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<SEC-DOCUMENT>0000891092-08-001380.txt : 20080304
<SEC-HEADER>0000891092-08-001380.hdr.sgml : 20080304
<ACCEPTANCE-DATETIME>20080304084804
ACCESSION NUMBER:		0000891092-08-001380
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20080304
DATE AS OF CHANGE:		20080304
EFFECTIVENESS DATE:		20080304

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04915
		FILM NUMBER:		08661908

	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-CSR
<SEQUENCE>1
<FILENAME>e30200ncsr.htm
<DESCRIPTION>ANNUAL REPORT YEAR ENDED 12/31/07
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
  <tr>
    <td width="64%">&nbsp;</td>
    <td colspan="2" align="center">
      <hr size="1" noshade>
      <font face="Times New Roman, Times, Serif" size=2>OMB APPROVAL</font>
      <hr size="1" noshade>
    </td>
  </tr>
  <tr>
    <td width="64%">&nbsp;</td>
    <td width="23%"><font face="Times New Roman, Times, Serif" size=2>OMB Number:
        <br>
       </font></td>
    <td align="right" width="13%"><font face="Times New Roman, Times, Serif" size=2>3235-0570</font></td>
  </tr>
  <tr>
    <td width="64%">&nbsp;</td>
    <td width="23%"><font face="Times New Roman, Times, Serif" size=2>Expires:           </font></td>
    <td align="right" width="13%"><font face="Times New Roman, Times, Serif" size=2>August 31, 2010</font></td>
  </tr>
  <tr>
    <td width="64%">&nbsp;</td>
    <td width="23%"><font face="Times New Roman, Times, Serif" size=2>Estimated average burden hours per
response</font></td>
    <td align="right" width="13%"><font face="Times New Roman, Times, Serif" size=2>18.9</font></td>
  </tr>
  <tr>
    <td width="64%">&nbsp;</td>
    <td colspan="2">
      <hr size="1" noshade>
    </td>
  </tr>

</table>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>UNITED STATES </FONT></P>

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITIES AND EXCHANGE
COMMISSION </FONT></P>

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Washington, D.C. 20549 </FONT></P>

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b>FORM N-CSR </b></FONT></P>
<b><!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
</b>
<P ALIGN=CENTER><b><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFIED SHAREHOLDER
REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES </FONT></b></P>

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investment Company Act
file number <u>811-4915</u> </FONT></P>

<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>DNP Select Income Fund
Inc. </font>
<hr size="1" noshade width="40%">
<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<div align="center"><font face="Times New Roman, Times, Serif" size=2>(Exact name of
registrant as specified in charter) </font></div>

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55 East Monroe Street,
Suite 3600, Chicago, Illinois 60603</FONT><hr size="1" noshade width="40%">
<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<div align="center"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;(Zip code)<br>
  <br>
  </FONT></div>



<table cellpadding=0 cellspacing=0 border=0 align="center" width=600>

  <tr valign=Bottom>

    <td align=LEFT width=370><font face="Times New Roman, Times, serif" size="2">Nathan I. Partain</font></td>
    <td align=LEFT width=230><font face="Times New Roman, Times, serif" size="2">John R. Sagan, Esq.</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="370"><font face="Times New Roman, Times, serif" size="2">DNP Select Income Fund Inc.</font></td>
    <td align=LEFT width="230"><font face="Times New Roman, Times, serif" size="2">Mayer Brown LLP</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="370"><font face="Times New Roman, Times, serif" size="2">55 East Monroe Street, Suite 3600</font></td>
    <td align=LEFT width="230"><font face="Times New Roman, Times, serif" size="2">71 South Wacker Drive</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="370"><font face="Times New Roman, Times, serif" size="2">Chicago, Illinois 60603</font></td>
    <td align=LEFT width="230"><font face="Times New Roman, Times, serif" size="2">Chicago, Illinois&nbsp;&nbsp;&nbsp;&nbsp;60606</font></td>
  </tr>
</table>

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Name and address of
agents for service) </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Registrant&#146;s telephone number,
including area code: <U>(312) 368-5510</U> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date of fiscal year end: <U>December
31</U> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date of reporting period: <U>December
31, 2007</U> </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 CFR 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>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ITEM&nbsp;1.&nbsp;</FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          REPORTS TO STOCKHOLDERS.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Annual Report to Stockholders follows. </FONT></P>

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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


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<!-- MARKER FORMAT-SHEET="Center Head 3 Bold" FSL="Workstation" -->
<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=5>DNP Select <BR>
Income Fund Inc. </FONT></P>

<IMG SRC="fc.gif">


<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="80%">&nbsp;&nbsp;&nbsp;</td>
    <td width="20%"><font face="Times New Roman, Times, Serif" size=2><b>Annual Report</b></font></td>
  </tr>
  <tr>
    <td width="80%">&nbsp;</td>
    <td width="20%">&nbsp;</td>
  </tr>
  <tr>
    <td width="80%">&nbsp;</td>
    <td width="20%"><font face="Times New Roman, Times, Serif" size=2><b>December 31, 2007 </b></font></td>
  </tr>
</table>



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<DIV STYLE="BORDER-RIGHT: #000000 1px solid; PADDING-RIGHT: 12pt; BORDER-TOP: #000000 1px solid; PADDING-LEFT: 12pt; PADDING-BOTTOM: 12pt; BORDER-LEFT: #000000 1px solid; WIDTH: 100%; PADDING-TOP: 12pt; BORDER-BOTTOM: #000000 1px solid; HEIGHT: 9in">

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Fund
Distributions and Managed Distribution Plan</B>: 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. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund  estimates  that it has  distributed  more than its income and capital  gains in the
 current  year; 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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
amounts and sources of distributions  reported in monthly statements from the Fund 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 has sent you a Form  1099-DIV for the
 calendar  year 2007 that tells you how to report these distributions for federal income
tax purposes. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 Managed  Distribution  Plan is  described  in a  Question  and  Answer  format  on your
 Fund&#146;s  website http://www.dnpselectincome.com, and discussed in the Board of
Directors section of this report. </FONT></P>

</DIV>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>January 31, 2008 </FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Dear Fellow
Shareholders: </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Performance
Review:</B> Consistent with its primary objective of current income, the Fund declared
twelve monthly distributions of 6.5 cents per share of common stock during 2007. The
6.5 cent per share monthly rate, without compounding, would be 78 cents annualized,
or a 7.37% common stock dividend yield based on the December 31, 2007 closing price of
$10.59 per share. That yield compares favorably with the year-end yields of 2.82% on
the Dow Jones Utility Index and 2.77% on the S&amp;P 500 Utilities Index. Please refer
to the portion of this letter captioned &#147;Board of Directors Meetings&#148; for
important information about the Fund&#146;s distributions. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Your
Fund had a total  return  (income plus change in market  price) of 5.5% for the year
ended  December 31, 2007,  below the 15.8% return of the  composite of the S&amp;P 500
Utilities  Index and the Lehman  Utility Bond Index, reflecting  the  stock  and bond
 ratio of the  Fund.  In  comparison,  the S&amp;P 500  Utilities  Index &#150; a  stock-only
index &#150; had a total return of 19.4%. The S&amp;P 500 Utilities Index return continued to be
aided by two factors.  First, a  private  equity  consortium  aggressively  bid up the
 share  price  of  one of the  largest-weighted  component companies of the index.
 Second,  higher  commodity  prices benefited the energy merchant sector within the
utility group.  Energy merchants are companies that generate,  transmit,  or purchase for
resale electricity as a commodity in the  unregulated  wholesale  market.  While the
merchant  companies  benefited  from rising energy prices during 2007, your Fund does not
have much exposure to these  companies  because of their typically lower yields and
higher risk profiles. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
a longer-term basis, as of December 31, 2007, your Fund had a five-year  cumulative total
return of 56.6%, again below that of the 122.9% return of the composite of the S&amp;P
500 Utilities  Index and the Lehman  Utility Bond Index,  reflecting  the stock and bond
ratio of the Fund. In  comparison,  the S&amp;P 500 Utilities  Index had a total return
 during  that  period of 164.3%.  It is  important  to note that the  composite  index
 includes  no fees or expenses. The following table compares the performance of your Fund
to various market benchmarks: </FONT></P>

<table cellpadding=0 cellspacing=0 border=0 width=600 align="center">
  <tr>
    <td align=LEFT width=25%>&nbsp;</td>
    <td align=CENTER colspan="5"><font face="Times New Roman, Times, serif" size="1"><b>Cumulative Total Return*</b></font>
      <hr width=98% size=1 color=BLACK noshade>
    </td>
  </tr>
  <tr valign="bottom">
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER colspan="2"><font face="Times New Roman, Times, serif" size="1"><b>DNP Select Income <br>
      Fund Inc. </b></font>
      <hr width=95% size=1 color=BLACK noshade>
          </td>
    <td align=CENTER width=15%>&nbsp;</td>
    <td align=CENTER width=15%>&nbsp;</td>
    <td align=CENTER width=15%>&nbsp;</td>
  </tr>
  <tr valign="bottom">
    <td align=LEFT><font face="Times New Roman, Times, serif" size="1">For the period indicated <br>
      through December 31, 2007
    </font></td>
    <td align=CENTER width=15%><b><font face="Times New Roman, Times, serif" size="1">Market</font></b></td>
    <td align=CENTER width=15%><b><font face="Times New Roman, Times, serif" size="1">NAV</font></b></td>
    <td align=CENTER width=15%><b><font face="Times New Roman, Times, serif" size="1">Composite<br>
      Index
    </font></b></td>
    <td align=CENTER width=15%><b><font face="Times New Roman, Times, serif" size="1">S&amp;P 500 <br>
      Utilities Index
    </font></b></td>
    <td align=CENTER width=15%><b><font face="Times New Roman, Times, serif" size="1">Lehman <br>
      Utility Bond Index
    </font></b></td>
  </tr>
  <tr>
    <td align=LEFT>&nbsp;</td>
    <td align=CENTER colspan="5">
      <hr width=98% size=1 color=BLACK noshade>
    </td>
  </tr>
<TR>
  <td align=LEFT><font face="Times New Roman" size=2>One year</font></td>
  <td align=CENTER><font face="Times New Roman" size=2>5.5%</font></td>
  <td align=CENTER><font face="Times New Roman" size=2>10.0%</font></td>
  <td align=CENTER><font face="Times New Roman" size=2>15.8%</font></td>
  <td align=CENTER><font face="Times New Roman" size=2>19.4%</font></td>
  <td align=CENTER><font face="Times New Roman" size=2>5.2%</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font face="Times New Roman" size=2>Five years</font></td>
    <td align=CENTER><font face="Times New Roman" size=2>56.6%</font></td>
    <td align=CENTER><font face="Times New Roman" size=2>118.6%</font></td>
    <td align=CENTER><font face="Times New Roman" size=2>122.9%</font></td>
    <td align=CENTER><font face="Times New Roman" size=2>164.3%</font></td>
    <td align=CENTER><font face="Times New Roman" size=2>31.4%</font></td>
  </tr>
</table>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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 500 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 500  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>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Mortgage
Sector Ripple Effects: </B>Your Fund has been largely insulated from the crisis in the
housing and mortgage sectors, due to its primary objective of income and its focus on
defensive utility industries. Your Fund currently has no direct exposure to the
residential mortgage sector. The Federal National Mortgage Association bonds held
by your Fund at the end of 2007, and the Federal Home Loan Bank bonds currently
held, are direct obligations of United States government sponsored enterprises (GSEs).
However, your Fund does borrow in the money market to earn a spread when investing in
longer-term securities (leverage). The turmoil in the capital markets since the
summer of 2007 has made borrowing more difficult and increased the cost to the Fund,
which has had a negative effect on the benefit of leverage. Nevertheless, the Fund&#146;s
use of leverage remains profitable for the time being, particularly since money market
rates have recently declined. </FONT> </P>


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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
1</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 volatility  in the capital  markets  poses  several  questions:  How is it that the rate
on a balloon or variable  rate  mortgage in the United States could be tied to the rate
at which banks in London make loans to each other? How could  delinquencies on those
mortgages  skyrocket and sour security valuations held by investors around the globe? How
could declining  security  valuations  threaten the strength of preeminent  international
 financial institutions and increase the cost of borrowing for almost everyone? And, what
can be done about it? </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Eurodollar&#148; is
a term that refers to dollar-denominated bank deposits located outside the United
States. The Eurodollar market refers to financial transactions in Eurodollars. In the
1980s, computer technology and the increased sophistication of international finance
enabled a significant increase in Eurodollar transactions. More recently, the low
savings rate and high level of imports (<I>i.e.</I> the trade deficit) in the U.S. have
placed many more dollars in the hands of international holders for use in international
transactions. The Eurodollar market is now one of the world&#146;s primary capital
markets, where companies settle international transactions, invest excess cash,
make short-term loans, and finance imports and exports. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because
of its  geographic  position  and historic  leadership  in finance,  London has become
the  principal center of the Eurodollar  market.  The British Bankers&#146;  Association
(BBA) surveys a group of London banks that are representative  of the overall  market and
reports the interest  rates at which banks borrow funds from each other, in dollars and
other  currencies,  in the London market.  That rate is referred to as the London
Interbank  Offered Rate, or LIBOR. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
more  familiar  interest  rate to many of us is the  federal  funds  rate.  The  federal
 funds rate is the interest  rate charged by U.S.  banks on loans to each other.  Unlike
 LIBOR,  the federal funds rate is a tool the Federal  Reserve uses to  implement
 monetary  policy &#150; nudge rates lower to  stimulate  growth and higher to fight
inflation.  Because LIBOR is a rate not directly  influenced  by any country&#146;s
 monetary  policy,  is  disseminated internationally,  and typically has tremendous
 liquidity,  it has become a benchmark for setting  credit-sensitive interest rates
globally. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
 rates and risk  premiums  required of  borrowers  were very low early in this  decade.
 The Federal Reserve  established  an  accommodative  monetary  policy after the stock
market bubble burst in 2000 and after the terrorist  attacks of  September  11,  2001.
 With the cost of credit low, the demand for and price of housing rose sharply.  Some
 individuals took out mortgages that they barely were able to afford at the artificially
low initial &#147;teaser&#148;  rates,  but were unable to afford if their  mortgage rate
 adjusted to the level of market  rates.  Other individuals  were  able to get  mortgage
 financing  even  though  they had a  compromised  credit  history - often referred to as
&#147;sub-prime&#148; loans.  Homeowners also  over-extended  themselves by using home
equity lines of credit, with their homes  pledged as  collateral.  The home equity loan
proceeds were often used as a down payment on cars, plasma TVs and other consumer  goods.
 Other  consumers took advantage of low interest rates to take out auto loans or to run
up balances on their credit cards. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historically,
 residential  mortgages were originated by banks that either retained them for their
investment portfolios or sold them to a GSE, such as Fannie Mae, for  securitization:  A
GSE aggregates,  or pools,  mortgages that have been originated in accordance with
uniform standards,  sells to investors  securities backed by the pool, and  guarantees
 the investors  timely  payment of principal and interest  received from the mortgages in
the pool. Over the past few years,  the  development  of newer and more  complex
 securities,  backed by pools of assets that often  included   sub-prime  loans,  has
 greatly  expanded  the  universe  of  entities   originating  assets  for
securitization,  satisfying investor appetite for more investment choices as to cash
flow, quality,  and yield. The interest  rates on these new  securities  are based on
LIBOR,  regardless of whether the  securities  are backed by adjustable-rate mortgages or
home equity, credit card, or auto loans. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When
 interest  rates on housing debt began  resetting  from  artificially  low teaser  rates
to  LIBOR-based floating rates,  distressed  homeowners  flooded the market with homes
for sale and the mortgage  default rate rose sharply.  Although  LIBOR and the federal
funds rate usually track each other very closely,  beginning  late in the summer of 2007,
 LIBOR and federal funds rate diverged  significantly  as credit  concerns  began to
mount.  Rising defaults caused the mortgage security market to become illiquid and the
value of many  mortgage-related  securities to drop. The availability of credit also
began to drop  precipitously.  Staggering  losses have been reported along the  global
 chain of  finance  and  investment,  resulting  in  concerns  about the  viability  of
some  financial institutions  and the future of  consumer  spending.  Financial  and
 investment  risk had been  misjudged  and the capital markets were struggling. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
make credit easier to get and to forestall  housing woes from spilling  over to the
general  economy,  the Fed began lowering the federal funds rate in September 2007.
LIBOR,  however,  remained  stubbornly high. To target liquidity  to any bank that  might
 need it,  the Fed  initiated  a  Treasury  Auction  Facility  (TAF).  TAFs were
established so that banks could receive  liquidity in exchange for posting a wide range
of  collateral.  With signs of economic weakness  mounting,  both here and abroad,  and
in light of tremendous  volatility in the stock market, the Fed made an  emergency  three
 quarters  of one  percent  cut in the  federal  funds rate on January 22, and an
additional reduction of one half of one percent to 3.00% on January 30. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fed cannot  directly  affect house  prices,  the value of  securities  based on the
health of the housing sector,  or the long-term cost and  availability  of credit to
troubled  borrowers.  What the Fed can do is support economic growth and employment
 through  accommodative  monetary  policy.  By demonstrating a willingness to choose
liquidity and growth over all other  concerns,  the Fed can create time for problem
 sectors of the economy to make needed adjustments. For this reason, we believe that
still lower short-term rates are on the horizon. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the February  meeting of the Fund&#146;s Board of Directors each year, the Fund&#146;s
 analysts make a presentation to the Board regarding  utility and REIT industry trends
and outlooks.  A review of specific issues affecting those industries  based on those
 presentations  will appear in our next  quarterly  letter to you.  The graph below is a
presentation of your Fund&#146;s investments summarized by sector as of December 31, 2007. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SECTOR ALLOCATION* </B></FONT></P>

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<P ALIGN=CENTER><IMG SRC="sector_allocation.gif"></P>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Sector
allocation is based on total  investments  rather than total net assets applicable to
common stock and       includes securities purchased with the cash proceeds from
securities loaned. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Board
of Directors Meetings: </B>At the regular December 2007 Board of Directors&#146; meeting,
the Board declared the following monthly dividends: </FONT> </P>

<table cellpadding=0 cellspacing=0 border=0 width=600 align="center">
  <tr valign=Bottom>
    <td align=CENTER><b><font face="Times New Roman" size="1">Cents Per Share</font></b></td>
    <td align=CENTER><b><font face="Times New Roman" size="1">Record Date</font></b></td>
    <td align=CENTER><b><font face="Times New Roman" size="1">Payable Date</font></b></td>
  </tr>
  <tr>

    <td align=CENTER>
      <hr noshade color=#000000 size=1 width="75">
    </td>
    <td align=CENTER>
      <hr noshade color=#000000 size=1 width="55">
    </td>
    <td align=CENTER>
      <hr noshade color=#000000 size=1 width="60">
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=CENTER><font face="Times New Roman" size=2>6.5</font></td>
    <td align=CENTER><font face="Times New Roman" size=2>December 31</font></td>
    <td align=CENTER><font face="Times New Roman" size=2>January 10</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=CENTER><font face="Times New Roman" size=2>6.5</font></td>
    <td align=CENTER><font face="Times New Roman" size=2>January 31</font></td>
    <td align=CENTER><font face="Times New Roman" size=2>February 11</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=CENTER><font face="Times New Roman" size=2>6.5</font></td>
    <td align=CENTER><font face="Times New Roman" size=2>February 29</font></td>
    <td align=CENTER><font face="Times New Roman" size=2>March 10</font></td>
  </tr>
</table>
<BR>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the regular February 2008 Board of Directors&#146; meeting, the Board declared the
following monthly dividends: </FONT></P>

<table cellpadding=0 cellspacing=0 border=0 align="center" width=600>
  <tr valign=Bottom>

    <td align=CENTER><font face="Times New Roman, Times, serif" size="1"><b>Cents Per Share</b></font></td>
    <td align=CENTER><font face="Times New Roman, Times, serif" size="1"><b>Record Date</b></font></td>
    <td align=CENTER><font face="Times New Roman, Times, serif" size="1"><b>Payable Date</b></font></td>
  </tr>
  <tr>

    <td align=CENTER>
      <hr noshade color=#000000 size=1 width="75">
    </td>
    <td align=CENTER>
      <hr noshade color=#000000 size=1 width="55">
    </td>
    <td align=CENTER>
      <hr noshade color=#000000 size=1 width="60">
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=CENTER><font face="Times New Roman" size=2>6.5</font></td>
    <td align=CENTER><font face="Times New Roman" size=2>March 31</font></td>
    <td align=CENTER><font face="Times New Roman" size=2>April 10</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=CENTER><font face="Times New Roman" size=2>6.5</font></td>
    <td align=CENTER><font face="Times New Roman" size=2>April 30</font></td>
    <td align=CENTER><font face="Times New Roman" size=2>May 12</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=CENTER><font face="Times New Roman" size=2>6.5</font></td>
    <td align=CENTER><font face="Times New Roman" size=2>May 30</font></td>
    <td align=CENTER><font face="Times New Roman" size=2>June 10</font></td>
  </tr>
</table>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>About
your Fund&#146;s Distribution Policy:</B> 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 (MDP). The Board reviews the merit of the MDP every Board meeting, with the most
recent review conducted in February 2008. The Plan is described in a Question and
Answer format on your Fund&#146;s web site: http://www.dnpselectincome.com. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Longer-term
 interest rates remain  relatively  low and utility  common stock dividend  yields are
well below their  long-term  average.  Since  2004,  the Fund has made  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</FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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. The
Fund expects that it will  exhaust  the use of the tax loss  carryfoward  in 2008.  In
the  absence  of tax loss  carryforwards, distributions from realized gains would be
treated as taxable gains rather than ordinary income.  </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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,  your Fund has applied  to the SEC for  such
 exemptive  relief.  The  Fund&#146;s  application  is one of many  applications  for such
exemptive  relief  currently  before the SEC.  While we  currently  anticipate  that the
SEC will act on the Fund&#146;s request for relief during 2008,  there can be no
assurance that our request will be granted,  or granted within any specific time frame. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Automatic
Dividend Reinvestment Plan and Direct Deposit Service</B>&#151;The Fund has a dividend
reinvestment plan (DRP) 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 distribution check. These
services are offered through BNY Mellon Shareowner Services. 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 http://stock.bankofny.com).
Information on these services is also available on the Fund&#146;s website at the
address noted below. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please
keep in mind that if the closing  market price of Fund shares on the  valuation  date is
less than the Net Asset Value (NAV) per share,  BNY Mellon  Shareowner  Services,  as
plan agent,  receives DRP funds in cash and purchases  the  reinvestment  shares in the
open market.  The December 10, 2007  dividend  reinvestment  took place through open
market purchases. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Adviser</B>&#151;Since 1995, the Fund&#146;s investment adviser, Duff &amp; Phelps
Investment Management Co. (the &#147;Adviser&#148;) has been a subsidiary of Phoenix
Investment Partners, Ltd. (&#147;PXP&#148;). On February 7, 2008, PXP&#146;s parent
company, The Phoenix Companies, Inc., announced its intention to spin off PXP to its
shareholders in the third quarter of 2008. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Visit
us on the Web</B>&#151;You can obtain the most recent shareholder financial reports and
distribution information at our website, http://www.dnpselectincome.com. </FONT> </P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="33%"><img src="sig_fej.gif"></td>
    <td width="29%">&nbsp;</td>
    <td width="38%"><img src="sig_nip.gif"></td>
  </tr>

  <tr valign="bottom" align="left">
    <td width="33%"><font size="2">Francis E. Jeffries, CFA  <br>
      Chairman of the Board </font></td>
    <td width="29%">&nbsp;&nbsp;</td>
    <td width="38%"><font face="Times New Roman, Times, Serif" size=2>Nathan I. Partain, CFA  <br>
      Director, President, and Chief Executive Officer </font></td>
  </tr>
</table>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Report of
Independent Registered Public Accounting Firm </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To the Board of Directors and
Stockholders of <BR> DNP Select Income Fund Inc.: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
have audited the  accompanying  statement of assets and  liabilities  of DNP Select
 Income Fund Inc. (the &#147;Fund&#148;),  including the schedule of investments,  as of
December 31, 2007, and the related statements of operations and cash flows for the year
then ended,  the  statements  of changes in net assets for each of the two years in the
period  then  ended,  and the  financial  highlights  for each of the five years in the
period  then  ended.  These financial statements and financial  highlights are the
responsibility of the Fund&#146;s management.  Our responsibility is to express an
opinion on these financial statements and financial highlights based on our audits. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
conducted our audits in accordance  with the standards of the Public Company  Accounting
 Oversight  Board (United States).  Those standards require that we plan and perform the
audit to obtain  reasonable  assurance about whether the financial  statements and
financial highlights are free of material  misstatement.  We were not engaged to perform
an audit of the Fund&#146;s internal control over financial reporting.  Our audits
included  consideration of internal  control over financial  reporting as a basis for
designing  audit  procedures that are appropriate in the circumstances,  but not for the
 purpose  of  expressing  an opinion on the  effectiveness  of the Fund&#146;s  internal
control over financial reporting.  Accordingly,  we express no such opinion. An audit
also includes examining, on a test basis,  evidence supporting the amounts and
disclosures in the financial statements and financial  highlights, assessing the
accounting principles used and significant  estimates made by management,  and evaluating
the overall financial  statement  presentation.  Our procedures  included  confirmation
of securities  owned as of December 31, 2007, by correspondence  with the custodian and
brokers or by other appropriate  auditing  procedures where replies from brokers were not
received. We believe that our audits provide a reasonable basis for our opinion. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
our opinion,  the financial  statements and financial  highlights referred to above
present fairly, in all material  respects,  the financial  position of DNP Select Income
Fund,  Inc. at December 31, 2007,  the results of its  operations  and its cash  flows
for the year then  ended,  the  changes  in its net assets for each of the two years in
the period then ended,  and the financial  highlights for each of the five years in the
period then ended, in conformity with U.S. generally accounting principles. </FONT></P>

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<P ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><IMG SRC="sig_eyllp.gif"> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chicago, Illinois <BR> February 15, 2008 </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DNP SELECT INCOME
FUND INC.                          <BR>                     SCHEDULE OF INVESTMENTS <BR>
                                                 December 31, 2007 </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>COMMON STOCKS&#151;99.3% </B></FONT></P>

<table cellpadding=0 cellspacing=0 border=0 width=740>
  <tr valign=Bottom>

    <td align=left width="58"><font size="2"><b><font face="Times New Roman">Shares</font></b></font>
      <hr width=48 size=1 color=BLACK noshade align="left">
    </td>
    <td align=LEFT width="26"><font size="2"><b><font face="Times New Roman">&nbsp;</font></b></font></td>
    <td align=LEFT width="482"><font size="2"><b><font face="Times New Roman">Description</font><font size=2></font>
      </b></font>
      <hr width=75 size=1 color=BLACK noshade align="left">
    </td>
    <td align=RIGHT width="77"><font size="1"><b><font face="Times New Roman">&nbsp;</font></b></font></td>
    <td align=center width="97"><font size="1"><b><font face="Times New Roman" size="2">Value<br>
      (Note 1)</font></b></font>
      <hr noshade color=#000000 size=1>
    </td>
  </tr>

