<SEC-DOCUMENT>0000891092-14-006981.txt : 20140919
<SEC-HEADER>0000891092-14-006981.hdr.sgml : 20140919
<ACCEPTANCE-DATETIME>20140919115211
ACCESSION NUMBER:		0000891092-14-006981
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140731
FILED AS OF DATE:		20140919
DATE AS OF CHANGE:		20140919
EFFECTIVENESS DATE:		20140919

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DNP SELECT INCOME FUND INC
		CENTRAL INDEX KEY:			0000806628
		IRS NUMBER:				363480989
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04915
		FILM NUMBER:		141111418

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 32760
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40232
		BUSINESS PHONE:		3123685510

	MAIL ADDRESS:	
		STREET 1:		PO BOX 32760
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40232

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DUFF & PHELPS SELECTED UTILITIES INC
		DATE OF NAME CHANGE:	19910429
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>e60121nq.htm
<DESCRIPTION>QUARTERLY REPORT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<BODY>
<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>FORM N-Q</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED<BR>
MANAGEMENT INVESTMENT COMPANY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center">Investment Company Act file number<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811-4915&#9;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; text-indent: 0"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DNP
Select Income Fund Inc.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">(Exact name of registrant as specified
in charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center; text-indent: 0"><U>&nbsp;&nbsp;200
South Wacker Drive, Suite 500, Chicago, Illinois&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60606&nbsp;&nbsp;</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 12pt 2.3in; text-align: left">(Address of principal executive offices)
&nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; (Zip code)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding-right: 5.4pt; padding-left: 5.4pt">Alan M. Meder</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt">Lawrence R. Hamilton, Esq.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">DNP Select Income Fund Inc.</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Mayer Brown LLP</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">200 South Wacker Drive, Suite 500</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">71 South Wacker Drive</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Chicago, Illinois 60606</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Chicago, Illinois&nbsp;&nbsp;60606</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center">(Name and address of agents for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Registrant&#8217;s telephone number, including area code:&nbsp;&nbsp;&nbsp;
<U>(312) 368-5510</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Date of fiscal year end:&nbsp;&nbsp;&nbsp; <U>October 31</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Date of reporting period:&nbsp;&nbsp;&nbsp; <U>July 31, 2014 </U></P>




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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; text-align: left">Item 1.</TD>
    <TD STYLE="width: 90%">Schedule of Investments.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 1in"></TD>
    <TD STYLE="text-align: left">See the Statement of Net Assets below.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">DNP SELECT INCOME FUND INC. <BR>STATEMENT OF NET ASSETS<BR>JULY 31, 2014 <BR>(Unaudited)</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif"><B></B></P>



<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;Value&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; padding-right: 12pt">&nbsp;Shares&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: left">Description</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;(Note 1)&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-right: 12pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 12pt; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 12%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;COMMON STOCKS &amp; MLP INTERESTS--112.3%&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">ELECTRIC, GAS AND WATER--78.7%</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,500,000</TD>
    <TD STYLE="text-align: left">Alliant Energy Corp.(a)</TD>
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: right">84,750,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,500,000</TD>
    <TD STYLE="text-align: left">Ameren Corp.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  57,675,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,000,000</TD>
    <TD STYLE="text-align: left">American Water Works Co.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  47,770,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   3,071,300</TD>
    <TD STYLE="text-align: left">CenterPoint Energy Inc.(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  74,694,016</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,200,000</TD>
    <TD STYLE="text-align: left">Cleco Corp.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  66,888,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   2,500,000</TD>
    <TD STYLE="text-align: left">CMS Energy Corp.(a)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  72,325,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,100,000</TD>
    <TD STYLE="text-align: left">Dominion Resources, Inc.(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  74,404,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,000,000</TD>
    <TD STYLE="text-align: left">DTE Energy Co.(a)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  73,820,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 800,000</TD>
    <TD STYLE="text-align: left">Duke Energy Corp.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  57,704,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,600,000</TD>
    <TD STYLE="text-align: left">Enbridge Inc. (Canada)(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  78,368,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,982,900</TD>
    <TD STYLE="text-align: left">Great Plains Energy Inc.(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  49,156,091</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 900,000</TD>
