PLC ADR</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">37,617,700</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 align=left>
<FONT size=2 face="serif">Chunghwa Telecom Co. Ltd. ADR</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">25,970,220</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">3,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Citizens Communications Co.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">45,810,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">1,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">France Telecom SA</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">27,551,223</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">4,855,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">TeliaSonera AB (Sweden)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">35,754,754</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">2,019,492</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Verizon Communications Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">83,142,486</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">1,121,640</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Vodafone Group PLC ADR</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">37,720,753</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">3,128,360</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Windstream Corp.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD style="border-bottom:1px solid #000000;">&nbsp;
</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">46,174,593</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">482,018,334</FONT>&nbsp;
</TD>
</TR>
<TR>
<TD colspan=7>&nbsp;

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left><FONT size=2 face="webdings">&#60;</FONT>&nbsp;<B><FONT size=2 face="serif">NON-UTILITY&#151;6.2%</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">44,800</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">AMB Property Corp.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">2,384,256</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">59,232</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Alexandria Real Estate Equities Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">5,734,842</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">45,550</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Archstone-Smith Trust</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">2,692,461</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">38,734</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">AvalonBay Communities Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">4,604,698</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">27,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">BRE Properties, Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">1,600,830</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">50,595</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Boston Properties Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">5,167,267</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">121,946</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Corporate Office Properties Trust</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">5,001,006</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">62,953</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">DCT Industrial Trust Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">677,374</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">99,345</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Developers Diversified Realty Corp.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">5,236,475</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">107,788</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Diamondrock Hospitality Co.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">2,056,595</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">130,314</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Digital Realty Trust Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">4,910,232</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">18,192</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Douglas Emmett Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">450,070</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">73,696</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Duke Realty Corp.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">2,628,736</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">125,441</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Equity Residential</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">5,723,873</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">34,753</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Essex Property Trust Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">4,041,774</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">149,750</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Extra Space Storage Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">2,470,875</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">26,623</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Federal Realty Investment Trust</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">2,056,893</FONT>&nbsp;
</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">6</FONT></P>

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



<p style="page-break-before:always"></p><PAGE>


<P align="center">
<B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
<B><FONT face="serif">SCHEDULE OF INVESTMENTS&#151;(Continued)</FONT></B><BR>
<B><FONT face="serif">(UNAUDITED)</FONT></B><BR>
<B><FONT face="serif">June 30, 2007</FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=9%></TD>
     <TD width=2%></TD>
     <TD width=55%></TD>
     <TD width=2%></TD>
     <TD width=16%></TD>
     <TD width=2%></TD>
     <TD width=12%></TD></TR>
<TR valign="bottom">
<TD align=left>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
      <div align="center"><B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </div></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 align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD align=left style="border-bottom:1px solid #000000;">
      <div align="center"><B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
      </div></TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">113,626</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">General Growth Properties Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">6,016,497</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">104,848</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Health Care Property Investors Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">3,033,253</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">28,603</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Hospitality Properties Trust</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">1,186,739</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">299,387</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Host Hotels &amp; Resorts Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">6,921,827</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">14,082</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Kilroy Realty Corp.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">997,569</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">137,471</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Kimco Realty Corp.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">5,233,521</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">43,926</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">LaSalle Hotel Properties</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">1,907,267</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">60,382</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">The Macerich Co.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">4,976,684</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">144,104</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">ProLogis</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">8,199,518</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">58,271</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Public Storage Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">4,476,378</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">60,118</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Regency Centers Corp.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">4,238,319</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">48,908</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">SL Green Realty Corp.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">6,059,212</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">118,411</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Simon Property Group Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">11,016,959</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">72,639</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Sunstone Hotel Investors Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">2,062,221</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">50,611</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Tanger Factory Outlet Centers, Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">1,895,382</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">93,839</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">UDR, Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">2,467,966</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">128,313</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Ventas Inc.</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">4,651,346</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">61,035</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Vornado Realty Trust</FONT>&nbsp;
</TD>
<TD>&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">6,704,084</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=left>&nbsp;

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

</TD>
<TD>&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">139,482,999</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Total Common Stocks (Cost&#151;&#36;1,704,992,488)</FONT>&nbsp;
</TD>
<TD>&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">2,202,802,294</FONT>&nbsp;
</TD>
</TR>
</TABLE><BR>
<P align="center">
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">7</FONT></P>

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



<p style="page-break-before:always"></p><PAGE>


<P align="center">
<B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
<B><FONT face="serif">SCHEDULE OF INVESTMENTS&#151;(Continued)</FONT></B><BR>
<B><FONT face="serif">(UNAUDITED)</FONT></B><BR>
<B><FONT face="serif">June 30, 2007</FONT></B></P>

<P align="left">
<B><FONT size=2 face="serif">PREFERRED STOCKS&#151;8.6%</FONT></B></P>


<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=9%></TD>
     <TD width=2%></TD>
     <TD width=60%></TD>
     <TD width=2%></TD>
     <TD width=13%></TD>
     <TD width=2%></TD>
     <TD width=10%></TD></TR>
<TR valign="bottom">
<TD align=left>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
      <div align="center"><B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
      </div></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 align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD align=left style="border-bottom:1px solid #000000;">
      <div align="center"><B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
      </div></TD>
</TR>
<TR>
<TD colspan=7>&nbsp;

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="webdings">&#60; </FONT><B><FONT size=2 face="serif">UTILITY&#151;3.1%</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">700,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD 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>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">46,375,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">220,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Southern California Edison 6</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">% Perpetual</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>&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">22,240,636</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">68,615,636</FONT>&nbsp;
</TD>
</TR>
<TR>
<TD colspan=7>&nbsp;

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="webdings">&#60; </FONT><B><FONT size=2 face="serif">NON-UTILITY&#151;5.5%</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">710,432</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD 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>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">18,080,494</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">17,300</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD 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>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">449,454</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">650,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD 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>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">16,412,500</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">300,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Federal National Mortgage Association 7% Perpetual</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">15,628,140</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">900,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD 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>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">22,995,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">600,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">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>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">15,270,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">660,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">UDR, Inc. 6</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">% Series G Perpetual</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">16,255,800</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">200,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD 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>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">5,010,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>
<FONT size=2 face="serif">234,900</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD 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>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">5,562,432</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>
<FONT size=2 face="serif">350,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD 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>&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">8,330,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>&nbsp;

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

</TD>
<TD>&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">123,993,820</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=left colspan=3>
<FONT size=2 face="serif">Total Preferred Stocks (Cost&#151;&#36;181,297,792)</FONT>&nbsp;
</TD>
<TD>&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">192,609,456</FONT>&nbsp;
</TD>
</TR>
</TABLE><BR>
<P align="justify">
<B><FONT size=2 face="serif">BONDS&#151;36.2%</FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=10%></TD>
     <TD width=2%></TD>
     <TD width=35%></TD>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=16%></TD>
     <TD width=2%></TD>
     <TD width=9%></TD>
     <TD width=2%></TD>
     <TD width=1%></TD>
     <TD width=2%></TD>
     <TD width=8%></TD></TR>
<TR valign="bottom">
<TD align=right>&nbsp;

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

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

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

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

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

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

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Par Value</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right style="border-bottom:1px solid #000000;">
      <div align="left"><B><FONT size=2 face="serif">Description</FONT></B>
      </div></TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Moody&#146;s</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Standard<br>
&amp;<br>
Poor&#146;s</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD style="border-bottom:1px solid #000000;">&nbsp;
</TD>
<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value<br>
(Note 1)</FONT></B>&nbsp;
</TD>
</TR>
<TR>
<TD colspan=14>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="webdings">&#60; </FONT><B><FONT size=2 face="serif">ELECTRIC
            AND GAS&#151;14.3%</FONT></B>
      </div></TD>
<TD align=left>&nbsp;

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

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
<TD align=right>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">AGL Capital Corp</FONT>
      </div></TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div 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">8</FONT><FONT size=2 face="serif">%, due 1/14/11</FONT>
    </div></TD>
<TD align=left>
<FONT size=2 face="serif"></FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Baa1</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
</TD>
<TD align=center>
<FONT size=2 face="serif">10,456,580</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">22,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">Arizona Public Service Company</FONT>
      </div></TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">6</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%, due 8/01/36</FONT></div></TD>
<TD align=left>
<FONT size=2 face="serif"></FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Baa2</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">BBB-</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=center>
<FONT size=2 face="serif">22,869,704</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">19,450,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">Comed Financing II</FONT>
      </div></TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">1</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">2</FONT><FONT size=2 face="serif">%, due 1/15/27</FONT></div></TD>
<TD align=left>
<FONT size=2 face="serif"></FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Ba2</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">B</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=center>
<FONT size=2 face="serif">20,209,775</FONT>&nbsp;
</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">8</FONT></P>