  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="58"><font size="2" face="Times New Roman, Times, serif">&nbsp;</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Wingdings">n</font>&nbsp;<font face="Times New Roman" size=2><b>ELECTRIC AND GAS&#151;72.9%</b></font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>1,000,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Atmos Energy Corp.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>    </font><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman" size=2>28,040,000 </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>3,071,300</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>CenterPoint Energy Inc.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>52,611,369 </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>1,125,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Consolidated Edison Inc.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>54,956,250 </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>1,400,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Dominion Resources, Inc.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>66,430,000 </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>3,530,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Duke Energy Corp.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>71,200,100 </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>1,464,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Exelon Corp.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>119,520,960 </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>1,735,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>FPL Group Inc.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>117,598,300 </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>1,535,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>FirstEnergy Corp.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>111,041,900 </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>290,500</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Integrys Energy Group, Inc.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>15,015,945 </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>188,673</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>National Grid PLC ADR (United Kingdom)</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>15,744,762 </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>675,714</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>National Grid PLC (United Kingdom)</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>11,217,939 </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>800,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Nicor Inc.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>33,880,000 </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>1,000,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Northeast Utilities Inc.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>31,310,000 </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>2,237,200</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>NSTAR</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>81,031,384 </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>1,350,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>PG&amp;E Corp.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>58,171,500 </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>1,200,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>PPL Corp.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>62,508,000 </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>2,000,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Pepco Holdings Inc.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>58,660,000 </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>1,500,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Pinnacle West Capital Corp.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>63,615,000 </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>1,375,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Progress Energy Inc.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>66,591,250 </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>900,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Public Service Enterprise Group Inc.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>88,416,000 </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>1,000,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Puget Energy, Inc.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2> 27,430,000 </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>500,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Red Electrica de Espana, S.A. (Spain)</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2> 31,609,527 </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>1,000,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Scottish &amp; Southern Energy ADR (United Kingdom)</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>32,606,100 </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>850,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Scottish &amp; Southern Energy PLC (United Kingdom)</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>27,715,129 </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>800,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Sempra Energy</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>49,504,000 </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>2,000,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Southern Co.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>77,500,000 </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>1,015,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Spectra Energy Corp.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>26,207,300 </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>2,200,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Teco Energy Inc.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>37,862,000 </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>1,500,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Vectren Corp.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>43,515,000 </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>1,000,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>WGL Holdings Inc.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>32,760,000 </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>1,000,000</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Westar Energy Inc.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>25,940,000 </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>3,499,304</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>Xcel Energy Inc.</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>78,979,291 </font></td>
  </tr>
  <tr valign=Bottom>
    <td align=RIGHT width="58"><font size="1">&nbsp;</font></td>
    <td align=LEFT width="26"><font size="1">&nbsp;</font></td>
    <td align=LEFT width="482"><font size="1">&nbsp;</font></td>
    <td align=RIGHT width="77"><font size="1">&nbsp;</font></td>
    <td align=RIGHT width="97">
      <hr noshade color=#000000 size=1>
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="58"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="26"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="482"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="77"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="97"><font face="Times New Roman" size=2>1,699,189,006 </font></td>
  </tr>
</table>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The accompanying notes
are an integral part of these financial statements. </FONT></P>


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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
7</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DNP SELECT INCOME
FUND INC.                                       <BR>  SCHEDULE OF INVESTMENTS&#151;(Continued) <BR>
                                                 December 31, 2007 </B></FONT></P>

<table cellpadding=0 cellspacing=0 border=0 width=740>
  <tr valign=Bottom>

    <th width="57"><font face="Times New Roman" size=1></font></th>
    <th width="25">&nbsp;</th>
    <th width="574"><font face="Times New Roman" size=1></font></th>
    <th width="84"><font face="Times New Roman" size=1></font></th>
  </tr>
  <tr valign=Bottom>

    <td align=left width=57><b><font face="Times New Roman, Times, serif" size="2">Shares</font>
      </b>
      <hr width=48 size=1 color=BLACK noshade align="left">
      </td>
    <td align=LEFT width=25>&nbsp;</td>
    <td align=LEFT width=574><b><font face="Times New Roman, Times, serif" size="2">Description</font>
      </b>
      <hr width=75 size=1 color=BLACK noshade align="left">
    </td>
    <td align=center width=84><b><font face="Times New Roman, Times, serif" size="2">Value <br>
      (Note 1) </font>
      </b>
      <hr noshade color=#000000 size=1>
    </td>
  </tr>

  <tr valign=Bottom>

    <td align=RIGHT width="57" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;</font></td>
    <td align=LEFT width="25" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="574" bgcolor="#CCCCCC"><font face="Wingdings">n</font> <font face="Times New Roman" size=2><b>TELECOMMUNICATION&#151;21.2%</b></font></td>
    <td align=RIGHT width="84" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57"><font face="Times New Roman" size=2>2,095,230&nbsp;</font></td>
    <td align=LEFT width="25">&nbsp;</td>
    <td align=LEFT width="574"><font face="Times New Roman" size=2>AT&amp;T Inc.</font></td>
    <td align=RIGHT width="84"><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman" size=2>87,077,759&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>1,464,000&nbsp;</font></td>
    <td align=LEFT width="25" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="574" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>BCE Inc. (Canada)</font></td>
    <td align=RIGHT width="84" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>58,179,360&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57"><font face="Times New Roman" size=2>565,000&nbsp;</font></td>
    <td align=LEFT width="25">&nbsp;</td>
    <td align=LEFT width="574"><font face="Times New Roman" size=2>BT Group PLC ADR (United Kingdom)</font></td>
    <td align=RIGHT width="84"><font face="Times New Roman" size=2>30,464,800&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>1,377,000&nbsp;</font></td>
    <td align=LEFT width="25" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="574" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Chunghwa Telecom Co. Ltd. ADR (Taiwan)</font></td>
    <td align=RIGHT width="84" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>29,068,470&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57"><font face="Times New Roman" size=2>3,000,000&nbsp;</font></td>
    <td align=LEFT width="25">&nbsp;</td>
    <td align=LEFT width="574"><font face="Times New Roman" size=2>Citizens Communications Co.</font></td>
    <td align=RIGHT width="84"><font face="Times New Roman" size=2>38,190,000&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>1,000,000&nbsp;</font></td>
    <td align=LEFT width="25" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="574" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>France Telecom SA (France)</font></td>
    <td align=RIGHT width="84" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>35,995,678&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57"><font face="Times New Roman" size=2>4,855,000&nbsp;</font></td>
    <td align=LEFT width="25">&nbsp;</td>
    <td align=LEFT width="574"><font face="Times New Roman" size=2>TeliaSonera AB (Sweden)</font></td>
    <td align=RIGHT width="84"><font face="Times New Roman" size=2>45,446,141&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>2,019,492&nbsp;</font></td>
    <td align=LEFT width="25" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="574" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Verizon Communications Inc.</font></td>
    <td align=RIGHT width="84" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>88,231,606&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57"><font face="Times New Roman" size=2>1,121,640&nbsp;</font></td>
    <td align=LEFT width="25">&nbsp;</td>
    <td align=LEFT width="574"><font face="Times New Roman" size=2>Vodafone Group PLC ADR (United Kingdom)</font></td>
    <td align=RIGHT width="84"><font face="Times New Roman" size=2>41,859,605&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>3,128,360&nbsp;</font></td>
    <td align=LEFT width="25" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="574" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Windstream Corp.</font></td>
    <td align=RIGHT width="84" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>40,731,247&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=RIGHT width="57">&nbsp;</td>
    <td align=LEFT width="25">&nbsp;</td>
    <td align=LEFT width="574">&nbsp;</td>
    <td align=RIGHT width="84">
      <hr noshade color=#000000 size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=RIGHT width="57"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT width="25">&nbsp;</td>
    <td align=LEFT width="574"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT width="84"><font face="Times New Roman" size=2>495,244,666&nbsp;</font></td>
  </tr>



  <tr valign=Bottom>

    <td align=RIGHT width="57" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;</font></td>
    <td align=LEFT width="25" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="574" bgcolor="#CCCCCC"><font face="Wingdings">n</font> <font face="Times New Roman" size=2><b>NON-UTILITY&#151;5.2%</b></font></td>
    <td align=RIGHT width="84" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57"><font face="Times New Roman" size=2>52,425&nbsp;</font></td>
    <td align=LEFT width="25">&nbsp;</td>
    <td align=LEFT width="574"><font face="Times New Roman" size=2>AMB Property Corp.</font></td>
    <td align=RIGHT width="84"><font face="Times New Roman" size=2>3,017,583&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>59,232&nbsp;</font></td>
    <td align=LEFT width="25" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="574" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Alexandria Real Estate Equities Inc.</font></td>
    <td align=RIGHT width="84" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>6,022,117&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57"><font face="Times New Roman" size=2>33,146&nbsp;</font></td>
    <td align=LEFT width="25">&nbsp;</td>
    <td align=LEFT width="574"><font face="Times New Roman" size=2>AvalonBay Communities Inc.</font></td>
    <td align=RIGHT width="84"><font face="Times New Roman" size=2>3,120,364&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>33,000&nbsp;</font></td>
    <td align=LEFT width="25" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="574" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>BRE Properties, Inc.</font></td>
    <td align=RIGHT width="84" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>1,337,490&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57"><font face="Times New Roman" size=2>50,595&nbsp;</font></td>
    <td align=LEFT width="25">&nbsp;</td>
    <td align=LEFT width="574"><font face="Times New Roman" size=2>Boston Properties Inc.</font></td>
    <td align=RIGHT width="84"><font face="Times New Roman" size=2>4,645,127&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>115,922&nbsp;</font></td>
    <td align=LEFT width="25" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="574" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Corporate Office Properties Trust</font></td>
    <td align=RIGHT width="84" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>3,651,543&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57"><font face="Times New Roman" size=2>62,953&nbsp;</font></td>
    <td align=LEFT width="25">&nbsp;</td>
    <td align=LEFT width="574"><font face="Times New Roman" size=2>DCT Industrial Trust Inc.</font></td>
    <td align=RIGHT width="84"><font face="Times New Roman" size=2>586,092&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>75,702&nbsp;</font></td>
    <td align=LEFT width="25" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="574" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Developers Diversified Realty Corp.</font></td>
    <td align=RIGHT width="84" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>2,898,630&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57"><font face="Times New Roman" size=2>107,788&nbsp;</font></td>
    <td align=LEFT width="25">&nbsp;</td>
    <td align=LEFT width="574"><font face="Times New Roman" size=2>Diamondrock Hospitality Co.</font></td>
    <td align=RIGHT width="84"><font face="Times New Roman" size=2>1,614,664&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>130,314&nbsp;</font></td>
    <td align=LEFT width="25" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="574" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Digital Realty Trust Inc.</font></td>
    <td align=RIGHT width="84" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>5,000,148&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57"><font face="Times New Roman" size=2>18,192&nbsp;</font></td>
    <td align=LEFT width="25">&nbsp;</td>
    <td align=LEFT width="574"><font face="Times New Roman" size=2>Douglas Emmett Inc.</font></td>
    <td align=RIGHT width="84"><font face="Times New Roman" size=2>411,321&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>68,696&nbsp;</font></td>
    <td align=LEFT width="25" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="574" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Duke Realty Corp.</font></td>
    <td align=RIGHT width="84" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>1,791,592&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57"><font face="Times New Roman" size=2>89,979&nbsp;</font></td>
    <td align=LEFT width="25">&nbsp;</td>
    <td align=LEFT width="574"><font face="Times New Roman" size=2>Equity Residential</font></td>
    <td align=RIGHT width="84"><font face="Times New Roman" size=2>3,281,534&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>34,688&nbsp;</font></td>
    <td align=LEFT width="25" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="574" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Essex Property Trust Inc.</font></td>
    <td align=RIGHT width="84" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>3,381,733&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57"><font face="Times New Roman" size=2>136,580&nbsp;</font></td>
    <td align=LEFT width="25">&nbsp;</td>
    <td align=LEFT width="574"><font face="Times New Roman" size=2>Extra Space Storage Inc.</font></td>
    <td align=RIGHT width="84"><font face="Times New Roman" size=2>1,951,728&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>31,623&nbsp;</font></td>
    <td align=LEFT width="25" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="574" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Federal Realty Investment Trust</font></td>
    <td align=RIGHT width="84" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>2,597,830&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57"><font face="Times New Roman" size=2>124,038&nbsp;</font></td>
    <td align=LEFT width="25">&nbsp;</td>
    <td align=LEFT width="574"><font face="Times New Roman" size=2>General Growth Properties Inc.</font></td>
    <td align=RIGHT width="84"><font face="Times New Roman" size=2>5,107,885&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>107,965&nbsp;</font></td>
    <td align=LEFT width="25" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="574" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Health Care Property Investors Inc.</font></td>
    <td align=RIGHT width="84" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>3,755,023&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57"><font face="Times New Roman" size=2>83,745&nbsp;</font></td>
    <td align=LEFT width="25">&nbsp;</td>
    <td align=LEFT width="574"><font face="Times New Roman" size=2>Health Care REIT Inc.</font></td>
    <td align=RIGHT width="84"><font face="Times New Roman" size=2>3,742,564&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>28,603&nbsp;</font></td>
    <td align=LEFT width="25" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="574" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Hospitality Properties Trust</font></td>
    <td align=RIGHT width="84" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>921,589&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="57"><font face="Times New Roman" size=2>269,831&nbsp;</font></td>
    <td align=LEFT width="25">&nbsp;</td>
    <td align=LEFT width="574"><font face="Times New Roman" size=2>Host Hotels &amp; Resorts Inc.</font></td>
    <td align=RIGHT width="84"><font face="Times New Roman" size=2>4,597,920&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="57"><font face="Times New Roman" size=2>14,082&nbsp;</font></td>
    <td align=LEFT width="25">&nbsp;</td>
    <td align=LEFT width="574"><font face="Times New Roman" size=2>Kilroy Realty Corp.</font></td>
    <td align=RIGHT width="84"><font face="Times New Roman" size=2>773,947&nbsp;</font></td>
  </tr>
</table>

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The accompanying notes
are an integral part of these financial statements. </FONT></P>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
8</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->


<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DNP SELECT INCOME
FUND INC.                                    <BR>     SCHEDULE OF INVESTMENTS&#151;(Continued) <BR>
                                                 December 31, 2007 </B></FONT></P>

<table cellpadding=0 cellspacing=0 border=0 width=740>

  <tr valign=Bottom>

    <td align=left width=63><b><font face="Times New Roman" size="2">Shares</font><font face="Times New Roman" size="1">&nbsp;</font></b>
      <hr width=48 size=1 color=BLACK noshade align="left">
    </td>
    <td align=LEFT width=19>&nbsp;</td>
    <td align=LEFT width=571><b><font face="Times New Roman" size="2">Description</font></b>
      <hr width=75 size=1 color=BLACK noshade align="left">
    </td>
    <td align=center width=87><b><font face="Times New Roman" size="2">Value <br>
      (Note 1) </font></b>
      <hr noshade color=#000000 size=1>
    </td>
  </tr>

  <tr valign=Bottom  bgcolor="#CCCCCC">

    <td align=RIGHT width="63"><font face="Times New Roman" size=2>123,186&nbsp;</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="571"><font face="Times New Roman" size=2>Kimco Realty Corp.</font></td>
    <td align=RIGHT width="87"><font size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font face="Times New Roman" size=2>4,483,970&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="63"><font face="Times New Roman" size=2>43,044&nbsp;</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="571"><font face="Times New Roman" size=2>LaSalle Hotel Properties</font></td>
    <td align=RIGHT width="87"><font face="Times New Roman" size=2>1,373,104&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="63"><font face="Times New Roman" size=2>58,382&nbsp;</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="571"><font face="Times New Roman" size=2>The Macerich Co.</font></td>
    <td align=RIGHT width="87"><font face="Times New Roman" size=2>4,148,625&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="63"><font face="Times New Roman" size=2>48,643&nbsp;</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="571"><font face="Times New Roman" size=2>Nationwide Health Properties, Inc.</font></td>
    <td align=RIGHT width="87"><font face="Times New Roman" size=2>1,525,931&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="63"><font face="Times New Roman" size=2>134,419&nbsp;</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="571"><font face="Times New Roman" size=2>ProLogis</font></td>
    <td align=RIGHT width="87"><font face="Times New Roman" size=2>8,519,476&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="63"><font face="Times New Roman" size=2>51,271&nbsp;</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="571"><font face="Times New Roman" size=2>Public Storage Inc.</font></td>
    <td align=RIGHT width="87"><font face="Times New Roman" size=2>3,763,804&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="63"><font face="Times New Roman" size=2>46,482&nbsp;</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="571"><font face="Times New Roman" size=2>Regency Centers Corp.</font></td>
    <td align=RIGHT width="87"><font face="Times New Roman" size=2>2,997,624&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="63"><font face="Times New Roman" size=2>44,908&nbsp;</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="571"><font face="Times New Roman" size=2>SL Green Realty Corp.</font></td>
    <td align=RIGHT width="87"><font face="Times New Roman" size=2>4,197,102&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="63"><font face="Times New Roman" size=2>120,411&nbsp;</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="571"><font face="Times New Roman" size=2>Simon Property Group Inc.</font></td>
    <td align=RIGHT width="87"><font face="Times New Roman" size=2>10,458,900&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="63"><font face="Times New Roman" size=2>64,639&nbsp;</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="571"><font face="Times New Roman" size=2>Sunstone Hotel Investors Inc.</font></td>
    <td align=RIGHT width="87"><font face="Times New Roman" size=2>1,182,247&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="63"><font face="Times New Roman" size=2>60,246&nbsp;</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="571"><font face="Times New Roman" size=2>Tanger Factory Outlet Centers, Inc.</font></td>
    <td align=RIGHT width="87"><font face="Times New Roman" size=2>2,271,877&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="63"><font face="Times New Roman" size=2>83,839&nbsp;</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="571"><font face="Times New Roman" size=2>UDR, Inc.</font></td>
    <td align=RIGHT width="87"><font face="Times New Roman" size=2>1,664,204&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=RIGHT width="63"><font face="Times New Roman" size=2>111,795&nbsp;</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="571"><font face="Times New Roman" size=2>Ventas Inc.</font></td>
    <td align=RIGHT width="87"><font face="Times New Roman" size=2>5,058,724&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="63"><font face="Times New Roman" size=2>66,011&nbsp;</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="571"><font face="Times New Roman" size=2>Vornado Realty Trust</font></td>
    <td align=RIGHT width="87"><font face="Times New Roman" size=2>5,805,667&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=RIGHT width="63"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=LEFT width="19"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=LEFT width="571"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=RIGHT width="87">
      <hr noshade color=#000000 size=1>
    </td>
  </tr>
  <tr valign=Bottom>
    <td align=RIGHT width="63"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT width="19"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT width="571"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT width="87"><font face="Times New Roman" size=2>121,659,679&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=RIGHT width="63"></td>
    <td align=LEFT width="19"></td>
    <td align=LEFT width="571"></td>
    <td align=RIGHT width="87">
<hr noshade color=#000000 size=1></td>
  </tr>
  <tr valign=Bottom  bgcolor="#CCCCCC">

    <td align=RIGHT width="63"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="19"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT width="571"><font face="Times New Roman" size=2>Total Common Stocks (Cost&#151;$1,684,100,975)</font></td>
    <td align=RIGHT width="87"><font face="Times New Roman" size=2>2,316,093,351&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=RIGHT width="63"></td>
    <td align=LEFT width="19"></td>
    <td align=LEFT width="571"></td>
    <td align=RIGHT width="87">
<hr noshade color=#000000 size=1></td>
  </tr>
</table>

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>The accompanying notes
are an integral part of these financial statements. </font></p>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
9</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->


<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DNP SELECT INCOME
FUND INC.                                 <BR>        SCHEDULE OF INVESTMENTS&#151;(Continued)  <BR>
                                                 December 31, 2007 </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>PREFERRED STOCKS&#151;9.0% </B></FONT></P>

<table cellpadding=0 cellspacing=0 border=0 width=740>
  <tr valign=Bottom>

    <th width="59"><font face="Times New Roman" size=1></font></th>
    <th width="17">&nbsp;</th>
    <th width="588"><font face="Times New Roman" size=1></font></th>
    <th width="76"><font face="Times New Roman" size=1></font></th>
  </tr>
  <tr valign=Bottom>

    <td width=59 align=left><b><font face="Times New Roman, Times, serif" size="2">Shares</font>
      </b>
      <hr width=48 size=1 color=BLACK noshade align="left">
      </td>
    <td width=17 align=LEFT>&nbsp;</td>
    <td width=588 align=LEFT><b><font face="Times New Roman, Times, serif" size="2">Description</font>
      </b>
      <hr width=75 size=1 color=BLACK noshade align="left">
    </td>
    <td width=76 align=center><b><font face="Times New Roman, Times, serif" size="2">Value   <br>
      (Note1)</font>
       </b>
      <hr noshade color=#000000 size=1>
    </td>
  </tr>

  <tr valign=Bottom>

    <td align=RIGHT width="59" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="588" bgcolor="#CCCCCC"><font face="Wingdings">n</font> <font face="Times New Roman" size=2><b>UTILITY&#151;3.0%</b></font></td>
    <td align=RIGHT width="76" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="59"><font face="Times New Roman" size=2>700,000&nbsp;</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="588"><font face="Times New Roman" size=2>Entergy Corp. 7 <sup><font size="1">5</font></sup>/<font size="1">8</font>% due 2/17/09</font></td>
    <td align=RIGHT width="76"><font size=2>$&nbsp;</font>&nbsp;<font face="Times New Roman" size=2>50,137,500&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="59" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>220,000&nbsp;</font></td>
    <td align=LEFT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="588" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Southern California Edison 6 <sup><font size="1">1</font></sup>/<font size="1">8</font>% Perpetual</font></td>
    <td align=RIGHT width="76" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>21,016,886&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=RIGHT width="59"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=LEFT width="17"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=LEFT width="588"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=RIGHT width="76">
      <hr noshade color=#000000 size=1>
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="59"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=LEFT width="17"><font size="2"></font></td>
    <td align=LEFT width="588"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></td>
    <td align=RIGHT width="76"><font face="Times New Roman" size=2>71,154,386&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=RIGHT width="59"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=LEFT width="17"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=LEFT width="588"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=RIGHT width="76">
      <hr noshade color=#000000 size=1>
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="59" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="588" bgcolor="#CCCCCC"><font face="Wingdings">n</font> <font face="Times New Roman" size=2><b>NON-UTILITY&#151;6.0%</b></font></td>
    <td align=RIGHT width="76" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="59"><font face="Times New Roman" size=2>710,432&nbsp;</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="588"><font face="Times New Roman" size=2>AMB Property Corp. 7% Series O Perpetual</font></td>
    <td align=RIGHT width="76"><font face="Times New Roman" size=2>15,593,982&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="59" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>17,300&nbsp;</font></td>
    <td align=LEFT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="588" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>AvalonBay Communities Inc. 8.70% Series H Perpetual</font></td>
    <td align=RIGHT width="76" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>438,209&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="59"><font face="Times New Roman" size=2>650,000&nbsp;</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="588"><font face="Times New Roman" size=2>Duke Realty Corp. 6.95% Series M Perpetual</font></td>
    <td align=RIGHT width="76"><font face="Times New Roman" size=2>13,097,500&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="59" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>800,000&nbsp;</font></td>
    <td align=LEFT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="588" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Federal National Mortgage Association 8 <sup><font size="1">1</font></sup>/<font size="1">4</font>% Perpetual</font></td>
    <td align=RIGHT width="76" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>20,600,000&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="59"><font face="Times New Roman" size=2>300,000&nbsp;</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="588"><font face="Times New Roman" size=2>Federal National Mortgage Association 7% Perpetual</font></td>
    <td align=RIGHT width="76"><font face="Times New Roman" size=2>13,903,140&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="59" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>605,000&nbsp;</font></td>
    <td align=LEFT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="588" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Kimco Realty Corp. 7 <sup><font size="1">3</font></sup>/<font size="1">4</font>% Series G Perpetual</font></td>
    <td align=RIGHT width="76" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>13,830,300&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="59"><font face="Times New Roman" size=2>900,000&nbsp;</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="588"><font face="Times New Roman" size=2>Public Storage Inc. 7 <sup><font size="1">1</font></sup>/<font size="1">4</font>% Series I Perpetual</font></td>
    <td align=RIGHT width="76"><font face="Times New Roman" size=2>18,936,000&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="59" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>600,000&nbsp;</font></td>
    <td align=LEFT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="588" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Realty Income Corp. 7 <sup><font size="1">3</font></sup>/<font size="1">8</font>% Series D Perpetual</font></td>
    <td align=RIGHT width="76" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>14,190,000&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="59"><font face="Times New Roman" size=2>660,000&nbsp;</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="588"><font face="Times New Roman" size=2>UDR, Inc. 6 <sup><font size="1">3</font></sup>/<font size="1">4</font>% Series G Perpetual</font></td>
    <td align=RIGHT width="76"><font face="Times New Roman" size=2>13,431,000&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="59" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>200,000&nbsp;</font></td>
    <td align=LEFT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="588" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Vornado Realty Trust 7% Series E Perpetual</font></td>
    <td align=RIGHT width="76" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>4,260,000&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="59"><font face="Times New Roman" size=2>234,900&nbsp;</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="588"><font face="Times New Roman" size=2>Vornado Realty Trust 6 <sup><font size="1">5</font></sup>/<font size="1">8</font>% Series G Perpetual</font></td>
    <td align=RIGHT width="76"><font face="Times New Roman" size=2>4,620,483&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="59" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>350,000&nbsp;</font></td>
    <td align=LEFT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="588" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Vornado Realty Trust 6 <sup><font size="1">5</font></sup>/<font size="1">8</font>% Series I Perpetual</font></td>
    <td align=RIGHT width="76" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>6,919,500&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=RIGHT width="59"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=LEFT width="17"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=LEFT width="588"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=RIGHT width="76">
      <hr noshade color=#000000 size=1>
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=RIGHT width="59"><font face="Times New Roman" size=2>&nbsp;&nbsp;</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="588"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="76"><font face="Times New Roman" size=2>139,820,114&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=RIGHT width="59"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=LEFT width="17"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=LEFT width="588"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=RIGHT width="76">
      <hr noshade color=#000000 size=1>
    </td>
  </tr>

  <tr valign=Bottom>

    <td align=RIGHT width="59" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="588" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Total Preferred Stocks (Cost&#151;$216,668,393)</font></td>
    <td align=RIGHT width="76" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>210,974,500&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=RIGHT width="59"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=LEFT width="17"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=LEFT width="588"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=RIGHT width="76">
      <hr noshade color=#000000 size=1>
    </td>
  </tr>

</table>
<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>BONDS&#151;33.5% </B></FONT></P>

<table cellpadding=0 cellspacing=0 border=0 width=740>

  <tr valign=Bottom>
    <td align=LEFT width=68>&nbsp;</td>
    <td align=LEFT width=18>&nbsp;</td>
    <td align=LEFT width=367>&nbsp;</td>
    <td align=center colspan="4"><b><font size=2>Ratings* </font>
      </b>
      <hr width=95% size=1 color=BLACK noshade>
    </td>
    <td align=center colspan="2">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width=68><b><font face="Times New Roman" size=2>Par Value</font></b>
      <hr width=55 size=1 color=BLACK noshade align="left">
    </td>
    <td align=LEFT width=18>&nbsp;</td>
    <td align=LEFT width=367><b><font face="Times New Roman" size=2>Description</font></b>
      <hr width=75 size=1 color=BLACK noshade align="left">
    </td>
    <td align=center colspan="2"><b><font face="Times New Roman" size=2>Moody&#146;s</font></b>
      <hr width=55 size=1 color=BLACK noshade>
    </td>
    <td align=center colspan="2"><b><font size=2>Standard <br>
and <br>
Poor&#146;s </font></b>
      <hr width=65 size=1 color=BLACK noshade>
    </td>
    <td align=center colspan="2"><b><font face="Times New Roman" size=2>Value <br>
      (Note 1)</font></b>
      <hr width=55 size=1 color=BLACK noshade>
    </td>
  </tr>

  <tr valign=Bottom  bgcolor="#CCCCCC">
    <td align=right width="68">&nbsp;</td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=LEFT width="367"><font face="Wingdings">n</font> <font face="Times New Roman" size=2><b>ELECTRIC AND GAS&#151;13.0%</b></font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="56">&nbsp;</td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="54">&nbsp;</td>
    <td align=LEFT width="22">&nbsp;</td>
    <td align=right width="83">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="68"><font face="Times New Roman" size=2>$&nbsp;10,000,000</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=LEFT width="367"><font face="Times New Roman" size=2>AGL Capital Corp.</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="56"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="54"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="22">&nbsp;</td>
    <td align=right width="83"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="68"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=LEFT width="367"><font face="Times New Roman" size=2>7<sup>1</sup>/<font size=1>8</font>%, due 1/14/11</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="56"><font face="Times New Roman" size=2>Baa1</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="54"><font face="Times New Roman" size=2>BBB+</font></td>
    <td align=LEFT width="22">&nbsp;</td>
    <td align=right width="83"><font face="Times New Roman" size=2>$&nbsp;10,725,940</font></td>
  </tr>
  <tr valign=Bottom  bgcolor="#CCCCCC">

