N-CSR 1 e11833ncsr.htm FORM N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4915

DNP Select Income Fund Inc.

(Exact name of registrant as specified in charter)

200 S. Wacker Drive, Suite 500, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Alan M. Meder | Lawrence R. Hamilton, Esq.
DNP Select Income Fund Inc. | Mayer Brown LLP
200 S. Wacker Drive, Suite 500 | 71 S. Wacker Drive
Chicago, Illinois 60606 | Chicago, Illinois 60606

(Name and address of agents for service)

Registrant’s telephone number, including area code: (312) 263-2610

Date of fiscal year end: October 31

Date of reporting period: October 31, 2020

| ITEM 1. | REPORTS TO STOCKHOLDERS

The Annual Report to Stockholders follows.

Fund Distributions and Managed Distribution Plan: DNP Select Income Fund Inc. (“DNP” or the “Fund”) has been paying a regular 6.5 cent per share monthly distribution on its common stock since July 1997. In February 2007, the Board of Directors adopted a Managed Distribution Plan, which provides for the Fund to continue to make a monthly distribution on its common stock of 6.5 cents per share. Under the Managed Distribution Plan, the Fund will distribute all available investment income to shareholders, consistent with the Fund’s primary investment objective. If and when sufficient investment income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return capital to its shareholders in order to maintain the steady distribution level that has been approved by the Board. If the Fund estimates that it has distributed more than its income and capital gains in a particular period, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.”

To the extent that the Fund uses capital gains and/or return of capital to supplement its investment income, you should not draw any conclusions about the Fund’s investment performance from the amount of the Fund’s distributions or from the terms of the Fund’s Managed Distribution Plan.

Whenever a monthly distribution includes a capital gain or return of capital component, the Fund provides you with a written statement indicating the sources of the distribution and the amount derived from each source. As the most recent monthly statement from the Fund indicated, the cumulative distributions paid this fiscal year to date through November 12 were estimated to be composed of net investment income, capital gains and return of capital.

The amounts and sources of distributions reported monthly in statements from the Fund are only estimates and are not provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment results during its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The Board reviews the operation of the Managed Distribution Plan on a quarterly basis, with the most recent review having been conducted in December 2020, and the Adviser uses data provided by an independent consultant to review for the Board the Managed Distribution Plan annually. The Board may amend, suspend or terminate the Managed Distribution Plan without prior notice to shareholders if it deems such action to be in the best interests of the Fund and its shareholders. For example, the Board might take such action if the Managed Distribution Plan had the effect of shrinking the Fund’s assets to a level that was determined to be detrimental to Fund shareholders. The suspension or termination of the Managed Distribution Plan could have the effect of creating a trading discount if the Fund’s stock is trading at or above net asset value, widening an existing trading discount, or decreasing an existing premium.

The Managed Distribution Plan is described in a Question and Answer format on your Fund’s website, www.dpimc.com/dnp, and discussed in the section of management’s letter captioned “About Your Fund.” The tax characterization of the Fund’s distributions for the last 5 years can also be found on the website under the “Tax Information” tab.

December 17, 2020

Dear Fellow Shareholders:

Performance Review: Consistent with its primary objective of current income and long-term growth of income, and its Managed Distribution Plan, the Fund declared twelve monthly distributions of 6.5 cents per share of common stock during the 2020 fiscal year. The 6.5 cent per share monthly rate, without compounding, would be 78 cents annualized, which is equal to 7.8% of the October 31, 2020, closing price of $9.99 per share. Please refer to the inside front cover of this report and the portion of this letter captioned “About Your Fund” for important information about the Fund and its Managed Distribution Plan.

Your Fund had a total return (income plus change in market price) of -15.9% for the year ended October 31, 2020, which was lower than the 1.6% total return of the composite of the S&P 500® Utilities Index and the Bloomberg Barclays U.S. Utility Bond Index, weighted to reflect the stock and bond ratio of the Fund. In comparison, the S&P 500® Utilities Index—a stock-only index—had a total return of 0.6% over that same period.

On a longer-term basis, as of October 31, 2020, your Fund had a five-year annualized total return of 8.3% on a market value basis, which was lower than the 10.6% return of the composite of the S&P 500® Utilities Index and the Bloomberg Barclays U.S. Utility Bond Index, weighted to reflect the stock and bond ratio of the Fund. In comparison, the S&P 500® Utilities Index had an annualized total return during that period of 11.2%.

The table below compares the performance of your Fund to various market benchmarks. It is important to note that the composite and index returns referred to in this letter do not include fees or expenses, whereas the Fund’s returns are net of expenses.

Total Return1 For the period indicated through October 31, 2020
|  |  | One Year |  | Three Years (annualized) |  |  | Five Years (annualized)
DNP Select Income Fund Inc. |  |  |  |  |  |  |  |  |  |  |  |
Market Value2 |  |  | (15.9 | )% |  |  | 3.4 | % |  |  | 8.3 | %
Net Asset Value (NAV)3 |  |  | (10.6 | )% |  |  | 3.4 | % |  |  | 8.4 | %
Composite Index4 |  |  | 1.6 | % |  |  | 7.8 | % |  |  | 10.6 | %
S&P 500® Utilities Index4 |  |  | 0.6 | % |  |  | 7.9 | % |  |  | 11.2 | %
Bloomberg Barclays U.S. Utility Bond Index4 |  |  | 8.2 | % |  |  | 6.6 | % |  |  | 6.3 | %

1 |  | Past performance is not indicative of future results. Current performance may be lower or higher than performance in historical periods.

2 |  | Total return on market value assumes a purchase of common stock at the opening market price on the first business day and a sale at the closing market price on the last business day of the period shown in the table and assumes reinvestment of dividends at the actual reinvestment prices obtained under the terms of the Fund’s dividend reinvestment plan. In addition, when buying or selling stock, you would ordinarily pay brokerage expenses. Because brokerage expenses are not reflected in the above calculations, your total return net of brokerage expenses would be lower than the total return on market value shown in the table. Source: Administrator of the Fund.

3 |  | Total return on NAV uses the same methodology as is described in note 2, but with use of NAV for beginning, ending and reinvestment values. Because the Fund’s expenses (ratios detailed on page 14 of this report) reduce the Fund’s NAV, they are already reflected in the Fund’s total return on NAV shown in the table. NAV represents the underlying value of the Fund’s net assets, but the market price per share may be higher or lower than NAV. Source: Administrator of the Fund.

4 |  | The Composite Index is a composite of the returns of the S&P 500® Utilities Index and the Bloomberg Barclays U.S. Utility Bond Index (formerly known as the Barclays U.S. Utility Bond Index), weighted to reflect the stock and bond ratio of the Fund. The indices are calculated on a total return basis with dividends reinvested. Indices are unmanaged; their returns do not reflect any fees, expenses or sales charges; and they are not available for direct investment. Performance returns for the S&P 500® Utilities Index and Bloomberg Barclays U.S. Utility Bond Index were obtained from Bloomberg LP.