    <TD STYLE="text-align: left">Kinder Morgan Inc.(a)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  32,382,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 188,673</TD>
    <TD STYLE="text-align: left">National Grid plc ADR (United Kingdom)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  13,544,835</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   4,796,214</TD>
    <TD STYLE="text-align: left">National Grid plc (United Kingdom)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  69,273,644</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,000,000</TD>
    <TD STYLE="text-align: left">NextEra Energy, Inc.(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  93,890,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   2,000,000</TD>
    <TD STYLE="text-align: left">NiSource Inc.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  75,360,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   2,000,000</TD>
    <TD STYLE="text-align: left">Northeast Utilities Inc.(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  87,800,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 800,000</TD>
    <TD STYLE="text-align: left">Northwest Natural Gas Co.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  34,576,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   2,000,000</TD>
    <TD STYLE="text-align: left">OGE Energy Corp.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  71,900,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,000,000</TD>
    <TD STYLE="text-align: left">Piedmont Natural Gas Co.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  34,690,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,600,000</TD>
    <TD STYLE="text-align: left">Portland General Electric Co.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  51,088,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   2,000,000</TD>
    <TD STYLE="text-align: left">PPL Corp.(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  65,980,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,800,000</TD>
    <TD STYLE="text-align: left">Public Service Enterprise Group Inc.(a)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  63,306,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,900,000</TD>
    <TD STYLE="text-align: left">Questar Corp.(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  42,256,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,000,000</TD>
    <TD STYLE="text-align: left">Sempra Energy(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  99,710,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,500,000</TD>
    <TD STYLE="text-align: left">Southern Co.(a)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  64,935,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,915,000</TD>
    <TD STYLE="text-align: left">Spectra Energy Corp.(a)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  78,361,800</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,000,000</TD>
    <TD STYLE="text-align: left">TransCanada Corp. (Canada)(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  50,170,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,500,000</TD>
    <TD STYLE="text-align: left">Vectren Corp.(a)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  57,135,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   2,000,000</TD>
    <TD STYLE="text-align: left">Westar Energy Inc.(a)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  72,080,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,000,000</TD>
    <TD STYLE="text-align: left">WGL Holdings Inc.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  38,980,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,650,000</TD>
    <TD STYLE="text-align: left">The Williams Companies, Inc.(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  93,439,500</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   2,700,000</TD>
    <TD STYLE="text-align: left">Xcel Energy Inc.(a)(b)</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 0.5pt solid; text-align: right">  83,160,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right"> 2,111,571,886</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 0.5pt solid; text-align: right">&nbsp;</TD>
    </TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">The accompanying notes are an integral part of this financial statement.</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">DNP SELECT INCOME FUND INC. <BR>STATEMENT OF NET ASSETS  &mdash; (Continued)<BR>JULY 31, 2014 <BR>(Unaudited)</TD></TR></TABLE></DIV>
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<P STYLE="margin: 0"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;Value&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; padding-right: 12pt">&nbsp;Shares&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: left">Description</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;(Note 1)&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-right: 12pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 12pt; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 12%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: left">OIL &amp; GAS STORAGE, TRANSPORTATION AND PRODUCTION--18.9%</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 466,800</TD>
    <TD STYLE="text-align: left">Access Midstream Partners LP</TD>
    <TD STYLE="text-align: right">$ </TD>
    <TD STYLE="text-align: right">28,110,696</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 453,000</TD>
    <TD STYLE="text-align: left">Atlas Pipeline Partners LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  15,623,970</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 407,000</TD>
    <TD STYLE="text-align: left">DCP Midstream Partners LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  22,169,290</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 559,000</TD>
    <TD STYLE="text-align: left">El Paso Pipelines Partners LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  18,631,470</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 684,000</TD>
    <TD STYLE="text-align: left">Enbridge Energy Partners LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  23,563,800</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 696,000</TD>
    <TD STYLE="text-align: left">Energy Transfer Equity LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  37,855,440</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 280,000</TD>