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



<p style="page-break-before:always"></p><PAGE>


<P align="center">
<B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
<B><FONT face="serif">SCHEDULE OF INVESTMENTS&#151;(Continued)</FONT></B><BR>
  <B><FONT face="serif">(UNAUDITED)</FONT></B><BR>
  <B><FONT face="serif">June 30, 2007</FONT></B>
<table border=0 width=100% cellspacing=0 cellpadding=0>
  <tr>
    <td width=2%></td>
    <td width=2%></td>
    <td width=10%></td>
    <td width=2%></td>
    <td width=35%><div align="left"></div></td>
    <td width=2%></td>
    <td width=2%></td>
    <td width=16%></td>
    <td width=2%></td>
    <td width=10%></td>
    <td width=2%></td>
    <td width=1%></td>
    <td width=2%></td>
    <td width=8%></td>
  </tr>
  <tr valign="bottom">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left><div align="left"></div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left colspan=3 style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="serif">Ratings</font></b>&nbsp; </div></td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" >
    <td>&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><div align="center"><b><font size=2 face="serif">Par
            Value</font></b>&nbsp; </div></td>
    <td>&nbsp;</td>
    <td align=right style="border-bottom:1px solid #000000;"><div align="left"><b><font size=2 face="serif">Description</font></b> </div></td>
    <td align=left style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;"><b><font size=2 face="serif">Moody&#146;s</font></b>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=center style="border-bottom:1px solid #000000;"><b><font size=2 face="serif">Standard<br>
&amp;<br>
      Poor&#146;s</font></b>&nbsp; </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left style="border-bottom:1px solid #000000;">&nbsp;</td>
    <td align=center style="border-bottom:1px solid #000000;"><b><font size=2 face="serif">Value<br>
      (Note 1)</font></b>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">&#36;</font> </td>
    <td align=right><font size=2 face="serif">9,304,000</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">Commonwealth
          Edison Co.</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#E5FFFF">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">8%, due 5/15/08</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">Baa2</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">BBB-</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">&#36;</font>&nbsp; </td>
    <td align=right><font size=2 face="serif">9,459,563</font>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">24,000,000</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">Dominion Resources
          Capital Trust I</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#E5FFFF">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">7.83%, due 12/01/27</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">Baa3</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">BB+</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">25,054,680</font>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">25,000,000</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">Duke Capital
          Corp.</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#E5FFFF">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">7&#189;</font><font size=2 face="serif">%,
          due 10/01/09</font></div></td>
    <td align=left><font size=2 face="serif"></font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">Baa1</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">BBB</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">26,003,475</font>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">20,000,000</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">Duke Energy Corp.,
          Series D</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#E5FFFF">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">7</font><font size="1" face="serif"><sup>3</sup>/<sub>8</sub></font><font size=2 face="serif">%,
          due 3/01/10</font></div></td>
    <td align=left><font size=2 face="serif"></font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">A3</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">A-</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">20,928,820</font>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">5,000,000</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">Entergy Corp.</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#E5FFFF">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">6.30%, due 9/01/35</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">Baa1</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">A-</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">4,766,665</font>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">10,000,000</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">FPL Group Capital
          Inc.</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#E5FFFF">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">7</font><font size="1" face="serif"><sup>3</sup>/<sub>8</sub></font><font size=2 face="serif">%,
          due 6/01/09</font></div></td>
    <td align=left><font size=2 face="serif"></font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">A2</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">A-</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">10,340,490</font>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">5,000,000</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">FirstEnergy Corp.</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#E5FFFF">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">7</font><font size="1" face="serif"><sup>3</sup>/<sub>8</sub></font><font size=2 face="serif">%,
          due 11/15/31</font></div></td>
    <td align=left><font size=2 face="serif"></font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">Baa3</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">BBB-</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">5,428,650</font>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">24,340,000</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">Illinois Power
          Co.</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#E5FFFF">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">7&#189;</font><font size=2 face="serif">%,
          due 6/15/09</font></div></td>
    <td align=left><font size=2 face="serif"></font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">Baa3</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">BBB-</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">24,836,439</font>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">17,000,000</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">Keyspan Corp.</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#E5FFFF">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">7</font><font size="1" face="serif"><sup>5</sup>/<sub>8</sub></font><font size=2 face="serif">%,
          due 11/15/10</font></div></td>
    <td align=left><font size=2 face="serif"></font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">A3</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">A</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">18,072,836</font>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">10,000,000</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">Northern Border
          Partners LP</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#E5FFFF">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">8</font><sup><font size=2 face="serif">7</font></sup><font size=2 face="serif">/</font><font size=1 face="serif">8</font><font size=2 face="serif">%,
          due 6/15/10</font></div></td>
    <td align=left><font size=2 face="serif"></font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">Baa2</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">BBB</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">10,872,060</font>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">5,000,000</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">NSTAR</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#E5FFFF">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">8%, due 2/15/10</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">A2</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">A</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">5,303,735</font>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">9,101,000</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">PSEG Power LLC</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#E5FFFF">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">7&#190;</font><font size=2 face="serif">%,
          due 4/15/11</font></div></td>
    <td align=left><font size=2 face="serif"></font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">Baa1</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">BBB</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">9,724,328</font>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">9,000,000</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">PSEG Power LLC</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#E5FFFF">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">8</font><font size="1" face="serif"><sup>5</sup>/<sub>8</sub></font><font size=2 face="serif">%,
          due 4/15/31</font></div></td>
    <td align=left><font size=2 face="serif"></font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">Baa1</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">BBB</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">11,034,711</font>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">16,043,000</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">Progress Energy
          Inc.</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#E5FFFF">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">7.10%, due 3/01/11</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">Baa2</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">BBB</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">16,824,246</font>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">25,000,000</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">Reliant Energy
          Resources Corp.</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#E5FFFF">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">7&#190;</font><font size=2 face="serif">%,
          due 2/15/11</font></div></td>
    <td align=left><font size=2 face="serif"></font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">Baa3</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">BBB</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">26,686,950</font>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">12,915,000</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">Sempra Energy</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#E5FFFF">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">7.95%, due 3/01/10</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">Baa1</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">BBB+</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">13,663,256</font>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">6,488,000</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">Southern Union
          Co.</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
  </tr>
  <tr valign="bottom" bgcolor="#E5FFFF">
    <td align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><div align="left"><font size=2 face="serif">7.60%, due 2/01/24</font> </div></td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">Baa3</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left><font size=2 face="serif">BBB-</font>&nbsp; </td>
    <td>&nbsp;</td>
    <td align=left>&nbsp;</td>
    <td>&nbsp;</td>
    <td align=right><font size=2 face="serif">6,926,511</font>&nbsp; </td>
  </tr>
</table>

<P align="center">
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">9</FONT></P>

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



<P style="PAGE-BREAK-BEFORE: always"></P>
<PAGE>


<P align=center><B><FONT face=serif>DNP SELECT INCOME FUND INC.</FONT></B><BR>
<B><FONT face=serif>SCHEDULE OF INVESTMENTS&#151;(Continued)</FONT></B><BR>
<B><FONT face=serif>(UNAUDITED)</FONT></B><BR>
<B><FONT face=serif>June 30, 2007</FONT></B></P>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="10%"></TD>
     <TD width="2%"></TD>
     <TD width="37%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="14%"></TD>
     <TD width="2%"></TD>
     <TD width="8%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="2%"></TD>
     <TD width="9%"></TD></TR>
<TR vAlign=bottom>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left colSpan=4><div align="center"><B><FONT face=serif size=2>Ratings</FONT></B>&nbsp; </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><B><FONT face=serif size=2>Par Value</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><div align="left"><B><FONT face=serif size=2>Description</FONT></B> </div></TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B><FONT face=serif size=2>Moody&#146;s</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center colSpan=2><B><FONT face=serif size=2>Standard<br>
&amp;<br>
Poor&#146;s</FONT></B>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=center><B><FONT face=serif size=2>Value<br>
(Note 1)</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>$</FONT> </div></TD>
     <TD align=right><FONT face=serif size=2>8,850,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>Southern Union Co.</FONT> </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom bgColor=#e5ffff>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>8&#188;%</FONT>,
         due 11/15/29</div></TD>
     <TD align=left><FONT face=serif size=2></FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>$</FONT>&nbsp; </div></TD>
     <TD align=right><FONT face=serif size=2>9,972,366</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom >
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>10,000,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>TE Products Pipeline Co.</FONT> </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom bgColor=#e5ffff>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>7.51%, due 1/15/28</FONT> </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>BBB-</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid" align=right><FONT face=serif size=2>10,291,330</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>319,727,170</FONT>&nbsp; </TD></TR>
<TR>
     <TD colSpan=14>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=webdings size=2>&#60; </FONT><B><FONT face=serif size=2>TELECOMMUNICATION&#151;16.5%</FONT></B> </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom bgColor=#e5ffff>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>8,000,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>AT&amp;T Wireless
     Services Inc.</FONT> </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>8</FONT><font size="1" face="serif"><sup>1</sup>/<sub>8</sub></font><FONT face=serif size=2>%,
         due 5/01/12</font></div></TD>
     <TD align=left><FONT face=serif size=2></FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>A2</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>A</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>8,805,184</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom bgcolor="#e5ffff">
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>11,500,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>Alltel Corp.</FONT> </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>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></div></TD>
     <TD align=left><FONT face=serif size=2></FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>A2</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>BB</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>9,766,202</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom bgColor=#e5ffff>
     <TD align=right>&nbsp; </TD>
     <TD bgcolor="#e5ffff">&nbsp; </TD>
     <TD align=right bgcolor="#e5ffff"><FONT face=serif size=2>15,098,000</FONT>&nbsp; </TD>
     <TD bgcolor="#e5ffff">&nbsp; </TD>
     <TD align=right bgcolor="#e5ffff"><div align="left"><FONT face=serif size=2>BellSouth Capital Funding Corp.</FONT> </div></TD>
     <TD align=left bgcolor="#e5ffff">&nbsp; </TD>
     <TD bgcolor="#e5ffff">&nbsp; </TD>
     <TD align=left bgcolor="#e5ffff">&nbsp; </TD>
     <TD bgcolor="#e5ffff">&nbsp; </TD>
     <TD align=left bgcolor="#e5ffff">&nbsp; </TD>
     <TD bgcolor="#e5ffff">&nbsp; </TD>
     <TD align=left bgcolor="#e5ffff">&nbsp; </TD>
     <TD bgcolor="#e5ffff">&nbsp; </TD>
     <TD align=left bgcolor="#e5ffff">&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>7&#190;%,
         due 2/15/10</font></div></TD>
     <TD align=left><FONT face=serif size=2></FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>A2</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>A</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>15,913,247</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom bgcolor="#e5ffff">
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>10,000,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>BellSouth Capital Funding Corp.</FONT> </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>7</FONT><font size="1" face="serif"><sup>3</sup>/<sub>8</sub></font><FONT face=serif size=2>%,
         due 2/15/30</font></div></TD>
     <TD align=left><FONT face=serif size=2></FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>A2</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>A</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>11,321,860</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom bgColor=#e5ffff>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>22,000,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>British Telecom PLC</FONT> </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>8&#190;%, due 12/15/10</font></div></TD>
     <TD align=left><FONT face=serif size=2></FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>Baa1</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>24,058,892</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom bgcolor="#e5ffff">
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>15,000,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>Centurytel Inc.</FONT> </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>8</FONT><font size="1" face="serif"><sup>3</sup>/<sub>8</sub></font><FONT face=serif size=2>%,
         due 10/15/10</font></div></TD>
     <TD align=left><FONT face=serif size=2></FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>BBB</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>16,206,360</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom bgColor=#e5ffff>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>15,000,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>Centurytel Inc.</FONT> </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>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></div></TD>
     <TD align=left><FONT face=serif size=2></FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>BBB</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>14,625,045</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom bgcolor="#e5ffff">
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>13,900,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>Comcast Corp.</FONT> </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>7.05%, due 3/15/33</FONT> </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>14,389,780</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom bgcolor="#e5ffff">
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>13,000,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>Deutsche Telekom Int'l Finance B.V.</FONT> </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>8%, due 6/15/10</FONT> </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>A3</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>A-</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>13,865,241</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom bgcolor="#e5ffff">
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>23,140,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>France Telecom SA</FONT> </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>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></div></TD>
     <TD align=left><FONT face=serif size=2></FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>A3</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>A-</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>24,741,867</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom bgColor=#e5ffff>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>17,000,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>Koninklijke KPN NV</FONT> </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>8%, due 10/01/10</FONT> </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>18,207,646</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom bgColor=#e5ffff>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>15,000,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>Koninklijke KPN NV</FONT> </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>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></div></TD>
     <TD align=left><FONT face=serif size=2></FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>Baa2</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>BBB+</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>16,865,355</FONT>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>24,104,000</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>Nextel Communications Corp.</FONT> </div></TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD></TR>
<TR vAlign=bottom bgColor=#e5ffff>
     <TD align=right>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><div align="left"><FONT face=serif size=2>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></div></TD>
     <TD align=left><FONT face=serif size=2></FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>Baa3</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left><FONT face=serif size=2>BBB</FONT>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=left>&nbsp; </TD>
     <TD>&nbsp; </TD>
     <TD align=right><FONT face=serif size=2>24,114,533</FONT>&nbsp; </TD></TR>
</TABLE>
<BR>
<P align=center><FONT face=serif size=2>The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align=center><FONT face=serif size=2>10</FONT></P>
<HR align=center width="100%" noShade SIZE=4>


<p style="page-break-before:always"></p><PAGE>


<P align="center">
<B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
<B><FONT face="serif">SCHEDULE OF INVESTMENTS&#151;(Continued)</FONT></B><BR>
<B><FONT face="serif">(UNAUDITED)</FONT></B><BR>
<B><FONT face="serif">June 30, 2007</FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=9%></TD>
     <TD width=2%></TD>
     <TD width=34%></TD>
     <TD width=2%></TD>
     <TD width=14%></TD>
     <TD width=2%></TD>
     <TD width=9%></TD>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=8%></TD></TR>
<TR valign="bottom">
<TD align=right>&nbsp;