1

ESG Investing and Utilities: One of the major topics within the investment industry over the past few years has been sustainable investing, also referred to as ESG (environmental, social and governance) investing. While ESG investing was initially more accepted in Europe, it has been gaining traction recently in the U.S. For its part, Duff & Phelps Investment Management Co., the investment adviser to the Fund (the “Adviser”), has taken steps to integrate ESG considerations into its research process. However, it is important to note that ESG factors are just one of many inputs we consider when making our investment decisions for the Fund.

As investors ask more questions about sustainable investing, electric utilities have increased their focus on ESG considerations. From a social and governance standpoint, we actively engage with management teams in discussions regarding corporate governance, sustainability of business models, management incentive arrangements and their plans for maximizing shareholder value. On the environmental front, utilities have been busy replacing coal and gas-fired plants with solar and wind-powered generation. They are investing in electrical transmission lines to connect renewable generation to the grid. Utilities are also upgrading distribution networks to enable energy efficiency measures like time-of-use power and distributed storage.

Investors have traditionally paid a premium for electric utilities with good management teams, long track records of consistent growth and meeting earnings guidance, and manageable risks, such as minimal large projects under development. Companies like CMS Energy (which is owned by the Fund) historically have fit this description. With the increasing emphasis on ESG, investors seem to have layered on an additional premium for utilities with “green stories,” those with clean generation and renewables-driven growth. Fund holding NextEra Energy, for example, is a well-managed utility as well as a leading developer of renewable generation in the United States. Investors have rewarded NextEra for the successful execution of their strategy with a much higher valuation compared to many industry peers.

Over the past six months, a number of utilities have announced corporate actions which are focused on simplifying and “greening” their investment story. These utilities hope to focus investors’ attention on both their regulated utility operations and also on their environmentally-friendly growth in order to help garner a higher valuation.

In early July, Dominion Energy (a Fund holding) announced the cancellation of a long-delayed natural gas pipeline and the sale of most of the company’s natural gas transmission and storage assets. Dominion also added to its targeted investments in renewable generation and detailed plans to buy back some of its shares. The company explicitly laid out its ambition to be viewed as an ESG-friendly company with a “green” focus, which it believes should ultimately improve its relative value among electric utilities. Investors did indeed take notice and have increased Dominion’s valuation multiple.

Public Service Enterprise Group (also a Fund holding) followed close behind in late July with an announcement of plans to conduct a strategic review of its non-nuclear fleet, which consists of coal and gas-fired generation plants. The company framed the review as lowering business risk, improving its credit metrics, and raising its ESG profile. Prior to the strategic review, the company had indicated it would decide on a possible offshore wind investment by year-end. Together, these actions would increase the percentage of earnings from regulated assets and raise the emphasis on renewables for the company. Again, investors were pleased with management’s initiatives, improving the relative valuation of the company.

Most recently in October, DTE Energy (another Fund holding) communicated the decision to spin off its entire midstream business. The move was somewhat surprising as the company had bought additional midstream assets only a year earlier. DTE’s stock rose on the announcement as investors had been of the view that the well-run utility with a good track record located in a constructive regulatory jurisdiction was being overshadowed by the midstream business. We anticipate that, following the spinoff, the remaining utility will command a premium valuation.

2

We expect utilities will continue to focus on the earnings predictability of regulated assets, ESG considerations, and growth in renewables and other green initiatives in order to present a clean story to investors. So far, it seems to be a winning formula—investors are rewarding those utilities with simplified, ESG-friendly stories.

Fund Management: On February 1, 2020, Kyle West, CFA, was appointed to the portfolio management team of DNP, joining Connie Luecke, CFA, who is Chief Investment Officer of the Fund. Mr. West is also a senior research analyst at the Adviser covering North American midstream energy and utility companies and co-portfolio manager of the MLP and energy infrastructure strategy. He joined the Adviser in 2005 as an institutional relationship manager and product specialist for the investment grade fixed income, large cap equity and global listed infrastructure strategies.

Proposed Merger of DNP/DUC: On November 23, 2020, the Board of Directors of DNP and the Board of Directors of Duff & Phelps Utility and Corporate Bond Trust Inc. (DUC), another closed-end fund advised by the Adviser, announced a proposed merger of the two funds. In making the determination to accept the Adviser’s recommendation in favor of the merger, each fund’s board took into account a number of factors, including (1) potential economies of scale that could be realized by the combined fund, (2) the common features of each fund’s investment objectives and strategies and (3) DNP’s market value premium to NAV and the potential to reduce DUC’s market value discount to NAV. The merger is subject to the approval of DUC shareholders at a special shareholder meeting to be held in 2021. If the merger is approved, DUC will merge into DNP, with DNP as the surviving company of the merger. The combined fund will retain DNP’s name and ticker symbol, as well as DNP’s investment objectives, strategies and policies. For additional information, please see the press release regarding the merger on the Fund’s website, www.dpimc.com/dnp.

Board of Directors Meeting: At the regular September and December 2020 Board of Directors’ meetings, the Board declared the following monthly dividends:

| Cents Per Share |  | Record Date |  | Payable Date |  |  | Cents Per Share |  | Record Date |  | Payable Date |
| 6.5 |  | October 30 |  | November 10 |  |  | 6.5 |  | January 29 |  | February 10 |
| 6.5 |  | November 30 |  | December 10 |  |  | 6.5 |  | February 26 |  | March 10 |
| 6.5 |  | December 31 |  | January 11 |  |  | 6.5 |  | March 31 |  | April 12 |

About Your Fund: The Fund seeks to provide investors with a stable monthly dividend that is primarily derived from current fiscal year earnings and profits. In February 2007 the Board of Directors reaffirmed the 6.5 cents per share monthly distribution rate and formalized the monthly distribution process by adopting a Managed Distribution Plan (MDP). In 2008 the SEC granted the Fund exemptive relief that permits the Fund, subject to certain conditions, to make periodic distributions of long-term capital gains as frequently as twelve times a year in order to fulfill the terms of the MDP. The MDP is described on the inside front cover of this report and in a Question and Answer format on the Fund’s website, www.dpimc.com/dnp.

The Impact of Leverage on the Fund: The use of leverage enables the Fund to borrow at short-term rates and invest in higher yielding securities. As of October 31, 2020, the Fund had $1 billion of total leverage outstanding, which consisted of: (i) $168 million of floating rate preferred stock, (ii) $132 million of fixed rate preferred stock, (iii) $300 million of fixed rate secured notes and (iv) $400 million of floating rate secured debt outstanding under a committed loan facility. On that date the total amount of leverage represented approximately 28% of the Fund’s total assets. The amount and type of leverage used is reviewed by the Board of Directors based on the Fund’s expected earnings relative to the anticipated costs (including fees and expenses) associated with the leverage. In addition, the long-term expected benefits of leverage are weighed against the potential effect of increasing the volatility of both the Fund’s net asset value and the market value of its common stock. If the Fund were to conclude that the use of leverage was likely to cease being beneficial, it could modify the amount and type of leverage it uses or eliminate the use of leverage entirely.