    <TD STYLE="text-align: left">Energy Transfer Partners LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  15,607,200</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 500,000</TD>
    <TD STYLE="text-align: left">Enlink Midstream Partners LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  14,600,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 383,000</TD>
    <TD STYLE="text-align: left">Enterprise Products Partners LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  28,571,800</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 231,000</TD>
    <TD STYLE="text-align: left">EQT Midstream Partners LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  19,990,740</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> &nbsp;50,585</TD>
    <TD STYLE="text-align: left">GasLog Partners LP (Marshall Islands)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">   1,689,539</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 282,000</TD>
    <TD STYLE="text-align: left">Genesis Energy LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  14,802,180</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 242,000</TD>
    <TD STYLE="text-align: left">Kinder Morgan Energy Partners LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  19,606,840</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 228,000</TD>
    <TD STYLE="text-align: left">Linn Energy LLC</TD>
    <TD COLSPAN="2" STYLE="text-align: right">   6,865,080</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 470,090</TD>
    <TD STYLE="text-align: left">Magellan Midstream Partners LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  37,696,517</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 396,500</TD>
    <TD STYLE="text-align: left">MarkWest Energy Partners LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  27,675,700</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 292,000</TD>
    <TD STYLE="text-align: left">ONEOK Partners LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  16,375,360</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 475,610</TD>
    <TD STYLE="text-align: left">Plains All American Pipeline LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  27,276,234</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 268,000</TD>
    <TD STYLE="text-align: left">Spectra Energy Partners LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  13,826,120</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 324,000</TD>
    <TD STYLE="text-align: left">Sunoco Logistics Partners LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  14,382,360</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 400,000</TD>
    <TD STYLE="text-align: left">Tallgrass Energy Partners LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  15,700,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 392,000</TD>
    <TD STYLE="text-align: left">Targa Resources Partners LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  26,216,960</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> &nbsp;64,229</TD>
    <TD STYLE="text-align: left">Tesoro Logistics LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">   4,278,936</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> &nbsp;62,440</TD>
    <TD STYLE="text-align: left">Valero Energy Partners LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">   2,902,211</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 215,861</TD>
    <TD STYLE="text-align: left">Westlake Chemical Partners LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">   6,551,381</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 294,000</TD>
    <TD STYLE="text-align: left">Western Gas Partners LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  21,788,340</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 483,000</TD>
    <TD STYLE="text-align: left">Williams Partners LP</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 0.5pt solid; text-align: right">  24,459,120</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"> &nbsp;506,817,284</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">TELECOMMUNICATIONS--14.7%</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,708,260</TD>
    <TD STYLE="text-align: left">AT&amp;T Inc.(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  60,796,973</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 939,200</TD>
    <TD STYLE="text-align: left">BCE Inc. (Canada)(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  42,526,976</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,600,000</TD>
    <TD STYLE="text-align: left">CenturyLink Inc.(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  62,784,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   3,518,491</TD>
    <TD STYLE="text-align: left">Frontier Communications Corp.(a)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  23,046,116</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,000,000</TD>
    <TD STYLE="text-align: left">Orange SA (France)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  15,721,503</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,094,800</TD>
    <TD STYLE="text-align: left">Telus Corp. (Canada)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  38,275,008</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   1,560,089</TD>
    <TD STYLE="text-align: left">Verizon Communications Inc.(a)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  78,659,687</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 782,200</TD>
    <TD STYLE="text-align: left">Vodafone Group PLC ADR (United Kingdom)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  25,984,684</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   4,000,000</TD>
    <TD STYLE="text-align: left">Windstream Holdings, Inc.</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 0.5pt solid; text-align: right">  45,840,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right"> &nbsp;393,634,947</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">Total Common Stocks &amp; MLP Interests (Cost $2,252,301,366)</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 0.5pt solid; border-bottom: Black 0.5pt solid; text-align: right"> 3,012,024,117</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold">&nbsp;PREFERRED STOCKS--1.7%&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">UTILITY--0.1%</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> &nbsp;50,000</TD>