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

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

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

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

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Par Value</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right style="border-bottom:1px solid #000000;">
      <div align="left"><B><FONT size=2 face="serif">Description</FONT></B>
      </div></TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Moody&#146;s</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Standard<br>
&amp;<br>
Poor&#146;s</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD style="border-bottom:1px solid #000000;">&nbsp;
</TD>
<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Value<br>
(Note 1)</FONT></B>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
<TD align=right>
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">Sprint Capital Corp.</FONT>
      </div></TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">8<SUP>3</SUP>/</FONT><font size="1" face="serif">8</font><FONT size=2 face="serif">%,
        due 3/15/12</FONT></div></TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Baa3</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">BBB</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">10,904,540</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=right bgcolor="#E5FFFF">
<FONT size=2 face="serif">10,000,000</FONT>&nbsp;
</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">TCI Communications Inc.</FONT>
      </div></TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">8</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT><FONT size=2 face="serif">%, due 8/01/15</FONT></div></TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Baa2</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">11,581,180</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">5,500,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">Tele-Communications Inc.</FONT>
      </div></TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%, due 8/01/13</FONT></div></TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Baa2</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">6,034,061</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=right bgcolor="#E5FFFF">
<FONT size=2 face="serif">32,000,000</FONT>&nbsp;
</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">Telecom Italia Capital</FONT>
      </div></TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">7.20%, due 7/18/36</FONT>
      </div></TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Baa2</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">32,999,552</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=right bgcolor="#E5FFFF">
<FONT size=2 face="serif">15,000,000</FONT>&nbsp;
</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">Telefonica Emisiones SAU</FONT>
      </div></TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">7.045%, due 6/20/36</FONT>
      </div></TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Baa1</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">15,582,480</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=right bgcolor="#E5FFFF">
<FONT size=2 face="serif">11,500,000</FONT>&nbsp;
</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">Telefonica Europe BV</FONT>
      </div></TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT><FONT size=2 face="serif">%, due 9/15/10</FONT></div></TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Baa1</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">12,199,557</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">Telefonica Europe BV</FONT>
      </div></TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div 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></div></TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Baa1</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">5,827,565</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=right bgcolor="#E5FFFF">
<FONT size=2 face="serif">17,000,000</FONT>&nbsp;
</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">Telus Corp.</FONT>
      </div></TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">8%, due 6/01/11</FONT>
      </div></TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Baa1</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">18,194,182</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=right bgcolor="#E5FFFF">
<FONT size=2 face="serif">15,500,000</FONT>&nbsp;
</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">Verizon Global Funding Corp.</FONT>
      </div></TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT><FONT size=2 face="serif">%, due 12/01/30</FONT></div></TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">A3</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">A</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">17,412,096</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">20,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">Vodafone Group PLC</FONT>
      </div></TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">3</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">4</FONT><FONT size=2 face="serif">%, due 2/15/10</FONT></div></TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">A3</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">A-</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">21,020,440</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=right bgcolor="#E5FFFF">
<FONT size=2 face="serif">5,000,000</FONT>&nbsp;
</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">Vodafone Group PLC</FONT>
      </div></TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">7</FONT><SUP><FONT size=2 face="serif">7</FONT></SUP><FONT size=2 face="serif">/</FONT><FONT size=1 face="serif">8</FONT><FONT size=2 face="serif">%, due 2/15/30</FONT></div></TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">A3</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">A-</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">5,610,600</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left>

  <div align="left"></div></TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=right bgcolor="#E5FFFF">
<FONT size=2 face="serif">370,247,465</FONT>&nbsp;
</TD>
</TR>
<TR>
<TD colspan=12>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=center>
      <div align="left"><B><FONT size=2 face="webdings">&#60; </FONT><FONT size=2 face="serif">NON-UTILITY&#151;5.4%</FONT></B>
      </div></TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=right bgcolor="#E5FFFF">
<FONT size=2 face="serif">8,000,000</FONT>&nbsp;
</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">Dayton Hudson Corp.</FONT>
      </div></TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD bgcolor="#E5FFFF">&nbsp;
</TD>
<TD align=left bgcolor="#E5FFFF">&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div 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></div></TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">A1</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">A+</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">10,738,552</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">9,600,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">Duke Realty LP</FONT>
      </div></TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">6.80%, due 2/12/09</FONT>
      </div></TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Baa1</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">BBB+</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">9,806,573</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">100,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">Federal National Mortgage Association</FONT>
      </div></TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div 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></div></TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Aaa</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">AAA</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">101,049,400</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>&nbsp;

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

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

  <div align="left"></div></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">121,594,525</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>&nbsp;

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
      <div align="left"><FONT size=2 face="serif">Total Bonds (Cost&#151;&#36;812,124,116)</FONT>
      </div></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">811,569,160</FONT>&nbsp;
</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">11</FONT></P>

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



<p style="page-break-before:always"></p><PAGE>


<P align="center">
<B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
<B><FONT face="serif">SCHEDULE OF INVESTMENTS&#151;(Continued)</FONT></B><BR>
<B><FONT face="serif">(UNAUDITED)</FONT></B><BR>
<B><FONT face="serif">June 30, 2007</FONT></B></P>

<P align="left">
<B><FONT size=2 face="serif">SHORT-TERM INSTRUMENTS&#151;40.7%</FONT></B></P>


<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=2%></TD>
     <TD width=11%></TD>
     <TD width=2%></TD>
     <TD width=61%></TD>
     <TD width=7%></TD>
     <TD width=2%></TD>
     <TD width=10%></TD></TR>
<TR valign="bottom">
<TD align=left colspan=2>
<B><FONT size=2 face="serif">Par Value/</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD colspan="2">
      <div align="center"><B><FONT size=2 face="serif">Value</FONT></B>&nbsp;
    </div></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 align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD colspan="2" align=left style="border-bottom:1px solid #000000;">
      <div align="center"><B><FONT size=2 face="serif">(Note 1)</FONT></B>&nbsp;
    </div></TD>
  </TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif"># &#36;</FONT>
</TD>
<TD align=right>
<FONT size=2 face="serif">5,085,260</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">AIM STIC Liquid Assets Portfolio</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">5,085,260</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">72,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Banc of America Securities LLC Repurchase Agreement,</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.415%, dated 6/29/07, due 7/02/07, with a repurchase price of</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>&nbsp;

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">&#36;72,032,490 and collateralized by &#36;73,440,000 market value of</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">corporate bonds having an average coupon rate of 6.36% and</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>&nbsp;

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">an original weighted average maturity of 5/24/20</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">72,000,000</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">25,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Bank of America, NA</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>&nbsp;

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.425%, due 2/08/08</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">25,008,100</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">102,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">BNP Paribas Securities Repurchase Agreement,</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>&nbsp;

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.425%, dated 6/29/07, due 7/02/07, with a repurchase price of</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">&#36;102,046,113 and collateralized by &#36;104,040,001 market value of</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>&nbsp;

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">corporate bonds having an average coupon rate of 5.37% and</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">an original weighted average maturity of 6/25/13</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">102,000,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<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 align=left>
<FONT size=2 face="serif">Chesham Finance LLC</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">24,998,923</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">50,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Citigroup Global Markets Inc. Master Note</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.445%, due 7/02/07</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">50,000,000</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">10,208,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Citius II Funding LLC</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.330%, due 7/09/07</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">10,194,398</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">12,280,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Coast Asset Corp.</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.320%, due 7/09/07</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">12,263,667</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">35,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Credit Suisse First Boston LLC Repurchase Agreement,</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.415%, dated 6/29/07, due 7/02/07, with a repurchase price of</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>&nbsp;

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">&#36;35,015,794 and collateralized by &#36;35,700,859 market value of</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">asset-backed securities (ABS) having an average coupon rate</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>&nbsp;

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">of 7.37% and an original weighted average maturity of 9/04/37</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">35,000,000</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">25,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">East-Fleet Finance LLC</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>&nbsp;

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.413%, due 12/03/07</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">24,997,625</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">25,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Ebury Finance Ltd.</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>&nbsp;

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.270%, due 8/08/07</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">24,998,923</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">10,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Foxboro Funding Ltd.</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>&nbsp;

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.350%, due 7/09/07</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">9,986,625</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">10,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">German Residential Funding PLC</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>&nbsp;

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.340%, due 8/22/07</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">10,000,000</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">113,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Goldman Sachs &amp; Co. Repurchase Agreement,</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>&nbsp;

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.445%, dated 6/29/07, due 7/02/07, with a repurchase price of</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">&#36;113,051,274 and collateralized by &#36;115,260,001 market value of</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>&nbsp;

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

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

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">average coupon rate of 5.90% and an original weighted average</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">113,000,000</FONT>&nbsp;
</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">12</FONT></P>

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



<p style="page-break-before:always"></p><PAGE>

<P align="center">
<B><FONT face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
<B><FONT face="serif">SCHEDULE OF INVESTMENTS&#151;(Continued)</FONT></B><BR>
<B><FONT face="serif">(UNAUDITED)</FONT></B><BR>
<B><FONT face="serif">June 30, 2007</FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=9%></TD>
     <TD width=2%></TD>
     <TD width=55%></TD>
     <TD width=5%></TD>
     <TD width=2%></TD>
     <TD width=11%></TD>
     <TD width=2%></TD></TR>
<TR valign="bottom">
<TD align=right>&nbsp;

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

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

</TD>
<TD colspan="3">
      <div align="center"><B><FONT size=2 face="serif">Value</FONT></B>
    </div></TD>
  </TR>
<TR valign="bottom">
<TD>&nbsp;
</TD>
<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 align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Description</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD colspan="3" align=CENTER style="border-bottom:1px solid #000000;">
      <B><FONT size=2 face="serif">(Note 1)</FONT></B>
</TD>
  </TR>
<TR valign="bottom">
<TD align=right>&nbsp;

</TD>
<TD align=left>
<FONT size=2 face="serif"># &#36;</FONT>
</TD>
<TD align=right>
<FONT size=2 face="serif">50,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Greenwich Capital Markets Inc. Repurchase Agreement,</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.455%, dated 6/29/07, due 7/02/07, with a repurchase price of</FONT>&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=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">&#36;50,022,729 and collateralized by &#36;51,002,786 market value of</FONT>&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="#E5FFFF">
<TD align=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">ABS and CMOs having an average coupon rate of 7.93% and</FONT>&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=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">an original weighted average maturity of 3/10/34</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">50,000,000</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>&nbsp;

</TD>
<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 align=left>
<FONT size=2 face="serif">Harrier Finance Funding LLC</FONT>&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=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.473%, due 1/28/08</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">20,011,160</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>&nbsp;

</TD>
<TD align=right bgcolor="#E5FFFF">
      <div align="left"><FONT size=2 face="serif">#</FONT>
      </div></TD>
<TD align=right>
<FONT size=2 face="serif">100,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Lehman Brothers Inc. Repurchase Agreement,</FONT>&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=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.425%, dated 6/29/07, due 7/02/07, with a repurchase price of</FONT>&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="#E5FFFF">
<TD align=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">&#36;100,045,208 and collateralized by &#36;102,000,852 market value of</FONT>&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=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">corporate bonds having an average coupon rate of 4.45% and</FONT>&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="#E5FFFF">
<TD align=right>&nbsp;

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">100,000,000</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">50,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Liquid Funding Ltd.</FONT>&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="#E5FFFF">
<TD align=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.35%, due 7/02/07</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">50,000,000</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<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 align=left>
<FONT size=2 face="serif">Mica Funding LLC</FONT>&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="#E5FFFF">
<TD align=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.500%, due 7/02/07</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">9,996,944</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<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 align=left>
<FONT size=2 face="serif">Morgan Stanley &amp; Co., Inc.</FONT>&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="#E5FFFF">
<TD align=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.555%, due 1/11/08</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">20,018,120</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">75,000,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Nomura Securities International Inc. Repurchase Agreement,</FONT>&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="#E5FFFF">
<TD align=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.425%, dated 6/29/07, due 7/02/07, with a repurchase price of</FONT>&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=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">&#36;75,033,906 and collateralized by &#36;76,500,001 market value of</FONT>&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="#E5FFFF">
<TD align=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">CMOs having an average coupon rate of 5.57% and an original</FONT>&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=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">weighted average maturity of 4/06/40</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">75,000,000</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>&nbsp;

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.325%, due 10/26/07</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">22,002,134</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>&nbsp;

</TD>
<TD align=left>
<FONT size=2 face="serif">#</FONT>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">21,942,000</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">Transamerica Asset Funding Corp.</FONT>&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=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.400%, due 7/03/07</FONT>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">21,932,126</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>&nbsp;

</TD>
<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 align=left>
<FONT size=2 face="serif">World Omni Vehicle Leasing Inc.</FONT>&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=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">5.320%, due 7/09/07</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">24,966,750</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<B><FONT size=2 face="serif">TOTAL SHORT-TERM INSTRUMENTS </FONT></B><FONT size=2 face="serif">(Cost&#151;&#36;913,439,253)</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">913,460,755</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