3

The Impact of Interest Rates on the Fund: Along with the influence on the income provided from leverage, the level of interest rates can be a primary driver of bond returns, including the return on your Fund’s fixed income investments. For example, an extended environment of historically low interest rates adds an element of reinvestment risk, since the proceeds of maturing bonds may be reinvested in lower yielding securities. Alternatively, a sudden or unexpected rise in interest rates would likely reduce the total return of fixed income investments, since higher interest rates could be expected to depress the valuations of fixed rate bonds held in a portfolio.

Maturity and duration are measures of the sensitivity of a fund’s fixed income investments to changes in interest rates. More specifically, duration refers to the percentage change in a bond’s price for a given change in rates (typically +/- 100 basis points). In general, the greater the average maturity and duration of a portfolio, the greater is the potential percentage price volatility for a given change in interest rates. As of October 31, 2020, your Fund’s fixed income investments had an average maturity of 6.5 years and duration of 5.3 years, while the Bloomberg Barclays U.S. Utility Bond Index had an average maturity of 15.8 years and duration of 11.0 years.

In addition to your Fund’s fixed income investments, the income-oriented equity investments held in your Fund can be adversely affected by a rise in interest rates. However, while rising interest rates generally have a negative impact on income-oriented investments, if improved economic growth accompanies the rising rates, the impact may be mitigated.

As a practical matter, it is not possible for your Fund’s portfolio of investments to be completely insulated from unexpected moves in interest rates. Management believes that over the long term, the conservative distribution of fixed income investments along the yield curve and the growth potential of income-oriented equity holdings positions your Fund to take advantage of future opportunities while limiting volatility to some degree. However, a sustained and meaningful rise in interest rates from current levels would have the potential to significantly reduce the total return of leveraged funds holding income-oriented equities and fixed income investments, including DNP. A significant rise in interest rates would likely put downward pressure on both the net asset value and market price of such funds.

Visit us on the Web: You can obtain the most recent shareholder financial reports and distribution information at our website, www.dpimc.com/dnp.

We appreciate your interest in DNP Select Income Fund Inc., and we will continue to do our best to be of service to you.

Connie M. Luecke, CFA |  |  |  | Nathan I. Partain, CFA
Vice President, Chief Investment Officer |  |  |  | Director, President, and Chief Executive Officer

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein, are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein.

4

DNP SELECT INCOME FUND INC.
SCHEDULE OF INVESTMENTS
October 31, 2020

Shares |  | Description |  | Value |
COMMON STOCKS & MLP INTERESTS—116.5% |  |  |
|  | ■ ELECTRIC, GAS AND WATER—87.4% |  |  |  |
1,751,790 |  | Alliant Energy Corp.(a) |  | $ | 96,838,951 |
1,276,100 |  | Ameren Corp.(a) |  |  | 103,517,232 |
988,640 |  | American Electric Power Co., Inc.(a)(b) |  |  | 88,908,395 |
589,890 |  | American Water Works Co.(a)(b) |  |  | 88,784,344 |
732,000 |  | Atmos Energy Corp.(a)(b) |  |  | 67,102,440 |
389,700 |  | Black Hills Corp. |  |  | 22,080,402 |
3,556,600 |  | CenterPoint Energy, Inc.(a)(b) |  |  | 75,150,958 |
1,564,820 |  | CMS Energy Corp.(a) |  |  | 99,100,051 |
1,275,600 |  | Dominion Energy, Inc.(a)(b) |  |  | 102,481,704 |
795,550 |  | DTE Energy Co.(a) |  |  | 98,186,781 |
1,000,000 |  | Edison International(a) |  |  | 56,040,000 |
1,296,855 |  | Emera Inc. (Canada) |  |  | 51,695,236 |
1,019,110 |  | Essential Utilities, Inc. |  |  | 41,987,332 |
1,592,441 |  | Evergy, Inc.(a)(b) |  |  | 87,902,743 |
1,171,200 |  | Eversource Energy(a) |  |  | 102,210,624 |
1,138,500 |  | FirstEnergy Corp. |  |  | 33,836,220 |
1,079,800 |  | Fortis Inc. (Canada) |  |  | 42,621,873 |
2,557,100 |  | National Grid plc (United Kingdom) |  |  | 30,385,184 |
1,081,600 |  | New Jersey Resources Corp. |  |  | 31,561,088 |
1,275,720 |  | NextEra Energy, Inc.(a) |  |  | 93,395,461 |
927,150 |  | Nextera Energy Partners, LP |  |  | 58,225,020 |
2,655,000 |  | NiSource Inc.(a) |  |  | 60,985,350 |
800,000 |  | Northwest Natural Holding Co. |  |  | 35,552,000 |
2,300,000 |  | OGE Energy Corp.(a)(b) |  |  | 70,771,000 |
576,000 |  | ONE Gas, Inc. |  |  | 39,767,040 |
936,100 |  | Pinnacle West Capital Corp.(a) |  |  | 76,357,677 |
1,716,600 |  | Public Service Enterprise Group Inc.(a) |  |  | 99,820,290 |
744,200 |  | Sempra Energy(a)(b) |  |  | 93,292,912 |
1,500,000 |  | South Jersey Industries, Inc. |  |  | 28,905,000 |
1,764,600 |  | Southern Co.(a) |  |  | 101,376,270 |
840,900 |  | Spire Inc. |  |  | 47,124,036 |
1,016,200 |  | WEC Energy Group, Inc.(a) |  |  | 102,178,910 |
1,386,900 |  | Xcel Energy Inc.(a) |  |  | 97,124,607 |
|  |  |  |  | 2,325,267,131 |
|  | ■ OIL & GAS STORAGE, TRANSPORTATION AND PRODUCTION—12.0% |  |  |  |
381,000 |  | Cheniere Energy, Inc.* |  |  | 18,238,470 |
195,941 |  | Cheniere Energy Partners, LP |  |  | 7,063,673 |
421,000 |  | DCP Midstream LP |  |  | 5,376,170 |
1,155,945 |  | Enbridge Inc. (Canada) |  |  | 31,857,844 |
3,454,062 |  | Energy Transfer Equity LP |  |  | 17,788,419 |
1,631,000 |  | Enterprise Products Partners LP |  |  | 27,025,670 |
675,000 |  | Equitrans Midstream Corp. |  |  | 4,900,500 |
475,000 |  | Genesis Energy LP |  |  | 1,995,000 |
515,000 |  | Golar LNG Limited* (Bermuda) |  |  | 3,888,250 |
375,000 |  | Keyera Corp. (Canada) |  |  | 5,318,371 |
1,660,026 |  | Kinder Morgan, Inc.(a) |  |  | 19,754,309 |
462,090 |  | Magellan Midstream Partners LP |  |  | 16,422,679 |
185,000 |  | Marathon Petroleum Corp. |  |  | 5,457,500 |
1,006,852 |  | MPLX LP |  |  | 17,327,923 |
417,150 |  | ONEOK, Inc. |  |  | 12,097,350 |
986,600 |  | Pembina Pipeline Corp. (Canada) |  |  | 20,636,948 |
75,000 |  | Phillips 66 |  |  | 3,499,500 |
183,419 |  | Phillips 66 Partners LP |  |  | 4,304,844 |
2,113,900 |  | Plains All American Pipeline, LP |  |  | 13,211,875 |
610,000 |  | Rattler Midstream LP |  |  | 3,580,700 |

The accompanying notes are an integral part of these financial statements.