    <TD STYLE="text-align: left">Exelon Corp. 6 1/2%, due 6/01/17</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 0.5pt solid; text-align: right">   2,455,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">   2,455,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">NON-UTILITY--1.6%</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 100,000</TD>
    <TD STYLE="text-align: left">Public Storage 6 7/8% Series O Perpetual</TD>
    <TD COLSPAN="2" STYLE="text-align: right">   2,586,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 600,000</TD>
    <TD STYLE="text-align: left">Realty Income Corp. 6 5/8% Series F Perpetual</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  15,612,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 400,000</TD>
    <TD STYLE="text-align: left">Regency Centers Corp. 6 5/8% Series 6 Perpetual</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  10,360,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 234,900</TD>
    <TD STYLE="text-align: left">Vornado Realty Trust 6 5/8% Series G Perpetual</TD>
    <TD COLSPAN="2" STYLE="text-align: right">   5,964,111</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 350,000</TD>
    <TD STYLE="text-align: left">Vornado Realty Trust 6 5/8% Series I Perpetual</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 0.5pt solid; text-align: right">   8,823,500</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 0.5pt solid; text-align: right">  43,345,611</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">Total Preferred Stocks (Cost $43,761,811)</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 0.5pt solid; text-align: right">  45,800,611</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">The accompanying notes are an integral part of this financial statement.</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">DNP SELECT INCOME FUND INC. <BR>STATEMENT OF NET ASSETS  &mdash; (Continued)<BR>JULY 31, 2014 <BR>(Unaudited)</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;Value&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; padding-right: 12pt">&nbsp;Par Value</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: left">Description</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;(Note 1)&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-right: 12pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 12pt; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 12%">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: left; padding-right: 12pt">BONDS--20.6%</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">ELECTRIC, GAS AND WATER--15.7%</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: right; padding-right: 12pt">22,000,000</TD>
    <TD STYLE="text-align: left">Arizona Public Service Co.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">6 7/8%, due 8/01/36(a)(b)</TD>
    <TD STYLE="text-align: left">$</TD>
    <TD STYLE="text-align: right">29,369,868</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  10,450,000</TD>
    <TD STYLE="text-align: left">Atmos Energy Corp.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">8 1/2%, due 3/15/19(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  13,256,630</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  11,000,000</TD>
    <TD STYLE="text-align: left">Cleveland Electric Illuminating Co.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">8 7/8%, due 11/15/18(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  13,851,574</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   6,750,000</TD>
    <TD STYLE="text-align: left">Commonwealth Edison Company</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">6.95%, due 7/15/18</TD>
    <TD COLSPAN="2" STYLE="text-align: right">   7,926,026</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  15,305,000</TD>
    <TD STYLE="text-align: left">Consolidated Edison Co. of New York</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">7 1/8%, due 12/01/18(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  18,422,965</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   9,354,000</TD>
    <TD STYLE="text-align: left">Dominion Resources Inc.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">6.40%, due 6/15/18(a)(b)&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  10,886,494</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  10,000,000</TD>
    <TD STYLE="text-align: left">DPL Capital Trust II</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">8 1/8%, due 9/01/31</TD>
    <TD COLSPAN="2" STYLE="text-align: right">   9,969,750</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   6,488,000</TD>
    <TD STYLE="text-align: left">Energy Transfer Partners</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">7.60%, due 2/01/24</TD>
    <TD COLSPAN="2" STYLE="text-align: right">   8,106,101</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   8,850,000</TD>
    <TD STYLE="text-align: left">Energy Transfer Partners</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">8 1/4%, due 11/15/29</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  12,400,558</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  20,000,000</TD>
    <TD STYLE="text-align: left">Entergy Texas Inc.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">7 1/8%, due 2/01/19(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  24,044,460</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   5,000,000</TD>
    <TD STYLE="text-align: left">Enterprise Products Operating LLC</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">6 1/2%, due 1/31/19</TD>
    <TD COLSPAN="2" STYLE="text-align: right">   5,889,300</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  12,826,000</TD>
    <TD STYLE="text-align: left">EQT Corp.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">8 1/8%, due 6/01/19(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  15,898,096</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  14,376,000</TD>
    <TD STYLE="text-align: left">Exelon Generation Co. LLC</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">6.20%, due 10/01/17(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  16,260,622</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  15,060,000</TD>
    <TD STYLE="text-align: left">FPL Group Capital Inc.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">7 7/8%, due 12/15/15(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  16,485,580</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  10,000,000</TD>