    <td align=right width="68"><font face="Times New Roman" size=2>22,000,000</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=LEFT width="367"><font face="Times New Roman" size=2>Arizona Public Service Company</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="56"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="54"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="22">&nbsp;</td>
    <td align=right width="83"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom  bgcolor="#CCCCCC">

    <td align=right width="68"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=LEFT width="367"><font face="Times New Roman" size=2>6<sup>7</sup>/<font size=1>8</font>%, due 8/01/36</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="56"><font face="Times New Roman" size=2>Baa2</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="54"><font face="Times New Roman" size=2>BBB&#150;</font></td>
    <td align=LEFT width="22">&nbsp;</td>
    <td align=right width="83"><font face="Times New Roman" size=2>22,522,500</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="68"><font face="Times New Roman" size=2>19,450,000</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=LEFT width="367"><font face="Times New Roman" size=2>Comed Financing II</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="56"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="54"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="22">&nbsp;</td>
    <td align=right width="83"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="68"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=LEFT width="367"><font face="Times New Roman" size=2>8<sup>1</sup>/<font size=1>2</font>%, due 1/15/27</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="56"><font face="Times New Roman" size=2>Ba2</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="54"><font face="Times New Roman" size=2>B</font></td>
    <td align=LEFT width="22">&nbsp;</td>
    <td align=right width="83"><font face="Times New Roman" size=2>18,874,630</font></td>
  </tr>
</table>

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>The accompanying notes
are an integral part of these financial statements. </font></p>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
10</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->


<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DNP SELECT INCOME
FUND INC.  <BR>                                        SCHEDULE OF INVESTMENTS&#151;(Continued) <BR>
                                                 December 31, 2007 </B></FONT></P>

<table cellpadding=0 cellspacing=0 border=0 width=740>
  <tr valign=Bottom>
    <td align=LEFT width=78>&nbsp;</td>
    <td align=LEFT width=17>&nbsp;</td>
    <td align=LEFT width=362>&nbsp;</td>
    <td align=center colspan="4"><b><font size=2>Ratings* </font>
      </b>
      <hr width=95% size=1 color=BLACK noshade>
    </td>
    <td align=center colspan="2">&nbsp;</td>
  </tr>


  <tr valign=Bottom>

    <td align=LEFT width=78><b><font face="Times New Roman" size=2>Par Value</font></b>
      <hr width=55 size=1 color=BLACK noshade align="left">
    </td>
    <td align=LEFT width=17>&nbsp;</td>
    <td align=LEFT width=362><b><font face="Times New Roman" size=2>Description</font></b>
      <hr width=75 size=1 color=BLACK noshade align="left">
    </td>
    <td align=center colspan="2"><b><font face="Times New Roman" size=2>Moody&#146;s</font></b>
      <hr width=55 size=1 color=BLACK noshade>
    </td>
    <td align=center colspan="2"><b><font size=2>Standard <br>
and <br>
Poor&#146;s </font></b>
      <hr width=65 size=1 color=BLACK noshade>
    </td>
    <td align=center colspan="2"><b><font face="Times New Roman" size=2>Value  <br>
      (Note 1)</font></b>

      <hr width=55 size=1 color=BLACK noshade>
    </td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="78"><font size=2>$&nbsp;&nbsp;</font><font face="Times New Roman" size=2>9,304,000</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>Commonwealth Edison Co.</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=LEFT width="69"><font face="Times New Roman" size=2> </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="78"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>8%, due 5/15/08</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2>Baa2</font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font size=2>$&nbsp;&nbsp;</font><font face="Times New Roman" size=2>9,398,892</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="78"><font face="Times New Roman" size=2>24,000,000</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>Dominion Resources Capital Trust I</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2> </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="78"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>7.83%, due 12/01/27</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2>Baa3</font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2>25,097,136</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="78"><font face="Times New Roman" size=2>25,000,000</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>Duke Capital Corp.</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2> </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="78"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>7 <sup>1</sup>/<font size="1">2</font>%, due 10/01/09</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2>Baa1</font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2>26,071,650</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="78"><font face="Times New Roman" size=2>20,000,000</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>Duke Energy Corp., Series D</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2> </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="78">&nbsp;</td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>7<sup>3</sup>/<font size="1">8</font>%, due 3/01/10</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2>A3</font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>A&#150;</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2>21,251,840</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="78"><font face="Times New Roman" size=2>5,000,000</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>Entergy Corp.</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2> </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="78">&nbsp;</td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>6.30%, due 9/01/35</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2>Baa1</font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>A&#150;</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2>4,737,130</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="78"><font face="Times New Roman" size=2>10,000,000</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>FPL Group Capital Inc.</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2> </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="78">&nbsp;</td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>7<sup>3</sup>/<font size="1">8</font>%, due 6/01/09</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2>A2</font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>A&#150;</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2>10,368,110</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="78"><font face="Times New Roman" size=2>5,000,000</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>FirstEnergy Corp.</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2> </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="78">&nbsp;</td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>7<sup>3</sup>/<font size="1">8</font>%, due 11/15/31</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2>Baa3</font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB&#150;</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2>5,502,285</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="78"><font face="Times New Roman" size=2>24,340,000</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>Illinois Power Co.</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2> </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="78">&nbsp;</td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>7 <sup>1</sup>/<font size="1">2</font>%, due 6/15/09</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2>Baa3</font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB&#150;</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2>25,061,827</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="78"><font face="Times New Roman" size=2>17,000,000</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>Keyspan Corp.</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2> </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="78">&nbsp;</td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>7<sup>5</sup>/<font size="1">8</font>%, due 11/15/10</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2>Baa1</font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>A&#150;</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2>18,338,699</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="78"><font face="Times New Roman" size=2>10,000,000</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>Northern Border Partners LP</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2> </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="78">&nbsp;</td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>8<sup>7</sup>/<font size="1">8</font>%, due 6/15/10</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2>Baa2</font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2>10,965,510</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="78"><font face="Times New Roman" size=2>5,000,000</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>NSTAR</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2> </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="78">&nbsp;</td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>8%, due 2/15/10</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2>A2</font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>A</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2>5,358,885</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="78"><font face="Times New Roman" size=2>9,101,000</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>PSEG Power LLC</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52">&nbsp;</td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68">&nbsp;</td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="78">&nbsp;</td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>7<sup>3</sup>/<font size="1">4</font>%, due 4/15/11</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2>Baa1</font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2>9,799,001</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="78"><font face="Times New Roman" size=2>9,000,000</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>PSEG Power LLC</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52">&nbsp;</td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68">&nbsp;</td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="78">&nbsp;</td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>8<sup>5</sup>/<font size="1">8</font>%, due 4/15/31</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2>Baa1</font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2>11,104,659</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="78"><font face="Times New Roman" size=2>25,000,000</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>Reliant Energy Resources Corp.</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52">&nbsp;</td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68">&nbsp;</td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="78">&nbsp;</td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>7<sup>3</sup>/<font size="1">4</font>%, due 2/15/11</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2>Baa3</font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2>26,828,225</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="78"><font face="Times New Roman" size=2>12,915,000</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>Sempra Energy</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52">&nbsp;</td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68">&nbsp;</td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="78">&nbsp;</td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>7.95%, due 3/01/10</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2>Baa1</font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB+</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2>13,805,993</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="78"><font face="Times New Roman" size=2>6,488,000</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>Southern Union Co.</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2> </font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="78">&nbsp;</td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>7.60%, due 2/01/24</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2>Baa3</font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB&#150;</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2>6,835,763</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="78"><font face="Times New Roman" size=2>8,850,000</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>Southern Union Co.</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2> </font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2> </font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="78">&nbsp;</td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=LEFT width="362"><font face="Times New Roman" size=2>8 <sup>1</sup>/<font size="1">4</font>%, due 11/15/29</font></td>
    <td align=LEFT width="34">&nbsp;</td>
    <td align=LEFT width="52"><font face="Times New Roman" size=2>Baa3</font></td>
    <td align=LEFT width="42">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB&#150;</font></td>
    <td align=LEFT width="18">&nbsp;</td>
    <td align=right width="69"><font face="Times New Roman" size=2>9,930,992</font></td>
  </tr>
</table>

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>The accompanying notes
are an integral part of these financial statements. </font></p>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
11</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->


<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DNP SELECT INCOME
FUND INC.                                  <BR>       SCHEDULE OF INVESTMENTS&#151;(Continued) <BR>
                                                 December 31, 2007 </B></FONT></P>

<table cellpadding=0 cellspacing=0 border=0 width=740>
  <tr valign=Bottom>
    <td align=LEFT width=76>&nbsp;</td>
    <td align=LEFT width=19>&nbsp;</td>
    <td align=LEFT width=361>&nbsp;</td>
    <td align=center colspan="4"><b><font size=2>Ratings* </font>
      </b>
      <hr width=95% size=1 color=BLACK noshade>
    </td>
    <td align=center width="17">&nbsp;</td>
    <td align=center width="68">&nbsp;</td>
  </tr>

  <tr valign=Bottom>

    <td align=LEFT width=76><b><font face="Times New Roman" size=2>Par Value</font></b>
      <hr width=55 size=1 color=BLACK noshade align="left">
    </td>
    <td align=LEFT width=19>&nbsp;</td>
    <td align=LEFT width=361><b><font face="Times New Roman" size=2>Description</font></b>
      <hr width=75 size=1 color=BLACK noshade align="left">
    </td>
    <td align=center colspan="2"><b><font face="Times New Roman" size=2>Moody&#146;s</font></b>
      <hr width=55 size=1 color=BLACK noshade>
    </td>
    <td align=center colspan="2"><b><font size=2>Standard <br>
and <br>
Poor&#146;s </font></b>
      <hr width=65 size=1 color=BLACK noshade>
    </td>
    <td align=center colspan="2"><b><font face="Times New Roman" size=2>Value <br>
      (Note 1)</font></b>
      <hr width=55 size=1 color=BLACK noshade>
    </td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="76"><font face="Times New Roman" size=2>$&nbsp;10,000,000</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>TE Products Pipeline Co.</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2></font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="76"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>7.51%, due 1/15/28</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>Baa3</font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB&#150;</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2>$&nbsp;&nbsp;10,386,050</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=right width="76"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=LEFT width="19"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=LEFT width="361"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=LEFT width="37"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=LEFT width="50"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=LEFT width="44"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=LEFT width="68"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=LEFT width="17"><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></td>
    <td align=right width="68">
      <hr noshade color=#000000 size=1>
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="76"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2>302,965,717</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="76"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Wingdings">n</font> <font face="Times New Roman" size=2><b>TELECOMMUNICATION&#151;16.2%</b></font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="76"><font face="Times New Roman" size=2>8,000,000</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>AT&amp;T Wireless Services Inc.</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="76"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>8<sup>1</sup>/<font size="1">8</font>%, due 5/01/12</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>A2</font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>A</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2>8,903,528</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="76"><font face="Times New Roman" size=2>11,500,000</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>Alltel Corp.</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2></font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="76"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>7<sup>7</sup>/<font size="1">8</font>%, due 7/01/32</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>Caa1</font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>B&#150;</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2>8,855,000</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="76"><font face="Times New Roman" size=2>15,098,000</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>BellSouth Capital Funding Corp.</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="76"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>7<sup>3</sup>/<font size="1">4</font>%, due 2/15/10</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>A2</font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>A</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2>16,074,901</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="76"><font face="Times New Roman" size=2>10,000,000</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>BellSouth Capital Funding Corp.</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2></font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="76"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>7<sup>7</sup>/<font size="1">8</font>%, due 2/15/30</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>A2</font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>A</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2>11,682,550</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="76"><font face="Times New Roman" size=2>22,000,000</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>British Telecom PLC</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="76"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>8<sup>3</sup>/<font size="1">8</font>%, due 12/15/10</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>Baa1</font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB+</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2>24,157,474</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="76"><font face="Times New Roman" size=2>15,000,000</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>Centurytel Inc.</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2></font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="76"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>8<sup>3</sup>/<font size="1">8</font>%, due 10/15/10</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>Baa2</font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2>16,336,620</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="76"><font face="Times New Roman" size=2>15,000,000</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>Centurytel Inc.</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="76"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>6<sup>7</sup>/<font size="1">8</font>%, due 1/15/28</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>Baa2</font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2>14,980,095</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="76"><font face="Times New Roman" size=2>8,900,000</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>Comcast Corp.</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2></font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="76"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>7.05%, due 3/15/33</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>Baa2</font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB+</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2>9,751,935</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="76"><font face="Times New Roman" size=2>13,000,000</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>Deutsche Telekom Int&#146;l Finance B.V. (Germany)</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="76"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>8%, due 6/15/10</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>A3</font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>A&#150;</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2>13,886,418</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="76"><font face="Times New Roman" size=2>23,140,000</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>France Telecom SA (France)</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2></font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="76"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>7<sup>3</sup>/<font size="1">4</font>%, due 3/01/11</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>A3</font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>A&#150;</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2>24,888,898</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="76"><font face="Times New Roman" size=2>17,000,000</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>Koninklijke KPN NV (Netherlands)</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="76"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>8%, due 10/01/10</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>Baa2</font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB+</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2>18,243,159</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="76"><font face="Times New Roman" size=2>15,000,000</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>Koninklijke KPN NV (Netherlands)</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2></font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="76"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>8<sup>3</sup>/<font size="1">8</font>%, due 10/01/30</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>Baa2</font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB+</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2>18,035,595</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="76"><font face="Times New Roman" size=2>24,104,000</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>Nextel Communications Corp.</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="76"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>7<sup>3</sup>/<font size="1">8</font>%, due 8/01/15</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>Baa3</font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2>23,751,575</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="76"><font face="Times New Roman" size=2>10,000,000</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>Sprint Capital Corp.</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2></font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=right width="76"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>8<sup>3</sup>/<font size="1">8</font>%, due 3/15/12</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>Baa3</font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2>10,839,840</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="76"><font face="Times New Roman" size=2>10,000,000</font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>TCI Communications Inc.</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2></font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="76"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="19">&nbsp;</td>
    <td align=LEFT width="361"><font face="Times New Roman" size=2>8<sup>3</sup>/<font size="1">4</font>%, due 8/01/15</font></td>
    <td align=LEFT width="37">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>Baa2</font></td>
    <td align=LEFT width="44">&nbsp;</td>
    <td align=LEFT width="68"><font face="Times New Roman" size=2>BBB+</font></td>
    <td align=LEFT width="17">&nbsp;</td>
    <td align=right width="68"><font face="Times New Roman" size=2>11,648,580</font></td>
  </tr>
</table>

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>The accompanying notes
are an integral part of these financial statements. </font></p>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DNP SELECT INCOME
FUND INC.                                <BR>         SCHEDULE OF INVESTMENTS&#151;(Continued)  <BR>
                                                 December 31, 2007 </B></FONT></P>


<table cellpadding=0 cellspacing=0 border=0 width=740>
  <tr valign=Bottom>
    <td align=LEFT width=69>&nbsp;</td>
    <td align=LEFT width=15>&nbsp;</td>
    <td align=LEFT width=372>&nbsp;</td>
    <td align=center colspan="4"><b><font size=2>Ratings* </font>
      </b>
      <hr width=95% size=1 color=BLACK noshade>
    </td>
    <td align=center width="17">&nbsp;</td>
    <td align=center width="67">&nbsp;</td>
  </tr>

  <tr valign=Bottom>

    <td align=LEFT width=69><b><font face="Times New Roman" size=2>Par Value</font></b>
      <hr width=55 size=1 color=BLACK noshade align="left">
    </td>
    <td align=LEFT width=15>&nbsp;</td>
    <td align=LEFT width=372><b><font face="Times New Roman" size=2>Description</font></b>
      <hr width=75 size=1 color=BLACK noshade align="left">
    </td>
    <td align=center colspan="2"><b><font face="Times New Roman" size=2>Moody&#146;s</font></b>
      <hr width=55 size=1 color=BLACK noshade>
    </td>
    <td align=center colspan="2"><b><font size=2>Standard <br>
and <br>
Poor&#146;s </font></b>
      <hr width=65 size=1 color=BLACK noshade>
    </td>
    <td align=center colspan="2"><b><font face="Times New Roman" size=2>Value <br>
      (Note 1)</font></b>
      <hr width=55 size=1 color=BLACK noshade>
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;5,000,000</font></td>
    <td align=LEFT width="15" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="372" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>TCI Communications Inc.</font></td>
    <td align=LEFT width="36" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="50" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="43" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="71" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=RIGHT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="67" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="15" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="372" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>7<sup>1</sup>/<font size="1">8</font>%, due 2/15/28</font></td>
    <td align=LEFT width="36" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="50" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Baa2</font></td>
    <td align=LEFT width="43" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="71" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>BBB+</font></td>
    <td align=RIGHT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="67" bgcolor="#CCCCCC"><font size=2>$&nbsp;&nbsp;</font><font face="Times New Roman" size=2>&nbsp;5,212,620&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69"><font face="Times New Roman" size=2>5,500,000</font></td>
    <td align=LEFT width="15">&nbsp;</td>
    <td align=LEFT width="372"><font face="Times New Roman" size=2>Tele-Communications Inc.</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="43">&nbsp;</td>
    <td align=LEFT width="71"><font face="Times New Roman" size=2></font></td>
    <td align=RIGHT width="17">&nbsp;</td>
    <td align=RIGHT width="67"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="15">&nbsp;</td>
    <td align=LEFT width="372"><font face="Times New Roman" size=2>7<sup>7</sup>/<font size="1">8</font>%, due 8/01/13</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>Baa2</font></td>
    <td align=LEFT width="43">&nbsp;</td>
    <td align=LEFT width="71"><font face="Times New Roman" size=2>BBB+</font></td>
    <td align=RIGHT width="17">&nbsp;</td>
    <td align=RIGHT width="67"><font face="Times New Roman" size=2>6,034,303&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>32,000,000</font></td>
    <td align=LEFT width="15" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="372" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Telecom Italia Capital (Italy)</font></td>
    <td align=LEFT width="36" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="50" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="43" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="71" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=RIGHT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="67" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="15" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="372" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>7.20%, due 7/18/36</font></td>
    <td align=LEFT width="36" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="50" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Baa2</font></td>
    <td align=LEFT width="43" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="71" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>BBB+</font></td>
    <td align=RIGHT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="67" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>35,394,784&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69"><font face="Times New Roman" size=2>15,000,000</font></td>
    <td align=LEFT width="15">&nbsp;</td>
    <td align=LEFT width="372"><font face="Times New Roman" size=2>Telefonica Emisiones SAU (Spain)</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="43">&nbsp;</td>
    <td align=LEFT width="71"><font face="Times New Roman" size=2></font></td>
    <td align=RIGHT width="17">&nbsp;</td>
    <td align=RIGHT width="67"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="15">&nbsp;</td>
    <td align=LEFT width="372"><font face="Times New Roman" size=2>7.045%, due 6/20/36</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>Baa1</font></td>
    <td align=LEFT width="43">&nbsp;</td>
    <td align=LEFT width="71"><font face="Times New Roman" size=2>BBB+</font></td>
    <td align=RIGHT width="17">&nbsp;</td>
    <td align=RIGHT width="67"><font face="Times New Roman" size=2>16,821,510&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>11,500,000</font></td>
    <td align=LEFT width="15" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="372" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Telefonica Europe BV (Spain)</font></td>
    <td align=LEFT width="36" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="50" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="43" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="71" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=RIGHT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="67" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="15" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="372" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>7<sup>3</sup>/<font size="1">4</font>%, due 9/15/10</font></td>
    <td align=LEFT width="36" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="50" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Baa1</font></td>
    <td align=LEFT width="43" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="71" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>BBB+</font></td>
    <td align=RIGHT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="67" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>12,316,558&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69"><font face="Times New Roman" size=2>5,000,000</font></td>
    <td align=LEFT width="15">&nbsp;</td>
    <td align=LEFT width="372"><font face="Times New Roman" size=2>Telefonica Europe BV (Spain)</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="43">&nbsp;</td>
    <td align=LEFT width="71"><font face="Times New Roman" size=2></font></td>
    <td align=RIGHT width="17">&nbsp;</td>
    <td align=RIGHT width="67"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="15">&nbsp;</td>
    <td align=LEFT width="372"><font face="Times New Roman" size=2>8<sup>1</sup>/<font size="1">4</font>%, due 9/15/30</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>Baa1</font></td>
    <td align=LEFT width="43">&nbsp;</td>
    <td align=LEFT width="71"><font face="Times New Roman" size=2>BBB+</font></td>
    <td align=RIGHT width="17">&nbsp;</td>
    <td align=RIGHT width="67"><font face="Times New Roman" size=2>6,191,430&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>17,000,000</font></td>
    <td align=LEFT width="15" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="372" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Telus Corp. (Canada)</font></td>
    <td align=LEFT width="36" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="50" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="43" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="71" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=RIGHT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="67" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="15" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="372" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>8%, due 6/01/11</font></td>
    <td align=LEFT width="36" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="50" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Baa1</font></td>
    <td align=LEFT width="43" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="71" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>BBB+</font></td>
    <td align=RIGHT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="67" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>18,432,726&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69"><font face="Times New Roman" size=2>15,500,000</font></td>
    <td align=LEFT width="15">&nbsp;</td>
    <td align=LEFT width="372"><font face="Times New Roman" size=2>Verizon Global Funding Corp.</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="43">&nbsp;</td>
    <td align=LEFT width="71"><font face="Times New Roman" size=2></font></td>
    <td align=RIGHT width="17">&nbsp;</td>
    <td align=RIGHT width="67"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="15">&nbsp;</td>
    <td align=LEFT width="372"><font face="Times New Roman" size=2>7<sup>3</sup>/<font size="1">4</font>%, due 12/01/30</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>A3</font></td>
    <td align=LEFT width="43">&nbsp;</td>
    <td align=LEFT width="71"><font face="Times New Roman" size=2>A</font></td>
    <td align=RIGHT width="17">&nbsp;</td>
    <td align=RIGHT width="67"><font face="Times New Roman" size=2>18,231,984&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>20,000,000</font></td>
    <td align=LEFT width="15" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="372" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Vodafone Group PLC (United Kingdom)</font></td>
    <td align=LEFT width="36" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="50" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="43" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="71" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=RIGHT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="67" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="15" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="372" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>7<sup>3</sup>/<font size="1">4</font>%, due 2/15/10</font></td>
    <td align=LEFT width="36" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="50" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Baa1</font></td>
    <td align=LEFT width="43" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="71" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>A&#150;</font></td>
    <td align=RIGHT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="67" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>21,108,060&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69"><font face="Times New Roman" size=2>5,000,000</font></td>
    <td align=LEFT width="15">&nbsp;</td>
    <td align=LEFT width="372"><font face="Times New Roman" size=2>Vodafone Group PLC (United Kingdom)</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="43">&nbsp;</td>
    <td align=LEFT width="71"><font face="Times New Roman" size=2></font></td>
    <td align=RIGHT width="17">&nbsp;</td>
    <td align=RIGHT width="67"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="15">&nbsp;</td>
    <td align=LEFT width="372"><font face="Times New Roman" size=2>7<sup>7</sup>/<font size="1">8</font>%, due 2/15/30</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>Baa1</font></td>
    <td align=LEFT width="43">&nbsp;</td>
    <td align=LEFT width="71"><font face="Times New Roman" size=2>A&#150;</font></td>
    <td align=RIGHT width="17">&nbsp;</td>
    <td align=RIGHT width="67"><font face="Times New Roman" size=2>5,907,555&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=right width="69">&nbsp;</td>
    <td align=LEFT width="15">&nbsp;</td>
    <td align=LEFT width="372">&nbsp;</td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="50">&nbsp;</td>
    <td align=LEFT width="43">&nbsp;</td>
    <td align=LEFT width="71">&nbsp;</td>
    <td align=RIGHT width="17">&nbsp;</td>
    <td align=RIGHT width="67">
      <hr noshade color=#000000 size=1>
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="15" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="372" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="36" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="50" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="43" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="71" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="67" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>377,687,698&nbsp;</font></td>
  </tr>

  <tr valign=Bottom>

    <td align=right width="69"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="15">&nbsp;</td>
    <td align=LEFT width="372"><font face="Wingdings">n</font> <font face="Times New Roman" size=2><b>NON-UTILITY&#151;4.3%</b></font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="43">&nbsp;</td>
    <td align=LEFT width="71"><font face="Times New Roman" size=2></font></td>
    <td align=RIGHT width="17">&nbsp;</td>
    <td align=RIGHT width="67"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>8,000,000</font></td>
    <td align=LEFT width="15" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="372" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Dayton Hudson Corp.</font></td>
    <td align=LEFT width="36" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="50" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="43" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="71" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=RIGHT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="67" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="15" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="372" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>9<sup>7</sup>/<font size="1">8</font>%, due 7/01/20</font></td>
    <td align=LEFT width="36" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="50" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>A2</font></td>
    <td align=LEFT width="43" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="71" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>A+</font></td>
    <td align=RIGHT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="67" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>10,860,176&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69"><font face="Times New Roman" size=2>9,600,000</font></td>
    <td align=LEFT width="15">&nbsp;</td>
    <td align=LEFT width="372"><font face="Times New Roman" size=2>Duke Realty LP</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="43">&nbsp;</td>
    <td align=LEFT width="71"><font face="Times New Roman" size=2></font></td>
    <td align=RIGHT width="17">&nbsp;</td>
    <td align=RIGHT width="67"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="15">&nbsp;</td>
    <td align=LEFT width="372"><font face="Times New Roman" size=2>6.80%, due 2/12/09</font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2>Baa2</font></td>
    <td align=LEFT width="43">&nbsp;</td>
    <td align=LEFT width="71"><font face="Times New Roman" size=2>BBB</font></td>
    <td align=RIGHT width="17">&nbsp;</td>
    <td align=RIGHT width="67"><font face="Times New Roman" size=2>9,728,947&nbsp;</font></td>
  </tr>

  <tr valign=Bottom>
    <td align=right width="69" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>80,000,000</font></td>
    <td align=LEFT width="15" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="372" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Federal National Mortgage Association</font></td>
    <td align=LEFT width="36" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="50" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="43" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="71" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=RIGHT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="67" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="15" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="372" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>7<sup>1</sup>/<font size="1">4</font>%, due 1/16/09</font></td>
    <td align=LEFT width="36" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="50" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Aaa</font></td>
    <td align=LEFT width="43" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="71" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>AAA</font></td>
    <td align=RIGHT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="67" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>80,100,720&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=right width="69">&nbsp;</td>
    <td align=LEFT width="15">&nbsp;</td>
    <td align=LEFT width="372">&nbsp;</td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="50">&nbsp;</td>
    <td align=LEFT width="43">&nbsp;</td>
    <td align=LEFT width="71">&nbsp;</td>
    <td align=RIGHT width="17">&nbsp;</td>
    <td align=RIGHT width="67">
      <hr noshade color=#000000 size=1>
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="15">&nbsp;</td>
    <td align=LEFT width="372"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="50"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="43">&nbsp;</td>
    <td align=LEFT width="71"><font face="Times New Roman" size=2></font></td>
    <td align=RIGHT width="17">&nbsp;</td>
    <td align=RIGHT width="67"><font face="Times New Roman" size=2>100,689,843&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=right width="69">&nbsp;</td>
    <td align=LEFT width="15">&nbsp;</td>
    <td align=LEFT width="372">&nbsp;</td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="50">&nbsp;</td>
    <td align=LEFT width="43">&nbsp;</td>
    <td align=LEFT width="71">&nbsp;</td>
    <td align=RIGHT width="17">&nbsp;</td>
    <td align=RIGHT width="67">
      <hr noshade color=#000000 size=1>
    </td>
  </tr>
  <tr valign=Bottom>