5

DNP SELECT INCOME FUND INC.
SCHEDULE OF INVESTMENTS—(Continued)
October 31, 2020

Shares |  | Description |  | Value |
1,040,120 |  | Targa Resources Corp. |  | $ | 16,693,926 |
806,000 |  | TC Energy Corp. (Canada)(a) |  |  | 31,804,760 |
352,020 |  | Westlake Chemical Partners LP |  |  | 6,378,602 |
1,273,500 |  | The Williams Companies, Inc. |  |  | 24,438,465 |
|  |  |  |  | 319,061,748 |
|  | ■ TELECOMMUNICATIONS—17.1% |  |  |  |
289,000 |  | American Tower Corp. |  |  | 66,368,850 |
2,290,700 |  | AT&T Inc.(a) |  |  | 61,894,714 |
951,515 |  | BCE Inc. (Canada)(a) |  |  | 38,269,933 |
1,002,350 |  | Comcast Corp. Class A |  |  | 42,339,264 |
630,100 |  | Crown Castle International Corp.(a) |  |  | 98,421,620 |
1,000,000 |  | Orange SA (France) |  |  | 11,217,501 |
2,560,600 |  | Telus Corp. (Canada) |  |  | 43,747,304 |
1,416,389 |  | Verizon Communications Inc.(a)(b) |  |  | 80,720,009 |
782,200 |  | Vodafone Group Plc ADR (United Kingdom) |  |  | 10,567,522 |
|  |  |  |  | 453,546,717 |
|  | Total Common Stocks & MLP Interests (Cost $2,512,534,129) |  |  | 3,097,875,596 |
Par Value |  | Description |  | Value |
BONDS—19.0% |  |  |  |  |  |
|  | ■ ELECTRIC, GAS AND WATER—9.9% |  |  |  |
$12,000,000 |  | American Water Capital Corp. 3.40%, 3/01/25(a) |  |  | $13,246,442 |
22,000,000 |  | Arizona Public Service Co. 67/8%, 8/01/36(a)(b) |  |  | 32,381,570 |
9,000,000 |  | CMS Energy Corp. 5.05%, 3/15/22(a) |  |  | 9,447,808 |
6,000,000 |  | CMS Energy Corp. 3.45%, 8/15/27 |  |  | 6,700,939 |
5,000,000 |  | Connecticut Light & Power Co. 3.20%, 3/15/27 |  |  | 5,538,435 |
10,000,000 |  | DPL Capital Trust II 81/8%, 9/01/31 |  |  | 10,439,009 |
6,400,000 |  | DTE Electric Co. 3.65%, 3/15/24 |  |  | 6,955,812 |
10,000,000 |  | Duke Energy Corp. 3.15%, 8/15/2027 |  |  | 10,984,590 |
5,600,000 |  | Edison International 41/8%, 3/15/28 |  |  | 5,862,972 |
9,500,000 |  | Entergy Louisiana, LLC 5.40%, 11/01/24 |  |  | 11,218,371 |
5,000,000 |  | Entergy Louisiana, LLC 4.44%, 1/15/26 |  |  | 5,768,342 |
4,000,000 |  | Entergy Texas, Inc. 4.00%, 3/30/29 |  |  | 4,654,160 |
7,000,000 |  | Eversource Energy 41/4%, 4/01/29 |  |  | 8,320,628 |
10,000,000 |  | Florida Power & Light Co. 31/4%, 6/01/24(a)(b) |  |  | 10,806,691 |
7,000,000 |  | Indiana Michigan Power Co. 3.20%, 3/15/23 |  |  | 7,366,998 |
11,000,000 |  | Interstate Power & Light 31/4%, 12/01/24 |  |  | 12,036,445 |
14,000,000 |  | NiSource Finance Corp. 3.49%, 5/15/27 |  |  | 15,565,157 |
5,000,000 |  | Ohio Power Co. 6.60%, 2/15/33 |  |  | 6,876,428 |
10,345,000 |  | Oncor Electric Delivery Co. LLC 7.00%, 9/01/22(a)(b) |  |  | 11,574,384 |
5,000,000 |  | Public Service Electric 3.00%, 5/15/25 |  |  | 5,482,520 |
10,000,000 |  | Public Service Electric 3.00%, 5/15/27 |  |  | 11,058,773 |

The accompanying notes are an integral part of these financial statements.

6

DNP SELECT INCOME FUND INC.
SCHEDULE OF INVESTMENTS—(Continued)
October 31, 2020

Par Value |  | Description |  | Value |
$5,000,000 |  | Public Service New Mexico 3.85%, 8/01/25 |  | $ | 5,434,226 |
9,000,000 |  | Sempra Energy 3.55%, 6/15/24 |  |  | 9,788,256 |
11,300,000 |  | Southern Power Co. 4.15%, 12/01/25 |  |  | 12,971,408 |
13,000,000 |  | Virginia Electric & Power Co. 3.15%, 1/15/26 |  |  | 14,432,802 |
8,000,000 |  | Wisconsin Energy Corp. 3.55%, 6/15/25 |  |  | 8,937,584 |
|  |  |  |  | 263,850,750 |
|  | ■ OIL & GAS STORAGE, TRANSPORTATION AND PRODUCTION—4.6% |  |  |  |
11,000,000 |  | Enbridge Inc. (Canada) 41/4%, 12/01/26 |  |  | 12,605,655 |
6,488,000 |  | Energy Transfer Partners 7.60%, 2/01/24 |  |  | 7,365,096 |
8,850,000 |  | Energy Transfer Partners 81/4%, 11/15/29 |  |  | 11,173,926 |
6,000,000 |  | Enterprise Products Operating LP 3.35%, 3/15/23 |  |  | 6,357,395 |
6,000,000 |  | Enterprise Products Operating LP 3.13%, 7/31/29 |  |  | 6,473,718 |
9,000,000 |  | Magellan Midstream Partners, LP 5.00%, 3/1/26 |  |  | 10,577,888 |
11,000,000 |  | ONEOK, Inc. 6.00%, 6/15/35 |  |  | 11,992,109 |
10,000,000 |  | Phillips 66 3.90%, 3/15/28 |  |  | 10,923,938 |
5,000,000 |  | Plains All American Pipeline, LP 4.65%, 10/15/25 |  |  | 5,336,588 |
12,210,000 |  | TransCanada PipeLines Ltd. (Canada) 33/4%, 10/16/23 |  |  | 13,136,657 |
9,500,000 |  | Valero Energy Partners LP 41/2%, 3/15/28 |  |  | 10,184,515 |
10,000,000 |  | Williams Partners LP 3.60%, 3/15/22 |  |  | 10,343,053 |
5,000,000 |  | Williams Partners LP 4.55%, 6/24/24 |  |  | 5,517,859 |
|  |  |  |  | 121,988,397 |
|  | ■ TELECOMMUNICATIONS—4.5% |  |  |  |
4,500,000 |  | American Tower Corp. 5.00%, 2/15/24 |  |  | 5,089,237 |
5,500,000 |  | American Tower Corp. 3.00%, 6/15/23 |  |  | 5,829,627 |
5,000,000 |  | AT&T Inc. 4.45%, 4/01/24 |  |  | 5,582,398 |
7,000,000 |  | AT&T Inc. 3.55%, 6/01/24 |  |  | 7,610,261 |
15,000,000 |  | CenturyLink Inc. 67/8%, 1/15/28 |  |  | 16,703,400 |
5,900,000 |  | Comcast Corp. 7.05%, 3/15/33 |  |  | 8,935,533 |
10,190,000 |  | Crown Castle International Corp. 4.45%, 2/15/26 |  |  | 11,679,867 |
15,000,000 |  | Koninklijke KPN NV (Netherlands) 83/8%, 10/01/30(a)(b) |  |  | 21,597,325 |
5,000,000 |  | TCI Communications Inc. 71/8%, 2/15/28 |  |  | 6,871,095 |

The accompanying notes are an integral part of these financial statements.