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

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<B><FONT size=2 face="serif">TOTAL INVESTMENTS</FONT></B><FONT size=2 face="serif">&#151;183.6% (Cost&#151;&#36;3,611,853,649)</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">4,120,441,665</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<B><FONT size=2 face="serif">OTHER ASSETS LESS LIABILITIES</FONT></B><FONT size=2 face="serif">&#151;(61.3%)</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">(1,375,906,547</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<B><FONT size=2 face="serif">AUCTION PREFERRED STOCK</FONT></B><FONT size=2 face="serif">&#151;(22.3%)</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">(500,000,000</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=right>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<B><FONT size=2 face="serif">NET ASSETS APPLICABLE TO COMMON STOCK</FONT></B><FONT size=2 face="serif">&#151;100.0%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
</TD>
<TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">2,244,535,118</FONT>
</TD>
<TD align=left style="border-bottom:3px double #000000;">&nbsp;

</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif"># This security was purchased with the cash proceeds from securities loaned.</FONT></P>
<P align="justify">
<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>
<P align="center">
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">13</FONT></P>

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



<p style="page-break-before:always"></p><PAGE>


<P align="center">
<B><FONT size=2 face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
<B><FONT size=2 face="serif">STATEMENT OF ASSETS AND LIABILITIES</FONT></B><BR>
<B><FONT size=2 face="serif">(UNAUDITED)</FONT></B><BR>
<B><FONT size=2 face="serif">June 30, 2007</FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=77%></TD>
     <TD width=2%></TD>
     <TD width=3%></TD>
     <TD width=12%></TD>
     <TD width=3%></TD></TR>
<TR valign="bottom">
<TD align=left>
<B><FONT size=2 face="serif">ASSETS:</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Investments at value (cost &#36;3,611,853,649) including &#36;547,000,000 of</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=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;repurchase agreements and &#36;881,723,495 of securities loaned</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">4,120,441,665</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Cash</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">35,193,022</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Receivables:</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" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities sold</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">596,678</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">18,004,145</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">6,346,109</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending income</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">239,576</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Prepaid expenses</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">187,227</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
</TD>
<TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">4,181,008,422</FONT>
</TD>
<TD align=left style="border-bottom:3px double #000000;">&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<B><FONT size=2 face="serif">LIABILITIES:</FONT></B>&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=left>
<FONT size=2 face="serif">Due to Adviser (Note 2)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">4,586,055</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Due to Administrator (Note 2)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">1,104,197</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Dividends payable on common stock</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">14,807,175</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Interest payable on remarketed preferred stock</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">1,489,377</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Dividends payable on auction preferred stock</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">286,111</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Payable for securities lending broker rebates</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">1,964,181</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Accrued expenses</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">761,136</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Payable upon return of securities on loan</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">911,475,072</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Remarketed preferred stock (5,000 shares issued and outstanding; liquidation</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" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preference &#36;100,000 per share) (Note 5)</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">500,000,000</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities</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">1,436,473,304</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Auction preferred stock (20,000 shares issued and outstanding;</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=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;liquidation preference &#36;25,000 per share) (Note 5)</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">500,000,000</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<B><FONT size=2 face="serif">NET ASSETS APPLICABLE TO COMMON STOCK</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
</TD>
<TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">2,244,535,118</FONT>
</TD>
<TD align=left style="border-bottom:3px double #000000;">&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<B><FONT size=2 face="serif">CAPITAL:</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Common stock (&#36;.001 par value; 250,000,000 shares authorized and</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=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227,802,686 shares issued and outstanding)</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">227,803</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Paid-in surplus</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">1,800,839,103</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Accumulated net realized loss on investments</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(36,084,505</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Distributions in excess of net investment income</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(29,038,957</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Net unrealized appreciation (depreciation) on investments and foreign currency translation</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">508,591,674</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to common stock (equivalent to &#36;9.85 per share based on</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>
      <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227,802,686 shares outstanding)</FONT>&nbsp;
      </div></TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
</TD>
<TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">2,244,535,118</FONT>
</TD>
<TD align=left style="border-bottom:3px double #000000;">&nbsp;

</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">14</FONT></P>

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



<p style="page-break-before:always"></p><PAGE>


<P align="center">
<B><FONT size=2 face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
<B><FONT size=2 face="serif">STATEMENT OF OPERATIONS</FONT></B><BR>
<B><FONT size=2 face="serif">(UNAUDITED)</FONT></B><BR>
<B><FONT size=2 face="serif">For the six months ended June 30, 2007</FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=75%></TD>
     <TD width=2%></TD>
     <TD width=6%></TD>
     <TD width=11%></TD>
     <TD width=3%></TD></TR>
<TR valign="bottom">
<TD align=left>
<B><FONT size=2 face="serif">INVESTMENT INCOME:</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest</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">24,756,783</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends (less withholding tax of &#36;1,437,979)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">56,373,543</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending income, net</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">1,529,363</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">82,659,689</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<B><FONT size=2 face="serif">EXPENSES:</FONT></B>&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=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fees (Note 2)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">9,006,718</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remarketed preferred stock interest expense (Note 5)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">10,537,685</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative fees (Note 2)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">2,173,261</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">268,500</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">407,250</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remarketing agent fees&#151;remarketed preferred stock</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">628,472</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broker-dealer commissions&#151;auction preferred stock</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">628,472</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reports and postage</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">362,000</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">133,500</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors&#146; fees (Note 2)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">268,500</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses</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">263,216</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses</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">24,677,574</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">57,982,115</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<B><FONT size=2 face="serif">REALIZED AND UNREALIZED GAIN (LOSS):</FONT></B>&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=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">118,481,147</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments</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">(108,105,525</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">10,375,622</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<B><FONT size=2 face="serif">DISTRIBUTIONS ON AUCTION PREFERRED STOCK FROM:</FONT></B>&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=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (Note 5)</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">(12,828,181</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions</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">(12,828,181</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets applicable to common stock resulting from operations</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
</TD>
<TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">55,529,556</FONT>
</TD>
<TD align=left style="border-bottom:3px double #000000;">&nbsp;

</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">15</FONT></P>

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



<p style="page-break-before:always"></p><PAGE>


<P align="center">
<B><FONT size=2 face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
<B><FONT size=2 face="serif">STATEMENTS OF CHANGES IN NET ASSETS</FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=55%></TD>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=13%></TD>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=12%></TD>
     <TD width=2%></TD></TR>
<TR valign="bottom">
<TD align=left>&nbsp;

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

</TD>
<TD align=center>
<B><FONT size=1 face="serif">For the</FONT></B>
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

</TD>
<TD align=left>
      <div align="center"><B><FONT size=1 face="serif">six months</FONT></B>
      </div></TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=left>
      <div align="center"><B><FONT size=1 face="serif">For the year</FONT></B>
      </div></TD>
<TD align=left>&nbsp;

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

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

</TD>
<TD align=center>
<B><FONT size=1 face="serif">ended</FONT></B>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=center>
<B><FONT size=1 face="serif">ended</FONT></B>
</TD>
<TD align=left>&nbsp;

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

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

</TD>
<TD align=center>
<B><FONT size=1 face="serif">June 30, 2007</FONT></B>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=left>
      <div align="center"><B><FONT size=1 face="serif">December 31,</FONT></B>
      </div></TD>
<TD align=left>&nbsp;

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

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

</TD>
<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">(UNAUDITED)</FONT></B>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

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

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
      <div align="center"><B><FONT size=1 face="serif">2006</FONT></B>
      </div></TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<B><FONT size=2 face="serif">FROM OPERATIONS:</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
<TD align=right>
<FONT size=2 face="serif">57,985,344</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
<TD align=right>
<FONT size=2 face="serif">101,751,096</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">118,481,147</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">103,781,423</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;on investments and foreign currency translation</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(108,105,525</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">325,173,704</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions on auction preferred stock from net investment income</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(12,828,181</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(16,244,083</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets applicable to common</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;stock resulting from operations</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">55,532,785</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">514,462,140</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR>
<TD colspan=9>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<B><FONT size=2 face="serif">DISTRIBUTIONS TO COMMON STOCKHOLDERS:</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From and in excess of net investment income (Note 4)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(88,636,259</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(175,734,577</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

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

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to common stockholders</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(88,636,259</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(175,734,577</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
</TR>
<TR>
<TD colspan=9>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<B><FONT size=2 face="serif">FROM CAPITAL STOCK TRANSACTIONS:</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued to common stockholders from dividend reinvestment of</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,280,569 shares and 2,686,482 shares, respectively</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">13,445,059</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">26,927,777</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering cost incurred in the sale of 20,000 shares of</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;auction preferred stock</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(8,677</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(5,660,038</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets derived from capital share transactions</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">13,436,382</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

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

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">21,267,739</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total increase (decrease)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(19,667,092</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">359,995,302</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR>
<TD colspan=9>&nbsp;

</TD>
</TR>
<TR>
<TD colspan=9>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<B><FONT size=2 face="serif">TOTAL NET ASSETS APPLICABLE TO COMMON STOCK:</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">2,264,202,210</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

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

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">1,904,206,908</FONT>
</TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period (including distributions in excess of net investment income</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of &#36;29,038,957 and &#36;23,398,395, respectively)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right bgcolor="#E5FFFF" style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
<TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">2,244,535,118</FONT>
</TD>
<TD align=left style="border-bottom:3px double #000000;">&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right bgcolor="#E5FFFF" style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
<TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">2,264,202,210</FONT>
</TD>
<TD align=left style="border-bottom:3px double #000000;">&nbsp;

</TD>
</TR>
</TABLE>
<BR>
<P align="center">
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">16</FONT></P>

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



<p style="page-break-before:always"></p><PAGE>


<P align="center">
<B><FONT size=2 face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
<B><FONT size=2 face="serif">STATEMENT OF CASH FLOWS</FONT></B><BR>
<B><FONT size=2 face="serif">(UNAUDITED)</FONT></B><BR>
<B><FONT size=2 face="serif">For the six months ended June 30, 2007</FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=57%></TD>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=11%></TD>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=2%></TD>
     <TD width=11%></TD>
     <TD width=2%></TD></TR>
<TR valign="bottom">
<TD align=left>
<B><FONT size=2 face="serif">INCREASE (DECREASE) IN CASH</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Cash flows provided by (used in) operating activities:</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest received</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">24,157,091</FONT>
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income dividends received</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">57,202,629</FONT>
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities lending income, net</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">1,422,758</FONT>
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses paid</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(37,711,382</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of investment securities</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(638,146,381</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale/redemption of investment securities</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">675,048,805</FONT>
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of premiums and discounts on debt securities</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">4,928,259</FONT>
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=center bgcolor="#E5FFFF">
      <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities</FONT>&nbsp;
      </div></TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
<TD align=right>
<FONT size=2 face="serif">86,901,779</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Cash flows provided by (used in) financing activities:</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs relating to auction preferred stock</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(8,677</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends paid</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(88,553,022</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock under dividend</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom"  bgcolor="#E5FFFF">
<TD align=center>
      <div align="left"><FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reinvestment
          plan</FONT>&nbsp;
      </div></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">13,445,059</FONT>
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
cash used in financing activities</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(75,116,640</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Net increase in cash and cash equivalents</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
<TD align=right>
<FONT size=2 face="serif">11,785,139</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Cash and cash equivalents&#151;beginning of period</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">23,407,883</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR>
<TD colspan=9>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Cash and cash equivalents&#151;end of period</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
<TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">35,193,022</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Reconciliation of net increase in net assets resulting from operations to net</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;cash provided by operating activities:</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right bgcolor="#E5FFFF">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
<TD align=right>
<FONT size=2 face="serif">55,532,785</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in investments</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">36,902,424</FONT>
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(118,481,147</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">108,105,525</FONT>
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of premiums and discounts on debt securities</FONT>
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">4,928,259</FONT>
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in interest receivable</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(602,921</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in dividends receivable</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">829,087</FONT>
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decrease in accrued expenses</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(205,628</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in other receivable</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">(106,605</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total
adjustments</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">31,368,994</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR>
<TD colspan=9>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Net cash provided by operating activities</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