    <TD STYLE="text-align: left">Georgia Power Co.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">5.70%, due 6/01/17(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  11,206,760</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  10,618,000</TD>
    <TD STYLE="text-align: left">Indiana Michigan Power Co.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">7.00%, due 3/15/19(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  12,772,870</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   8,030,000</TD>
    <TD STYLE="text-align: left">Kinder Morgan, Inc.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">6.85%, due 2/15/20</TD>
    <TD COLSPAN="2" STYLE="text-align: right">   9,561,642</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  14,445,000</TD>
    <TD STYLE="text-align: left">Magellan Midstream Partners, LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">6.40%, due 7/15/18(a)(b)&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  16,841,830</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   5,000,000</TD>
    <TD STYLE="text-align: left">Metropolitan Edison Co.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">7.70%, due 1/15/19</TD>
    <TD COLSPAN="2" STYLE="text-align: right">   6,075,025</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  12,000,000</TD>
    <TD STYLE="text-align: left">National Fuel Gas Co.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">8 3/4%, due 5/01/19(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  14,987,736</TD>
    </TR>

    <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left"></TD>
    <TD STYLE="text-align: right; padding-right: 12pt">10,000,000</TD>
    <TD STYLE="text-align: left">National Grid PLC (United Kingdom)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">6.30%, due 8/01/16</TD>
    <TD STYLE="text-align: right"></TD>
    <TD STYLE="text-align: right">11,034,160</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">The accompanying notes are an integral part of this financial statement.</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">DNP SELECT INCOME FUND INC. <BR>STATEMENT OF NET ASSETS  &mdash; (Continued)<BR>JULY 31, 2014 <BR>(Unaudited)</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;Value&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; padding-right: 12pt">&nbsp;Par Value</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: left">Description</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;(Note 1)&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-right: 12pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 12pt; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 12%">&nbsp;</TD>
    </TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-right: 12pt">$</TD>
    <TD STYLE="text-align: right; padding-right: 12pt">3,350,000</TD>
    <TD STYLE="text-align: left">Nevada Power Co.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">7 1/8%, due 3/15/19</TD>
    <TD STYLE="text-align: right">$</TD>
    <TD STYLE="text-align: right">4,066,056</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  10,345,000</TD>
    <TD STYLE="text-align: left">Oncor Electric Delivery Co. LLC</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">7.00%, due 9/01/22</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  13,222,586</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  11,000,000</TD>
    <TD STYLE="text-align: left">ONEOK, Inc.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">6.00%, due 6/15/35(a)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  11,166,034</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   9,000,000</TD>
    <TD STYLE="text-align: left">ONEOK Partners, LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">8 5/8%, due 3/01/19</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  11,313,540</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   5,000,000</TD>
    <TD STYLE="text-align: left">PPL Energy Supply LLC</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">6 1/2%, due 5/01/18</TD>
    <TD COLSPAN="2" STYLE="text-align: right">   5,391,610</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  14,000,000</TD>
    <TD STYLE="text-align: left">Progress Energy Inc.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">7.05%, due 3/15/19(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  16,888,690</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   5,130,000</TD>
    <TD STYLE="text-align: left">Public Service New Mexico</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">7 1/2%, due 8/01/18</TD>
    <TD COLSPAN="2" STYLE="text-align: right">   5,995,652</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  15,169,000</TD>
    <TD STYLE="text-align: left">Sempra Energy</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">6 1/2%, due 6/01/16(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  16,679,241</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   5,000,000</TD>
    <TD STYLE="text-align: left">Sempra Energy</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">6.15%, due 6/15/18</TD>
    <TD COLSPAN="2" STYLE="text-align: right">   5,770,905</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  12,940,000</TD>
    <TD STYLE="text-align: left">Spectra Energy</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">6.20%, due 4/15/18</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  14,754,796</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   2,615,000</TD>
    <TD STYLE="text-align: left">Spectra Energy</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">6 3/4%, due 7/15/18</TD>
    <TD COLSPAN="2" STYLE="text-align: right">   2,989,573</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   9,140,000</TD>
    <TD STYLE="text-align: left">TransCanada PipeLines Ltd. (Canada)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">7 1/8%, due 1/15/19</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  11,056,749</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  14,380,000</TD>
    <TD STYLE="text-align: left">Williams Partners, LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">7 1/4%, due 2/01/17(a)(b)</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 0.5pt solid; text-align: right">  16,336,039</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"> &nbsp;420,879,518</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">TELECOMMUNICATIONS--4.2%</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  10,000,000</TD>