    <td align=right width="69" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="15" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="372" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Total Bonds (Cost&#151;$770,021,482)</font></td>
    <td align=LEFT width="36" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="50" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width="43" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT width="71" bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=RIGHT width="17" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="67" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>781,343,258&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=right width="69">&nbsp;</td>
    <td align=LEFT width="15">&nbsp;</td>
    <td align=LEFT width="372">&nbsp;</td>
    <td align=LEFT width="36">&nbsp;</td>
    <td align=LEFT width="50">&nbsp;</td>
    <td align=LEFT width="43">&nbsp;</td>
    <td align=LEFT width="71">&nbsp;</td>
    <td align=RIGHT width="17">&nbsp;</td>
    <td align=RIGHT width="67">
      <hr noshade color=#000000 size=1>
    </td>
  </tr>

</table>

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>The accompanying notes
are an integral part of these financial statements. </font></p>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
13</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->


<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DNP SELECT INCOME
FUND INC.                           <BR>              SCHEDULE OF INVESTMENTS&#151;(Continued)  <BR>
                                                 December 31, 2007 </B></FONT></P>



  <table border=0 cellspacing=0 cellpadding=0 width="740">

    <tr valign="bottom">
      <td colspan="2">
        <font size="2" face="Times New Roman, Times, serif"><b>Par Value/ <br>
Shares </b> </font>
        <hr size="1" noshade width="100%" align="left">
      </td>
      <td width=23><font size="2"></font></td>
      <td width=521 valign="bottom">
        <font size="2" face="Times New Roman, Times, serif"><b>Description</b> </font>
        <hr align="left" size="1" noshade width="75">
      </td>
      <td width=35>
        <p>&nbsp;</p>
      </td>
      <td align="center" width=77><font size="2" face="Times New Roman, Times, serif"><b>Value <br>
(Note 1)</b> </font>
        <hr size="1" noshade>

      </td>
    </tr>

    <tr>
      <td valign=top colspan="4">
        <p><font face="Times New Roman, Times, serif" size="2"><b>SHORT-TERM INSTRUMENTS&#151;25.3%</b></font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77>
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr  bgcolor="#CCCCCC">
      <td valign=top width=20>
        <p><font face="Times New Roman, Times, serif" size="2">#$</font></p>
      </td>
      <td valign=top width=64 align="right">
        <p><font face="Times New Roman, Times, serif" size="2">5,742,294</font></p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">AIM STIC Liquid Assets Portfolio</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p><font size="2" face="Times New Roman, Times, serif">$&nbsp;&nbsp; &nbsp;
5,742,294</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=20>
        <p><font face="Times New Roman, Times, serif" size="2">#</font></p>
      </td>
      <td valign=top width=64 align="right">
        <p><font face="Times New Roman, Times, serif" size="2">13,000,000</font></p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">Banc of America Securities LLC Repurchase Agreement, </font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=bottom width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=20><font size="2"></font></td>
      <td valign=top width=64 align="right"><font size="2"></font></td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521><font face="Times New Roman, Times, serif" size="2">4.570%, dated 12/31/07, due 1/02/08, with a repurchase price of </font></td>
      <td valign=top width=35><font size="2"></font></td>
      <td valign=top width=77 align="right"><font size="2"></font></td>
    </tr>
    <tr>
      <td valign=top width=20><font size="2"></font></td>
      <td valign=top width=64 align="right"><font size="2"></font></td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521><font face="Times New Roman, Times, serif" size="2">$13,003,301 and collateralized by $13,260,001 market
  value of </font></td>
      <td valign=top width=35><font size="2"></font></td>
      <td valign=top width=77 align="right"><font size="2"></font></td>
    </tr>
    <tr>
      <td valign=top width=20><font size="2"></font></td>
      <td valign=top width=64 align="right"><font size="2"></font></td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521><font face="Times New Roman, Times, serif" size="2">corporate bonds having an average coupon rate of
  6.15% and </font></td>
      <td valign=top width=35><font size="2"></font></td>
      <td valign=top width=77 align="right"><font size="2"></font></td>
    </tr>
    <tr>
      <td valign=top width=20><font size="2"></font></td>
      <td valign=top width=64 align="right"><font size="2"></font></td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521><font face="Times New Roman, Times, serif" size="2">an original weighted average maturity of 11/30/37</font></td>
      <td valign=top width=35><font size="2"></font></td>
      <td valign=top width=77 align="right"><font face="Times New Roman, Times, serif" size="2">13,000,000</font></td>
    </tr>





    <tr  bgcolor="#CCCCCC">
      <td valign=top width=20>
        <p><font face="Times New Roman, Times, serif" size="2">#</font></p>
      </td>
      <td valign=top width=64 align="right">
        <p><font face="Times New Roman, Times, serif" size="2">25,000,000</font></p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">Bank of America, NA Floating Rate Notes**</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr  bgcolor="#CCCCCC">
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">4.550%, due 2/08/08</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p><font face="Times New Roman, Times, serif" size="2">25,000,000</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=20>
        <p><font face="Times New Roman, Times, serif" size="2">#</font></p>
      </td>
      <td valign=top width=64 align="right">
        <p><font face="Times New Roman, Times, serif" size="2">80,000,000</font></p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">BNP Paribas Securities Repurchase Agreement,</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">4.580%, dated 12/31/07, due 1/02/08, with a repurchase price of</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">$80,020,356 and collateralized by $81,600,000 market
  value of</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">asset-backed securities (ABS) and collateralized
  mortgage</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">obligations (CMOs) having an average coupon rate of
  5.50% and</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">an original weighted average maturity of 12/31/32</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p><font face="Times New Roman, Times, serif" size="2">80,000,000</font></p>
      </td>
    </tr>
    <tr bgcolor="#CCCCCC">
      <td valign=top width=20>
        <p><font face="Times New Roman, Times, serif" size="2">#</font></p>
      </td>
      <td valign=top width=64 align="right">
        <p><font face="Times New Roman, Times, serif" size="2">50,000,000</font></p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">Citigroup Global Markets Inc. Master Note</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr bgcolor="#CCCCCC">
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">4.620%, due 1/02/08</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p><font face="Times New Roman, Times, serif" size="2">50,000,000</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=20>
        <p><font face="Times New Roman, Times, serif" size="2">#</font></p>
      </td>
      <td valign=top width=64 align="right">
        <p><font face="Times New Roman, Times, serif" size="2">15,000,000</font></p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">Credit Suisse First Boston LLC Repurchase Agreement,</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">4.580%, dated 12/31/07, due 1/02/08, with a repurchase price of</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">$15,003,817 and collateralized by $15,300,870 market
  value of</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">CMOs having an average coupon rate of 5.82% and an</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">original weighted maturity of 5/26/35</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p><font face="Times New Roman, Times, serif" size="2">15,000,000</font></p>
      </td>
    </tr>
    <tr bgcolor="#CCCCCC">
      <td valign=top width=20>
        <p><font face="Times New Roman, Times, serif" size="2">#</font></p>
      </td>
      <td valign=top width=64 align="right">
        <p><font face="Times New Roman, Times, serif" size="2">50,000,000</font></p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">Deutsche Bank Securities Inc. Repurchase Agreement,</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr bgcolor="#CCCCCC">
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">4.580%, dated 12/31/07, due 1/02/08, with a repurchase price of</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr bgcolor="#CCCCCC">
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">$50,012,722 and collateralized by $51,000,001 market
  value of</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr bgcolor="#CCCCCC">
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">ABS and corporate bonds having an average coupon
  rate of 5.59%</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr bgcolor="#CCCCCC">
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">and an original weighted average maturity of 12/19/28</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p><font face="Times New Roman, Times, serif" size="2">50,000,000</font></p>
      </td>
    </tr>
    <tr>
      <td valign=top width=20>
        <p><font face="Times New Roman, Times, serif" size="2">#</font></p>
      </td>
      <td valign=top width=64 align="right">
        <p><font face="Times New Roman, Times, serif" size="2">10,000,000</font></p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">Dresdner Kleinwort Wasserstein Securities LLC
  Repurchase Agreement,</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">4.580%, dated 12/31/07, due 1/02/08, with a repurchase price of</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">$10,002,544 and collateralized by $10,203,732 market
  value of</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">CMOs having an average coupon rate of 5.33% and an
  original</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr>
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">weighted average maturity of 6/05/37</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p><font face="Times New Roman, Times, serif" size="2">10,000,000</font></p>
      </td>
    </tr>
    <tr bgcolor="#CCCCCC">
      <td valign=top width=20>
        <p><font face="Times New Roman, Times, serif" size="2">#</font></p>
      </td>
      <td valign=top width=64 align="right">
        <p><font face="Times New Roman, Times, serif" size="2">100,000,000</font></p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">Goldman Sachs &amp; Co. Repurchase Agreement,</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr bgcolor="#CCCCCC">
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">4.600%, dated 12/31/07, due 1/02/08, with a repurchase price of</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr bgcolor="#CCCCCC">
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">$100,025,556 and collateralized by $102,000,000
  market value of</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr bgcolor="#CCCCCC">
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">ABS and CMOs having an average coupon rate of 5.24%
  and</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p>&nbsp;</p>
      </td>
    </tr>
    <tr bgcolor="#CCCCCC">
      <td valign=top width=20>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=64 align="right">
        <p>&nbsp;</p>
      </td>
      <td valign=top width=23><font size="2"></font></td>
      <td valign=top width=521>
        <p><font face="Times New Roman, Times, serif" size="2">an original weighted average maturity of 10/31/33</font></p>
      </td>
      <td valign=top width=35>
        <p>&nbsp;</p>
      </td>
      <td valign=top width=77 align="right">
        <p><font face="Times New Roman, Times, serif" size="2">100,000,000</font></p>
      </td>
    </tr>
  </table>

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>The accompanying notes
are an integral part of these financial statements. </font></p>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
14</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->



<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DNP SELECT INCOME
FUND INC.                                 <BR>        SCHEDULE OF INVESTMENTS&#151;(Continued) <BR>
                                                 December 31, 2007 </B></FONT></P>

<table border=0 cellspacing=0 cellpadding=0 width="740">

  <tr>

    <td colspan="2" valign="bottom">
        <font size="2" face="Times New Roman, Times, serif"><b>Par Value/ <br>
Shares </b> </font>

      <hr size="1" noshade width="100%" align="left">
      </td>
    <td width=21 valign="bottom"><font size="2"></font></td>
    <td valign="bottom" width=524>
        <font size="2" face="Times New Roman, Times, serif"><b>Description</b> </font>

      <hr align="left" size="1" noshade width="75">
      </td>
    <td width=12 valign="bottom">

      <p>&nbsp;</p>
    </td>
    <td align="center" width=96 valign="bottom"><font size="2" face="Times New Roman, Times, serif"><b>Value <br>
(Note 1)</b> </font>

      <hr size="1" noshade>

      </td>
    <td align="center" width="4" valign="bottom">&nbsp;</td>
  </tr>




  <tr>

    <td width=19 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">#$</font></p>
    </td>
    <td width=64 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">100,000,000</font></p>
    </td>
    <td width=21 bgcolor="#CCCCCC"><font size="2"></font></td>
    <td width=524 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">Greenwich Capital Markets Inc. Repurchase Agreement,</font></p>
    </td>
    <td width=12 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right" bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width="4" bgcolor="#CCCCCC"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=64 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=21 bgcolor="#CCCCCC"><font size="2"></font></td>
    <td width=524 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">4.600%, dated 12/31/07, due 1/02/08, with a repurchase price of</font></p>
    </td>
    <td width=12 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right" bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width="4" bgcolor="#CCCCCC"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=64 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=21 bgcolor="#CCCCCC"><font size="2"></font></td>
    <td width=524 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">$100,025,556 and collateralized by $102,001,745
  market value of</font></p>
    </td>
    <td width=12 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right" bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width="4" bgcolor="#CCCCCC"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=64 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=21 bgcolor="#CCCCCC"><font size="2"></font></td>
    <td width=524 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">CMOs having an average coupon rate of 8.16% and an
  original</font></p>
    </td>
    <td width=12 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right" bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width="4" bgcolor="#CCCCCC"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=64 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=21 bgcolor="#CCCCCC"><font size="2"></font></td>
    <td width=524 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">weighted average maturity of 7/18/37</font></p>
    </td>
    <td width=12 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right" bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">$&nbsp;&nbsp;&nbsp;100,000,000</font></p>
    </td>
    <td width="4" bgcolor="#CCCCCC"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19>

      <p><font face="Times New Roman, Times, serif" size="2">#</font></p>
    </td>
    <td width=64>

      <p><font face="Times New Roman, Times, serif" size="2">20,000,000</font></p>
    </td>
    <td width=21><font size="2"></font></td>
    <td width=524>

      <p><font face="Times New Roman, Times, serif" size="2">Harrier Finance Funding LLC Floating Rate Notes*</font></p>
    </td>
    <td width=12>

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right">

      <p>&nbsp;</p>
    </td>
    <td width="4"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19>

      <p>&nbsp;</p>
    </td>
    <td width=64>

      <p>&nbsp;</p>
    </td>
    <td width=21><font size="2"></font></td>
    <td width=524>

      <p><font face="Times New Roman, Times, serif" size="2">4.598%, due 1/28/08</font></p>
    </td>
    <td width=12>

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right">

      <p><font face="Times New Roman, Times, serif" size="2">20,000,382</font></p>
    </td>
    <td width="4"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">#</font></p>
    </td>
    <td width=64 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">75,000,000</font></p>
    </td>
    <td width=21 bgcolor="#CCCCCC"><font size="2"></font></td>
    <td width=524 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">Lehman Brothers Inc. Repurchase Agreement,</font></p>
    </td>
    <td width=12 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right" bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width="4" bgcolor="#CCCCCC"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=64 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=21 bgcolor="#CCCCCC"><font size="2"></font></td>
    <td width=524 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">4.570%, dated 12/31/07, due 1/02/08, with a repurchase price of</font></p>
    </td>
    <td width=12 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right" bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width="4" bgcolor="#CCCCCC"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=64 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=21 bgcolor="#CCCCCC"><font size="2"></font></td>
    <td width=524 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">$75,019,042 and collateralized by $76,500,724 market
  value of</font></p>
    </td>
    <td width=12 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right" bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width="4" bgcolor="#CCCCCC"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=64 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=21 bgcolor="#CCCCCC"><font size="2"></font></td>
    <td width=524 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">corporate bonds having an average coupon rate of
  6.38% and</font></p>
    </td>
    <td width=12 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right" bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width="4" bgcolor="#CCCCCC"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=64 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=21 bgcolor="#CCCCCC"><font size="2"></font></td>
    <td width=524 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">an original weighted average maturity of 8/18/16</font></p>
    </td>
    <td width=12 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right" bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">75,000,000</font></p>
    </td>
    <td width="4" bgcolor="#CCCCCC"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19>

      <p><font face="Times New Roman, Times, serif" size="2">#</font></p>
    </td>
    <td width=64>

      <p><font face="Times New Roman, Times, serif" size="2">25,000,000</font></p>
    </td>
    <td width=21><font size="2"></font></td>
    <td width=524>

      <p><font face="Times New Roman, Times, serif" size="2">Merrill Lynch Pierce Fenner &amp; Smith Inc.
  Repurchase Agreement,</font></p>
    </td>
    <td width=12>

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right">

      <p>&nbsp;</p>
    </td>
    <td width="4"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19>

      <p>&nbsp;</p>
    </td>
    <td width=64>

      <p>&nbsp;</p>
    </td>
    <td width=21><font size="2"></font></td>
    <td width=524>

      <p><font face="Times New Roman, Times, serif" size="2">4.590%, dated 12/31/07, due 1/02/08, with a repurchase price of</font></p>
    </td>
    <td width=12>

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right">

      <p>&nbsp;</p>
    </td>
    <td width="4"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19>

      <p>&nbsp;</p>
    </td>
    <td width=64>

      <p>&nbsp;</p>
    </td>
    <td width=21><font size="2"></font></td>
    <td width=524>

      <p><font face="Times New Roman, Times, serif" size="2">$25,006,375 and collateralized by $26,251,227 market
  value of</font></p>
    </td>
    <td width=12>

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right">

      <p>&nbsp;</p>
    </td>
    <td width="4"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19>

      <p>&nbsp;</p>
    </td>
    <td width=64>

      <p>&nbsp;</p>
    </td>
    <td width=21><font size="2"></font></td>
    <td width=524>

      <p><font face="Times New Roman, Times, serif" size="2">ABS and corporate bonds having an average coupon
  rate of 5.30%</font></p>
    </td>
    <td width=12>

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right">

      <p>&nbsp;</p>
    </td>
    <td width="4"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19>

      <p>&nbsp;</p>
    </td>
    <td width=64>

      <p>&nbsp;</p>
    </td>
    <td width=21><font size="2"></font></td>
    <td width=524>

      <p><font face="Times New Roman, Times, serif" size="2">and an original weighted average maturity of 3/09/20</font></p>
    </td>
    <td width=12>

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right">

      <p><font face="Times New Roman, Times, serif" size="2">25,000,000</font></p>
    </td>
    <td width="4"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">#</font></p>
    </td>
    <td width=64 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">20,000,000</font></p>
    </td>
    <td width=21 bgcolor="#CCCCCC"><font size="2"></font></td>
    <td width=524 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">Morgan Stanley &amp; Co., Inc. Floating Rate Notes*</font></p>
    </td>
    <td width=12 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right" bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width="4" bgcolor="#CCCCCC"><font size="2"></font></td>
  </tr>


  <tr>

    <td width=19 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=64 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=21 bgcolor="#CCCCCC"><font size="2"></font></td>
    <td width=524 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">4.680%, due 1/11/08</font></p>
    </td>
    <td width=12 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right" bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">20,000,671</font></p>
    </td>
    <td width="4" bgcolor="#CCCCCC"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19>&nbsp;</td>
    <td width=64>&nbsp;</td>
    <td width=21>&nbsp;</td>
    <td width=524>&nbsp;</td>
    <td width=12>&nbsp;</td>
    <td width=96 align="right">

      <hr size="1" noshade>
      </td>
    <td width="4">&nbsp;</td>
  </tr>

  <tr>

    <td width=19>

      <p>&nbsp;</p>
    </td>
    <td width=64>

      <p>&nbsp;</p>
    </td>
    <td width=21><font size="2"></font></td>
    <td width=524>

      <p><font face="Times New Roman, Times, serif" size="2">Total Short-Term
  Instruments (Cost&#151;$588,743,347)</font></p>
    </td>
    <td width=12>

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right">

      <p><font face="Times New Roman, Times, serif" size="2">588,743,347</font></p>
    </td>
    <td width="4"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19>&nbsp;</td>
    <td width=64>&nbsp;</td>
    <td width=21>&nbsp;</td>
    <td width=524>&nbsp;</td>
    <td width=12>&nbsp;</td>
    <td width=96 align="right">

      <hr size="1" noshade>
      </td>
    <td width="4">&nbsp;</td>
  </tr>

  <tr>

    <td width=19 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=64 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=21 bgcolor="#CCCCCC"><font size="2"></font></td>
    <td width=524 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2"><b>TOTAL INVESTMENTS&#151;167.1%
  (Cost--$3,259,060,206)</b></font></p>
    </td>
    <td width=12 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right" bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">3,897,154,456</font></p>
    </td>
    <td width="4" bgcolor="#CCCCCC"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19>&nbsp;</td>
    <td width=64>&nbsp;</td>
    <td width=21>&nbsp;</td>
    <td width=524>&nbsp;</td>
    <td width=12>&nbsp;</td>
    <td width=96 align="right">

      <hr size="1" noshade>
      </td>
    <td width="4">&nbsp;</td>
  </tr>

  <tr>

    <td width=19>

      <p>&nbsp;</p>
    </td>
    <td width=64>

      <p>&nbsp;</p>
    </td>
    <td width=21><font size="2"></font></td>
    <td width=524>

      <p><font face="Times New Roman, Times, serif" size="2"><b>OTHER ASSETS LESS
  LIABILITIES&#151;(45.7%)</b></font></p>
    </td>
    <td width=12>

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right">

      <p><font face="Times New Roman, Times, serif" size="2">(1,065,380,761</font></p>
    </td>
    <td width="4"><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>

  <tr>

    <td width=19>&nbsp;</td>
    <td width=64>&nbsp;</td>
    <td width=21>&nbsp;</td>
    <td width=524>&nbsp;</td>
    <td width=12>&nbsp;</td>
    <td width=96 align="right">

      <hr size="1" noshade>
      </td>
    <td width="4">&nbsp;</td>
  </tr>

  <tr>

    <td width=19 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=64 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=21 bgcolor="#CCCCCC"><font size="2"></font></td>
    <td width=524 bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2"><b>AUCTION PREFERRED STOCK&#151;(21.4%)</b></font></p>
    </td>
    <td width=12 bgcolor="#CCCCCC">

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right" bgcolor="#CCCCCC">

      <p><font face="Times New Roman, Times, serif" size="2">(500,000,000</font></p>
    </td>
    <td width="4" bgcolor="#CCCCCC"><font face="Times New Roman, Times, serif" size="2">)</font></td>
  </tr>

  <tr>

    <td width=19>&nbsp;</td>
    <td width=64>&nbsp;</td>
    <td width=21>&nbsp;</td>
    <td width=524>&nbsp;</td>
    <td width=12>&nbsp;</td>
    <td width=96 align="right">

      <hr size="1" noshade>
      </td>
    <td width="4">&nbsp;</td>
  </tr>

  <tr>

    <td width=19>

      <p>&nbsp;</p>
    </td>
    <td width=64>

      <p>&nbsp;</p>
    </td>
    <td width=21><font size="2"></font></td>
    <td width=524>

      <p><font face="Times New Roman, Times, serif" size="2"><b>NET ASSETS APPLICABLE TO
  COMMON STOCK&#151;100.0%</b></font></p>
    </td>
    <td width=12>

      <p>&nbsp;</p>
    </td>
    <td width=96 align="right">

      <p><font face="Times New Roman, Times, serif" size="2">$ 2,331,773,695</font></p>
    </td>
    <td width="4"><font size="2"></font></td>
  </tr>

  <tr>

    <td width=19>&nbsp;</td>
    <td width=64>&nbsp;</td>
    <td width=21>&nbsp;</td>
    <td width=524>&nbsp;</td>
    <td width=12>&nbsp;</td>
    <td width=96 align="right">

      <hr size="3" noshade>
      </td>
    <td width="4">&nbsp;</td>
  </tr>

</table>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>*  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Bond
ratings are not covered by the report of the independent registered public accounting
firm. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>#  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>This
security was purchased with the cash proceeds from securities loaned. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>**  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
coupon rate shown on floating rate notes is the rate at period end. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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>

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>The accompanying notes
are an integral part of these financial statements. </font></p>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
15</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DNP SELECT INCOME
FUND INC.                                   <BR>      STATEMENT OF ASSETS AND LIABILITIES <BR>
                                                 December 31, 2007 </B></FONT></P>

<table cellpadding=0 cellspacing=0 border=0 width=740>
  <tr valign=Bottom>

    <th colspan=2><font face="Times New Roman" size=1></font></th>
    <th colspan=2><font face="Times New Roman" size=1></font></th>
  </tr>
  <tr valign=Bottom>

    <td width=80% align=LEFT><font face="Times New Roman" size=2><b>ASSETS:</b></font></td>
    <td width=7% align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td width=11% align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td width=2% align=LEFT>&nbsp;</td>
  </tr>

  <tr valign=Bottom bgcolor="#CCCCCC">
    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Investments at value (cost $3,259,060,206) including $468,000,000 of</font></td>
    <td align=LEFT width="7%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;repurchase agreements and $564,930,213 of securities loaned</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>$&nbsp;3,897,154,456</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Cash</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>23,000,379</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>

  <tr valign=Bottom bgcolor="#CCCCCC">
    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Receivables:</font></td>
    <td align=LEFT width="7%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Securities sold</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>103,462</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Interest</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>16,630,670</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Dividends</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>7,200,401</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Securities lending income</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>120,912</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Prepaid expenses</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>97,432</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="7%">&nbsp;</td>
    <td align=RIGHT width="11%">
      <hr noshade color=#000000 size=1>
    </td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>$&nbsp;3,944,307,712</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="7%">&nbsp;</td>
    <td align=RIGHT width="11%">
      <hr noshade color=#000000 size=3>
    </td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>


  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="7%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="80%"><font face="Times New Roman" size=2><b>LIABILITIES:</b></font></td>
    <td align=LEFT width="7%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom  bgcolor="#CCCCCC">

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Due to Adviser (Note 2)</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>4,587,260</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Due to Administrator (Note 2)</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>1,106,493</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Dividends payable on common stock</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>14,877,962</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Interest payable on remarketed preferred stock</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>1,911,802</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Dividends payable on auction preferred stock</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>344,444</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Payable for securities lending broker rebates</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>1,897,320</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Payable for securities purchased</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>36,026</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Accrued expenses</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>926,683</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Payable upon return of securities on loan</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>586,846,027</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>

  <tr valign=Bottom>
    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Remarketed preferred stock (5,000 shares issued and outstanding; liquidation</font></td>
    <td align=LEFT width="7%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;preference $100,000 per share)(Note 5)</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>500,000,000</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="7%">&nbsp;</td>
    <td align=RIGHT width="11%">
      <hr noshade color=#000000 size=1>
    </td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>1,112,534,017</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="7%">&nbsp;</td>
    <td align=RIGHT width="11%">
      <hr noshade color=#000000 size=1>
    </td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>

  <tr valign=Bottom>
    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Auction preferred stock (20,000 shares issued and outstanding;</font></td>
    <td align=LEFT width="7%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;liquidation preference $25,000 per share)(Note 5)</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>500,000,000</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="7%">&nbsp;</td>
    <td align=RIGHT width="11%">
      <hr noshade color=#000000 size=1>
    </td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="80%"><font face="Times New Roman" size=2><b>NET ASSETS APPLICABLE TO COMMON STOCK</b></font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>$&nbsp;2,331,773,695</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="7%">&nbsp;</td>
    <td align=RIGHT width="11%">
      <hr noshade color=#000000 size=3>
    </td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>

  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="7%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>


  <tr valign=Bottom>
    <td align=LEFT width="80%"><font face="Times New Roman" size=2><b>CAPITAL:</b></font></td>
    <td align=LEFT width="7%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">
    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Common stock ($.001 par value; 250,000,000 shares authorized and</font></td>
    <td align=LEFT width="7%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom  bgcolor="#CCCCCC">

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>228,891,720 shares issued and outstanding)</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228,892</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Paid-in surplus</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>1,748,617,609</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Accumulated net realized loss on investments</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>(30,504,917</font></td>
    <td align=LEFT width="2%" bgcolor="#CCCCCC"><font size="2" face="Times New Roman, Times, serif">)</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Distributions in excess of net investment income</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>(24,662,057</font></td>
    <td align=LEFT width="2%"><font size="2" face="Times New Roman, Times, serif">)</font></td>
  </tr>

  <tr valign=Bottom bgcolor="#CCCCCC">
    <td align=LEFT width="80%"><font face="Times New Roman" size=2>Net unrealized appreciation (depreciation) on investments and foreign</font></td>
    <td align=LEFT width="7%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;currency translation</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>638,094,168</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="7%">&nbsp;</td>
    <td align=RIGHT width="11%">
      <hr noshade color=#000000 size=1>
    </td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>

  <tr valign=Bottom>
    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets applicable to common stock (equivalent to $10.19 per</font></td>
    <td align=LEFT width="7%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;share based on 228,891,720 shares outstanding)</font></td>
    <td align=LEFT width="7%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>$&nbsp;2,331,773,695</font></td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="7%">&nbsp;</td>
    <td align=RIGHT width="11%">
      <hr noshade color=#000000 size=3>
    </td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>The accompanying notes
are an integral part of these financial statements. </font></p>


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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
16</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DNP SELECT INCOME
FUND INC.                           <BR>                    STATEMENT OF OPERATIONS <BR>
                                       For the year ended December 31, 2007 </B></FONT></P>


<table cellpadding=0 cellspacing=0 border=0 width=740>

  <tr valign=Bottom>

    <td width=80% align=LEFT><font face="Times New Roman" size=2><b>INVESTMENT INCOME</b></font></td>
    <td width=8% align=LEFT>&nbsp;</td>
    <td width=10% align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td width=2% align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Interest</font></td>
    <td align=LEFT width="8%" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="10%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;49,257,684</font></td>
    <td align=LEFT width="2%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Dividends (less withholding tax of $1,961,700)</font></td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%"><font face="Times New Roman" size=2>102,513,607</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Securities lending income, net</font></td>
    <td align=LEFT width="8%" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="10%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>2,288,029</font></td>
    <td align=LEFT width="2%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%">
      <hr noshade color=#000000 size=1>
    </td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income</font></td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%"><font face="Times New Roman" size=2>154,059,320</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>