</TD>
<TD>&nbsp;
</TD>
<TD align=right bgcolor="#E5FFFF" style="border-bottom:3px double #000000;">
      <div align="left"><FONT size=2 face="serif">&#36;</FONT>
      </div></TD>
<TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">86,901,779</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
</TABLE>
<BR>
<P align="justify">
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.</FONT></P>
<P align="center">
<FONT size=2 face="serif">17</FONT></P>

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


<p style="page-break-before:always"></p><PAGE>

<P align="center">
<B><FONT size=2 face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
<BR>
<B><FONT size=2 face="serif">FINANCIAL HIGHLIGHTS&#151;SELECTED PER SHARE DATA AND RATIOS</FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The table below provides information about income and capital changes for a share of common stock outstanding throughout the periods indicated:</FONT></P>

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

</TD>
<TD colspan="3" align=center>
      <B><FONT size=1 face="serif">For the</FONT></B>
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
<TD colspan="3" align=center>
      <B><FONT size=1 face="serif">six months</FONT></B>
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
<TD colspan="3" align=center>
      <B><FONT size=1 face="serif">ended</FONT></B>
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
</TR>
<tr><TD align=right>&nbsp;</TD>
  <TD colspan=3 align=center><B><FONT size=1 face="serif">June 30, 2007</FONT></B> </TD>
  <TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD colspan="19" align=center style="border-bottom:1px solid #000000;">
      <B><FONT size=1 face="serif">For the year ended December 31,</FONT></B>
</TD>
  </TR>
<TR valign="bottom">
<TD align=center>
<B></B>
</TD>
<TD colspan=3 align=center style="border-bottom:1px solid #000000;"><B><FONT size=1 face="serif">(UNAUDITED)</FONT></B></TD>
<TD align=left style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD colspan="3" align=center style="border-bottom:1px solid #000000;">
      <B><FONT size=1 face="serif">2006</FONT></B>
</TD>
<TD>&nbsp;
</TD>
<TD colspan="3" align=center style="border-bottom:1px solid #000000;">
      <B><FONT size=1 face="serif">2005</FONT></B>
</TD>
<TD>&nbsp;
</TD>
<TD colspan="3" align=center style="border-bottom:1px solid #000000;">
      <B><FONT size=1 face="serif">2004</FONT></B>
</TD>
<TD>&nbsp;
</TD>
<TD align=center colspan=3 style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">2003</FONT></B>
</TD>
<TD>&nbsp;
</TD>
<TD colspan="3" align=center style="border-bottom:1px solid #000000;">
      <B><FONT size=1 face="serif">2002</FONT></B>
</TD>
  </TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Net asset value:</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of period</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">10.00</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8.51</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">8.75</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7.94</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">7.37</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#36;</FONT>
</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">9.18</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Net investment income (1)(2)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">0.23</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">0.47</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">0.41</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">0.54</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">0.75</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">0.79</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Net realized gain (loss) and</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;change in unrealized</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;appreciation/(depreciation) on</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investments</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">0.07</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">1.89</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">0.14</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">1.06</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">0.62</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">(1.78</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Dividends on remarketed</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preferred stock from</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net investment income (1)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">&#151;</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">(0.04</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Dividends on auction preferred</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left NOWRAP>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;stock from net investment income</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">(0.06</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.07</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
</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">&#151;</FONT>
</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">&#151;</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Total from investment operations</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;applicable to common stock .</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">0.24</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">2.29</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">0.55</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">1.60</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">1.37</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right>
<FONT size=2 face="serif">(1.03</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Dividends on common stock</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;from and in excess of net</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
</TR>
<TR>
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investment income</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(0.39</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(0.78</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(0.75</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(0.79</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(0.80</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(0.78</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Return of capital</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">&#151;</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.04</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</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">&#151;</FONT>
</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">&#151;</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Total distributions</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(0.39</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(0.78</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(0.79</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(0.79</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(0.80</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(0.78</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Auction preferred stock</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;offering costs</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">&#151;</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">(0.02</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right style="border-bottom:1px solid #000000;">&nbsp;

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
</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">&#151;</FONT>
</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">&#151;</FONT>
</TD>
<TD align=left>&nbsp;

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

</TD>
<TD align=right style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">&#151;</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Net asset value:</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
</TD>
<TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">9.85</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
</TD>
<TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">10.00</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
</TD>
<TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">8.51</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
</TD>
<TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">8.75</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;
</TD>
<TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">7.94</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">&#36;</FONT>
</TD>
<TD align=right style="border-bottom:3px double #000000;">
<FONT size=2 face="serif">7.37</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Per share market value:</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of period</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">10.88</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">&#36;</FONT>
</TD>
<TD align=right>
<FONT size=2 face="serif">10.82</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">&#36;</FONT>
</TD>
<TD align=right>
<FONT size=2 face="serif">10.39</FONT>
</TD>
<TD align=left>&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">11.92</FONT>
</TD>
<TD align=left>&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">10.96</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">&#36;</FONT>
</TD>
<TD align=right>
<FONT size=2 face="serif">9.90</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Ratio of expenses to average</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;net assets applicable to</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common stock (1)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">2.15</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%*</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">2.40</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">2.24</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">1.86</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">1.89</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">1.44</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Ratio of net investment income</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left NOWRAP>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to average net assets applicable</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to common stock (1)(2)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">5.04</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%*</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">5.02</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">4.51</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">5.63</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">9.88</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">9.63</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Total investment return on</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

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

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

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

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

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

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

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

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

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

</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market value</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">4.33</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">12.50</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(6.16</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">17.35</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">19.82</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">(3.04</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%)</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=left>
<FONT size=2 face="serif">Portfolio turnover rate (2)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">19.43</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">29.60</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">27.99</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">43.71</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">242.69</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=right>
<FONT size=2 face="serif">197.27</FONT>
</TD>
<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Net assets applicable to</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;common stock, end of</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;period (000&#146;s omitted)</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left><FONT size=2 face="serif">&#36;</FONT></TD>
<TD align=right><FONT size=2 face="serif">2,244,535</FONT> </TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">&#36;</FONT>
</TD>
<TD align=right>
<FONT size=2 face="serif">2,264,202</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">&#36;</FONT>
</TD>
<TD align=right>
<FONT size=2 face="serif">1,904,207</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left><FONT size=2 face="serif">&#36;</FONT></TD>
<TD align=right><FONT size=2 face="serif">1,935,437</FONT> </TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=right colspan=2>
<FONT size=2 face="serif">1,738,286</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left>
<FONT size=2 face="serif">&#36;</FONT>
</TD>
<TD align=right>
<FONT size=2 face="serif">1,592,970</FONT>
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
</TABLE>
<div style="border-bottom:1px solid #000000; width:100px">&nbsp;</div>
<P align="justify">
<FONT size=2 face="serif">*Annualized</FONT></P>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
<TD nowrap valign=top>
<FONT size=2 face="serif">(1)</FONT>&nbsp; &nbsp; &nbsp; </TD>
<TD width=100%>
<FONT size=2 face="serif">Upon the adoption of FAS 150 in 2003, dividends on remarketed preferred stock are included in interest expense and are part of net investment income. Absent this change in accounting, per share net investment income and
dividends on remarketed preferred stock would have been &#36;0.28 and &#36;0.05, respectively, for the six months ended June 30, 2007; &#36;0.56 and &#36;0.09, respectively, for the year ended December 31, 2006; &#36;0.47 and &#36;0.06,
respectively, in 2005; &#36;0.57 and &#36;0.03, respectively, in 2004; &#36;0.78 and &#36;0.03, respectively, in 2003.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR><TR>
<TD nowrap valign=top>
<FONT size=2 face="serif">(2)</FONT>&nbsp; &nbsp; &nbsp; </TD>
<TD width=100%>
<FONT size=2 face="serif">Beginning in 2004, the Fund reduced its use of short-term trading strategies designed to capture dividend income and made increased use of realized gains to supplement its investment income. Until the Fund utilizes all of
its tax loss carryforwards, distributions to shareholders derived from such realized gains will be treated as ordinary income for tax purposes. In addition, the reduced use of short-term trading strategies reduced the Fund&#146;s portfolio turnover
rate during the six months ended June 30, 2007 and during the years ended December 31, 2006, 2005 and 2004.</FONT></TD>
</TR>
<TR><TD colspan=2>&nbsp;</TD></TR></TABLE>
<P align="center">
<FONT size=2 face="serif">The accompanying notes are an integral part of these financial statements.<br>
<br>
18</FONT></P>

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<p style="page-break-before:always"></p><PAGE>

<P align="center">
<B><FONT size=2 face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
<B><FONT size=2 face="serif">NOTES TO FINANCIAL STATEMENTS</FONT></B><BR>
<B><FONT size=2 face="serif">(UNAUDITED)</FONT></B><BR>
<B><FONT size=2 face="serif">June 30, 2007</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">(1) SIGNIFICANT ACCOUNTING POLICIES:</FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">DNP SELECT INCOME FUND INC. (the &#147;Fund&#148;) was incorporated under the laws of the State of Maryland on November 26, 1986. The Fund commenced operations on January 21, 1987, as a
closed-end diversified management investment company registered under the Investment Company Act of 1940. The primary investment objectives of the Fund are current income and long-term growth of income. Capital appreciation is a secondary
objective.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The following are the significant accounting policies of the Fund:</FONT></P>
<blockquote>
  <p align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a) 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></p>
  <p align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(b) Repurchase agreements are fully collateralized by U.S. Treasury, U.S. Government Agency and other investment grade securities. All collateral is held by an independent third-party custodian
  bank on behalf of the Fund until maturity of the repurchase agreement. Provisions of the agreement provide that the market value of the collateral plus accrued interest on the collateral is greater than or equal to the repurchase price plus accrued
  interest at all times. In the event of a default or bankruptcy by the other party to the agreements, the Fund maintains the right to sell the underlying collateral securities at market value; however realization and/or retention of the collateral
  may be subject to legal proceedings.</FONT></p>
  <p align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(c) It is the Fund&#146;s policy to comply with requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its
  taxable income to its shareholders. Therefore, no provision for Federal income or excise taxes is required. The Fund intends to utilize provisions of Federal income tax laws which allow a realized capital loss to be carried forward for eight years
  following the year of loss. At December 31, 2006, the Fund had tax capital loss carry forwards of &#36;150,585,405 which will expire in 2011. These capital loss carryforwards will be reduced by future realized gains, whether or not distributed (see
  Note 4). At December 31, 2006, on a tax basis, the Fund had undistributed net investment income of &#36;0 and based on a &#36;3,576,595,839 tax cost of investments, gross unrealized appreciation of &#36;610,438,317 and unrealized depreciation of
&#36;12,184,772. The difference between the book basis and tax basis of distributable earnings and cost of investments are primarily a result of tax deferral of wash sale losses, the accretion of market discount and amortization of premiums and
  alternative tax treatment of certain securities.</FONT></p>
</blockquote>
<P align="center">
<FONT size=2 face="serif">19</FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<B><FONT size=2 face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
<B><FONT size=2 face="serif">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</FONT></B><BR>
<B><FONT size=2 face="serif">(UNAUDITED)</FONT></B><BR>
<B><FONT size=2 face="serif">June 30, 2007</FONT></B></P>
<blockquote>
  <p align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(d) Security transactions are recorded on the trade date. Realized gains or losses from sales of securities are determined on the specific identified cost basis. Dividend income is recognized
    on the ex-dividend date. Interest income and expense are recognized on the accrual basis. Discounts and premiums on securities are amortized over the lives of the respective securities for financial reporting purposes. Discounts and premiums are not
    amortized for tax purposes.</FONT></p>
  <p align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(e) The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported
  amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual
  results could differ from those estimates.</FONT></p>
  <p align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(f) The Fund adopted the provisions of Financial Accounting Standards Board (&#147;FASB&#148;) Interpretation No. 48 (&#147;FIN 48&#148;) entitled &#147;Accounting for Uncertainty in Income
  Taxes &#150; an interpretation of FASB Statement 109&#148; on June 29, 2007. FIN 48 prescribes the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be
  taken by an entity including mutual funds before being measured and recognized in the financial statements.</FONT></p>
  <p align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements.</FONT></p>
  <p align="justify"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(g) In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (&#147;SFAS 157&#148;) was issued and is effective for fiscal years beginning after November
  15, 2007. SFAS 157 defines fair value and expands disclosures about fair value measurements. The Fund will adopt SFAS 157 during the fiscal year ending December 31, 2008. Management is currently evaluating the impact the adoption of SFAS 157 will
  have on the Fund&#146;s financial statement disclosures.</FONT></p>
</blockquote>
<P align="justify">
<B><FONT size=2 face="serif">(2) MANAGEMENT ARRANGEMENTS:</FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Fund has engaged Duff &amp; Phelps Investment Management Co. (the &#147;Adviser&#148;) to provide professional investment management services for the Fund and has engaged J. J. B. Hilliard,
W. L. Lyons, Inc. (the &#147;Administrator&#148;) to provide administrative and management services for the Fund. The Adviser receives a quarterly fee at an annual rate of .60% of the average weekly net assets of the Fund up to &#36;1.5 billion and
..50% of average weekly net assets in excess thereof. The Administrator receives a quarterly fee at annual rates of .25% of average weekly net assets up to &#36;100 million, .20% of average weekly net assets from &#36;100 million to &#36;1 billion,
and .10% of average weekly net assets over &#36;1 billion. For purposes of the foregoing calculations, &#147;average weekly net assets&#148; is defined as the sum of (i) the aggregate net asset value of the Fund&#146;s common stock (ii) the
aggregate liquidation preference of the Fund&#146;s preferred stock and (iii) the aggregate proceeds to the Fund of any commercial paper issued by the Fund. Directors of the Fund not affiliated with the Adviser receive a fee of &#36;30,000 per year
plus &#36;3,000 per board meeting, plus &#36;2,000 per committee meeting attended. The chairmen of the contracts, executive and nominating committees receive an additional fee of &#36;6,000 per year. The chairman of the audit</FONT></P>
<P align="center">
<FONT size=2 face="serif">20</FONT></P>