7

DNP SELECT INCOME FUND INC.
SCHEDULE OF INVESTMENTS—(Continued)
October 31, 2020

Par Value |  | Description |  | Value |
$15,500,000 |  | Verizon Global Funding Corp. 73/4%, 12/01/30 |  | $ | 23,586,127 |
5,000,000 |  | Vodafone Group Plc (United Kingdom) 77/8%, 2/15/30 |  |  | 7,289,358 |
|  |  |  |  | 120,774,228 |
|  | Total Bonds (Cost $443,986,051) |  |  | 506,613,375 |

|  | TOTAL INVESTMENTS—135.5% (Cost $2,956,520,180) |  | $ | 3,604,488,971 |
|  | Secured borrowings—(15.0)% |  |  | (400,000,000 | )
|  | Secured notes—(11.3)% |  |  | (300,000,000 | )
|  | Mandatory Redeemable Preferred Shares at liquidation value—(11.3)% |  |  | (300,000,000 | )
|  | Other assets less other liabilities—2.1% |  |  | 56,078,326 |
|  | NET ASSETS APPLICABLE TO COMMON STOCK—100.0% |  | $ | 2,660,567,297 |

(a) |  | All or a portion of this security has been pledged as collateral for borrowings and made available for loan.
(b) |  | All or a portion of this security has been loaned.
* |  | Non-income producing.

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.

The accompanying notes are an integral part of these financial statements.

8

DNP SELECT INCOME FUND INC.
SCHEDULE OF INVESTMENTS—(Continued)
October 31, 2020

The Fund’s investments are carried at fair value which is defined as the price that the Fund might reasonably expect to 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.

Level 1—quoted prices in active markets for identical securities

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.)

Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. The following is a summary of the inputs used to value each of the Fund’s investments at October 31, 2020:

|  |  |  | Level 1 |  | Level 2
Common stocks & MLP interests |  |  |  |  | $3,097,875,596 |  |  |  | — |
Bonds |  |  |  |  | — |  |  |  | $506,613,375 |
Total |  |  |  |  | $3,097,875,596 |  |  |  | $506,613,375 |

There were no Level 3 priced securities held and there were no transfers into or out of Level 3.

Other information regarding the Fund is available on the Fund’s website at www.dpimc.com/dnp or the Securities and Exchange Commission’s website at www.sec.gov.

* |  | Percentages are based on total investments rather than total net assets applicable to common stock and include securities pledged as collateral for the Fund’s borrowings.

The accompanying notes are an integral part of these financial statements.

9

DNP SELECT INCOME FUND INC.
STATEMENT OF ASSETS AND LIABILITIES
October 31, 2020

ASSETS: |  |  |  |  |  |
Investments at value (cost $2,956,520,180) including $376,009,870 of securities loaned |  |  |  | $ | 3,604,488,971 |
Cash |  |  |  |  | 65,155,447 |
Receivables: |  |  |  |  |  |
Interest |  |  |  |  | 5,478,992 |
Dividends |  |  |  |  | 7,833,910 |
Securities lending income |  |  |  |  | 25,892 |
Prepaid expenses |  |  |  |  | 517,129 |
Total assets |  |  |  |  | 3,683,500,341 |
LIABILITIES: |  |  |  |  |  |
Secured borrowings (Note 7) |  |  |  |  | 400,000,000 |
Secured notes (net of deferred offering costs of $1,852,042)(Note 7) |  |  |  |  | 298,147,958 |
Dividends payable on common stock |  |  |  |  | 20,022,087 |
Interest payable on secured notes (Note 7) |  |  |  |  | 2,428,044 |
Investment advisory fee (Note 3) |  |  |  |  | 1,697,203 |
Administrative fee (Note 3) |  |  |  |  | 398,730 |
Interest payable on mandatory redeemable preferred shares (Note 8) |  |  |  |  | 847,588 |
Interest payable on secured borrowings (Note 7) |  |  |  |  | 343,220 |
Accrued expenses |  |  |  |  | 163,211 |
Mandatory redeemable preferred shares (liquidation preference $300,000,000, net of deferred offering costs of $1,114,997)(Note 8) |  |  |  |  | 298,885,003 |
Total liabilities |  |  |  |  | 1,022,933,044 |
NET ASSETS APPLICABLE TO COMMON STOCK |  |  |  | $ | 2,660,567,297 |
CAPITAL: |  |  |  |  |  |
Common stock ($0.001 par value per share; 350,000,000 shares authorized and 308,032,100 shares issued and outstanding) |  |  |  | $ | 308,032 |
Additional paid-in capital |  |  |  |  | 2,045,015,638 |
Total distributable earnings |  |  |  |  | 615,243,627 |
Net assets applicable to common stock |  |  |  | $ | 2,660,567,297 |
NET ASSET VALUE PER SHARE OF COMMON STOCK |  |  |  | $ | 8.64 |

The accompanying notes are an integral part of these financial statements.

10

DNP SELECT INCOME FUND INC.
STATEMENT OF OPERATIONS
For the year ended
October 31, 2020

INVESTMENT INCOME: |  |  |  |  |  |
Interest |  |  |  | $ | 20,733,830 |
Dividends (less foreign withholding tax of $2,483,770) |  |  |  |  | 128,100,995 |
Less return of capital distributions (Note 2) |  |  |  |  | (28,991,869 | )
Securities lending income, net |  |  |  |  | 296,112 |
Total investment income |  |  |  |  | 120,139,068 |
EXPENSES: |  |  |  |  |  |
Investment advisory fees (Note 3) |  |  |  |  | 20,739,963 |
Interest expense and amortization of deferred offering costs on preferred shares (Note 8) |  |  |  |  | 12,244,225 |
Interest expense and amortization of deferred offering costs on secured notes (Note 7) |  |  |  |  | 9,175,820 |
Interest expense and fees on secured borrowings (Note 7) |  |  |  |  | 6,644,583 |
Administrative fees (Note 3) |  |  |  |  | 4,847,992 |
Reports to shareholders |  |  |  |  | 904,000 |
Professional fees |  |  |  |  | 579,550 |
Custodian fees |  |  |  |  | 457,000 |
Directors’ fees (Note 3) |  |  |  |  | 390,792 |
Transfer agent fees |  |  |  |  | 280,350 |
Other expenses |  |  |  |  | 657,472 |
Total expenses |  |  |  |  | 56,921,747 |
Net investment income |  |  |  |  | 63,217,321 |
REALIZED AND UNREALIZED GAIN (LOSS): |  |  |  |  |  |
Net realized gain on investments |  |  |  |  | 135,263,593 |
Net change in unrealized appreciation/depreciation on investments and foreign currency translation |  |  |  |  | (536,493,992 | )
Net realized and unrealized loss |  |  |  |  | (401,230,399 | )
NET DECREASE IN NET ASSETS APPLICABLE TO COMMON STOCK RESULTING FROM OPERATIONS |  |  |  | $ | (338,013,078 | )

The accompanying notes are an integral part of these financial statements.