    <TD STYLE="text-align: left">BellSouth Capital Funding Corp.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">7 7/8%, due 2/15/30(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  13,395,600</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  15,000,000</TD>
    <TD STYLE="text-align: left">CenturyLink Inc.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">6 7/8%, due 1/15/28</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  15,300,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   5,900,000</TD>
    <TD STYLE="text-align: left">Comcast Corp.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">7.05%, due 3/15/33</TD>
    <TD COLSPAN="2" STYLE="text-align: right">   7,957,017</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  15,000,000</TD>
    <TD STYLE="text-align: left">Koninklijke KPN NV (Netherlands)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">8 3/8%, due 10/01/30(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  21,132,390</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  10,311,000</TD>
    <TD STYLE="text-align: left">Rogers Wireless Inc. (Canada)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">7 1/2%, due 3/15/15(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  10,751,269</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  10,000,000</TD>
    <TD STYLE="text-align: left">TCI Communications Inc.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">8 3/4%, due 8/01/15(a)(b)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  10,831,490</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   5,000,000</TD>
    <TD STYLE="text-align: left">TCI Communications Inc.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">7 1/8%, due 2/15/28</TD>
    <TD COLSPAN="2" STYLE="text-align: right">   6,607,125</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">  15,500,000</TD>
    <TD STYLE="text-align: left">Verizon Global Funding Corp.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">7 3/4%, due 12/01/30(a)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">  21,484,287</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">   5,000,000</TD>
    <TD STYLE="text-align: left">Vodafone Group PLC (United Kingdom)</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">7 7/8%, due 2/15/30</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 0.5pt solid; text-align: right">   6,927,995</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"> &nbsp;114,387,173</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; padding-bottom: 6pt; border-bottom: Black 4px solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">The accompanying notes are an integral part of this financial statement.</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif"><TR><TD STYLE="text-align: center; width: 100%">DNP SELECT INCOME FUND INC. <BR>STATEMENT OF NET ASSETS  &mdash; (Continued)<BR>JULY 31, 2014 <BR>(Unaudited)</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0"></P>

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">&nbsp;Value&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center; padding-right: 12pt">&nbsp;Par Value</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: left">Description</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; border-bottom: Black 0.5pt solid; text-align: center">&nbsp;(Note 1)&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">NON-UTILITY--0.7%&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-right: 12pt">$ </TD>
    <TD STYLE="text-align: right; padding-right: 12pt">8,000,000</TD>
    <TD STYLE="text-align: left">Dayton Hudson Corp.</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">9 7/8%, due 7/01/20</TD>
    <TD STYLE="text-align: right">$ </TD>
    <TD STYLE="text-align: right">10,586,616</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt"> 300,000</TD>
    <TD STYLE="text-align: left">Vornado Realty LP</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">7 7/8%, due 10/01/39</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 0.5pt solid; text-align: right">   7,638,000</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt">  18,224,616</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="text-align: left">Total Bonds (Cost $523,357,918)</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 0.5pt solid; text-align: right; border-top-color: Black; border-top-width: 0.5pt"> &nbsp;553,491,307</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: right; padding-right: 12pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold">TOTAL INVESTMENTS--134.6% (Cost $2,819,421,095)</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 0.5pt solid; text-align: right"> 3,611,316,035</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">Borrowings--(26.1%)</TD>
    <TD COLSPAN="2" STYLE="text-align: right"> (700,000,000)</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3">Other assets less liabilities--(8.5%)</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 0.5pt solid; text-align: right"> (229,355,100)</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold">NET ASSETS APPLICABLE TO COMMON STOCK--100.0%</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: left">$</TD>
    <TD STYLE="border-bottom: Black 2pt double; text-align: right">2,681,960,935</TD>
    </TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right; padding-right: 12pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 12pt; width: 10%">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 12%">&nbsp;</TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0.12in">(a) All or a portion of this
security has been pledged as collateral for borrowings and made available for loan.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0.12in">(b) All or a portion of this security has been loaned.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0.12in">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.</P>



<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0.12in">Note 1. Investment Valuation</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0.12in">The Fund's investments are carried at
fair value which is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an
independent buyer in the principal or most advantageous market of the investment. The three-tier hierarchy of inputs established