  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="80%"><font face="Times New Roman" size=2><b>EXPENSES</b></font></td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Management fees (Note 2)</font></td>
    <td align=LEFT width="8%" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="10%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>18,035,407</font></td>
    <td align=LEFT width="2%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Remarketed preferred stock interest expense (Note 5)</font></td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%"><font face="Times New Roman" size=2>23,769,661</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Administrative fees (Note 2)</font></td>
    <td align=LEFT width="8%" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="10%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>4,357,081</font></td>
    <td align=LEFT width="2%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Transfer agent fees</font></td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%"><font face="Times New Roman" size=2>489,300</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Custodian fees</font></td>
    <td align=LEFT width="8%" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="10%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>821,250</font></td>
    <td align=LEFT width="2%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Remarketing agent fees - remarketed preferred stock</font></td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%"><font face="Times New Roman" size=2>1,267,360</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Broker-dealer commissions - auction preferred stock</font></td>
    <td align=LEFT width="8%" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="10%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>1,267,360</font></td>
    <td align=LEFT width="2%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Shareholder reports and postage</font></td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%"><font face="Times New Roman" size=2>730,000</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Professional fees</font></td>
    <td align=LEFT width="8%" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="10%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>372,700</font></td>
    <td align=LEFT width="2%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Directors&#146; fees (Note 2)</font></td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%"><font face="Times New Roman" size=2>489,300</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Other expenses</font></td>
    <td align=LEFT width="8%" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="10%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>513,786</font></td>
    <td align=LEFT width="2%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%">
      <hr noshade color=#000000 size=1>
    </td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses</font></td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%"><font face="Times New Roman" size=2>52,113,205</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%">
      <hr noshade color=#000000 size=1>
    </td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income</font></td>
    <td align=LEFT width="8%" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="10%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>101,946,115</font></td>
    <td align=LEFT width="2%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>

  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="80%"><font face="Times New Roman" size=2><b>REALIZED AND UNREALIZED GAIN</b></font></td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Net realized gain on investments</font></td>
    <td align=LEFT width="8%" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="10%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>124,481,983</font></td>
    <td align=LEFT width="2%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>

  <tr valign=Bottom>
    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments</font></td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and foreign currency translation</font></td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%"><font face="Times New Roman" size=2>21,396,969</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%">
      <hr noshade color=#000000 size=1>
    </td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Net realized and unrealized gain</font></td>
    <td align=LEFT width="8%" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="10%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>145,878,952</font></td>
    <td align=LEFT width="2%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr>

    <td colspan=2></td>
    <td colspan=2></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>

  <tr valign=Bottom>
    <td align=LEFT width="80%"><font face="Times New Roman" size=2><b>DISTRIBUTIONS ON AUCTION PREFERRED STOCK FROM:</b></font></td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Net investment income (Note 5)</font></td>
    <td align=LEFT width="8%" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="10%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>(27,069,153</font></td>
    <td align=LEFT width="2%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%">
      <hr noshade color=#000000 size=1>
    </td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions</font></td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%"><font face="Times New Roman" size=2>(27,069,153</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%">
      <hr noshade color=#000000 size=1>
    </td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="80%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets applicable to common stock resulting from operations</font></td>
    <td align=LEFT width="8%" bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT width="10%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>$&nbsp;220,755,914</font></td>
    <td align=LEFT width="2%" bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="80%">&nbsp;</td>
    <td align=LEFT width="8%">&nbsp;</td>
    <td align=RIGHT width="10%">
      <hr noshade color=#000000 size=2>
    </td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
</table>
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<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>The accompanying notes
are an integral part of these financial statements. </font></p>


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<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
17</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DNP SELECT INCOME
FUND INC.                                    <BR>    STATEMENTS OF CHANGES IN NET ASSETS </B></FONT></P>

<table cellpadding=0 cellspacing=0 border=0 width=740>

  <tr>
    <td colspan=2></td>
    <td align=center width="11%"><font size="1" face="Times New Roman, Times, serif"><b>For the year<br>
ended<br>
December 31,<br>
2007</b></font></td>
    <td width="5%"></td>
    <td align=center width="11%"><font size="1" face="Times New Roman, Times, serif"><b>For the year<br>
ended<br>
December 31,<br>
2006</b></font></td>
    <td width="2%"></td>
  </tr>
  <tr>

    <td colspan=2></td>
    <td align=RIGHT width="11%">
      <hr noshade color=Black size=1>
    </td>
    <td width="5%"></td>
    <td align=RIGHT width="11%">
      <hr noshade color=Black size=1>
    </td>
    <td width="2%"></td>
  </tr>
  <tr valign=Bottom>

    <td width=67% align=LEFT><font face="Times New Roman" size=2><b>FROM OPERATIONS:</b></font></td>
    <td width=4% align=LEFT>&nbsp;</td>
    <td width=11% align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td width=5% align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td width=11% align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td width=2% align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="67%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Net investment income</font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;101,946,115</font></td>
    <td align=LEFT width="5%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;101,751,096</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="67%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Net realized gain</font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>124,481,983</font></td>
    <td align=LEFT width="5%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>103,781,423</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>

  <tr valign=Bottom bgcolor="#CCCCCC">
    <td align=LEFT width="67%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments and</font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="5%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="67%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;foreign currency translation</font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>21,396,969</font></td>
    <td align=LEFT width="5%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>325,173,704</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="67%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Distributions on auction preferred stock from net investment income</font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>(27,069,153</font></td>
    <td align=LEFT width="5%"><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>(16,244,083</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>)</font></td>
  </tr>
  <tr>

    <td colspan=2></td>
    <td align=RIGHT width="11%">
      <hr noshade color=Black size=1>
    </td>
    <td width="5%"></td>
    <td align=RIGHT width="11%">
      <hr noshade color=Black size=1>
    </td>
    <td width="2%"></td>
  </tr>



  <tr valign=Bottom bgcolor="#CCCCCC">
    <td align=LEFT width="67%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in net assets applicable to common stock resulting from</font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="5%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="67%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;operations</font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>220,755,914</font></td>
    <td align=LEFT width="5%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>514,462,140</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="67%">&nbsp;</td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="5%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>

  <tr valign=Bottom>
    <td align=LEFT width="67%"><font face="Times New Roman" size=2><b>DISTRIBUTIONS TO COMMON STOCKHOLDERS:</b></font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="5%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="67%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;From and in excess of net investment income (Note 4)</font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>(177,760,670</font></td>
    <td align=LEFT width="5%"><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>(175,734,577</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>)</font></td>
  </tr>
  <tr>

    <td colspan=2></td>
    <td align=RIGHT width="11%">
      <hr noshade color=Black size=1>
    </td>
    <td width="5%"></td>
    <td align=RIGHT width="11%">
      <hr noshade color=Black size=1>
    </td>
    <td width="2%"></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="67%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions to common stockholders</font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>(177,760,670</font></td>
    <td align=LEFT width="5%"><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>(175,734,577</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>)</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="67%">&nbsp;</td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="5%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>


  <tr valign=Bottom>
    <td align=LEFT width="67%"><font face="Times New Roman" size=2><b>FROM CAPITAL STOCK TRANSACTIONS:</b></font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="5%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">
    <td align=LEFT width="67%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Shares issued to common stockholders from dividend reinvestment of</font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="5%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="67%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,369,603 shares and 2,686,482 shares, respectively</font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>24,584,918</font></td>
    <td align=LEFT width="5%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>26,927,777</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>

  <tr valign=Bottom>
    <td align=LEFT width="67%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Offering costs incurred in the sale of 20,000 shares of auction</font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="5%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="67%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;preferred stock</font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>(8,677</font></td>
    <td align=LEFT width="5%"><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>(5,660,038</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>)</font></td>
  </tr>
  <tr>

    <td colspan=2></td>
    <td align=RIGHT width="11%">
      <hr noshade color=Black size=1>
    </td>
    <td width="5%"></td>
    <td align=RIGHT width="11%">
      <hr noshade color=Black size=1>
    </td>
    <td width="2%"></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="67%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Net increase in net assets derived from capital share transactions</font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>24,576,241</font></td>
    <td align=LEFT width="5%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>21,267,739</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr>

    <td colspan=2></td>
    <td align=RIGHT width="11%">
      <hr noshade color=Black size=1>
    </td>
    <td width="5%"></td>
    <td align=RIGHT width="11%">
      <hr noshade color=Black size=1>
    </td>
    <td width="2%"></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="67%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total increase</font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>67,571,485</font></td>
    <td align=LEFT width="5%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>359,995,302</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="67%">&nbsp;</td>
    <td align=LEFT width="4%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="67%"><font face="Times New Roman" size=2><b>TOTAL NET ASSETS APPLICABLE TO COMMON STOCK:</b></font></td>
    <td align=LEFT width="4%">&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT width="67%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Beginning of year</font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>2,264,202,210</font></td>
    <td align=LEFT width="5%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>1,904,206,908</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr>

    <td colspan=2></td>
    <td align=RIGHT width="11%">
      <hr noshade color=Black size=1>
    </td>
    <td width="5%"></td>
    <td align=RIGHT width="11%">
      <hr noshade color=Black size=1>
    </td>
    <td width="2%"></td>
  </tr>

  <tr valign=Bottom>
    <td align=LEFT width="67%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;End of year (including distributions in excess of net investment income</font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="5%">&nbsp;</td>
    <td align=RIGHT width="11%">&nbsp;</td>
    <td align=LEFT width="2%">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="67%"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of $24,662,057 and $23,398,395, respectively)</font></td>
    <td align=LEFT width="4%">&nbsp;</td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>$&nbsp;2,331,773,695</font></td>
    <td align=LEFT width="5%"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="11%"><font face="Times New Roman" size=2>$&nbsp;2,264,202,210</font></td>
    <td align=LEFT width="2%"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr>

    <td colspan=2></td>
    <td align=RIGHT width="11%">
      <hr noshade color=Black size=3>
    </td>
    <td width="5%"></td>
    <td align=RIGHT width="11%">
      <hr noshade color=Black size=3>
    </td>
    <td width="2%"></td>
  </tr>
</table>

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>The accompanying notes
are an integral part of these financial statements. </font></p>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
18</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->


<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DNP SELECT INCOME
FUND INC.                                  <BR>             STATEMENT OF CASH FLOWS <BR>
                                       For the year ended December 31, 2007 </B></FONT></P>

<table cellpadding=0 cellspacing=0 border=0 width=740>

  <tr valign=Bottom>

    <td width=70% align=LEFT><font face="Times New Roman" size=2><b>INCREASE (DECREASE) IN CASH</b></font></td>
    <td width=2% align=LEFT>&nbsp;</td>
    <td width=11% align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td width=3% align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td width=12% align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td width=2% align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>

  <tr valign=Bottom>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Cash flows provided by (used in) operating activities:</font></td>
    <td align=LEFT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT bgcolor="#CCCCCC">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Interest received</font></td>
    <td align=LEFT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;50,028,238</font></td>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Income dividends received</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2>102,484,662</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Long-term capital gains dividends received</font></td>
    <td align=LEFT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>4,186,334</font></td>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Return of capital on investments</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2>964,780</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Securities lending income, net</font></td>
    <td align=LEFT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>2,300,088</font></td>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Expenses paid</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2>(78,648,385</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Purchase of investment securities</font></td>
    <td align=LEFT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>(734,307,360</font></td>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Proceeds from sale/redemption of investment securities</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2>795,708,510</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Amortization of premiums and discounts on debt securities</font></td>
    <td align=LEFT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>9,906,034</font></td>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>

  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>
      <hr noshade color=Black size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2>152,622,901</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>

  <tr valign=Bottom>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Cash flows provided by (used in) financing activities:</font></td>
    <td align=LEFT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT bgcolor="#CCCCCC">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Offering costs relating to auction preferred stock</font></td>
    <td align=LEFT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>(8,677</font></td>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Dividends paid</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2>(177,606,646</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>

  <tr valign=Bottom>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock under dividend</font></td>
    <td align=LEFT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=LEFT bgcolor="#CCCCCC">&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;reinvestment plan</font></td>
    <td align=LEFT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>24,584,918</font></td>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>

  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>
      <hr noshade color=Black size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2>(153,030,405</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>)</font></td>
  </tr>
  <tr>

    <td colspan=2></td>
    <td colspan=2></td>
    <td align=RIGHT>
      <hr noshade color=Black size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in cash and cash equivalents</font></td>
    <td align=LEFT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>(407,504</font></td>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>)</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font face="Times New Roman" size=2>Cash&#151;beginning of year</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2>23,407,883</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr>

    <td colspan=2></td>
    <td colspan=2></td>
    <td align=RIGHT>
      <hr noshade color=Black size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>Cash&#151;end of year</font></td>
    <td align=LEFT bgcolor="#CCCCCC">&nbsp;</td>
    <td align=RIGHT bgcolor="#CCCCCC"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp; 23,000,379</font></td>
    <td align=LEFT bgcolor="#CCCCCC"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr>

    <td colspan=2></td>
    <td colspan=2></td>
    <td align=RIGHT>
      <hr noshade color=Black size=3>
    </td>
    <td></td>
  </tr>


  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman" size=2>Reconciliation of net increase in net assets resulting from operations to net</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;cash provided by operating activities:</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2>$&nbsp; 220,755,914</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Change in investments</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2>61,401,151</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Net realized gain on investments</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2>(124,481,983</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2>(21,396,969</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Amortization of premiums and discounts on debt securities</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2>9,906,034</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Return of capital on investments</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2>964,780</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Long-term capital gains dividends received</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2>4,186,334</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Decrease in interest receivable</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2>770,554</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Increase in dividends receivable</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2>(28,945</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Increase in accrued expenses</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2>533,972</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Decrease in other receivable</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2>12,059</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>

  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>
      <hr noshade color=Black size=1>
    </td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom bgcolor="#CCCCCC">

    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2>(68,133,013</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>)</font></td>
  </tr>
  <tr>

    <td colspan=2></td>
    <td colspan=2></td>
    <td align=RIGHT>
      <hr noshade color=Black size=1>
    </td>
    <td></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font face="Times New Roman" size=2>Net cash provided by operating activities</font></td>
    <td align=LEFT>&nbsp;</td>
    <td align=RIGHT><font face="Times New Roman" size=2></font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT><font face="Times New Roman" size=2>$&nbsp; 152,622,901</font></td>
    <td align=LEFT><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr>

    <td colspan=2></td>
    <td colspan=2></td>
    <td align=RIGHT>
      <hr noshade color=Black size=3>
    </td>
    <td></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>The accompanying notes
are an integral part of these financial statements. </font></p>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
19</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->



<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DNP SELECT INCOME
FUND INC.                         <BR>      FINANCIAL HIGHLIGHTS&#151;SELECTED PER SHARE DATA AND
RATIOS </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 table  below  provides  information  about  income  and  capital  changes  for a share
of  common  stock outstanding throughout the years indicated: </FONT></P>

<table cellpadding=0 cellspacing=0 border=0 width=740>
  <tr>
    <td align=LEFT width=284 valign="bottom">&nbsp;</td>
    <td align=LEFT width=31 valign="bottom">&nbsp;</td>
    <td align=center colspan="9" valign="bottom"><font face="Times New Roman, Times, serif" size="1"></font></td>
    <td align=LEFT width=28 valign="bottom">&nbsp;</td>
  </tr>
  <tr>
    <td align=LEFT width=284 valign="bottom">&nbsp;</td>
    <td align=LEFT width=31 valign="bottom">&nbsp;</td>
    <td align=center colspan="9">
      <font face="Times New Roman, Times, serif" size="1"><b>For the year ended December 31,</b></font>
      <hr noshade color=#000000 size=1>
    </td>
    <td align=LEFT width=28 valign="bottom">&nbsp;</td>
  </tr>

  <tr>

    <td align=LEFT width=284 valign="bottom"><font face="Times New Roman" size=2></font></td>
    <td align=LEFT width=31 valign="bottom">&nbsp;</td>
    <td align=center><b><font face="Times New Roman, Times, serif" size="1">2007</font></b></td>
    <td align=center><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td align=center><b><font face="Times New Roman, Times, serif" size="1">2006</font></b></td>
    <td align=center><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td align=center><b><font face="Times New Roman, Times, serif" size="1">2005</font></b></td>
    <td align=center><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td align=center><b><font face="Times New Roman, Times, serif" size="1">2004</font></b></td>
    <td align=center><b><font face="Times New Roman, Times, serif" size="1">&nbsp;</font></b></td>
    <td align=center><b><font face="Times New Roman, Times, serif" size="1">2003</font></b></td>
    <td align=LEFT width=28 valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr>

    <td colspan=2></td>
    <td align=RIGHT width="78">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="15"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="15"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="20"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="29"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="28"></td>
  </tr>

  <tr bgcolor="#CCCCCC">
    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>Net asset value:</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="20" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="29" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="28" valign="bottom">&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">

    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;Beginning of year</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.51</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75</font></td>
    <td align=LEFT width="20" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.94</font></td>
    <td align=LEFT width="29" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.37</font></td>
    <td align=LEFT width="28" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr>

    <td colspan=2></td>
    <td align=RIGHT width="78">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="15"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="15"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="20"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="29"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="28"></td>
  </tr>
  <tr>

    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>Net investment income(1)</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom"><font face="Times New Roman" size=2>0.48</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>0.47</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>0.41</font></td>
    <td align=LEFT width="20" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>0.54</font></td>
    <td align=LEFT width="29" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>0.75</font></td>
    <td align=LEFT width="28" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>


  <tr bgcolor="#CCCCCC">
    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>Net realized gain (loss) and change in</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="20" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="29" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="28" valign="bottom">&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;unrealized appreciation/(depreciation)</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="20" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="29" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="28" valign="bottom">&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">

    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;on investments</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom"><font face="Times New Roman" size=2>0.61</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>1.89</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>0.14</font></td>
    <td align=LEFT width="20" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>1.06</font></td>
    <td align=LEFT width="29" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>0.62</font></td>
    <td align=LEFT width="28" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>

  <tr>
    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>Dividends on auction preferred stock</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="20" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="29" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="28" valign="bottom">&nbsp;</td>
  </tr>
  <tr>

    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;from net investment income</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom"><font face="Times New Roman" size=2>(0.12</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>(0.07</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>&#151;</font></td>
    <td align=LEFT width="20" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>&#151;</font></td>
    <td align=LEFT width="29" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>&#151;</font></td>
    <td align=LEFT width="28" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr>

    <td colspan=2></td>
    <td align=RIGHT width="78">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="15"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="15"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="20"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="29"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="28"></td>
  </tr>

  <tr bgcolor="#CCCCCC">
    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>Total from investment operations</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="20" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="29" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="28" valign="bottom">&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">

    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;applicable to common stock</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom"><font face="Times New Roman" size=2>0.97</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>2.29</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>0.55</font></td>
    <td align=LEFT width="20" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>1.60</font></td>
    <td align=LEFT width="29" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>1.37</font></td>
    <td align=LEFT width="28" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>

  <tr>
    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>Dividends on common stock from and in</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="20" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="29" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="28" valign="bottom">&nbsp;</td>
  </tr>
  <tr>

    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;excess of net investment income</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom"><font face="Times New Roman" size=2>(0.78</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>(0.78</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>(0.75</font></td>
    <td align=LEFT width="20" valign="bottom"><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>(0.79</font></td>
    <td align=LEFT width="29" valign="bottom"><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>(0.80</font></td>
    <td align=LEFT width="28" valign="bottom"><font face="Times New Roman" size=2>)</font></td>
  </tr>
  <tr bgcolor="#CCCCCC">

    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>Return of capital</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom"><font face="Times New Roman" size=2>&#151;</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>&#151;</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>(0.04</font></td>
    <td align=LEFT width="20" valign="bottom"><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>&#151;</font></td>
    <td align=LEFT width="29" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>&#151;</font></td>
    <td align=LEFT width="28" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr>

    <td colspan=2></td>
    <td align=RIGHT width="78">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="15"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="15"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="20"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="29"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="28"></td>
  </tr>
  <tr>

    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>Total distributions</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom"><font face="Times New Roman" size=2>(0.78</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>(0.78</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>(0.79</font></td>
    <td align=LEFT width="20" valign="bottom"><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>(0.79</font></td>
    <td align=LEFT width="29" valign="bottom"><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>(0.80</font></td>
    <td align=LEFT width="28" valign="bottom"><font face="Times New Roman" size=2>)</font></td>
  </tr>
  <tr bgcolor="#CCCCCC">

    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>Auction preferred stock offering costs</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom"><font face="Times New Roman" size=2>&#151;</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>(0.02</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>)</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>&#151;</font></td>
    <td align=LEFT width="20" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>&#151;</font></td>
    <td align=LEFT width="29" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>&#151;</font></td>
    <td align=LEFT width="28" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr>

    <td colspan=2></td>
    <td align=RIGHT width="78">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="15"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="15"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="20"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="29"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=1>
    </td>
    <td width="28"></td>
  </tr>

  <tr>
    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>Net asset value:</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="20" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="29" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="28" valign="bottom">&nbsp;</td>
  </tr>
  <tr>

    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;End of year</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.51</font></td>
    <td align=LEFT width="20" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75</font></td>
    <td align=LEFT width="29" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.94</font></td>
    <td align=LEFT width="28" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
  <tr>

    <td colspan=2></td>
    <td align=RIGHT width="78">
      <hr noshade color=#000000 size=3>
    </td>
    <td width="15"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=3>
    </td>
    <td width="15"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=3>
    </td>
    <td width="20"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=3>
    </td>
    <td width="29"></td>
    <td align=RIGHT width="60">
      <hr noshade color=#000000 size=3>
    </td>
    <td width="28"></td>
  </tr>

  <tr bgcolor="#CCCCCC">
    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>Per share market value:</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="20" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="29" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="28" valign="bottom">&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">

    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;End of year</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.59</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.82</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.39</font></td>
    <td align=LEFT width="20" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.92</font></td>
    <td align=LEFT width="29" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.96</font></td>
    <td align=LEFT width="28" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>

  <tr>
    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>Ratio of expenses to average net assets</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="20" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="29" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="28" valign="bottom">&nbsp;</td>
  </tr>
  <tr>

    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;applicable to common stock</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom"><font face="Times New Roman" size=2>2.26</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>%</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>2.40</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>%</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>2.24</font></td>
    <td align=LEFT width="20" valign="bottom"><font face="Times New Roman" size=2>%</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>1.86</font></td>
    <td align=LEFT width="29" valign="bottom"><font face="Times New Roman" size=2>%</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>1.89</font></td>
    <td align=LEFT width="28" valign="bottom"><font face="Times New Roman" size=2>%</font></td>
  </tr>


  <tr bgcolor="#CCCCCC">
    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>Ratio of net investment income to average</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="20" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="29" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="28" valign="bottom">&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">
    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;net assets applicable to common</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="20" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="29" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="28" valign="bottom">&nbsp;</td>
  </tr>
  <tr bgcolor="#CCCCCC">

    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;stock(1)</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom"><font face="Times New Roman" size=2>4.43</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>%</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>5.02</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>%</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>4.51</font></td>
    <td align=LEFT width="20" valign="bottom"><font face="Times New Roman" size=2>%</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>5.63</font></td>
    <td align=LEFT width="29" valign="bottom"><font face="Times New Roman" size=2>%</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>9.88</font></td>
    <td align=LEFT width="28" valign="bottom"><font face="Times New Roman" size=2>%</font></td>
  </tr>
  <tr>

    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>Total investment return on market value</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom"><font face="Times New Roman" size=2>5.47</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>%</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>12.50</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>%</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>(6.16</font></td>
    <td align=LEFT width="20" valign="bottom"><font face="Times New Roman" size=2>%)</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>17.35</font></td>
    <td align=LEFT width="29" valign="bottom"><font face="Times New Roman" size=2>%</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>19.82</font></td>
    <td align=LEFT width="28" valign="bottom"><font face="Times New Roman" size=2>%</font></td>
  </tr>
  <tr bgcolor="#CCCCCC">

    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>Portfolio turnover rate(1)</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom"><font face="Times New Roman" size=2>22.34</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>%</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>29.60</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>%</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>27.99</font></td>
    <td align=LEFT width="20" valign="bottom"><font face="Times New Roman" size=2>%</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>43.71</font></td>
    <td align=LEFT width="29" valign="bottom"><font face="Times New Roman" size=2>%</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>242.69</font></td>
    <td align=LEFT width="28" valign="bottom"><font face="Times New Roman" size=2>%</font></td>
  </tr>

  <tr>
    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>Net assets applicable to common stock,</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="15" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="20" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="29" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="60" valign="bottom">&nbsp;</td>
    <td align=LEFT width="28" valign="bottom">&nbsp;</td>
  </tr>
  <tr>

    <td align=LEFT width="284" valign="bottom"><font face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;end of year (000's omitted)</font></td>
    <td align=LEFT width="31" valign="bottom">&nbsp;</td>
    <td align=RIGHT width="78" valign="bottom"><font face="Times New Roman" size=2>$2,331,774</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>$2,264,202</font></td>
    <td align=LEFT width="15" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>$1,904,207</font></td>
    <td align=LEFT width="20" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>$1,935,437</font></td>
    <td align=LEFT width="29" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
    <td align=RIGHT width="60" valign="bottom"><font face="Times New Roman" size=2>$1,738,286</font></td>
    <td align=LEFT width="28" valign="bottom"><font face="Times New Roman" size=2>&nbsp;</font></td>
  </tr>
</table>
<BR>

<!-- MARKER FORMAT-SHEET="Cutoff rule Footnote" FSL="Workstation" -->
<HR SIZE=1 noshade ALIGN=left  WIDTH=75>

<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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
years ended December 31, 2007, 2006, 2005 and 2004.                     The accompanying
notes are an integral part of these financial statements. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>The accompanying notes
are an integral part of these financial statements. </font></p>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
20</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->


<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DNP SELECT INCOME
FUND INC.                                        <BR>       NOTES TO FINANCIAL STATEMENTS <BR>
                                                 December 31, 2007 </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(1) SIGNIFICANT
ACCOUNTING POLICIES: </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following are the significant accounting policies of the Fund: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 at time of       purchase are valued on an amortized cost basis, which approximates
market value.  </FONT>
</TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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,  2007,  the  Fund  had tax  capital  loss       carryforwards
of $30,440,479 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, 2007, on a tax basis,  the       Fund had  undistributed  net investment
 income of $0 and based on a $3,281,874,899  tax cost of investments,       gross
 unrealized  appreciation of $655,947,619  and unrealized  depreciation of $40,668,062.
 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>
</TD>
</TR>
</TABLE>
<BR>


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<BR>&nbsp;
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21</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DNP SELECT INCOME
FUND INC.                          <BR>
                 NOTES TO FINANCIAL STATEMENTS&#151;(Continued)  <BR>
                                                 December 31, 2007 </B></FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.  Management of the       Fund has
concluded  that there are no significant  uncertain tax positions that would require
 recognition in       the  financial  statements.  Generally,  the tax  authorities  can
examine all tax returns filed for the last       three years. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)
 Investment  securities  and other assets and  liabilities  denominated  in foreign
 currencies  are       translated  into U.S.  dollar amounts at the date of valuation at
the mean of the quoted bid and asked prices       of such currencies.  Purchases and
sales of investment securities and income and expense items denominated in       foreign
 currencies  are  translated  into U.S.  dollar  amounts at the rate of  exchange
 prevailing  on the       respective date of such transactions. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund does not isolate that portion of the results of  operations  resulting  from changes
in foreign       exchange  rates on  investments  from the  fluctuations  arising from
changes in market  prices of securities       held. Such fluctuations are included with
the net realized and unrealized gain or loss on investments. </FONT>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)
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>
</TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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  of the Fund does
not believe the adoption of       SFAS 157 will impact the financial  statement amounts,
 however additional  disclosures may be required about       the inputs used to develop
the  measurements  and the effect of certain of the  measurements  included within
      the statement of operations for the period. </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(2) MANAGEMENT
ARRANGEMENTS: </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 $1.5  billion and .50% of average </FONT></P>