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<p style="page-break-before:always"></p><PAGE>

<P align="center">
<B><FONT size=2 face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
<B><FONT size=2 face="serif">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</FONT></B><BR>
<B><FONT size=2 face="serif">(UNAUDITED)</FONT></B><BR>
<B><FONT size=2 face="serif">June 30, 2007</FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">committee receives an additional fee of &#36;7,500 per year. The chairman of the board receives an additional fee of &#36;50,000 per year. Total fees paid to directors for the six months ended June 30, 2007 were
&#36;229,375.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">(3) INDEMNIFICATIONS:</FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under the Fund&#146;s organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition,
in the normal course of business, the Fund enters into contracts that provide general indemnifications to other parties. The Fund&#146;s maximum exposure under these arrangements is unknown as this would involve future claims that may be made
against the Fund that have not yet occurred. However, the Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">(4) DIVIDENDS:</FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Fund declares and pays dividends monthly. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. generally
accepted accounting principles. Distributions from and in excess of net investment income on the Statements of Changes in Net Assets consists of ordinary income distributions for federal income tax purposes. Ordinary income distributions for federal
income tax purposes include distributions from realized gains, until the Fund utilizes all of its tax loss carry forwards.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The tax character of all Fund distributions to common shareholders in 2006 was as follows:</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=30%></TD>
     <TD width=2%></TD>
     <TD width=7%></TD>
     <TD width=58%></TD></TR>
<TR valign="bottom">
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD colspan="2" align=center style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Ordinary Income</FONT></B>&nbsp;
</TD>
  </TR>
<TR valign="bottom" bgcolor="#E5FFFF">
<TD align=RIGHT>
<FONT size=2 face="serif">2006</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD colspan="2" align=CENTER>
<FONT size=2 face="serif">&#36;</FONT><FONT size=2 face="serif">175,734,577</FONT>&nbsp;
</TD>
  </TR>
</TABLE>
<BR>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The tax character of all Fund distributions for the year ending December 31, 2007 will be determined at the end of the current fiscal year.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Due to inherent differences in the recognition and distribution of income and realized gains/losses under U.S. generally accepted accounting principles and for federal income tax purposes,
permanent differences between book and tax basis reporting have been identified and appropriately reclassified on the Statement of Assets and Liabilities. The reclassifications primarily relate to premium amortization and capital loss carryforwards
utilized for current year distributions. These reclassifications have no impact on the net asset value of the Fund. At June 30, 2007 the following reclassifications were recorded:</FONT></P>
<table width=100% border=0 cellpadding=0 cellspacing=0>
  <tr>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
    <td></td>
  </tr>
  <tr valign="bottom">
    <td colspan="3" align=right>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3" align=center><b><font size=2 face="serif">Accumulated net
          realized</font></b> </td>
    <td>&nbsp;</td>
    <td colspan="2" align=center><b><font size=2 face="serif">Distributions in
          excess of</font></b>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td colspan="3" align=center style="border-bottom:1px solid #000000;"><b><font size=2 face="serif">Paid-in
          Surplus</font></b> </td>
    <td>&nbsp;</td>
    <td colspan="3" align=center style="border-bottom:1px solid #000000;"><b><font size=2 face="serif">loss
          on investments</font></b> </td>
    <td>&nbsp;</td>
    <td colspan="2" align=center style="border-bottom:1px solid #000000;"><b><font size=2 face="serif">net
          investment income</font></b>&nbsp; </td>
  </tr>
  <tr valign="bottom">
    <td colspan="3" align=CENTER><font size=2 face="serif">&#36;(30,650,915)</font></td>
    <td>&nbsp;</td>
    <td colspan="3" align=CENTER><font size=2 face="serif">&#36;(7,184,390)</font></td>
    <td>&nbsp;</td>
    <td colspan="2" align=CENTER><font size=2 face="serif">&#36;37,835,305</font></td>
  </tr>
</table>
<BR>
<P align="center">
<FONT size=2 face="serif">21</FONT></P>

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<p style="page-break-before:always"></p><PAGE>


<P align="center">
<B><FONT size=2 face="serif">DNP SELECT INCOME FUND INC.</FONT></B><BR>
<B><FONT size=2 face="serif">NOTES TO FINANCIAL STATEMENTS&#151;(Continued)</FONT></B><BR>
<B><FONT size=2 face="serif">(UNAUDITED)</FONT></B><BR>
  <B><FONT size=2 face="serif">June 30, 2007</FONT></B></P>
<P align="justify">
<B><FONT size=2 face="serif">(5) PREFERRED STOCK:</FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In 1988, the Fund issued 5,000 shares of Remarketed Preferred Stock (&#147;RP&#148;) in five series of 1,000 shares each at a public offering price of &#36;100,000 per share. In 2006, the Fund
issued 20,000 shares of Auction Preferred Stock (&#147;APS&#148;) in five series of 4,000 shares each at a public offering price of &#36;25,000 per share. The underwriting discount and other offering costs incurred in connection with the issuance of
the RP and APS were recorded as a reduction of paid-in surplus on common stock. Dividends on the RP and APS are cumulative at a rate which was initially established for each series at the time of its initial offering. Since the initial offering of
each series of RP and APS, the dividend rate on each series of RP has been reset every 49 days by a remarketing process and the dividend rate on each series of APS has been reset every seven days by an auction process. Dividend rates ranged from
4.03% to 4.35% on the RP and from 4.20% to 5.31% on the APS during the six months ended June 30, 2007.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The RP and APS are redeemable at the option of the Fund on any dividend payment date at a redemption price equal to &#36;100,000 per share for each share of RP and &#36;25,000 per share for
each share of APS, plus accumulated and unpaid dividends in each case. The Fund is required to maintain certain asset coverage with respect to the RP and APS, and the RP and APS are subject to mandatory redemption if that asset coverage is not
maintained. Each series of RP is also subject to mandatory redemption on a date certain, therefore, the RP is classified as a liability on the statement of assets and liabilities and the related dividends as interest expense on the statement of
operations. The mandatory redemption dates are as follows: Series A&#151;November 28, 2012; Series B&#151;November 18, 2015; Series C&#151;November 7, 2018; Series D&#151;December 22, 2021; and Series E&#151;December 11, 2024.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">In general, the holders
of the RP and of the Common Stock have equal voting rights of one vote per share
and the holders of the APS are entitled to &#188; vote per share. Since
each share of APS represents a liquidation preference of &#36;25,000, and each
share of RP represents a liquidation preference of &#36;100,000 per share, the
allocation of
 &#188; vote
per share to the APS gives all holders of preferred stock equal voting power
per dollar of liquidation preference. The holders of the RP and APS,  voting
together as a class, are entitled to elect two members of the Board of Directors,
and separate class votes are required on certain matters that affect the respective
interests of the RP and APS and the Common Stock.</FONT></P>
<P align="justify">
<B><FONT size=2 face="serif">(6) INVESTMENT TRANSACTIONS:</FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">For the six months ended June 30, 2007 purchases and sales of investment securities (excluding short-term securities) were &#36;638,146,381 and &#36;676,495,524, respectively.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Fund may lend portfolio securities to a broker/dealer. Loans are required to be secured at all times by collateral at least equal to the market value of securities loaned. The Fund receives
a portion of the income earned on the securities held as collateral and continues to earn income on the loaned securities. Security loans are subject to the risk of failure by the borrower to return the loaned securities in which case the Fund could
incur a loss. At June 30, 2007 the Fund had loaned portfolio securities with a market value of &#36;881,723,495 and received &#36;911,475,072 of cash collateral. This cash was invested in securities as shown in the Schedule of
Investments.</FONT></P>
<P align="CENTER">
<FONT size=2 face="serif">22</FONT></P>

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<p style="page-break-before:always"></p><PAGE>