11

DNP SELECT INCOME FUND INC.
STATEMENTS OF CHANGES IN NET ASSETS

|  |  |  | For the year ended October 31, 2020 |  | For the year ended October 31, 2019
OPERATIONS: |  |  |  |  |  |  |  |  |  |
Net investment income |  |  |  | $ | 63,217,321 |  |  | $ | 59,726,720 |
Net realized gain |  |  |  |  | 135,263,593 |  |  |  | 146,260,538 |
Net change in unrealized appreciation/depreciation |  |  |  |  | (536,493,992 | ) |  |  | 440,177,266 |
Net increase (decrease) in net assets applicable to common stock resulting from operations |  |  |  |  | (338,013,078 | ) |  |  | 646,164,524 |
DISTRIBUTIONS TO COMMON STOCKHOLDERS: |  |  |  |  |  |  |  |  |  |
Net investment income and capital gains |  |  |  |  | (198,261,459 | ) |  |  | (196,107,547 | )
Return of capital |  |  |  |  | (39,105,460 | ) |  |  | (35,740,339 | )
Decrease in net assets from distributions to common stockholders (Note 5) |  |  |  |  | (237,366,919 | ) |  |  | (231,847,886 | )
CAPITAL STOCK TRANSACTIONS: |  |  |  |  |  |  |  |  |  |
Shares issued to common stockholders from dividend reinvestment of 4,421,601 and 3,986,366 shares, respectively |  |  |  |  | 47,888,564 |  |  |  | 44,222,896 |
Net proceeds from shares issued through at-the-market offering of 2,664,961 and 3,761,534 shares, respectively (Note 9) |  |  |  |  | 29,124,618 |  |  |  | 43,813,824 |
Net increase in net assets derived from capital share transactions |  |  |  |  | 77,013,182 |  |  |  | 88,036,720 |
Total increase (decrease) in net assets |  |  |  |  | (498,366,815 | ) |  |  | 502,353,358 |
TOTAL NET ASSETS APPLICABLE TO COMMON STOCK: |  |  |  |  |  |  |  |  |  |
Beginning of year |  |  |  |  | 3,158,934,112 |  |  |  | 2,656,580,754 |
End of year |  |  |  | $ | 2,660,567,297 |  |  | $ | 3,158,934,112 |

The accompanying notes are an integral part of these financial statements.

12

DNP SELECT INCOME FUND INC.
STATEMENT OF CASH FLOWS
For the year ended
October 31, 2020

INCREASE (DECREASE) IN CASH |  |  |  |  |  |  |  |
Cash flows provided by (used in) operating activities: |  |  |  |  |  |  |  |  |  |
Interest received |  |  |  | $ | 22,860,104 |  |  |  |  |
Income dividends received |  |  |  |  | 99,564,938 |  |  |  |  |
Return of capital distributions on investments |  |  |  |  | 30,179,735 |  |  |  |  |
Securities lending income, net |  |  |  |  | 271,053 |  |  |  |  |
Interest paid on secured borrowings |  |  |  |  | (7,241,834 | ) |  |  |  |
Interest paid on secured notes |  |  |  |  | (8,760,000 | ) |  |  |  |
Interest paid on mandatory redeemable preferred shares |  |  |  |  | (12,103,409 | ) |  |  |  |
Expenses paid |  |  |  |  | (29,010,293 | ) |  |  |  |
Purchase of investment securities |  |  |  |  | (324,349,187 | ) |  |  |  |
Proceeds from sales and maturities of investment securities |  |  |  |  | 384,959,667 |  |  |  |  |
Net change in short-term investments |  |  |  |  | 37,920,161 |  |  |  |  |
Net cash provided by operating activities | $ | 194,290,935 |
Cash flows provided by (used in) financing activities: |  |  |  |  |  |  |  |  |  |
Distributions paid |  |  |  |  | (236,902,010 | ) |  |  |  |
Proceeds from issuance of common stock under dividend reinvestment plan |  |  |  |  | 47,888,564 |  |  |  |  |
Net proceeds from issuance of common stock though at-the-market offering |  |  |  |  | 30,014,558 |  |  |  |  |
Offering costs in connection with issuance of common shares |  |  |  |  | (60,493 | ) |  |  |  |
Net cash used in financing activities |  | (159,059,381 | )
Net increase in cash and cash equivalents |  | 35,231,554 |
Cash—beginning of year |  | 29,923,893 |
Cash—end of year | $ | 65,155,447 |
Reconciliation of net decrease in net assets resulting from operations to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |
Net decrease in net assets resulting from operations | $ | (338,013,078 | )
Purchase of investment securities |  |  |  |  | (324,349,187 | ) |  |  |  |
Proceeds from sales and maturities of investment securities |  |  |  |  | 384,959,667 |  |  |  |  |
Net change in short-term investments |  |  |  |  | 37,920,161 |  |  |  |  |
Net realized gain on investments |  |  |  |  | (135,263,593 | ) |  |  |  |
Net change in unrealized appreciation/depreciation on investments |  |  |  |  | 536,493,992 |  |  |  |  |
Net amortization and accretion of premiums and discounts on debt securities |  |  |  |  | 1,707,295 |  |  |  |  |
Return of capital distributions on investments |  |  |  |  | 30,179,735 |  |  |  |  |
Amortization of deferred offering costs |  |  |  |  | 827,669 |  |  |  |  |
Decrease in interest receivable |  |  |  |  | 418,979 |  |  |  |  |
Decrease in dividends receivable |  |  |  |  | 455,812 |  |  |  |  |
Decrease in interest payable on mandatory redeemable preferred shares |  |  |  |  | (271,033 | ) |  |  |  |
Decrease in interest payable on secured borrowings |  |  |  |  | (597,252 | ) |  |  |  |
Decrease in accrued expenses |  |  |  |  | (153,174 | ) |  |  |  |
Increase in other receivable |  |  |  |  | (25,058 | ) |  |  |  |
Total adjustments |  | 532,304,013 |
Net cash provided by operating activities | $ | 194,290,935 |

The accompanying notes are an integral part of these financial statements.