to classify fair value measurements for disclosure purposes is summarized in the three broad levels listed below.</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">Level 1 - quoted prices in active markets for identical securities</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">Level 2 - other significant observable
inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.)</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0.12in">Level 3 - significant unobservable inputs
(including the Fund's own assumptions in determining fair value of investments)</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">The inputs or methodology used for valuing
securities are not necessarily an indication of the risk associated with investing in these securities. For more information about
the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most
recent financial statements contained in its semi-annual report. The following is a summary of the inputs used to value each of
the Fund's investments at July 31, 2014:</P>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Level 2</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%; text-align: left">Common stocks &amp; MLP interests</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">3,012,024,117</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left">Preferred stocks</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,800,611</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt">Bonds</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">553,491,307</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.125in">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">3,057,824,728</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">553,491,307</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0.12in">There were no Level 3 priced securities
held and there were no transfers between Level 1 and Level 2 related to securities held at July 31, 2014.</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0.12in"></P>

<P STYLE="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0.12in">Note 2. Federal Tax Cost</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">At October 31, 2013, the Fund's most recent
fiscal tax year end, the federal tax cost of investments and aggregate gross unrealized appreciation (depreciation) were
as follows:</P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid; text-align: left; vertical-align: bottom">Federal Tax Cost</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Unrealized <BR> Appreciation</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Unrealized <BR> Depreciation</TD><TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-weight: bold; border-bottom: Black 1pt solid">Net Unrealized <BR> Appreciation</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%; text-align: left">$2,863,733,755</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 21%; text-align: center">$672,974,447</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 21%; text-align: center">($116,820,710)</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 21%; text-align: center">$556,153,737</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0.12in">The difference between the book basis
and tax basis of unrealized appreciation (depreciation) and cost of investments is primarily attributable to MLP earnings and
basis adjustments, the tax deferral of wash sale losses, the accretion of market discount and amortization of premiums and alternative
tax treatment of certain securities.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">Other information regarding the Fund is available on the Fund's website at www.dnpselectincome.com
or the Securities and Exchange Commission's website at www.sec.gov.&nbsp; &nbsp; &nbsp;</P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item
    2.&#9;Controls and Procedures.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         registrant&#8217;s principal executive officer and principal financial officer have concluded
                                         that the registrant&#8217;s disclosure controls and procedures (as defined in Rule 30a-3(c)
                                         under the Investment Company Act of 1940 (the &#8220;1940 Act&#8221;)) 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 Securities Exchange Act of 1934.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
<TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"></TD><TD STYLE="width: 0.25in; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There
                                         has been no change in the registrant&#8217;s internal control over financial reporting
                                         (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant&#8217;s
                                         last fiscal quarter that has materially affected, or is reasonably likely to materially
                                         affect, the registrant&#8217;s internal control over financial reporting.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item
3. Exhibits</B>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibit
99.CERT Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-right: 0; margin-left: 0"><FONT STYLE="font-size: 10pt">SIGNATURES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">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" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="width: 35%; font-size: 10pt"><FONT STYLE="font-size: 10pt">(Registrant)</FONT></TD>
    <TD STYLE="width: 65%; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">DNP SELECT INCOME FUND INC.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">By (Signature and Title)</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid; vertical-align: bottom; padding-bottom: 0; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/
    <FONT STYLE="font-variant: small-caps">Nathan I. Partain</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: 0.5in; font-size: 10pt"></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Nathan I. Partain</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: 0.5in; font-size: 10pt"></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: 0.5in; font-size: 10pt"></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">(Principal Executive Officer)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: 0.5in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Date</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">September 19, 2014</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-right: 0; margin-left: 0; text-indent: 0.5in; margin-top: 10pt"><FONT STYLE="font-size: 10pt">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" STYLE="border-collapse: collapse; width: 60%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">By (Signature and Title)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ <FONT STYLE="font-variant: small-caps">Nathan