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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
22</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DNP SELECT INCOME
FUND INC.                          <BR>
                 NOTES TO FINANCIAL STATEMENTS&#151;(Continued)  <BR>
                                                 December 31, 2007 </B></FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>weekly  net  assets in excess
 thereof.  The  Administrator  receives a  quarterly  fee at annual  rates of .25% of
average  weekly net assets up to $100 million,  .20% of average  weekly net assets from
$100 million to $1 billion, and .10% of average  weekly net assets  over $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 commercial  paper, if any, issued by the
Fund.  Directors of the Fund not affiliated with the Adviser receive a fee of $30,000 per
year plus $3,000 per board  meeting,  plus $2,000 per committee  meeting  attended.  The
chairmen of the contracts,  executive and nominating  committees  receive an additional
fee of $6,000 per year. The chairman of the audit  committee  receives  an  additional
 fee of $7,500  per year.  The  chairman  of the board  receives  an additional  fee of
 $50,000  per year.  Total fees paid to  directors  for the year ended  December  31,
 2007 were $488,053. </FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(3) INDEMNIFICATIONS: </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(4) DIVIDENDS: </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 carryforwards. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
tax character of all Fund  distributions to common  shareholders of $177,760,670 and
$175,734,577 in 2007 and 2006, respectively, was ordinary income. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 December 31,
2007 the following reclassifications were recorded: </FONT></P>

<table cellpadding=0 cellspacing=0 border=0 width=500 align="center">

  <tr valign=Bottom>
    <td width=36% align=CENTER><b><font face="Times New Roman, Times, serif" size="1">Paid-in Surplus </font></b>
      <hr noshade color=#000000 size=1 width="75">
    </td>
    <td width=36% align=CENTER><b><font face="Times New Roman, Times, serif" size="1">Accumulated net realized <br>
      loss on investments </font></b>
      <hr noshade color=#000000 size=1 width="110">
    </td>
    <td width=27% align=CENTER><b><font face="Times New Roman, Times, serif" size="1">Distributions in excess of <br>
      net investment income </font></b>
      <hr noshade color=#000000 size=1 width="110">
    </td>
  </tr>
  <tr valign=Bottom>

    <td width=36% align=CENTER><font face="Times New Roman" size=2>$(94,014,408)</font></td>
    <td width=36% align=CENTER><font face="Times New Roman" size=2>$(7,605,638)</font></td>
    <td width=27% align=CENTER><font face="Times New Roman" size=2>$101,620,046</font></td>
  </tr>
</table>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DNP SELECT INCOME
FUND INC.                          <BR>
                 NOTES TO FINANCIAL STATEMENTS&#151;(Continued)  <BR>
                                                 December 31, 2007 </B></FONT></P>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(5) PREFERRED STOCK: </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 $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 $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 6.80% on the RP and from 4.20% to 6.60% on the APS during
the year ended December 31, 2007. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
RP and APS are  redeemable at the option of the Fund on any dividend  payment date at a
redemption  price equal to  $100,000  per share for each share of RP and $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 -
November 28, 2012; Series B - November 18, 2015; Series C - November 7, 2018; Series D -
December 22, 2021; and Series E - December 11, 2024. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 <sup><font size="1">1</font></sup>/<font size="1">4</font> vote per share.  Since
each share of APS  represents  a  liquidation preference  of $25,000,  and each share of
RP  represents  a  liquidation  preference  of $100,000  per share,  the allocation  of
<sup><font size="1">1</font></sup>/<font size="1">4</font> 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>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>(6) INVESTMENT
TRANSACTIONS:  </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the year ended  December 31, 2007  purchases and sales of  investment  securities
 (excluding  short-term securities) were $734,343,387 and $797,051,774, respectively. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 December 31, 2007 the Fund had loaned  portfolio  securities
 with a market value of  $564,930,213 and received  $586,846,027  of cash  collateral.
 This cash was invested in  securities as shown in the Schedule of Investments. </FONT></P>


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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
24</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Information about
Directors and Officers of the Fund&#151;(unaudited) </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Set
forth below are the names and certain  biographical  information  about the directors and
officers of the Fund.  Directors are divided into three classes and are elected to serve
 staggered  three-year  terms.  All of the directors are elected by the holders of the
Fund&#146;s common stock,  except for Mr. Genetski and Ms. Lampton,  who are elected by
the holders of the Fund&#146;s  preferred stock.  Directors who are not deemed to be
&#147;interested  persons&#148; of the Fund,  as defined in the  Investment  Company Act
of 1940,  are  referred to as  &#147;Independent  Directors.&#148;  Any director who is
deemed to be an  &#147;interested  person&#148; of the Fund is referred to as an  &#147;Interested
 Director.&#148; The term  &#147;Fund  Complex&#148;  refers to the Fund and all other
 investment  companies  advised  by  affiliates  of Phoenix Investment Partners, Ltd. (&#147;PXP&#148;). </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Independent Directors </B></FONT></P>

<table border=0 cellspacing=0 cellpadding=0 width="740">

  <tr valign="bottom" align="center">

    <td width=128 align="left"><b><font face="Times New Roman, Times, serif" size="1">Name, Address <br>
        and Age </font></b>


      <hr width=70 size=1 color=BLACK noshade align="left">
      </td>
    <td width=17>&nbsp;</td>
    <td width=54><b><font face="Times New Roman, Times, serif" size="1">Positions <br>
Held
<br>
        with Fund
</font></b>

      <hr size=1 color=BLACK noshade align="left">
        <b><font face="Times New Roman, Times, serif" size="1">
</font></b></td>
    <td width=14>&nbsp;</td>
    <td width=54><b><font face="Times New Roman, Times, serif" size="1">Term of
<br>
        Office and
<br>
        Length of
<br>
        Time <br>
        Served
 </font></b>

      <hr size=1 color=BLACK noshade align="left">
      </td>
    <td width=13>&nbsp;</td>
    <td width=209><b><font face="Times New Roman, Times, serif" size="1">Principal Occupation(s)
<br>
        During Past 5 Years
</font></b>

      <hr width=110 size=1 color=BLACK noshade align="center">
      </td>
    <td width=17>&nbsp;</td>
    <td width=71><b><font face="Times New Roman, Times, serif" size="1">Number of
<br>
        Portfolios in
<br>
        Fund Complex
<br>
        Overseen by
<br>
        Director </font></b>

      <hr size=1 color=BLACK noshade align="center">
        <b><font face="Times New Roman, Times, serif" size="1">
</font></b></td>
    <td width=12>&nbsp;</td>
    <td width=151><b><font face="Times New Roman, Times, serif" size="1">Other <br>
        Directorships <br>
        Held by the <br>
        Director </font></b>

      <hr width=110 size=1 color=BLACK noshade align="center">
      </td>
  </tr>

  <tr>

    <td valign=top width=128>

      <p><font face="Times New Roman, Times, serif" size="2">Stewart E. Conner <br>
          c/o Duff &amp; Phelps Investment
  <br>
          Management Co. <br>
          55 East Monroe Street <br>
           Suite 3600 <br>
          Chicago, IL 60603 <br>
          Age: 66</font></p>
    </td>
    <td valign=top width=17>

      <p align="left">&nbsp;</p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">Director</font></p>
    </td>
    <td valign=top width=14>

      <p align="left">&nbsp;</p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">Term expires 2010; Director since April
  2004</font></p>
    </td>
    <td valign=top width=13>

      <p align="left">&nbsp;</p>
    </td>
    <td valign=top width=209>

      <p align="left"><font face="Times New Roman, Times, serif" size="2">Attorney,
  Wyatt Tarrant &amp; Combs LLP since 1966 (Chairman, Executive Committee
  2000&#150;2004, Managing Partner 1988&#150;2000)</font></p>
    </td>
    <td valign=top width=17>

      <p align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=71 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">1</font></p>
    </td>
    <td valign=top width=12>

      <p align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=151>

      <p align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=128>&nbsp;</td>
    <td valign=top width=17>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=14>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=13>&nbsp;</td>
    <td valign=top width=209>&nbsp;</td>
    <td valign=top width=17>&nbsp;</td>
    <td valign=top width=71 align="center">&nbsp;</td>
    <td valign=top width=12>&nbsp;</td>
    <td valign=top width=151>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top width=128>

      <p><font face="Times New Roman, Times, serif" size="2">Connie K. Duckworth <br>
          c/o
  Duff &amp; Phelps <br>
          Investment <br>
          Management Co. <br>
          55 East Monroe Street <br>
          Suite 3600 <br>
          Chicago, IL 60603 <br>
          Age: 53 </font></p>
    </td>
    <td valign=top width=17>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">Director </font></p>
    </td>
    <td valign=top width=14>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">Term expires 2008; Director
  since April 2002 </font></p>
    </td>
    <td valign=top width=13>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=209>

      <p><font face="Times New Roman, Times, serif" size="2">Founder, Chairman and
  President, Arzu, Inc. (nonprofit corporation created to assist Afghan women
  through sale of homemade rugs) since August 2003; Member, Eight Wings
  Enterprises LLC (investor in early-stage businesses) 2002&#150;2004; Advisory
  Director, Goldman Sachs &amp; Company, December 2000&#150;December 2001 (Managing
  Director, December 1996&#150;December 2000, Partner 1990&#150;1996, Chief Operating
  Officer of Firmwide Diversity Committee 1990&#150;1995) </font></p>
    </td>
    <td valign=top width=17>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=71 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">1 </font></p>
    </td>
    <td valign=top width=12>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=151>

      <p><font face="Times New Roman, Times, serif" size="2">Director, Smurfit-Stone
  Container Corporation (packaging manufacturer) and Frank Russell Company
  (investment services companies); Trustee, Northwestern Mutual Life Insurance
  Company; Director and Chairman, Evanston Northwestern Health Care
  Corporation; Member, Board of Overseers, Wharton School of the University of
  Pennsylvania; Director, Global Heritage Fund (archaeological conservation
  organization)</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=128>&nbsp;</td>
    <td valign=top width=17>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=14>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=13>&nbsp;</td>
    <td valign=top width=209>&nbsp;</td>
    <td valign=top width=17>&nbsp;</td>
    <td valign=top width=71 align="center">&nbsp;</td>
    <td valign=top width=12>&nbsp;</td>
    <td valign=top width=151>&nbsp;</td>
  </tr>
</table>


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<table border=0 cellspacing=0 cellpadding=0 width="740">

  <tr valign="bottom" align="center">

    <td width=128 align="left"><b><font face="Times New Roman, Times, serif" size="1">Name, Address <br>
        and Age </font></b>


      <hr width=70 size=1 color=BLACK noshade align="left">
      </td>
    <td width=17>&nbsp;</td>
    <td width=54><b><font face="Times New Roman, Times, serif" size="1">Positions <br>
Held
<br>
        with Fund
</font></b>

      <hr size=1 color=BLACK noshade align="left">
        <b><font face="Times New Roman, Times, serif" size="1">
</font></b></td>
    <td width=14>&nbsp;</td>
    <td width=54><b><font face="Times New Roman, Times, serif" size="1">Term of
<br>
        Office and
<br>
        Length of
<br>
        Time <br>
        Served
 </font></b>

      <hr size=1 color=BLACK noshade align="left">
      </td>
    <td width=13>&nbsp;</td>
    <td width=209><b><font face="Times New Roman, Times, serif" size="1">Principal Occupation(s)
<br>
        During Past 5 Years
</font></b>

      <hr width=110 size=1 color=BLACK noshade align="center">
      </td>
    <td width=17>&nbsp;</td>
    <td width=71><b><font face="Times New Roman, Times, serif" size="1">Number of
<br>
        Portfolios in
<br>
        Fund Complex
<br>
        Overseen by
<br>
        Director </font></b>

      <hr size=1 color=BLACK noshade align="center">
        <b><font face="Times New Roman, Times, serif" size="1">
</font></b></td>
    <td width=12>&nbsp;</td>
    <td width=151><b><font face="Times New Roman, Times, serif" size="1">Other
<br>
        Directorships
<br>
        Held
by the  <br>
        Director </font></b>

      <hr width=110 size=1 color=BLACK noshade align="center">
      </td>
  </tr>





  <tr>

    <td valign=top width=128>

      <p><font face="Times New Roman, Times, serif" size="2">Francis E. Jeffries <br>
          c/o
  Duff &amp; Phelps <br>
          Investment <br>
          Management Co. <br>
          55 East Monroe Street <br>
          Suite 3600 <br>
          Chicago, IL  60603 <br>
          Age: 77 </font></p>
    </td>
    <td valign=top width=17>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">Director and Chairman of
  the Board </font></p>
    </td>
    <td valign=top width=14>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">Term expires 2008; Director
  since January 1987 </font></p>
    </td>
    <td valign=top width=13>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=209>

      <p><font face="Times New Roman, Times, serif" size="2">Retired Chairman of the
  Board of PXP since May 1997; Chairman of the Board of the Fund since May 2005
  (Vice Chairman April 2004&#150;May 2005); Chairman of the Board of DTF Tax-Free
  Income Inc. (&#147;DTF&#148;) since September 1991 and Duff &amp; Phelps Utility and Corporate
  Bond Trust Inc. (&#147;DUC&#148;) since November 1992 (President of DTF and DUC,
  January 2000&#150;February 2004); Chairman of the Board of PXP, November 1995&#150;May
  1997; Chairman and Chief Executive Officer, Duff &amp; Phelps Corporation,
  June 1993&#150;November 1995 (President and Chief Executive Officer, January
  1992&#150;June 1993); Chairman of the Board of the Adviser, 1988&#150;1993 </font></p>
    </td>
    <td valign=top width=17>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=71 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">58</font></p>
    </td>
    <td valign=top width=12>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=151>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=128>&nbsp;</td>
    <td valign=top width=17>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=14>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=13>&nbsp;</td>
    <td valign=top width=209>&nbsp;</td>
    <td valign=top width=17>&nbsp;</td>
    <td valign=top width=71 align="center">&nbsp;</td>
    <td valign=top width=12>&nbsp;</td>
    <td valign=top width=151>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top width=128>

      <p><font face="Times New Roman, Times, serif" size="2">Robert J. Genetski(1) <br>
          c/o
  Duff &amp; Phelps <br>
          Investment <br>
          Management Co. <br>
          55 East Monroe Street <br>
          Suite 3600 <br>
          Chicago, IL 60603 <br>
          Age: 65 </font></p>
    </td>
    <td valign=top width=17>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">Director </font></p>
    </td>
    <td valign=top width=14>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">Term expires in 2010;
  Director since April 2001</font></p>
    </td>
    <td valign=top width=13>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=209>

      <p><font face="Times New Roman, Times, serif" size="2">President, Robert Genetski
  &amp; Associates, Inc. (economic and financial consulting firm) since 1991;
  Senior Managing Director, Chicago Capital Inc. (financial services firm)
  1995&#150;2001; former Senior Vice President and Chief Economist, Harris Trust
  &amp; Savings Bank, author of several books; regular contributor to the
  Nikkei Financial Daily</font></p>
    </td>
    <td valign=top width=17>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=71 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">1</font></p>
    </td>
    <td valign=top width=12>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=151>

      <p><font face="Times New Roman, Times, serif" size="2">Director, Midwest Banc Holdings, Inc.</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=128>&nbsp;</td>
    <td valign=top width=17>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=14>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=13>&nbsp;</td>
    <td valign=top width=209>&nbsp;</td>
    <td valign=top width=17>&nbsp;</td>
    <td valign=top width=71 align="center">&nbsp;</td>
    <td valign=top width=12>&nbsp;</td>
    <td valign=top width=151>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top width=128>

      <p><font face="Times New Roman, Times, serif" size="2">
  Nancy Lampton(1) <br>
          c/o Duff &amp; Phelps <br>
          Investment <br>
          Management Co. <br>
          55 East Monroe Street <br>
          Suite 3600 <br>
          Chicago, IL 60603 <br>
          Age: 65 </font></p>
    </td>
    <td valign=top width=17>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">Director and Vice Chairman
  of the Board </font></p>
    </td>
    <td valign=top width=14>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">Term expires 2009; Director
  since October 1994 </font></p>
    </td>
    <td valign=top width=13>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=209>

      <p><font face="Times New Roman, Times, serif" size="2">Chairman and Chief
  Executive Officer, Hardscuffle Inc. (insurance holding company) since January
  2000; Chairman and Chief Executive Officer, American Life and Accident
  Insurance Company of Kentucky since 1971 </font></p>
    </td>
    <td valign=top width=17>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=71 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">3 </font></p>
    </td>
    <td valign=top width=12>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=151>

      <p><font face="Times New Roman, Times, serif" size="2">Director, Constellation
  Energy Group, Inc. (public utility holding company); Advisory Board Member,
  Thorium Power, Inc. (designer of non-proliferative fuel for nuclear energy
  needs)</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=128>&nbsp;</td>
    <td valign=top width=17>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=14>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=13>&nbsp;</td>
    <td valign=top width=209>&nbsp;</td>
    <td valign=top width=17>&nbsp;</td>
    <td valign=top width=71 align="center">&nbsp;</td>
    <td valign=top width=12>&nbsp;</td>
    <td valign=top width=151>&nbsp;</td>
  </tr>
</table>


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<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
26</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->


<table border=0 cellspacing=0 cellpadding=0 width="740">

  <tr valign="bottom" align="center">

    <td width=137 align="left"><b><font face="Times New Roman, Times, serif" size="1">Name, Address <br>
        and Age </font></b>


      <hr width=70 size=1 color=BLACK noshade align="left">
      </td>
    <td width=10>&nbsp;</td>
    <td width=54><b><font face="Times New Roman, Times, serif" size="1">Positions <br>
Held
<br>
        with Fund
</font></b>

      <hr size=1 color=BLACK noshade align="left">
        <b><font face="Times New Roman, Times, serif" size="1">
</font></b></td>
    <td width=14>&nbsp;</td>
    <td width=54><b><font face="Times New Roman, Times, serif" size="1">Term of
<br>
        Office and
<br>
        Length of
<br>
        Time <br>
        Served
 </font></b>

      <hr size=1 color=BLACK noshade align="left">
      </td>
    <td width=13>&nbsp;</td>
    <td width=209><b><font face="Times New Roman, Times, serif" size="1">Principal Occupation(s)
<br>
        During Past 5 Years
</font></b>

      <hr width=110 size=1 color=BLACK noshade align="center">
      </td>
    <td width=17>&nbsp;</td>
    <td width=71><b><font face="Times New Roman, Times, serif" size="1">Number of
<br>
        Portfolios in
<br>
        Fund Complex
<br>
        Overseen by
<br>
        Director </font></b>

      <hr size=1 color=BLACK noshade align="center">
        <b><font face="Times New Roman, Times, serif" size="1">
</font></b></td>
    <td width=12>&nbsp;</td>
    <td width=151><b><font face="Times New Roman, Times, serif" size="1">Other <br>
        Directorships <br>
        Held by the  <br>
        Director </font></b>

      <hr width=110 size=1 color=BLACK noshade align="center">
      </td>
  </tr>











  <tr>

    <td valign=top width=137>

      <p><font face="Times New Roman, Times, serif" size="2">Christian H. Poindexter<br>
          c/o Duff &amp; Phelps <br>
          Investment <br>
          Management Co. <br>
          55 East Monroe Street <br>
          Suite 3600 <br>
          Chicago, IL 60603 <br>
          Age: 69 </font></p>
    </td>
    <td valign=top width=10>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">Director </font></p>
    </td>
    <td valign=top width=14>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">Term expires 2009; Director
  since May 2003</font></p>
    </td>
    <td valign=top width=13>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=209>

      <p><font face="Times New Roman, Times, serif" size="2">Retired Executive Committee
  Chairman, Constellation Energy Group, Inc. (public utility holding company)
  since March 2003 (Executive Committee Chairman, July 2002&#150;March 2003;
  Chairman of the Board, April 1999&#150;July 2002; Chief Executive Officer, April
  1999&#150;October 2001; President, April 1999&#150;October 2000) Chairman, Baltimore
  Gas and Electric Company, January 1993&#150;July 2002 (Chief Executive Officer
  January 1993&#150;July 2000; President, March 1998&#150;October 2000; Director,
  1988&#150;2003)</font></p>
    </td>
    <td valign=top width=17>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=71 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">1</font></p>
    </td>
    <td valign=top width=12>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=151>

      <p><font face="Times New Roman, Times, serif" size="2">Director, The Baltimore
  Life Insurance Company; Chairman Investment Committee, U.S.
  Naval Academy Foundation</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=137>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=14>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=13>&nbsp;</td>
    <td valign=top width=209>&nbsp;</td>
    <td valign=top width=17>&nbsp;</td>
    <td valign=top width=71 align="center">&nbsp;</td>
    <td valign=top width=12>&nbsp;</td>
    <td valign=top width=151>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top width=137>

      <p><font face="Times New Roman, Times, serif" size="2">Carl F. Pollard <br>
          c/o Duff
  &amp; Phelps <br>
          Investment <br>
          Management Co. <br>
          55 East Monroe Street <br>
          Suite 3600 <br>
          Chicago, IL 60603 <br>
          Age: 69 </font></p>
    </td>
    <td valign=top width=10>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">Director </font></p>
    </td>
    <td valign=top width=14>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">Term expires 2008; Director
  since April 2002 </font></p>
    </td>
    <td valign=top width=13>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=209>

      <p><font face="Times New Roman, Times, serif" size="2">Owner, Hermitage Farm
  L.L.C. (thoroughbred breeding) since January 1995; Chairman, Columbia
  Healthcare Corporation 1993&#150;1994; Chairman and Chief Executive Officer, Galen
  Health Care, Inc, March&#150;August 1993, President and Chief Operating Officer,
  Humana Inc. 1991&#150;1993 (previously Senior Executive Vice President, Executive
  Vice President and Chief Financial Officer) </font></p>
    </td>
    <td valign=top width=17>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=71 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">3</font></p>
    </td>
    <td valign=top width=12>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=151>

      <p><font face="Times New Roman, Times, serif" size="2">Chairman of the Board and
  Director, Churchill Downs Incorporated</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=137>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=14>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=13>&nbsp;</td>
    <td valign=top width=209>&nbsp;</td>
    <td valign=top width=17>&nbsp;</td>
    <td valign=top width=71 align="center">&nbsp;</td>
    <td valign=top width=12>&nbsp;</td>
    <td valign=top width=151>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top width=137>

      <p><font face="Times New Roman, Times, serif" size="2">David J. Vitale <br>
        c/o Duff
  &amp; Phelps <br>
        Investment <br>
        Management Co. <br>
        55 East Monroe Street <br>
        Suite 3600
        <br>
          Chicago, IL 60603 <br>
          Age: 61 </font></p>
    </td>
    <td valign=top width=10>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">Director</font></p>
    </td>
    <td valign=top width=14>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">Term expires 2009; Director
  since April 2000</font></p>
    </td>
    <td valign=top width=13>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=209>

      <p><font face="Times New Roman, Times, serif" size="2">Senior Advisor to the CEO,
  Chicago Public Schools since April 2007; Chief Administrative Officer,
  Chicago Public Schools April 2003&#150;April 2007; Private investor November
  2002&#150;April 2003; President and Chief Executive Officer, Board of Trade of the
  City of Chicago, Inc. March 2001&#150;November 2002; Retired executive 1999&#150;2001;
  Vice Chairman and Director, Bank One Corporation, 1998&#150;1999; Vice Chairman
  and Director, First Chicago NBD Corporation, and President, The First
  National Bank of Chicago, 1995&#150;1998; Vice Chairman, First Chicago Corporation
  and The First National Bank of Chicago, 1993&#150;1998 (Director, 1992&#150;1998; Executive
  Vice President, 1986&#150;1993)</font></p>
    </td>
    <td valign=top width=17>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=71 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">3</font></p>
    </td>
    <td valign=top width=12>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=151>

      <p><font face="Times New Roman, Times, serif" size="2">Director, UAL Corporation
  (airline holding company), ISO New England Inc. (not for profit independent
  system operator of New England&#146;s electricity supply), Wheels, Inc.
  (automobile fleet management) and Ariel Capital Management, LLC </font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=137>&nbsp;</td>
    <td valign=top width=10>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=14>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=13>&nbsp;</td>
    <td valign=top width=209>&nbsp;</td>
    <td valign=top width=17>&nbsp;</td>
    <td valign=top width=71 align="center">&nbsp;</td>
    <td valign=top width=12>&nbsp;</td>
    <td valign=top width=151>&nbsp;</td>
  </tr>




</table>
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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
27</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


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<table border=0 cellspacing=0 cellpadding=0 width="740">

  <tr valign="bottom" align="center">

    <td width=128 align="left"><b><font face="Times New Roman, Times, serif" size="1">Name, Address <br>
        and Age </font></b>


      <hr width=70 size=1 color=BLACK noshade align="left">
      </td>
    <td width=17>&nbsp;</td>
    <td width=54><b><font face="Times New Roman, Times, serif" size="1">Positions <br>
Held
<br>
        with Fund
</font></b>

      <hr size=1 color=BLACK noshade align="left">
        <b><font face="Times New Roman, Times, serif" size="1">
</font></b></td>
    <td width=14>&nbsp;</td>
    <td width=54><b><font face="Times New Roman, Times, serif" size="1">Term of
<br>
        Office and
<br>
        Length of
<br>
        Time <br>
        Served
 </font></b>

      <hr size=1 color=BLACK noshade align="left">
      </td>
    <td width=13>&nbsp;</td>
    <td width=209><b><font face="Times New Roman, Times, serif" size="1">Principal Occupation(s)
<br>
        During Past 5 Years
</font></b>

      <hr width=110 size=1 color=BLACK noshade align="center">
      </td>
    <td width=17>&nbsp;</td>
    <td width=71><b><font face="Times New Roman, Times, serif" size="1">Number of
<br>
        Portfolios in
<br>
        Fund Complex
<br>
        Overseen by
<br>
        Director </font></b>

      <hr size=1 color=BLACK noshade align="center">
        <b><font face="Times New Roman, Times, serif" size="1">
</font></b></td>
    <td width=12>&nbsp;</td>
    <td width=151><b><font face="Times New Roman, Times, serif" size="1">Other <br>
        Directorships <br>
        Held by the  <br>
        Director </font></b>

      <hr width=110 size=1 color=BLACK noshade align="center">
      </td>
  </tr>
  <tr>

    <td valign=top width=128>

      <p><font face="Times New Roman, Times, serif" size="2"><b>Interested Director</b></font></p>
    </td>
    <td valign=top width=17>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2"> </font></p>
    </td>
    <td valign=top width=14>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2"> </font></p>
    </td>
    <td valign=top width=13>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=209>

      <p><font face="Times New Roman, Times, serif" size="2"> </font></p>
    </td>
    <td valign=top width=17>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=71 align="center">

      <p><font face="Times New Roman, Times, serif" size="2"> </font></p>
    </td>
    <td valign=top width=12>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=151>

      <p><font face="Times New Roman, Times, serif" size="2"> </font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=128>&nbsp;</td>
    <td valign=top width=17>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=14>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=13>&nbsp;</td>
    <td valign=top width=209>&nbsp;</td>
    <td valign=top width=17>&nbsp;</td>
    <td valign=top width=71 align="center">&nbsp;</td>
    <td valign=top width=12>&nbsp;</td>
    <td valign=top width=151>&nbsp;</td>
  </tr>

  <tr>

    <td valign=top width=128>

      <p><font face="Times New Roman, Times, serif" size="2">Nathan I. Partain <br>
          Duff &amp; Phelps <br>
          Investment <br>
          Management
  Co. <br>
          55 East Monroe Street <br>
          Suite 3600 <br>
          Chicago, IL 60603 <br>
          Age: 51</font></p>
    </td>
    <td valign=top width=17>

      <p>&nbsp;</p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">President and Chief Executive Officer </font></p>
    </td>
    <td valign=top width=14>

      <p>&nbsp;</p>
    </td>
    <td valign=top width=54 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">Term expires 2010; President and Chief Executive Officer
  since February 2001</font></p>
    </td>
    <td valign=top width=13>