<P align="CENTER">
<B><FONT size=2 face="serif">Renewal of Investment Advisory Agreement</FONT></B><BR>
<B><FONT size=2 face="serif">(UNAUDITED)</FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Under Section 15(c) of the Investment Company Act of 1940 (the &#147;1940 Act&#148;), the terms of the Fund&#146;s investment advisory agreement must be reviewed and approved at least annually
by the Board of Directors of the Fund (the &#147;Board&#148;), including a majority of the directors who are not &#147;interested persons&#148; of the Fund, as defined in the 1940 Act (the &#147;Independent Directors&#148;). Section 15(c) of the
1940 Act also requires the Fund&#146;s directors to request and evaluate, and the Fund&#146;s investment adviser to furnish, such information as may reasonably be necessary to evaluate the terms of the investment advisory agreement. The Board has a
Contracts Committee, composed entirely of Independent Directors, which, assisted by the advice of independent legal counsel, conducts an annual review of the terms of the Fund&#146;s contractual arrangements, including the Fund&#146;s investment
advisory agreement with Duff &amp; Phelps Investment Management Co., the Fund&#146;s investment adviser (the &#147;Adviser&#148;). In the course of that review, the members of the Contracts Committee considered all of the information they deemed
appropriate, including informational materials furnished by the Adviser in response to a request made by the Committee. In arriving at its recommendation that continuation of the investment advisory agreement was in the best interests of the Fund
and its shareholders, the Contracts Committee took into account all factors that it deemed relevant, without identifying any single factor or group of factors as all-important or controlling. Among the factors considered by the Contracts Committee,
and the conclusion reached with respect to each, were the following:</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT size=2 face="serif">Nature, extent, and quality of services</FONT></U><FONT size=2 face="serif">. The Committee considered the nature, extent and quality of the services provided to the Fund by the Adviser. In
evaluating the quality of the Adviser&#146;s services, the Committee noted the various complexities involved in the operations of the Fund, such as the use of two types of leverage and the lending of portfolio securities, and concluded that the
Adviser is consistently providing high-quality services to the Fund in an increasingly complex environment. The Committee also considered the length of service of the individual professional employees of the Adviser who provide services to the Fund
and noted an almost total lack of turnover. In the Committee&#146;s view, the long-term service of capable and conscientious professionals provides a significant benefit to the Fund and its shareholders. The Committee also considered the Fund&#146;s
investment performance as discussed below. In light of the foregoing, the Committee concluded that it was satisfied with the nature, extent and quality of the services provided to the Fund by the Adviser.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT size=2 face="serif">Investment performance of the Fund and the Adviser</FONT></U><FONT size=2 face="serif">. The Committee reviewed the Fund&#146;s investment performance over time and compared that performance
to various peer groups and indices. The Committee concluded that since current income is the Fund&#146;s primary objective, one of the best measures of the Adviser&#146;s performance is the Fund&#146;s consistent ability to pay a 6.5 cent per share
monthly dividend. The Committee also considered the fact that since 1990, shares of the Fund have traded at a premium to net asset value 94.8% of the time even though shares of most closed-end funds trade at a discount to net asset value as further
evidence of the Adviser&#146;s successful management of the Fund&#146;s investment portfolio.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT size=2 face="serif">Cost of services and profits realized</FONT></U><FONT size=2 face="serif">. The Committee considered the reasonableness of the compensation paid to the Adviser, in both absolute and
comparative terms, and also the profits realized by the Adviser and its affiliates from its relationship with the Fund. To facilitate this analysis, the Committee retained Lipper Analytical Services Inc., an independent provider of investment
company data, to furnish a report comparing the Fund&#146;s advisory fee and other expenses to the similar expenses of other comparable funds. The Committee noted that many of the other funds in the comparison group were only recently established,
and benefited from waivers</FONT></P>
<P align="CENTER">
<FONT size=2 face="serif">23</FONT></P>

<HR noshade align="center" width="100%" size=4>



<p style="page-break-before:always"></p><PAGE>

<P align="CENTER">
<B><FONT size=2 face="serif">Renewal of Investment Advisory Agreement&#151;(Continued)</FONT></B><BR>
<B><FONT size=2 face="serif">(UNAUDITED)</FONT></B></P>
<P align="justify">
<FONT size=2 face="serif">of advisory fees by their sponsors. The Committee&#146;s view is that gross fees provide a more useful comparison because waivers tend to be associated with the launch of new funds and can be expected to be of short
duration. The Fund&#146;s fees, while higher than the comparison group median when waivers were included, were lower than the median when waivers were excluded. The Committee also received comparative information from the Adviser with respect to the
fees it charges to investment advisory clients other than the Fund. However, the Committee concluded that the services rendered to other institutional investor clients were not sufficiently comparable to the services rendered to the Fund for a
direct comparison of advisory fees to be meaningful. The Committee also examined the profitability of the investment advisory agreement to the Adviser and determined that the profitability was within the range that courts had found reasonable. The
Committee considered that the Adviser must be able to compensate its employees at competitive levels in order to attract and retain high-quality personnel to provide high-quality service to the Fund. The Committee concluded that the investment
advisory agreement was the product of arm&#146;s length bargaining and that it was fair and reasonable to the Fund.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT size=2 face="serif">Economies of scale</FONT></U><FONT size=2 face="serif">. The Committee considered whether the Fund has appropriately benefited from any economies of scale. The Committee noted the
breakpoints whereby the advisory fee is reduced at higher asset levels and concluded that any economies of scale are being shared between Fund shareholders and the Adviser in an appropriate manner.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><FONT size=2 face="serif">Indirect benefits</FONT></U><FONT size=2 face="serif">. The Committee considered the indirect benefits the Adviser derives from its relationship with the Fund, including brokerage and soft
dollar arrangements. In this regard, the Committee noted that the Fund does not utilize affiliates of the Adviser for brokerage purposes, that the Adviser had significantly reduced the Fund&#146;s brokerage cost in recent years and that the Adviser
was in the process of phasing out the use of third-party soft dollar arrangements.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Contracts Committee concluded, based upon its evaluation of all material factors, including the foregoing, and assisted by the advice of independent legal counsel, that the existing
advisory fee structure is fair and reasonable, and recommended the continuation of the investment advisory agreement as being in the best interests of the Fund and its shareholders. On February 21, 2007, the Committee presented its recommendation,
and the criteria on which it was based, to the full Board, whereupon the Board, including the Independent Directors, accepted the Committee&#146;s recommendation and approved the continuation of the Fund&#146;s investment advisory agreement for an
additional one-year term ending April 30, 2008.</FONT></P>
<P align="CENTER">
<FONT size=2 face="serif">24</FONT></P>

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<p style="page-break-before:always"></p><PAGE>

<P align="CENTER">
<B><FONT size=2 face="serif">Information about Proxy Voting by the Fund</FONT></B><BR>
<B><FONT size=2 face="serif">(UNAUDITED)</FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling the
Administrator toll-free at (888) 878-7845 or is available on the Fund&#146;s web site </FONT><I><U><FONT size=2 face="serif">http://www.dnpselectincome.com </FONT></U></I><FONT size=2 face="serif">or on the SEC&#146;s web site </FONT><I><U><FONT size=2 face="serif">http://www.sec.gov</FONT></U></I><FONT size=2 face="serif">.</FONT></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available without charge, upon request, by calling the
Administrator toll-free at (888) 878-7845 or is available on the Fund&#146;s website at </FONT><I><U><FONT size=2 face="serif">http://www.dnpselectincome.com </FONT></U></I><FONT size=2 face="serif">or on the SEC&#146;s website at </FONT><I><U><FONT size=2 face="serif">http://www.sec.gov</FONT></U></I><FONT size=2 face="serif">.</FONT></P>
<P align="CENTER">
<B><FONT size=2 face="serif">Information about the Fund&#146;s Portfolio Holdings</FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Fund files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended March 31 and September 30) on Form N-Q. The
Fund&#146;s Form N-Q is available on the SEC&#146;s website at </FONT><I><U><FONT size=2 face="serif">http://www.sec.gov </FONT></U></I><FONT size=2 face="serif">and may be reviewed and copied at the SEC&#146;s Public Reference Room in Washington
D.C. Information on the operation of the SEC&#146;s Public Reference Room may be obtained by calling (202) 551-8090. In addition, the Fund&#146;s Form N-Q is available without charge, upon request, by calling the Administrator toll free at (888)
878-7845 or is available on the Fund&#146;s website at </FONT><I><U><FONT size=2 face="serif">http://www.dnpselectincome.com</FONT></U></I><FONT size=2 face="serif">.</FONT></P>
<P align="CENTER">
<B><FONT size=2 face="serif">Annual Meeting Proxy Results</FONT></B></P>
<P align="justify">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">The Annual Meeting of Shareholders of the Fund was held on May 11, 2007. The description of each matter voted upon and the number of shares voted is as follows:</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR>
     <TD width=48%></TD>
     <TD width=2%></TD>
     <TD width=29%></TD>
     <TD width=2%></TD>
     <TD width=17%></TD></TR>
<TR valign="bottom">
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">For</FONT></B>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=center style="border-bottom:1px solid #000000;">
<B><FONT size=1 face="serif">Withheld</FONT></B>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">1. Election of Directors*</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR>
<TD colspan=5>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Directors elected by the holders</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of the Fund&#146;s common stock:</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stewart E. Conner</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">200,639,297</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">2,968,984</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Francis E. Jeffries</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">200,397,240</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">3,211,041</FONT>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nathan I. Partain</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">200,811,180</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">2,797,101</FONT>&nbsp;
</TD>
</TR>
<TR>
<TD colspan=5>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">Director elected by the holders</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of the Fund&#146;s preferred stock:</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
<TD>&nbsp;
</TD>
<TD align=left>&nbsp;

</TD>
</TR>
<TR valign="bottom">
<TD align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Robert J. Genetski</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">7,061</FONT>&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD align=right>
<FONT size=2 face="serif">2</FONT>&nbsp;
</TD>
</TR>
</TABLE><BR>
<TABLE border=0 cellspacing=0 cellpadding=0>
<TR>
<TD nowrap valign=top>
<FONT size=2 face="serif">*</FONT>&nbsp; &nbsp; &nbsp; </TD>
<TD width=100%>
<FONT size=2 face="serif">Directors whose term of office continued beyond this meeting are Connie K. Duckworth, Nancy Lampton, Christian H. Poindexter, Carl F. Pollard and David J. Vitale.</FONT></TD>
</TR>
</TABLE>
<P align="CENTER">
<FONT size=2 face="serif">25</FONT></P>

<HR noshade align="center" width="100%" size=4>



<P style="PAGE-BREAK-BEFORE: always"></P><PAGE>

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR>
    <TD width="42%"></TD>
    <TD width="2%"></TD>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="50%"></TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><B><FONT face=serif>Board of Directors</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><B><FONT face=serif>DNP Select</FONT></B>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><B><FONT face=serif>Income Fund Inc.</FONT></B>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>FRANCIS E. JEFFRIES, CFA</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>Chairman</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>Common stock listed on the New
        York</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>NANCY LAMPTON</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>Stock Exchange under the symbol
        DNP</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>Vice Chairman</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>55 East Monroe Street, Suite
        3600</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>STEWART E. CONNER</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>Chicago, Illinois 60603</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>(312)</FONT> <FONT face=sans-serif size=2>368-5510</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>CONNIE K. DUCKWORTH</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=LEFT>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B><FONT face=sans-serif size=2>Shareholder inquiries please contact:</FONT></B>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>ROBERT J. GENETSKI</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>NATHAN I. PARTAIN, CFA</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><B><FONT face=sans-serif size=2>Transfer Agent,</FONT></B>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><B><FONT face=sans-serif size=2>Dividend Disbursing</FONT></B>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>CHRISTIAN H. POINDEXTER</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><B><FONT face=sans-serif size=2>Agent and Custodian</FONT></B>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>CARL F. POLLARD</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><B><FONT face=sans-serif size=2>The Bank of New York</FONT></B>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><B><FONT face=sans-serif size=2>Shareholder Relations</FONT></B>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>DAVID J. VITALE</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><B><FONT face=sans-serif size=2>Church Street Station</FONT></B>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><B><FONT face=sans-serif size=2>P.O. Box 1258</FONT></B>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><B><FONT face=sans-serif size=2>New York, New York 10286-1258</FONT></B>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><B><FONT face=sans-serif size=2>(877)</FONT></B> <B><FONT face=sans-serif size=2>381-2537</FONT></B>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=LEFT>&nbsp;</TD>
  </TR>
  <TR>
    <TD colSpan=5>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>Investment Adviser</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colSpan=5>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>Duff &amp; Phelps Investment</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>Management Co.</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>55 East Monroe Street</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><B><FONT face=serif>Officers</FONT></B>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>Chicago, Illinois 60603</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>NATHAN I. PARTAIN, CFA</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>Administrator</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>President, Chief Executive Officer
        and</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>Chief Investment Officer</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>J.J.B. Hilliard W.L. Lyons, Inc.</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>500 West Jefferson Street</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>T. BROOKS BEITTEL, CFA</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>Louisville, Kentucky 40202</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>Senior Vice President and Secretary</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>(888)</FONT> <FONT face=sans-serif size=2>878-7845</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=LEFT>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>JOSEPH C. CURRY, JR.</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>Legal Counsel</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>Senior Vice President and Treasurer</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>Mayer Brown, Rowe &amp; Maw LLP</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>JOYCE B. RIEGEL</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>71 South Wacker Drive</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>Chief Compliance Officer</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>Chicago, Illinois 60606</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>MICHAEL SCHATT</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>Independent Registered Public
    Accounting Firm</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD align=left valign="bottom"><FONT face=sans-serif size=2>Senior Vice President</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>Ernst &amp; Young LLP</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>DIANNA P. WENGLER</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>233 South Wacker Drive</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left><FONT face=sans-serif size=2>Vice President and Assistant
        Secretary</FONT>&nbsp; </TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left><FONT face=sans-serif size=2>Chicago, Illinois 60606</FONT>&nbsp; </TD>
  </TR>
  <TR vAlign=bottom>
    <TD align=left>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=right>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<HR align=center width="100%" noShade SIZE=4>
<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">ITEM 2.</FONT>&nbsp;
	</TD>
	<TD width=90% align=left>
<FONT size=2 face="serif">CODE OF ETHICS.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Not applicable to semi-annual reports.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">ITEM 3.</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">AUDIT COMMITTEE FINANCIAL EXPERT.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Not applicable to semi-annual reports.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">ITEM 4.</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">PRINCIPAL ACCOUNTANT FEES AND SERVICES.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Not applicable to semi-annual reports.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">ITEM 5.</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">AUDIT COMMITTEE OF LISTED REGISTRANTS.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Not applicable to semi-annual reports.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">ITEM 6.</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">SCHEDULE OF INVESTMENTS</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Included as part of the report to shareholders filed under Item 1 of this Form.</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=3>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">ITEM 7.</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Not applicable to semi-annual reports.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">ITEM 8.</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">COMPANIES.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Not applicable to semi-annual reports.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">ITEM 9.</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=center>&nbsp;
</TD>
    <TD align=left><font size=2 face="serif">INVESTMENT COMPANY AND AFFILIATED
    PURCHASERS.</font> </TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>