    I. Partain</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: 0.5in; font-size: 10pt"></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Nathan I. Partain</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: 0.5in; font-size: 10pt"></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: 0.5in; font-size: 10pt"></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">(Principal Executive Officer)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: 0.5in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="width: 35%; font-size: 10pt"><FONT STYLE="font-size: 10pt">Date</FONT></TD>
    <TD STYLE="width: 65%; font-size: 10pt"><FONT STYLE="font-size: 10pt">September 19, 2014</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">By (Signature and Title)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-size: 10pt">/s/ <FONT STYLE="font-variant: small-caps">Alan
    M. Meder</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: 0.5in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: 0.5in; font-size: 10pt"></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Alan M. Meder</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: 0.5in; font-size: 10pt"></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Treasurer and Assistant Secretary</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: 0.5in; font-size: 10pt"></TD>
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">(Principal Financial and Accounting Officer)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="text-align: left; text-indent: 0.5in; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 3pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font-size: 10pt">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Date</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">September 19, 2014</FONT></TD></TR>
</TABLE>




<P STYLE="margin: 0">&nbsp;</P>

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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>e60121ex99cert.htm
<DESCRIPTION>CERTIFICATIONS
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: right"><B>EXHIBIT 99.CERT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>CERTIFICATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">I, Nathan I. Partain, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">1. I have reviewed this report on Form N-Q of
DNP Select Income Fund Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">3. Based on my knowledge, the schedules of investments
included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter
for which the report is filed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">4. The registrant's other certifying officer(s)
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d) Disclosed in this report any change in the
registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">5. The registrant's other certifying officer(s)
and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
the registrant's ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b) Any fraud, whether or not material, that
involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date: September 19, 2014</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">/</FONT><FONT STYLE="font-size: 8pt">S</FONT><FONT STYLE="font-size: 10pt">/
        <FONT STYLE="font-variant: small-caps">N</FONT></FONT><FONT STYLE="font-size: 8pt; font-variant: small-caps">ATHAN</FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps">
        I. P</FONT><FONT STYLE="font-size: 8pt; font-variant: small-caps">ARTAIN</FONT><FONT STYLE="font-size: 10pt; font-variant: small-caps">
        </FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; padding-top: 3pt"><FONT STYLE="font-size: 10pt">Nathan I. Partain</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-size: 10pt">(Principal&nbsp;Executive&nbsp;Officer)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>CERTIFICATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">I, Alan M. Meder certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">1. I have reviewed this report on Form N-Q of
DNP Select Income Fund Inc.;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">3. Based on my knowledge, the schedules of investments
included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter
for which the report is filed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">4. The registrant's other certifying officer(s)
and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the
Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940) for the registrant and have:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c) Evaluated the effectiveness of the registrant's
disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls
and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(d) Disclosed in this report any change in the
registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has
materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">5. The registrant's other certifying officer(s)
and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing
the equivalent functions):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(a) All significant deficiencies and material
weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect
the registrant's ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(b) Any fraud, whether or not material, that
involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Date: September 19, 2014</FONT></TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">/</FONT><FONT STYLE="font-size: 8pt">S</FONT><FONT STYLE="font-size: 10pt">/
        <FONT STYLE="font-variant: small-caps">Alan M. Meder</FONT></FONT></P>
        </TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0; padding-top: 3pt"><FONT STYLE="font-size: 10pt">Alan M. Meder</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-size: 10pt">Treasurer and Assistant Secretary</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 0"><FONT STYLE="font-size: 10pt">(Principal Financial and Accounting Officer)</FONT></TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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