      <p>&nbsp;</p>
    </td>
    <td valign=top width=209>

      <p><font face="Times New Roman, Times, serif" size="2">President and Chief Executive Officer of the Fund since February 2001
  (Chief Investment Officer since January 1998; Executive Vice President, April
  1998&#150;February 2001; Senior Vice President January 1997&#150;April 1998); President
  and Chief Investment Officer of the Adviser since April 2005 (Executive Vice
  President 1997&#150;2005); President and Chief Executive Officer of DTF and DUC
  since February 2004; Director of Utility Research, Duff &amp; Phelps
  Investment Research Co. 1989&#150;1996 (Director of Equity Research, 1993&#150;1996 and
  Director of Fixed Income Research, 1993)</font></p>
    </td>
    <td valign=top width=17>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=71 align="center">

      <p><font face="Times New Roman, Times, serif" size="2">3</font></p>
    </td>
    <td valign=top width=12>

      <p><font face="Times New Roman, Times, serif" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=151>

      <p><font face="Times New Roman, Times, serif" size="2">Director, Otter Tail Corporation (manages diversified operations in the
  electric, plastics, manufacturing, health services, food ingredient
  processing and other business operations sectors)</font></p>
    </td>
  </tr>
  <tr>
    <td valign=top width=128>&nbsp;</td>
    <td valign=top width=17>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=14>&nbsp;</td>
    <td valign=top width=54 align="center">&nbsp;</td>
    <td valign=top width=13>&nbsp;</td>
    <td valign=top width=209>&nbsp;</td>
    <td valign=top width=17>&nbsp;</td>
    <td valign=top width=71 align="center">&nbsp;</td>
    <td valign=top width=12>&nbsp;</td>
    <td valign=top width=151>&nbsp;</td>
  </tr>

</table>

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<HR SIZE=1 noshade ALIGN=left  WIDTH=75>


<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>
    <TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Elected
by the holders of the Fund&#146;s preferred stock.       </FONT></TD>
</TR>
</TABLE>
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional
 information  about the Fund&#146;s  directors is contained in the Statement of
Additional  Information (&#147;SAI&#148;)  constituting Part B of the Fund&#146;s
 Registration  Statement on Form N-2 filed with the SEC. The most recent post-effective
 amendment to that  Registration  Statement is available  electronically  at the SEC&#146;s
 Internet web site,  http://www.sec.gov.  The Fund will also  furnish a copy of the SAI
 portion of the  Registration  Statement, without charge, to any shareholder who so
requests by calling the Administrator at (888) 878-7845 (toll-free).  </FONT></P>




<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Officers of the Fund </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 officers  of the Fund are  elected at the  annual  meeting of the board of  directors
 of the Fund.  The officers  receive no  compensation  from the Fund,  but are also
officers of the Fund&#146;s  investment  adviser or the Fund&#146;s  administrator  and
receive  compensation  in such  capacities.  Information  about Nathan I.  Partain,  the
President and Chief Executive Officer of the Fund, is provided above under the caption
&#147;Interested Director.&#148; </FONT></P>

<table border=0 cellspacing=0 cellpadding=0 width="740">

  <tr align="center" valign="bottom">

    <td width=128><font face="Times New Roman, Times, serif" size="1"><b>Name, Address  <br>
        and Age  </b>

        </font>

      <hr width=70 size=1 color=BLACK noshade align="center">
      </td>
    <td width=18>&nbsp;</td>
    <td width=172><font face="Times New Roman, Times, serif" size="1"><b>Position(s) Held with
<br>
        Fund and Length of
<br>
        Time Served
</b></font>

      <hr width=95 size=1 color=BLACK noshade align="center">
      </td>
    <td width=18><font size="1"></font></td>
    <td width=404><font face="Times New Roman, Times, serif" size="1"><b>Principal Occupation(s)
<br>
        During Past 5 Years </b></font>

      <hr width=105 size=1 color=BLACK noshade align="center">
    </td>
  </tr>

  <tr>

    <td valign=top width=128>

      <p><font face="Times New Roman" size="2">T. Brooks Beittel <br>
          Duff &amp; Phelps <br>
          Investment <br>
          Management Co. <br>
          55 East Monroe
    Street <br>
          Suite 3600 <br>
          Chicago, IL 60603 <br>
          Age: 57 </font></p>
    </td>
    <td valign=top width=18>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=172>

      <p><font face="Times New Roman" size="2">Secretary and Senior Vice President since January 1995; Treasurer,
  January 1995&#150;September 2002 </font></p>
    </td>
    <td valign=top width=18>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=404>

      <p><font face="Times New Roman" size="2">Senior Vice President of the Adviser since 1993 (Vice President
  1987&#150;1993); Secretary of DUC and DTF since May 2005</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=128>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=18>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=172>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=18>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=404>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
  </tr>
</table>


<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
28</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

<table border=0 cellspacing=0 cellpadding=0 width="740">

  <tr align="center" valign="bottom">

    <td width=128><font face="Times New Roman, Times, serif" size="1"><b>Name, Address  <br>
        and Age  </b>

        </font>

      <hr width=70 size=1 color=BLACK noshade align="center">
      </td>
    <td width=18>&nbsp;</td>
    <td width=172><font face="Times New Roman, Times, serif" size="1"><b>Position(s) Held with
<br>
        Fund and Length of
<br>
        Time Served
</b></font>

      <hr width=95 size=1 color=BLACK noshade align="center">
      </td>
    <td width=18><font size="1"></font></td>
    <td width=404><font face="Times New Roman, Times, serif" size="1"><b>Principal Occupation(s)
<br>
        During Past 5 Years </b></font>

      <hr width=105 size=1 color=BLACK noshade align="center">
      </td>
  </tr>



  <tr>

    <td valign=top width=128>

      <p><font face="Times New Roman" size="2">Joseph C. Curry, Jr. <br>
          c/o Hilliard Lyons <br>
          Asset Management <br>
          500 West Jefferson
    St. <br>
          Louisville, KY 40202 <br>
          Age: 63 </font></p>
    </td>
    <td valign=top width=18>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=172>

      <p><font face="Times New Roman" size="2">Treasurer since September 2002; Senior Vice President since May 2006
  (Vice President, April 1988&#150;May 2006)</font></p>
    </td>
    <td valign=top width=18>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=404>

      <p><font face="Times New Roman" size="2">Senior Vice President, J.J.B. Hilliard, W.L. Lyons, Inc. since 1994
  (Vice President 1982&#150;1994); President, Hilliard-Lyons Government Fund, Inc.
  since 1986; Vice President and Assistant Treasurer, Senbanc Fund since 1999</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=128>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=18>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=172>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=18>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=404>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=128>

      <p><font face="Times New Roman" size="2">Joyce B. Riegel <br>
          Duff &amp; Phelps <br>
          Investment <br>
          Management Co. <br>
          55 East Monroe
    Street <br>
          Suite 3600 <br>
          Chicago, IL 60603 <br>
          Age: 53 </font></p>
    </td>
    <td valign=top width=18>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=172>

      <p><font face="Times New Roman" size="2">Chief Compliance Officer since February 2004 </font></p>
    </td>
    <td valign=top width=18>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=404>

      <p><font face="Times New Roman" size="2">Senior Vice President and Chief Compliance Officer of the Adviser since
  2004 (Vice President and Compliance Officer of the Adviser 2002&#150;2004), Chief
  Compliance Officer of DTF and DUC since 2003. Vice President and Chief
  Compliance Officer, Stein Roe Investment Counsel LLC 2001&#150;2002</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=128>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=18>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=172>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=18>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=404>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=128>

      <p><font face="Times New Roman" size="2">Dianna P. Wengler <br>
          c/o Hilliard Lyons <br>
          Asset Management <br>
          500 West Jefferson
    St. <br>
          Louisville, KY 40202 <br>
          Age: 47</font></p>
    </td>
    <td valign=top width=18>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=172>

      <p><font face="Times New Roman" size="2">Vice President since May 2006 (Assistant Vice President, April 2004&#150;May
  2006); Assistant Secretary since April 1998</font></p>
    </td>
    <td valign=top width=18>

      <p><font face="Times New Roman" size="2">&nbsp;</font></p>
    </td>
    <td valign=top width=404>

      <p><font face="Times New Roman" size="2">Vice President, J.J.B. Hilliard, W.L. Lyons, Inc. since 1990; Senior
  Vice President, Hilliard-Lyons Government Fund, Inc. since 2006, Treasurer
  since 1988 (Vice President 1985-2006)</font></p>
    </td>
  </tr>

  <tr>

    <td valign=top width=128>&nbsp;</td>
    <td valign=top width=18>&nbsp;</td>
    <td valign=top width=172>&nbsp;</td>
    <td valign=top width=18>&nbsp;</td>
    <td valign=top width=404>&nbsp;</td>
  </tr>

</table>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Information about
Proxy Voting by the Fund&#151;(unaudited) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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  http://www.dnpselectincome.com  or on  the  SEC&#146;s  web  site
http://www.sec.gov. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
web site at  http://www.dnpselectincome.com  or on the SEC&#146;s web site at
http://www.sec.gov. </FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Information about
the Fund&#146;s Portfolio Holdings&#151;(unaudited) </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
 web site at  http://www.sec.gov  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   web
  site   at http://www.dnpselectincome.com. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CEO and CFO
Certifications&#151;(unaudited) </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2007, the Fund&#146;s chief executive  officer  (&#147;CEO&#148;)  provided to the New
York Stock Exchange the annual CEO certification  regarding the Fund&#146;s  compliance
with the New York Stock  Exchange&#146;s  corporate  governance  listing standards.  In
 addition,  the Fund&#146;s CEO and the Fund&#146;s chief  financial  officer  (&#147;CFO&#148;)
 filed with the SEC all required  certifications  regarding the quality of the Fund&#146;s
 public  disclosure in its reports filed with the SEC in 2007. </FONT></P>


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<BR>&nbsp;
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29</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Board of Directors </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FRANCIS E. JEFFRIES, CFA <BR>Chairman </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NANCY LAMPTON <BR> Vice Chairman </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>STEWART E. CONNER </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CONNIE K. DUCKWORTH </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ROBERT J. GENETSKI </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NATHAN I. PARTAIN, CFA </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CHRISTIAN H. POINDEXTER </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CARL F. POLLARD </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DAVID J. VITALE </FONT></P>

<P>&nbsp;</P>
<P>&nbsp;</P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Officers </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NATHAN I. PARTAIN, CFA <BR>President,
Chief Executive Officer and <BR> Chief Investment Officer </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>T. BROOKS BEITTEL, CFA <BR>Senior Vice
President and Secretary </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JOSEPH C. CURRY, JR. <BR>Senior Vice
President and Treasurer </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>JOYCE B. RIEGEL <BR>Chief Compliance
Officer </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>DIANNA P. WENGLER <BR>Vice President and
Assistant Secretary </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>DNP Select Income Fund
Inc. </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Common stock listed on the New York <BR>
Stock Exchange under the symbol DNP </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55 East Monroe Street, Suite 3600 <BR>
Chicago, Illinois 60603 (312) 368-5510 </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Shareholder inquiries
please contact: </B></FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Transfer Agent, <BR>
Dividend Disbursing <BR>Agent and Custodian </B></FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>BNY Mellon <BR>Shareowner
Services <BR>480 Washington Blvd. <BR>Jersey City, New Jersey 07310 </B></FONT></P>

<P>&nbsp;</P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investment Adviser </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Duff &amp; Phelps Investment <BR>
Management Co. <BR>55 East Monroe Street <BR>Chicago, Illinois 60603 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Administrator </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>J.J.B. Hilliard, W.L. Lyons, Inc. <BR>
500 West Jefferson Street <BR>Louisville, Kentucky 40202 <BR>(888) 878-7845 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Legal Counsel </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mayer Brown LLP <BR>71 South Wacker
Drive <BR>Chicago, Illinois 60606 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Independent Registered Public
Accounting Firm </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ernst &amp; Young LLP <BR>233 South
Wacker Drive <BR>Chicago, Illinois 60606 </FONT></P>


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<BR>&nbsp;
<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
</FONT></TD><TD WIDTH=20% ALIGN=right><FONT SIZE="1">&nbsp;</FONT></TD></TR></TABLE><HR SIZE=5 noshade WIDTH=100% ALIGN=LEFT>



<p><!-- *************************************************************************** -->
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</p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=10%><font face="Times New Roman, Times, Serif" size=2>ITEM&nbsp;2.&nbsp;</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>
          CODE OF ETHICS.  </font></td>
  </tr>
</table>
<br>

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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
of the end of the period covered by this report, the registrant has adopted a code of
ethics          that applies to the registrant&#146;s principal executive officer and
principal financial officer (the &#147;Code          of Ethics&#148;).  The registrant&#146;s
principal financial officer also performs the functions of principal          accounting
officer. </font>
</td>
  </tr>
</table>
<br>

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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
text of the registrant&#146;s Code of Ethics is posted on the registrant&#146;s web site
at          http://www.dnpselectincome.com.  In the event that the registrant makes any
amendment to or grants any          waiver from the provisions of its Code of Ethics, the
registrant intends to disclose such amendment or          waiver on its web site within
five business days. </font>
</td>
  </tr>
</table>
<br>


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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=10%><font face="Times New Roman, Times, Serif" size=2>ITEM&nbsp;3.&nbsp;</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>
          AUDIT COMMITTEE FINANCIAL EXPERT.  </font></td>
  </tr>
</table>
<br>

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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant&#146;s board of directors has determined that two members of its audit
committee,          Christian H. Poindexter and Carl F. Pollard, are audit committee
financial experts and that each of them          is &#147;independent&#148; for purposes
of this Item. </font>
</td>
  </tr>
</table>
<br>
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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=10%><font face="Times New Roman, Times, Serif" size=2>ITEM&nbsp;4.&nbsp;</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>
          PRINCIPAL ACCOUNTANT FEES AND SERVICES.  </font></td>
  </tr>
</table>
<br>

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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
information required by this Item is incorporated by reference from the section captioned
         &#147;Audit and Non-Audit Fees&#148; in the registrant&#146;s definitive proxy
statement filed within 120 days after the          end of the fiscal year covered by this
report. </font>
</td>
  </tr>
</table>
<br>


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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=10%><font face="Times New Roman, Times, Serif" size=2>ITEM&nbsp;5.&nbsp;</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>
          AUDIT COMMITTEE OF LISTED REGISTRANTS.  </font></td>
  </tr>
</table>
<br>

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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant has a separately-designated standing audit committee established in accordance
         with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (the &#147;Exchange
Act&#148;).  The members of          the committee are Connie K. Duckworth, Robert J.
Genetski, Christian H. Poindexter and Carl F. Pollard. </font>
</td>
  </tr>
</table>
<br>


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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=10%><font face="Times New Roman, Times, Serif" size=2>ITEM&nbsp;6.&nbsp;</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>
          SCHEDULE OF INVESTMENTS  </font></td>
  </tr>
</table>
<br>

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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%>
      <p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Included
as part of the report to shareholders filed under Item 1 of this Form. </font></p>
    </td>
  </tr>
</table>
<br>
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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=10%><font face="Times New Roman, Times, Serif" size=2>ITEM&nbsp;7.&nbsp;</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>
          DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES                   FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.  </font></td>
  </tr>
</table>
<br>

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<p align=CENTER><font face="Times New Roman, Times, Serif" size=2><b>DNP SELECT INCOME
FUND INC. <br>
                                         PROXY VOTING POLICIES AND PROCEDURES <br>
                                   Adopted May 13, 2003 and Amended May 11, 2007 </b></font></p>
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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>I.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b><i>Definitions.</i></b>
As used in these Policies and Procedures, the following terms shall have the
meanings ascribed below: </font> </td>
  </tr>
</table>
<br>

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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>A.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>&#147;Adviser&#148; refers
to Duff &amp; Phelps Investment Management Co. </font></td>
  </tr>
</table>
<br>

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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>B.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>&#147;Adviser&#146;s
Act&#148; refers to the Investment Adviser&#146;s Act of 1940, as amended. </font></td>
  </tr>
</table>
<br>

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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>C.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>&#147;corporate
 governance  matters&#148;  refers to changes  involving the corporate  ownership or
structure of an                   issuer whose voting  securities are within a portfolio
 holding,  including   </font></td>
  </tr>
</table>
<br>


<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>



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</p>
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>changes
in the state                   of  incorporation,  changes in capital  structure,
 including  increases and decreases of capital                   and preferred  stock
 issuance,  mergers and other corporate  restructurings,  and  anti-takeover
                  provisions such as staggered boards, poison pills, and supermajority
voting provisions. </font></td>
  </tr>
</table>
<br>

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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>D.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>&#147;Delegate&#148;   refers
 to  the  Adviser,   any  proxy   committee  to  which  the  Adviser   delegates   its
                  responsibilities  hereunder and any qualified,  independent
 organization  engaged by the Adviser                   to vote proxies on behalf of the
Fund. </font></td>
  </tr>
</table>
<br>

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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>E.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>&#147;executive
compensation matters&#148; refers to stock option plans and other executive compensation
issues. </font></td>
  </tr>
</table>
<br>

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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>F.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>&#147;Fund&#148; refers
to DNP Select Income Fund Inc. </font></td>
  </tr>
</table>
<br>

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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>G.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>&#147;Investment
Company Act&#148; refers to the Investment Company Act of 1940, as amended. </font></td>
  </tr>
</table>
<br>

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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>H.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>&#147;portfolio
 holding&#148;  refers  to any  company  or entity  whose  voting  securities  are held
 within  the                   investment portfolio of the Fund as of the date a proxy is
solicited. </font></td>
  </tr>
</table>
<br>

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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>I.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>&#147;proxy
 contests&#148;  refer to any meeting of shareholders of an issuer for which there are at
least two sets                   of proxy  statements  and proxy cards,  one solicited by
management and the others by a dissident                   or group of dissidents. </font></td>
  </tr>
</table>
<br>

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<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>J.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>&#147;social
issues&#148; refers to social, political and environmental issues. </font></td>
  </tr>
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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>K.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>&#147;takeover&#148;  refers
to &#147;hostile&#148; or &#147;friendly&#148;  efforts to effect  radical  change in the
voting control of                   the board of directors of a company. </font></td>
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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>II.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b><i>General
policy. </i></b>It is the intention of the Fund to exercise voting stock ownership rights in
portfolio holdings in a manner that is reasonably anticipated to further
the best economic interests of shareholders of the Fund. Accordingly,
the Fund or its Delegate(s) shall endeavor to analyze and vote all proxies
that are considered likely to have financial implications, and, where
appropriate, to participate in corporate governance, shareholder
proposals, management communications and legal proceedings. The Fund and
its Delegate(s) must also identify potential or actual conflicts of interests
in voting proxies and address any such conflict of interest in accordance
with these Policies and Procedures. </font> </td>
  </tr>
</table>
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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>III.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b><i>Factors
to consider when voting.</i></b> </font> </td>
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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>         A.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>The
 Delegate  may  abstain  from  voting  when it  concludes  that the  effect on
 shareholders&#146;                  economic interests or the value of the portfolio
holding is indeterminable or insignificant. </font></td>
  </tr>
</table>
<br>

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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>B.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size="2">In
analyzing <b>anti-takeover measures</b>, the Delegate shall vote on a case-by-case basis
taking into consideration such factors as overall long-term
financial performance of the target company relative to its
industry competition. Key measures which shall be considered include, without
limitation, five-year annual compound growth rates for sales,
operating income, net income, and total shareholder returns (share
price appreciation plus dividends). Other financial indicators
that will be considered include margin analysis, cash flow, and debt levels. </font> </td>
  </tr>
</table>
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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>C.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size="2">In
analyzing <b>proxy contests for control</b>, the Delegate shall vote on a case-by-case
basis taking into consideration such factors as long-term financial
performance of the target company relative to its industry; management&#146;s
track record; background to the proxy contest; qualifications of
director nominees (both slates); evaluation of what each side is
offering shareholders as well as the likelihood that the proposed
objectives and goals can be met; and stock ownership positions. </font> </td>
  </tr>
</table>
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    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>


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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>D.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size="2">In
analyzing <b>contested elections for director</b>, the Delegate shall vote on a case-by-case
basis taking into consideration such factors as the qualifications
of all director nominees. The Delegate shall also consider the
independence and attendance record of board and key committee members.
A review of the corporate governance profile shall be completed
highlighting entrenchment devices that may reduce accountability. </font> </td>
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</table>
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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>E.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size="2">In
analyzing <b>corporate governance matters</b>, the Delegate shall vote on a case-by-case
basis taking into consideration such factors as tax and economic
benefits associated with amending an issuer&#146;s state of
incorporation, dilution or improved accountability associated with changes in capital
structure, management proposals to require a supermajority
shareholder vote to amend charters and bylaws and bundled or &#147;conditioned&#148; proxy
proposals. </font> </td>
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</table>
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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>F.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size="2">In
analyzing <b>executive compensation matters</b>, the Delegate shall vote on a case-by-case
basis taking into consideration such factors as executive pay and
spending on perquisites, particularly in conjunction with sub-par
performance and employee layoffs. </font> </td>
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</table>
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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>G.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size="2">The
Delegate shall generally vote against shareholder proposals on <b>social issues</b>,
except where the Delegate determines that a different position
would be in the clear economic interests of the Fund and its
shareholders. </font> </td>
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</table>
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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>IV.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b><i>Responsibilities
of Delegates.</i></b> </font> </td>
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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>A.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>In
the absence of a specific  direction  to the  contrary  from the Board of  Directors  of
the Fund,  the                   Adviser will be  responsible  for voting  proxies for
all portfolio  holdings in accordance  with                   these Policies and
Procedures, or for delegating such responsibility as described below. </font></td>
  </tr>
</table>
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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>B.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>The
Adviser may delegate its  responsibilities  hereunder to a proxy  committee  established
 from time to                   time by the  Adviser  and may engage one or more
 qualified,  independent  organizations  to vote                   proxies on behalf of
the Fund.  The Adviser shall be  responsible  for the ensuring that any such
                  Delegate is informed of and complies with these Policies and Procedures. </font></td>
  </tr>
</table>
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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>C.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>In
voting  proxies on behalf of the Fund,  each  Delegate  shall have a duty of care to
safeguard the best                   interests  of the Fund and its  shareholders  and to
act in  accordance  with these  Policies and                   Procedures. </font></td>
  </tr>
</table>
<br>

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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>D.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>No
Delegate shall accept  direction or  inappropriate  influence from any other client or
third party,  or                   from any director,  officer or employee of any
 affiliated  company,  and shall not cast any vote                   inconsistent  with
these  Policies and  Procedures  without  obtaining the prior  approval of the
                  Board of Directors of the Fund or its duly authorized representative. </font></td>
  </tr>
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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>V.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b><i>Conflicts
of interest</i></b> </font> </td>
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    <td width=5%>&nbsp;</td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>A.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>The
Fund and its  Delegate(s)  seek to avoid  actual or  perceived  conflicts of interest in
the voting of                   proxies for portfolio holdings between the interests of
Fund  shareholders,  on the one hand, and                   those of the  Adviser or any
 affiliated  person of the Fund or the  Adviser,  on the other hand.
                  The Board of  Directors  may take into  account a wide array of factors
 in  determining  whether                   such a conflict  exists,  whether  such
 conflict  is  material  in nature,  and how to  properly                   address or
resolve the same. </font></td>
  </tr>
</table>
<br>

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    <td width=5%>&nbsp;</td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>B.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>While
each conflict  situation  varies based on the particular  facts  presented and the
 requirements  of                   governing  law,  the  Board of  Directors  or its
 duly  authorized  representative  may take the                   following  actions,
 among  others,  or  otherwise  give  weight  to  </font></td>
  </tr>
</table>
<br>


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    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>


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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>the
 following  factors,  in                   addressing  material  conflicts of interest in
voting (or  directing  Delegates to vote)  proxies                   pertaining  to
portfolio  holdings:  (i) vote  pursuant to the  recommendation  of the  proposing
                  Delegate;  (ii) abstain  from voting;  or (iii) rely on the
 recommendations  of an  established,                   independent third party with
 qualifications to vote proxies,  such as Institutional  Shareholder
                  Services. </font></td>
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</table>
<br>

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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>C.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>The
Adviser  shall  notify the Board of  Directors  of the Fund  promptly  after  becoming
 aware that any                   actual  or  potential  conflict  of  interest  exists
 and  shall  seek the  Board of  Directors&#146;                  recommendations  for
 protecting  the best  interests of Fund&#146;s  shareholders.  The Adviser shall
                  not waive any  conflict of  interest or vote any  conflicted  proxies
 without the prior  written                   approval of the Board of Directors or its
duly authorized representative. </font></td>
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</table>
<br>

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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>VI.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size="2"><b><i>Miscellaneous.</i></b> </font> </td>
  </tr>
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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>         A.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>A
copy of the current Proxy Voting  Policies and  Procedures and the voting records for the
Fund,                   reconciling  proxies with portfolio holdings and recording proxy
voting guideline  compliance and                   justification,  shall be kept in an
easily  accessible place and available for inspection  either
                  physically or through electronic posting on an approved website. </font></td>
  </tr>
</table>
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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>         B.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>In
the event that a  determination,  authorization  or waiver under these Policies and
Procedures                   is requested at a time other than a regularly  scheduled
 meeting of the Board of Directors,  the                   Chairman  of the Audit
 Committee  shall be the duly  authorized  representative  of the Board of
                  Directors  with the  authority  and  responsibility  to  interpret  and
apply these  Policies and                   Procedures  and  shall  provide  a report  of
his or her  determinations  at the  next  following                   meeting of the
Board of Directors. </font></td>
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</table>
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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>         C.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>The
 Adviser  shall  present  a  report  of any  material  deviations  from  these  Policies
 and                   Procedures  at every  regularly  scheduled  meeting of the Board
of Directors  and shall  provide                   such other  reports as the Board of
Directors  may request from time to time.  The Adviser  shall                   provide
to the Fund or any  shareholder a record of its  effectuation of proxy voting pursuant to
                  these  Policies  and  Procedures  at such  times and in such  format or
medium as the Fund  shall                   reasonably  request.  The Adviser shall be
solely  responsible  for complying with its disclosure                   and  reporting
  requirements   under  applicable  laws  and  regulations,   including,   without
                  limitation,  Rule  206(4)-6  under the  Advisers  Act.  The  Adviser
 shall  gather,  collate and                   present  information  relating to its
proxy voting  activities and those of each Delegate in such                   format  and
 medium  as the Fund  shall  determine  from  time to time in  order  for the Fund to
                  discharge its disclosure and reporting  obligations  pursuant to Rule
30b1-4 under the Investment                   Company Act. </font></td>
  </tr>
</table>
<br>

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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>         D.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>The
Adviser shall pay all costs associated with proxy voting for portfolio  holdings
 pursuant to                   these  Policies and  Procedures  and assisting the Fund in
providing  public notice of the manner                   in which such proxies were
voted,  except that the Fund shall pay the costs  associated  with any
                  filings required under the Investment Company Act. </font></td>
  </tr>
</table>
<br>

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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>         E.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>In
performing  its duties  hereunder,  any Delegate may engage the services of a research
 and/or                   voting adviser, the cost of which shall be borne by such
Delegate. </font></td>
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</table>
<br>

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    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp;</font></td>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>         F.  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>These
 Policies and  Procedures  shall be presented to the Board of Directors  annually for
their                   amendment and/or approval. </font></td>
  </tr>
</table>
<br>

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<br>
&nbsp;
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  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>


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    <td width=10%><font face="Times New Roman, Times, Serif" size=2>ITEM&nbsp;8.&nbsp;</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>
          PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. </font></td>
  </tr>
</table>
<br>