13

DNP SELECT INCOME FUND INC.
FINANCIAL HIGHLIGHTS—SELECTED PER SHARE DATA AND RATIOS

The table below provides information about income and capital changes for a share of common stock outstanding throughout the years indicated (excluding supplemental data provided below):

|  | For the year ended October 31,
PER SHARE DATA: |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | 2016
Net asset value: |  |  |  |  |  |  |  |  |  |
Beginning of year |  | $ | 10.50 |  |  | $ | 9.06 |  |  | $ | 9.98 |  |  | $ | 9.40 |  |  | $ | 8.72 |
Net investment income |  |  | 0.21 |  |  |  | 0.20 |  |  |  | 0.20 |  |  |  | 0.22 |  |  |  | 0.27 |
Net realized and unrealized gain (loss) |  |  | (1.29 | ) |  |  | 2.02 |  |  |  | (0.34 | ) |  |  | 1.14 |  |  |  | 1.19 |
Net increase (decrease) from investment operations applicable to common stock |  |  | (1.08 | ) |  |  | 2.22 |  |  |  | (0.14 | ) |  |  | 1.36 |  |  |  | 1.46 |
Distributions on common stock: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income |  |  | (0.21 | ) |  |  | (0.20 | ) |  |  | (0.26 | ) |  |  | (0.26 | ) |  |  | (0.31 | )
Net realized gain |  |  | (0.44 | ) |  |  | (0.46 | ) |  |  | (0.39 | ) |  |  | (0.41 | ) |  |  | (0.34 | )
Return of capital |  |  | (0.13 | ) |  |  | (0.12 | ) |  |  | (0.13 | ) |  |  | (0.11 | ) |  |  | (0.13 | )
Total distributions |  |  | (0.78 | ) |  |  | (0.78 | ) |  |  | (0.78 | ) |  |  | (0.78 | ) |  |  | (0.78 | )
Net asset value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
End of year |  | $ | 8.64 |  |  | $ | 10.50 |  |  | $ | 9.06 |  |  | $ | 9.98 |  |  | $ | 9.40 |
Per share market value: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
End of year |  | $ | 9.99 |  |  | $ | 12.77 |  |  | $ | 10.93 |  |  | $ | 11.25 |  |  | $ | 10.09 |
RATIOS TO AVERAGE NET ASSETS APPLICABLE TO COMMON STOCK:
Operating expenses |  |  | 2.01 | % |  |  | 2.29 | % |  |  | 2.31 | % |  |  | 2.04 | % |  |  | 1.86 | %
Operating expenses, without leverage |  |  | 1.01 | % |  |  | 1.00 | % |  |  | 1.01 | % |  |  | 1.02 | % |  |  | 1.04 | %
Net investment income |  |  | 2.23 | % |  |  | 2.04 | % |  |  | 2.19 | % |  |  | 2.23 | % |  |  | 2.98 | %
SUPPLEMENTAL DATA: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total return on market value(1) |  |  | (15.85 | )% |  |  | 25.28 | % |  |  | 4.80 | % |  |  | 20.17 | % |  |  | 12.08 | %
Total return on net asset value(1) |  |  | (10.57 | )% |  |  | 25.27 | % |  |  | (1.26 | )% |  |  | 15.04 | % |  |  | 17.34 | %
Portfolio turnover rate |  |  | 9 | % |  |  | 11 | % |  |  | 13 | % |  |  | 11 | % |  |  | 16 | %
Net assets applicable to common stock, end of year (000’s omitted) |  | $ | 2,660,567 |  |  | $ | 3,158,934 |  |  | $ | 2,656,581 |  |  | $ | 2,870,541 |  |  | $ | 2,664,973 |
Borrowings outstanding, end of year (000’s omitted) Secured borrowings(2) |  | $ | 400,000 |  |  | $ | 400,000 |  |  | $ | 400,000 |  |  | $ | 400,000 |  |  | $ | 400,000 |
Secured notes(2) |  |  | 300,000 |  |  |  | 300,000 |  |  |  | 300,000 |  |  |  | 300,000 |  |  |  | 300,000 |
Total borrowings |  | $ | 700,000 |  |  | $ | 700,000 |  |  | $ | 700,000 |  |  | $ | 700,000 |  |  | $ | 700,000 |
Asset coverage on borrowings(3) |  | $ | 5,229 |  |  | $ | 5,941 |  |  | $ | 5,224 |  |  | $ | 5,529 |  |  | $ | 5,236 |
Preferred stock outstanding, end of year (000’s omitted)(2) |  | $ | 300,000 |  |  | $ | 300,000 |  |  | $ | 300,000 |  |  | $ | 300,000 |  |  | $ | 300,000 |
Asset coverage on preferred stock(4) |  | $ | 366,057 |  |  | $ | 415,893 |  |  | $ | 365,658 |  |  | $ | 387,054 |  |  | $ | 366,497 |
Asset coverage ratio on total leverage (borrowings and preferred stock)(5) |  |  | 366 | % |  |  | 416 | % |  |  | 366 | % |  |  | 387 | % |  |  | 367 | %

(1) |  | Total return on market value assumes a purchase of common stock at the opening market price on the first day and a sale at the closing market price on the last day of each year shown in the table and assumes reinvestment of dividends at the actual reinvestment prices obtained under the terms of the Fund’s dividend reinvestment plan. Total return on net asset value uses the same methodology, but with use of net asset value for beginning, ending and reinvestment values.
(2) |  | The Fund’s secured borrowings, secured notes and preferred stock are not publicly traded.
(3) |  | Represents value of net assets applicable to common stock plus the borrowings and preferred stock outstanding at year end divided by the borrowings outstanding at year end, calculated per $1,000 principal amount of borrowing.The secured borrowings and secured notes have equal claims to the assets of the Fund. The rights of debt holders are senior to the rights of the holders of the Fund’s common and preferred stock. The asset coverage disclosed represents the asset coverage for the total debt of the Fund including both the secured borrowings and secured notes.
(4) |  | Represents value of net assets applicable to common stock plus the borrowings and preferred stock outstanding at year end divided by the borrowings and preferred stock outstanding at year end, calculated per $100,000 liquidation preference per share of preferred stock.
(5) |  | Represents value of net assets applicable to common stock plus the borrowings and preferred stock outstanding at year end divided by the borrowings and preferred stock outstanding at year end.

The accompanying notes are an integral part of these financial statements.

14

DNP SELECT INCOME FUND INC.
NOTES TO FINANCIAL STATEMENTS
October 31, 2020

Note 1. Organization:

DNP Select Income Fund Inc. (“DNP” or the “Fund”) was incorporated under the laws of the State of Maryland on November 26, 1986. The Fund commenced operations on January 21, 1987, as a closed-end diversified management investment company registered under the Investment Company Act of 1940 (the “1940 Act”). The primary investment objectives of the Fund are current income and long-term growth of income. Capital appreciation is a secondary objective.

Note 2. Significant Accounting Policies:

The Fund is an investment company that follows the accounting and reporting guidance of Accounting Standards Codification (“ASC”) Topic 946 applicable to Investment Companies.