<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<font size=2 face="serif">During
      the period covered by this report, no purchases were made by or on behalf
      of the Registrant or any &#147;affiliated purchaser&#148; (as defined in
      Rule 10b-18(a)(3) under the Securities Exchange Act of 1934 (the &#147;Exchange
      Act&#148;)) of shares or other units of any class of the registrant&#146;s
      equity securities that is registered by the registrant pursuant to Section
    12 of the Exchange Act.</font></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="2" align=center>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><font size=2 face="serif">ITEM 10.</font></TD>
  <TD align=left><font size=2 face="serif">SUBMISSION OF MATTERS TO A VOTE OF
    SECURITY HOLDERS.</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD colspan="2" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<font size=2 face="serif">No
      changes to the procedures by which shareholders may recommend nominees
      to the registrant&#146;s
      board of directors have been implemented after the registrant last provided
      disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule
      14A (</font><i><font size=2 face="serif">i.e., </font></i><font size=2 face="serif">in
    the registrant&#146;s Proxy Statement dated March 1, 2007) or this Item. </font></TD>
  </TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left><font size=2 face="serif">ITEM 11.</font></TD>
  <TD align=left><font size=2 face="serif">CONTROLS AND PROCEDURES.</font></TD>
</TR>
<TR valign="bottom">
  <TD colspan="2" align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD width="9%" align=left>&nbsp;</TD>
  <TD colspan="2" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<font size=2 face="serif">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      The registrant&#146;s principal executive officer and principal financial
      officer have concluded that the registrant&#146;s disclosure controls and
      procedures (as defined in Rule 30a-3(c) under the Investment Company Act
      of 1940 (the &#147;1940 Act&#148;)) are effective, based on an evaluation
      of those controls and procedures made as of a date within 90 days of the
    filing date of</font></TD>
  </TR>
</TABLE>

<P align="left">&nbsp;</P>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
  <TR valign="bottom">
    <TD width="9%" align=left>&nbsp;</TD>
    <TD colspan="2" align=left><FONT size=2 face="serif">this report as required
        by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Exchange
    Act.</FONT></TD>
  </TR>
  <TR valign="bottom">
    <TD colspan="2" align=left>&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD align=left>&nbsp;</TD>
    <TD colspan="2" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<font size=2 face="serif">(b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
        has been no change in the registrant&#146;s internal control over financial
        reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred
        during the second fiscal quarter of the fiscal half-year covered by this
        report that has materially affected, or is reasonably likely to materially
    affect, the registrant&#146;s internal control over financial reporting. </font></TD>
  </TR>
</TABLE>
<br>
<br>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD colspan="2" align=left>
<FONT size=2 face="serif">ITEM 12.</FONT>&nbsp;
	</TD>
	<TD width=15% align=left>
<FONT size=2 face="serif">EXHIBITS.</FONT>&nbsp;
	</TD>
	<TD width=73% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD width="9%" align=left>&nbsp;
	</TD>
	<TD width="3%" align=left><font size=2 face="serif">(a)</font></TD>
	<TD align=left>
<FONT size=2 face="serif">Exhibit 99.CERT</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Certifications pursuant to Section 302 of the Sarbanes-Oxley</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Act of 2002</FONT>&nbsp;
	</TD>
</TR>
<TR>
	<TD colspan=4>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;
	</TD>
	<TD align=left><font size=2 face="serif">(b)</font></TD>
	<TD align=left>
<FONT size=2 face="serif">Exhibit 99.906CERT</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">Certifications pursuant to Section 906 of the Sarbanes-Oxley</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD colspan="2" align=left>&nbsp;

	</TD>
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Act of 2002</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

<HR noshade align="center" width="100%" size=4>



<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<FONT size=2 face="serif">SIGNATURES</FONT></P>
<P 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>
<br>
<TABLE width="80%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=19% align=left>
<FONT size=2 face="serif">(Registrant)</FONT>&nbsp;
	</TD>
	<TD width=46% align=left>
<FONT size=2 face="serif">DNP SELECT INCOME FUND INC.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>

<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">By (Signature and Title)*</FONT>&nbsp;
	</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">/s/ NATHAN I. PARTAIN</FONT>&nbsp;
	</TD>
    <TD width="35%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Nathan I. Partain</FONT>&nbsp;
	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT>&nbsp;
	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Date</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">August 23, 2007</FONT>&nbsp;
	</TD>
    <TD align=left>&nbsp;</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 width="80%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width="19%" align=left nowrap>
<FONT size=2 face="serif">By (Signature and Title)*</FONT>&nbsp;
	</TD>
	<TD width="55%" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">/s/ NATHAN I. PARTAIN</FONT>&nbsp;
	</TD>
    <TD width="26%" align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Nathan I. Partain</FONT>&nbsp;
	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=center>&nbsp;
</TD>
    <TD align=left><font size=2 face="serif">President and Chief Executive
    Officer</font></TD>
    <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Date</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">August 23, 2007</FONT>&nbsp;
	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left nowrap>
<FONT size=2 face="serif">By (Signature and Title)*</FONT>&nbsp;
	</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">/s/ JOSEPH C. CURRY, JR.</FONT>&nbsp;
	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Joseph C. Curry, Jr.</FONT>&nbsp;
	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Senior Vice President and Treasurer (principal financial officer)</FONT>&nbsp;
	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Date</FONT>&nbsp;
	</TD>
	<TD align=left>
<FONT size=2 face="serif">August 23, 2007</FONT>&nbsp;
	</TD>
    <TD align=left>&nbsp;</TD>
</TR>
</TABLE>
<BR>
<P align="left">
<SUP><FONT size=2 face="serif">*</FONT></SUP><FONT size=2 face="serif"> Print the name and title of each signing officer under his or her signature.</FONT></P>

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<P align="right">
<B><FONT size=2 face="serif">EXHIBIT 99.CERT</FONT></B></P>
<P align="center">
<B><FONT size=2 face="serif">CERTIFICATIONS</FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">I, Nathan I. Partain, certify that:</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">1. I have reviewed this report on Form N-CSR of DNP Select Income Fund Inc.;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of
operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(c) Evaluated the effectiveness of the registrant&#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;&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 second fiscal quarter of the period covered by this report
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;&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;&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;&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>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=50% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:</FONT><font size=2 face="serif"> August
23, 2007</font>&nbsp;
	</TD>
	<TD width=50% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=2>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">/s/ NATHAN I. PARTAIN</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Nathan I. Partain</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">(Principal Executive Officer)</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<B><FONT size=2 face="serif">CERTIFICATIONS </FONT></B></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">1. I have reviewed this report on Form N-CSR of DNP Select Income Fund Inc.;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of
operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the
registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>
<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT size=2 face="serif">(c) Evaluated the effectiveness of the registrant&#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;&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 second fiscal quarter of the period covered by this report
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;&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;&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;&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>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
	<TD width=50% align=left>
<FONT size=2 face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: August 23, 2007</FONT>&nbsp;
	</TD>
	<TD width=50% align=left>&nbsp;

	</TD>
</TR>
<TR>
	<TD colspan=2>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">/s/ JOSEPH C. CURRY, JR.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Joseph C. Curry, Jr.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Senior Vice President and Treasurer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">(Principal Financial Officer)</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>

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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>7
<FILENAME>c49519_ex99-906cert.htm
<TEXT>

<HTML>
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   <TITLE>c49519_ex99-906cert.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
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<P align="right">
<B><FONT size=2 face="serif">EXHIBIT 99.906CERT</FONT></B></P>
<P align="center">
<FONT size=2 face="serif">CERTIFICATION PURSUANT TO <br>
18 U.S.C. SECTION 1350, <br>
AS ADOPTED PURSUANT TO <br>
</FONT><FONT size=2 face="serif">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</FONT></P>
<P align="left">
<FONT size=2 face="serif">In connection with the Semi-Annual Report of DNP Select Income Fund Inc. (the &#147;Company&#148;) on Form N-CSR for the period ending June 30, 2007 as filed with the Securities and Exchange Commission on the date hereof
(the &#147;Report&#148;), I, Nathan I. Partain, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that: </FONT></P>
<P align="left">
<FONT size=2 face="serif">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and </FONT></P>
<P align="left">
<FONT size=2 face="serif">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=53% align=left>
<FONT size=2 face="serif">Date: August 23, 2007</FONT>&nbsp;
	</TD>
	<TD width=47% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">/s/ NATHAN I. PARTAIN</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Nathan I. Partain</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">President and Chief Executive Officer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">(Principal Executive Officer)</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif">This Section 906 certification is being furnished to the SEC, rather than filed with the SEC, as permitted under applicable SEC rules. </FONT></P>

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<P align="left" style="page-break-before:always"></P><PAGE>


<P align="center">
<FONT size=2 face="serif">CERTIFICATION PURSUANT TO <br>
18 U.S.C. SECTION 1350, <br>
AS ADOPTED PURSUANT TO <br>
</FONT><FONT size=2 face="serif">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</FONT></P>
<P align="left">
<FONT size=2 face="serif">In connection with the Semi-Annual Report of DNP Select Income Fund Inc. (the &#147;Company&#148;) on Form N-CSR for the period ending June 30, 2007 as filed with the Securities and Exchange Commission on the date hereof
(the &#147;Report&#148;), I, Joseph C. Curry, Jr., Senior Vice President and Treasurer of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that: </FONT></P>
<P align="left">
<FONT size=2 face="serif">1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and </FONT></P>
<P align="left">
<FONT size=2 face="serif">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. </FONT></P>
<TABLE width="100%" border=0 cellpadding=0 cellspacing=0>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=53% align=left>
<FONT size=2 face="serif">Date:</FONT><font size=2 face="serif"> August 23, 2007</font>&nbsp;
	</TD>
	<TD width=47% align=left>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">/s/ JOSEPH C. CURRY, JR.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Joseph C. Curry, Jr.</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">Senior Vice President and Treasurer</FONT>&nbsp;
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left>&nbsp;

	</TD>
	<TD align=left>
<FONT size=2 face="serif">(Principal Financial Officer)</FONT>&nbsp;
	</TD>
</TR>
</TABLE>
<BR>
<P align="left">
<FONT size=2 face="serif">This Section 906 certification is being furnished to the SEC, rather than filed with the SEC, as permitted under applicable SEC rules. </FONT></P>

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