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<p><font face="Times New Roman, Times, Serif" size="2"><u>The Fund&#146;s Portfolio Managers</u> </font> </p>
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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
team of investment professionals employed by Duff &amp; Phelps Investment Management Co.,
the Fund&#146;s investment adviser (the &#147;Adviser&#148;), is responsible for the
day-to-day management of the Fund&#146;s portfolio. The members of that investment team
and their respective areas of responsibility and expertise, as of March 4, 2008, are as
follows: </font></p>
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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nathan
I. Partain, CFA, has led the Fund&#146;s portfolio management team since 1998 and has
served on the Fund&#146;s portfolio management team since 1996. He has been President,
Chief Executive Officer and Chief Investment Officer of the Fund since February 2001
(Executive Vice President and Chief Investment Officer from 1998 to 2001). Mr. Partain
has been President and Chief Investment Officer of the Adviser since April 2005
(Executive Vice President from 1997 to 2005), President and Chief Executive Officer of
DTF Tax-Free Income Inc. (&#147;DTF&#148;) and Duff &amp; Phelps Utility and Corporate
Bond Trust Inc. (&#147;DUC&#148;), two other closed-end utilities oriented funds, since
February 2004, and lead portfolio manager of Phoenix Global Utilities Fund (&#147;PGU&#148;),
an open-end utilities oriented fund, since October 2004. Mr. Partain has final investment
authority with respect to the Fund&#146;s entire investment portfolio. He joined the Duff
&amp; Phelps organization in 1987 and has served since then in positions of increasing
responsibility. He is also a director of Otter Tail Corporation (since 1993). </font></p>
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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T.
Brooks Beittel, CFA, has served on the Fund&#146;s portfolio management team and has been
Secretary and a Senior Vice President of the Fund since January 1995 (Treasurer from
January 1995 to September 2002).  He has been Senior Vice President of the Adviser since
1993 (Vice President 1987-1993) and Secretary of DTF and DUC since May 2005.  He is also
a member of the portfolio management teams of DUC and  PGU. Mr. Beittel concentrates his
research on fixed-income securities and has investment authority with respect to the Fund&#146;s
fixed-income portfolio. He joined the Duff &amp; Phelps organization in 1987 and has
served since then in positions of increasing responsibility. </font></p>
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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Geoffrey
P. Dybas, CFA, has served on the Fund&#146;s portfolio management team since 1996 and has
been a Senior Vice President of the Adviser since March 2004 (Vice President from 1998 to
2004).  Mr. Dybas concentrates his research on REIT securities and has investment
authority with respect to the Fund&#146;s REIT portfolio. He is also the senior portfolio
manager for all REIT products managed by the Adviser. These products include the Phoenix
Real Estate Securities Fund, the Phoenix Real Estate Securities Series sub-account of the
Phoenix Edge Series annuity products, Duff &amp; Phelps Real Estate Securities Trust and
various institutional separate accounts. He joined the Duff &amp; Phelps organization in
1995 and has served since then in positions of increasing responsibility. </font></p>
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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deborah
A. Jansen, CFA, has served on the Fund&#146;s portfolio management team and has been a
Senior Vice President of the Adviser since January 2001. She is also a member of the
portfolio management team of PGU. Ms. Jansen concentrates her research on the global
electric and natural gas industries and makes recommendations to Mr. Partain with regard
to equity investments in those industries. Prior to joining the Adviser in 2001, Ms.
Jansen was a Senior Vice President, Principal and Equity Portfolio Manager at Stein Roe
and Farnham, Inc. from 1996 to 2000. </font></p>
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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Connie
M. Luecke, CFA, has served on the Fund&#146;s portfolio management team since 1996 and
has been a Senior Vice President of the Adviser since January 1998 (Managing Director
from 1996 to 1998). She is also a member of the portfolio management team of PGU. Ms.
Luecke concentrates her research on the global telecommunications industries and makes
recommendations to Mr. Partain with regard to equity investments in those industries. She
joined  </font></p>
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<br>
&nbsp;
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>


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<p><font face="Times New Roman, Times, Serif" size=2>the Duff &amp; Phelps organization
in 1992 and has served since then in positions of increasing responsibility. </font></p>
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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Daniel
J. Petrisko, CFA, has served on the Fund&#146;s portfolio management team since 2004 and
has been a Senior Vice President of the Adviser since 1997 (Vice President from 1995 to
1997). He has been Chief Investment Officer of DUC, another closed-end utilities oriented
fund, since February 2004 (Portfolio Manager from 2002 to 2004, Vice President since
2000). Mr. Petrisko assists Mr. Beittel with respect to the management of the Fund&#146;s
fixed-income portfolio. He joined the Duff &amp; Phelps organization in 1995 and has
served since then in positions of increasing responsibility. </font></p>
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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Randle
L. Smith, CFA, has served on the Fund&#146;s portfolio management team since 1996 and has
been a Senior Vice President of the Adviser since January 1998 (Managing Director from
1996 to 1998). He is also a member of the portfolio management team of PGU. Mr. Smith
concentrates his research on the global electric and natural gas industries and makes
recommendations to Mr. Partain with regard to equity investments in those industries. He
joined the Duff &amp; Phelps organization in 1990 and has served since then in positions
of increasing responsibility. </font></p>
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<p><font face="Times New Roman, Times, Serif" size="2"><u>Other Accounts Managed by the Fund&#146;s
Portfolio Managers</u> </font> </p>
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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table provides information as of December 31, 2007 regarding the other accounts
besides the Fund that are managed by the portfolio managers of the Fund. As noted in the
table, portfolio managers of the Fund may also manage or be members of management teams
for other mutual funds within the same fund complex or other similar accounts. For
purposes of this disclosure, the term &#147;fund complex&#148; includes the Fund and all
other investment companies advised by affiliates of Phoenix Investment Partners, Ltd. (&#147;PXP&#148;),
the Adviser&#146;s parent company. As of December 31, 2007, the Fund&#146;s portfolio
managers did not manage any accounts with respect to which the advisory fee is based on
the performance of the account, nor do they manage any hedge funds. </font></p>
<table cellpadding=0 cellspacing=0 border=0 width=740>
  <tr valign=Bottom>

    <th width="162">&nbsp;</th>
    <th colspan=4><font size="1">Registered Investment<br>
Companies (1) </font>
      <hr width=95% size=1 noshade>
    </th>
    <th colspan=4><font size="1">Other&nbsp;Pooled&nbsp;Investment <br>
Vehicles (2) </font>
      <hr width=95% size=1 noshade>
    </th>
    <th colspan=4><font size="1">Other Accounts (3)</font>
      <hr width=95% size=1 noshade>
    </th>
  </tr>
  <tr valign=Bottom>

    <th align="left" width="162"><font size="1">Name of<br>
Portfolio
Manager </font>
      <hr width=95% size=1 noshade align="left">
    </th>
    <th colspan=2><font size="1">Number of<br>
Accounts </font>
      <hr width=95% size=1 noshade>
    </th>
    <th colspan=2><font size="1">Total Assets<br>
(in millions) </font>
      <hr width=95% size=1 noshade>
    </th>
    <th colspan=2><font size="1">Number of<br>
Accounts </font>
      <hr width=95% size=1 noshade>
    </th>
    <th colspan=2><font size="1">Total<br>
Assets<br>
(in millions) </font>
      <hr width=95% size=1 noshade>
    </th>
    <th colspan=2><font size="1">Number of<br>
Accounts </font>
      <hr width=95% size=1 noshade>
    </th>
    <th colspan=2><font size="1">Total Assets<br>
(in millions) </font>
      <hr width=95% size=1 noshade>
    </th>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width=162><font size=1>Nathan I. Partain</font></td>
    <td align=RIGHT width=48><font size=1>0</font></td>
    <td align=LEFT width=34><font size=1>&nbsp;</font></td>
    <td align=RIGHT width=58><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></td>
    <td align=LEFT width=26><font size=1>&nbsp;</font></td>
    <td align=RIGHT width=72><font size=1>0</font></td>
    <td align=LEFT width=56><font size=1>&nbsp;</font></td>
    <td align=RIGHT width=69><font size=1>&#151;</font></td>
    <td align=LEFT width=48><font size=1>&nbsp;</font></td>
    <td align=RIGHT width=50><font size=1>0</font></td>
    <td align=LEFT width=31><font size=1>&nbsp;</font></td>
    <td align=RIGHT width=62><font size=1>&#151;</font></td>
    <td align=LEFT width=24><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="162"><font size=1>T. Brooks Beittel</font></td>
    <td align=RIGHT width="48"><font size=1>2</font></td>
    <td align=LEFT width="34"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="58"><font size=1>$&nbsp;&nbsp;&nbsp;574.4</font></td>
    <td align=LEFT width="26"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="72"><font size=1>0</font></td>
    <td align=LEFT width="56"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="69"><font size=1>&#151;</font></td>
    <td align=LEFT width="48"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="50"><font size=1>0</font></td>
    <td align=LEFT width="31"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="62"><font size=1>&#151;</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="162"><font size=1>Geoffrey P. Dybas</font></td>
    <td align=RIGHT width="48"><font size=1>3</font></td>
    <td align=LEFT width="34"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="58"><font size=1>$1,216.8</font></td>
    <td align=LEFT width="26"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="72"><font size=1>1</font></td>
    <td align=LEFT width="56"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="69"><font size=1>$46.3</font></td>
    <td align=LEFT width="48"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="50"><font size=1>10</font></td>
    <td align=LEFT width="31"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="62"><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;314.6</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="162"><font size=1>Deborah A. Jansen</font></td>
    <td align=RIGHT width="48"><font size=1>0</font></td>
    <td align=LEFT width="34"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="58"><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0</font></td>
    <td align=LEFT width="26"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="72"><font size=1>0</font></td>
    <td align=LEFT width="56"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="69"><font size=1>&#151;</font></td>
    <td align=LEFT width="48"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="50"><font size=1>0</font></td>
    <td align=LEFT width="31"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="62"><font size=1>&#151;</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="162"><font size=1>Connie M. Luecke</font></td>
    <td align=RIGHT width="48"><font size=1>1</font></td>
    <td align=LEFT width="34"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="58"><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.0</font></td>
    <td align=LEFT width="26"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="72"><font size=1>0</font></td>
    <td align=LEFT width="56"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="69"><font size=1>&#151;</font></td>
    <td align=LEFT width="48"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="50"><font size=1>0</font></td>
    <td align=LEFT width="31"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="62"><font size=1>&#151;</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="162"><font size=1>Daniel J. Petrisko</font></td>
    <td align=RIGHT width="48"><font size=1>1</font></td>
    <td align=LEFT width="34"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="58"><font size=1>$&nbsp;&nbsp;&nbsp;505.4</font></td>
    <td align=LEFT width="26"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="72"><font size=1>0</font></td>
    <td align=LEFT width="56"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="69"><font size=1>&#151;</font></td>
    <td align=LEFT width="48"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="50"><font size=1>8</font></td>
    <td align=LEFT width="31"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="62"><font size=1>$1,622.9</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT width="162"><font size=1>Randle L. Smith</font></td>
    <td align=RIGHT width="48"><font size=1>1</font></td>
    <td align=LEFT width="34"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="58"><font size=1>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.0</font></td>
    <td align=LEFT width="26"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="72"><font size=1>0</font></td>
    <td align=LEFT width="56"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="69"><font size=1>&#151;</font></td>
    <td align=LEFT width="48"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="50"><font size=1>0</font></td>
    <td align=LEFT width="31"><font size=1>&nbsp;</font></td>
    <td align=RIGHT width="62"><font size=1>&#151;</font></td>
    <td align=LEFT width="24"><font size=1>&nbsp;</font></td>
  </tr>
</table>
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<hr size=1 noshade align=left  width=75>

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<table width=100%>
  <tr>
    <td width=4% align=left valign=top><font size="1">(1) </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">Registered
Investment Companies include all open and closed-end mutual funds. For Registered
   Investment Companies, assets represent net assets of all open-end investment companies
and gross    assets of all closed- end investment companies.</font></td>
  </tr>
</table>
<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=left valign=top><font size="1">(2) </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">Other
Pooled Investment Vehicles include, but are not limited to, securities of issuers exempt
from    registration under Section 3(c) of the Investment Company Act of 1940, such as
private placements and    hedge funds.</font></td>
  </tr>
</table>
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<table width=100%>
  <tr>
    <td width=4% align=left valign=top><font size="1">(3) </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">Other
Accounts include, but are not limited to, individual managed accounts, separate accounts,
   institutional accounts, pension funds and collateralized bond obligations.</font></td>
  </tr>
</table>
<br>
&nbsp;
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
may be certain inherent conflicts of interest that arise in connection with the portfolio
managers&#146;management of the Fund&#146;s investments and the investments of any other
accounts they manage. Such conflicts could include aggregation of orders for all accounts
managed by a particular portfolio manager, the allocation of purchases across all such
accounts, the allocation of IPOs and any soft dollar arrangements that the Adviser may
have in place that could benefit the Fund and/or such other accounts. The Adviser has
adopted policies and procedures designed to address any such conflicts of interest to
ensure that all management time, resources and investment opportunities are allocated
equitably. There have been no material compliance issues with respect to any of these
policies and procedures during the Fund&#146;s most recent fiscal year. </font></p>
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<p><font face="Times New Roman, Times, Serif" size="2"><u>Compensation of the Fund&#146;s
Portfolio Managers</u> </font> </p>
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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a description of the compensation structure, as of December 31, 2007, of the
Fund&#146;s portfolio managers. The Fund&#146;s portfolio managers receive a competitive
base salary, an incentive bonus opportunity and a benefits package. </font></p>
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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
portfolio manager is paid a fixed base salary, which is determined by PXP and is designed
to be competitive in light of the individual&#146;s experience and responsibilities. The
management of PXP uses compensation survey results of investment industry compensation
conducted by an independent third party in evaluating competitive market compensation for
its investment management professionals. </font></p>
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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
incentive bonus package for portfolio managers is based upon how well the individual
manager meets or exceeds assigned goals and a subjective assessment of contribution to
the team effort. Their incentive bonus also reflects an investment performance component.
 The performance component is based in part on achieving and/or exceeding income targets
underlying the Fund&#146;s ability to pay common stock dividends, and in part on
performance relative to a composite of the S&amp;P Utility Market Price Index and the
Lehman Brothers Utility Bond Index reflecting the stock and bond ratio of the Fund.  The
performance component is further adjusted to reward investment personnel for managing
within the stated framework and for not taking unnecessary risks. This ensures that
investment personnel will remain focused on managing and acquiring securities that
correspond to the Fund&#146;s mandate and risk profile. It also avoids the temptation for
portfolio managers to take on more risk and unnecessary exposure to chase performance for
personal gain. </font></p>
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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incentive
bonus compensation of the Fund&#146;s portfolio managers is currently comprised of two
main components: 70% of the incentive bonus is based on formulaic calculation of
investment performance measures, including the Fund&#146;s earnings per share and total
return over a one-year period.  The total return is compared to a composite of the Lehman
Utility Bond Index and the S&amp;P Utility Market Price Index.  Portfolio managers who
manage more than one product may have other components in their formulaic calculation
that are appropriate to the other products, weighted according to the proportion of the
manager&#146;s time that is allocated to each specific product.  The remaining 30% of the
incentive bonus is based on the profitability of The Phoenix Companies, Inc. (&#147;PNX&#148;),
the ultimate parent of PXP and the Adviser.  Fifteen percent of such compensation was
payable in PNX restricted stock units, which vest over a three-year period, commencing on
the award date. </font></p>
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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
portfolio managers&#146; incentive bonus compensation is not based on the value of assets
held in the Fund&#146;s portfolio, except to the extent that the level of assets in the
Fund&#146;s portfolio affects the advisory fee received by the Adviser, and thus
indirectly the profitability of PNX. </font></p>
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<br>
&nbsp;
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>


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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally,
the Fund&#146;s portfolio managers are eligible to participate in a deferred compensation
plan to defer their compensation and realize tax benefits.  Portfolio managers are also
eligible to participate in broad-based plans offered generally to the firm&#146;s
employees, including broad-based retirement, 401(k), health and other employee benefit
plans.  Portfolio managers may also receive PNX stock options and/or be granted PNX
restricted stock at the discretion of the PNX board of directors.  To date no portfolio
manager of the Fund has received awards under the PNX restricted stock units long-term
incentive plan, grants of restricted stock at the discretion of the PNX board of
directors, or any at or in-the-money PNX stock options. </font></p>
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<p><font face="Times New Roman, Times, Serif" size="2"><u>Equity Ownership of Portfolio
Managers</u> </font> </p>
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<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth the dollar range of equity securities in the Fund beneficially
owned, as of December 31, 2007, by each of the portfolio managers identified above. </font></p>
<table cellpadding=0 cellspacing=0 border=0 width=600>

  <tr valign=Bottom>

    <th align="left"><font size="1">Name of Portfolio Manager</font>
      <hr width=55% size=1 noshade align="left">
    </th>
    <th><font size="1">Dollar Range of<br>
Equity Securities in the Fund </font>
      <hr width=95% size=1 noshade>
    </th>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">T. Brooks Beittel</font></td>
    <td align=CENTER><font size="2">$1-$10,000</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Geoffrey P. Dybas</font></td>
    <td align=CENTER><font size="2">None</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Deborah A. Jansen</font></td>
    <td align=CENTER><font size="2">None</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Connie M. Luecke</font></td>
    <td align=CENTER><font size="2">$1-$10,000</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Nathan I. Partain</font></td>
    <td align=CENTER><font size="2">$100,001-$500,000</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Daniel J. Petrisko</font></td>
    <td align=CENTER><font size="2">None</font></td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size="2">Randle L. Smith</font></td>
    <td align=CENTER><font size="2">$50,001-$100,000</font></td>
  </tr>
</table>
<br>
<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=10%><font face="Times New Roman, Times, Serif" size=2>ITEM&nbsp;9.&nbsp;</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>
       PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
                  INVESTMENT COMPANY AND AFFILIATED PURCHASERS. </font></td>
  </tr>
</table>
<br>

<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Exchange Act) 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>
</table>
<br>


<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=10%><font face="Times New Roman, Times, Serif" size=2>ITEM&nbsp;10.&nbsp;</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>
SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. </font></td>
  </tr>
</table>
<br>

<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 (<i>i.e</i>., in the registrant&#146;s Proxy Statement dated          March 1, 2005) or this
Item. </font>
</td>
  </tr>
</table>
<br>


<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=10%><font face="Times New Roman, Times, Serif" size=2>ITEM&nbsp;11.&nbsp;</font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>
CONTROLS AND PROCEDURES. </font></td>
  </tr>
</table>
<br>

<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
     The registrant&#146;s principal executive officer and principal financial officer
have          concluded that the registrant&#146;s disclosure controls and procedures (as
defined in Rule 30a-3(c) under          the Investment Company Act of 1940 (the &#147;1940
Act&#148;)) are effective, based on an evaluation of those          controls and
procedures made as of a date within 90 days of the filing date of this report as required
         by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Exchange Act. </font>
</td>
  </tr>
</table>
<br>

<!-- MARKER FORMAT-SHEET="Para Indent 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
     There has been no change in the registrant&#146;s internal control over financial
reporting          (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during
the second fiscal  </font>
</td>
  </tr>
</table>
<br>

<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<br>
&nbsp;
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

<!-- MARKER FORMAT-SHEET="Para Flush 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=5%><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=95%><font face="Times New Roman, Times, Serif" size=2>
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>


<!-- MARKER FORMAT-SHEET="Para Hang 05" FSL="Workstation" -->
<table width=100% cellpadding=0 cellspacing=0>
  <tr valign=TOP>
    <td width=10%><font face="Times New Roman, Times, Serif" size=2>ITEM&nbsp;12.&nbsp;  </font></td>
    <td><font face="Times New Roman, Times, Serif" size=2>&nbsp; </font></td>
    <td width=90%><font face="Times New Roman, Times, Serif" size=2>
EXHIBITS. </font></td>
  </tr>
</table>
<br>

<table cellpadding=0 cellspacing=0 border=0 width=100%>

  <tr valign=top>
    <td align=LEFT width=5%>&nbsp;&nbsp;&nbsp;&nbsp;</td>
    <td align=LEFT width=5%><font size=2>(a)</font></td>
    <td align=LEFT width=15%><font size=2>Exhibit&nbsp;99.CERT</font></td>
    <td align=LEFT width=75%><font size=2>Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></td>
  </tr>
  <tr valign=top>
    <td align=LEFT width=5%>&nbsp;</td>
    <td align=LEFT width=5%>&nbsp;</td>
    <td align=LEFT width=15%>&nbsp;</td>
    <td align=LEFT width=75%>&nbsp;</td>
  </tr>
  <tr valign=top>
    <td align=LEFT width="5%">&nbsp;</td>
    <td align=LEFT width="5%"><font size=2>(b)</font></td>
    <td align=LEFT width="15%"><font size=2>Exhibit&nbsp;99.906CERT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
    <td align=LEFT width="75%"><font size=2>Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</font></td>
  </tr>








</table>
<!-- MARKER FORMAT-SHEET="Page Break CENTER" FSL="Workstation" -->
<br>
&nbsp;
<table width=100%>
  <tr>
    <td width=20% align=left><font size=1>&nbsp;</font></td>
    <td width=60% align=center><font size="2">
</font></td>
    <td width=20% align=right><font size="1">&nbsp;</font></td>
  </tr>
</table>
<hr size=5 noshade width=100% align=LEFT>


<!-- *************************************************************************** -->
<!-- MARKER PAGE="sheet: 1; page: 1" -->

<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<p align=CENTER><font face="Times New Roman, Times, Serif" size=2>SIGNATURES </font></p>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act
of 1940, the registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized. </font></p>
<table cellpadding=0 cellspacing=0 border=0 width=600>

  <tr valign=Bottom>

    <td align=LEFT><font size=2>(Registrant)</font></td>
    <td align=LEFT><font size=2>DNP SELECT INCOME FUND INC.</font></td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="40%">&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>

    <td align=LEFT><font size=2>By (Signature and Title)*</font></td>
    <td align=LEFT><font size=2>/s/ N<small>ATHAN</small> I. P<small>ARTAIN</small> </font>
      </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>
      <hr size="1" noshade>
      <font size=2>Nathan I. Partain</font>
<br>
      <font size=2>President and Chief Executive Officer</font>      </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=2>Date</font></td>
    <td align=LEFT><font size=2>March 4, 2008</font></td>
  </tr>


</table>
<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<p><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 cellpadding=0 cellspacing=0 border=0 width=600>



  <tr valign=Bottom>

    <td align=LEFT><font size=2>By (Signature and Title)*</font></td>
    <td align=LEFT><font size=2>/s/ N<small>ATHAN</small> I. P<small>ARTAIN</small></font>

      </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>
      <hr size="1" noshade>
      <font size=2>Nathan I. Partain</font>
<br>
      <font size=2>President and Chief Executive Officer</font>      </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=2>Date</font></td>
    <td align=LEFT><font size=2>March 4, 2008</font></td>
  </tr>







</table>
<br>
<br>
<table cellpadding=0 cellspacing=0 border=0 width=600>



  <tr valign=Bottom>

    <td align=LEFT><font size=2>By (Signature and Title)*</font></td>
    <td align=LEFT><font size=2>/s/ J<small>OSEPH</small> C. C<small>URRY</small>, J<small>R</small>.</font>
      </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT width="40%">&nbsp;</td>
    <td align=LEFT>
      <hr size="1" noshade>
      <font size=2>Joseph C. Curry, Jr.</font><br>
      <font size=2>Senior Vice President and Treasurer (principal financial officer)</font>     </td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT>&nbsp;</td>
    <td align=LEFT>&nbsp;</td>
  </tr>
  <tr valign=Bottom>
    <td align=LEFT><font size=2>Date</font></td>
    <td align=LEFT><font size=2>March 4, 2008</font></td>
  </tr>







</table>
<br>
<!-- MARKER FORMAT-SHEET="Footnote Left" FSL="Workstation" -->
<table width=100%>
  <tr>
    <td width=4% align=left valign=top><font size="1">* </font></td>
    <td width=2%><font size="1"></font></td>
    <td width=94% align=left valign=top><font size="1">Print
the name and title of each signing officer under his or her signature.</font></td>
  </tr>
</table>
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<!-- MARKER FORMAT-SHEET="Left Head 2 Bold" FSL="Workstation" -->
<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>EXHIBIT 99.CERT </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Center Head 2-Bold" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CERTIFICATIONS </B></FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I,
Nathan I. Partain, certify that: </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.
I have reviewed this report on Form N-CSR of DNP Select Income Fund Inc.; </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us
by others within those entities, particularly during the period in which this report is
being prepared; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)
Designed such internal control over financial reporting, or caused such internal control
over financial reporting to be designed under our supervision, to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted
accounting principles; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:
 March 4, 2008 </FONT></P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%"><font face="Times New Roman, Times, Serif" size=2>/s/ N<font size="1">ATHAN</font> I. P<font size="1">ARTAIN </font>                                                       </font>
      <hr width="100%" size="1" noshade>
      <div><font face="Times New Roman, Times, Serif" size=2>
        Nathan I. Partain
                                                        <br>
        President and Chief Executive
Officer                                                         <br>
        (Principal Executive
Officer) </font></div>
</td>
  </tr>
</table>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>CERTIFICATIONS </B></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I,
Joseph C. Curry, Jr., certify that: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.
I have reviewed this report on Form N-CSR of DNP Select Income Fund Inc.; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.
Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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>

<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date:
                         March 4, 2008 </FONT></P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%"><font face="Times New Roman, Times, Serif" size=2>/s/ J<font size="1">OSEPH</font> C. C<font size="1">URRY,   <font size="2">J</font>R.</font>                                                       </font>
      <hr width="100%" size="1" noshade>
      <div><font face="Times New Roman, Times, Serif" size=2>
        Joseph C. Curry, Jr.
                                                        <br>
        Senior Vice
        President and Treasurer                                                         <br>
        (Principal Financial
Officer) </font></div>
    </td>
  </tr>
</table>

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<DOCUMENT>
<TYPE>EX-99.906CERT
<SEQUENCE>8
<FILENAME>e30200ex99-906cert.htm
<DESCRIPTION>EXHIBIT 99.906CERT
<TEXT>
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<P ALIGN=right><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>EXHIBIT 99.906CERT </B></FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATION PURSUANT
TO <BR>                                              18 U.S.C. SECTION 1350, <BR>
                                              AS ADOPTED PURSUANT TO <BR>
                                   SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In connection with the Annual Report
of DNP Select Income Fund Inc. (the &#147;Company&#148;) on Form N-CSR for the period
ending December 31, 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>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.     The Report fully complies
with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.     The information contained in
the Report fairly presents, in all material respects, the financial condition and result
of operations of the Company. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date:
 March 4, 2008 </FONT></P>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%"><font face="Times New Roman, Times, Serif" size=2>/s/ N<font size="1">ATHAN</font> I. P<font size="1">ARTAIN </font>                                                       </font>
      <hr width="100%" size="1" noshade>
      <div><font face="Times New Roman, Times, Serif" size=2>
        Nathan I. Partain
                                                        <br>
        President and Chief Executive
Officer                                                         <br>
        (Principal Executive
Officer) </font></div>
    </td>
  </tr>
</table>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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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<TABLE WIDTH=100%><TR><TD WIDTH=20% ALIGN=left><FONT SIZE=1>&nbsp;</FONT></TD><TD WIDTH=60% ALIGN=center><FONT SIZE="2">
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<!-- MARKER FORMAT-SHEET="Center no bold 2" FSL="Workstation" -->
<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>CERTIFICATION PURSUANT
TO <BR>                                              18 U.S.C. SECTION 1350,<BR>
                                              AS ADOPTED PURSUANT TO<BR>
                                   SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In connection with the Annual Report
of DNP Select Income Fund Inc. (the &#147;Company&#148;) on Form N-CSR for the period
ending December 31, 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>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.     The Report fully complies
with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934;
and </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.     The information contained in
the Report fairly presents, in all material respects, the financial condition and result
of operations of the Company. </FONT></P>


<!-- MARKER FORMAT-SHEET="Para Indent 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date:
 March 4, 2008 </FONT></P>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%">&nbsp;</td>
    <td width="50%"><font face="Times New Roman, Times, Serif" size=2>/s/ J<font size="1">OSEPH</font> C. C<font size="1">URRY,   <font size="2">J</font>R.</font>                                                       </font>
      <hr width="100%" size="1" noshade>
      <div><font face="Times New Roman, Times, Serif" size=2>
        Joseph C. Curry, Jr.
                                                        <br>
        Senior Vice
        President and Treasurer                                                         <br>
        (Principal Financial
Officer) </font></div>
    </td>
  </tr>
</table>


<!-- MARKER FORMAT-SHEET="Para Flush 00" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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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