The following are the significant accounting policies of the Fund:

A. Investment Valuation: Equity securities traded on a national or foreign securities exchange or traded over-the counter and quoted on the NASDAQ Stock Market are valued at the last reported sale price or, if there was no sale on the valuation date, then the security is valued at the mean of the bid and ask prices, in each case using valuation data provided by an independent pricing service, and are generally classified as Level 1. Equity securities traded on more than one securities exchange shall be valued at the last sale price on the business day as of which such value is being determined at the close of the exchange representing the principal market for such securities and are classified as Level 1. If there was no sale on the valuation date, then the security is valued at the mean of the closing bid and ask prices of the exchange representing the principal market for such securities. Debt securities are valued at the mean of the bid and ask prices provided by an independent pricing service when such prices are believed to reflect the fair value of such securities and are generally classified as Level 2. Any securities for which it is determined that market prices are unavailable or inappropriate are valued at a fair value using a procedure determined in good faith by the Board of Directors and are classified as Level 2 or 3 based on the valuation inputs.

B. Investment Transactions and Investment Income: Security transactions are recorded on the trade date. Realized gains or losses from sales of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date. Interest income and expense are recognized on the accrual basis. Premiums on securities are amortized over the period remaining until first call date, if any, or if none, the remaining life of the security. Discounts are accreted over the remaining life of the security for financial reporting purposes. Discounts and premiums are not amortized or accreted for tax purposes.

The Fund invests in master limited partnerships (“MLPs”) which make distributions that are primarily attributable to return of capital. Dividend income is recorded using management’s estimate of the percentage of income included in the distributions received from the MLP investments based on their historical dividend results. Distributions received in excess of this estimated amount are recorded as a reduction of cost of investments (i.e., a return of capital). The actual amounts of income and return of capital components of its distributions are only determined by each MLP after its fiscal year-end and may differ from the estimated amounts. For the year ended October 31, 2020, 100% of the MLP distributions were treated as a return of capital.

C. Federal Income Taxes: It is the Fund’s intention to comply with requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income

15

DNP SELECT INCOME FUND INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
October 31, 2020

and capital gains to its shareholders. Therefore, no provision for Federal income or excise taxes is required. Management of the Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Since tax authorities can examine previously filed tax returns, the Fund’s tax returns filed for the tax years 2017 to 2020 are subject to review.

D. Foreign Currency Translation: Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation at the mean of the quoted bid and asked prices of such currencies. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts at the rate of exchange prevailing on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

E. Accounting Standards: In 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2017-08, which shortens the premium amortization period for callable debt to the earliest call date. During the current fiscal year, ASU 2017-08 became effective for the Fund and did not materially impact the Fund’s financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR (London Interbank Offering Rate) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying ASU 2020-04.

F. Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Note 3. Agreements and Management Arrangements:

A. Adviser and Administrator: The Fund has an Advisory Agreement with Duff & Phelps Investment Management Co. (the “Adviser”) an indirect, wholly owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), to provide professional investment management services for the Fund and has an Administration Agreement with Robert W. Baird & Co. Incorporated (the “Administrator”) to provide administrative and management services for the Fund. The Adviser receives a quarterly fee at an annual rate of 0.60% of the Average Weekly Managed Assets of the Fund up to $1.5 billion and 0.50% of Average Weekly Managed Assets in excess thereof. The Administrator receives a quarterly fee at annual rates of 0.20% of Average Weekly Managed Assets up to $1 billion, and 0.10% of Average Weekly Managed Assets over $1 billion. For purposes of the foregoing calculations, “Average Weekly Managed Assets” is defined as the average weekly value of the total assets of the Fund minus the sum of all accrued liabilities of the Fund (other than the aggregate amount of any outstanding borrowings or other indebtedness constituting financial leverage).

16

DNP SELECT INCOME FUND INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
October 31, 2020

B. Directors: The Fund pays each director not affiliated with the Adviser an annual fee. Total fees paid to directors for the year ended October 31, 2020 were $390,792.

C. Affiliated Shareholder: At October 31, 2020, Virtus Partners, Inc. (a wholly owned subsidiary of Virtus) held 229,206 shares of the Fund, which represent 0.07% of the shares of common stock outstanding. These shares may be sold at any time.

Note 4. Investment Transactions:

Purchases and sales of investment securities (excluding short-term investments) for the year ended October 31, 2020 were $324,349,187 and $384,959,667, respectively.

Note 5. Distributions and Tax Information:

At October 31, 2020, the federal tax cost and aggregate gross unrealized appreciation (depreciation) were as follows:

Federal Tax Cost |  |  |  | Unrealized Appreciation |  | Unrealized Depreciation |  | Net Unrealized Appreciation
$2,968,360,853 |  |  |  |  | $968,628,513 |  |  |  | $(332,500,395) |  |  |  | $636,128,118 |

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 sales losses, the accretion of market discount and amortization of premiums.

The Fund declares and pays monthly dividends on its common shares of a stated amount per share. Subject to approval and oversight by the Fund’s Board of Directors, the Fund seeks to maintain a stable distribution level (a Managed Distribution Plan) consistent with the Fund’s primary investment objective of current income. If and when sufficient investment income is not available on a monthly basis, the Fund will distribute long-term capital gains and/or return capital in order to maintain the $0.065 per common share distribution level. The character of distributions is determined in accordance with federal tax regulations, which may differ from U.S. generally accepted accounting principles.

The tax character of distributions paid to common shareholders during the years ended October 31, 2020 and 2019 was as follows:

|  |  |  | 10/31/20 |  | 10/31/19
Distributions paid from: |  |  |  |  |  |  |  |  |  |
Ordinary income |  |  |  | $ | 74,898,817 |  |  | $ | 68,095,542 |
Long-term capital gains |  |  |  |  | 122,897,733 |  |  |  | 127,509,172 |
Return of capital |  |  |  |  | 39,105,460 |  |  |  | 35,740,339 |
Total distributions |  |  |  | $ | 236,902,010 |  |  | $ | 231,345,053 |

17

DNP SELECT INCOME FUND INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
October 31, 2020

At October 31, 2020, the components of distributable earnings on a tax basis were as follows:

Undistributed net ordinary income |  |  |  | $ | 0 |  |  |  |  |
Undistributed long-term capital gains |  |  |  |  | 0 |  |  |  |  |
Net unrealized appreciation |  |  |  |  | 636,113,302 |  |  |  |  |
Other ordinary timing differences |  |  |  |  | (20,869,675 | ) |  |  |  |
|  |  |  | $ | 615,243,627 |  |  |  |  |

Note 6. Reclassification of Capital Accounts:

Due to inherent differences in the recognition and distribution of income and realized gains/losses under U.S. generally accepted accounting principles and for federal income tax purposes, permanent differences between book and tax basis reporting have been identified and appropriately reclassified on the Statement of Assets and Liabilities. At October 31, 2020, the following reclassifications were recorded:

Paid-in capital |  |  |  | Total distributions earnings
$(1,151,513) |  |  |  | $1,151,513

The reclassifications primarily relate to premium amortization, MLP recharacterization of gains and recharacterization of distributions. These reclassifications have no impact on the net asset value of the Fund.

Note 7. Debt Financing:

The Fund has a Committed Facility Agreement (the “Facility”) with a commercial bank (the “Bank”) that allows the Fund to borrow cash up to a limit of $400,000,000. The Fund has also issued secured notes (the “Notes”). The Facility and Notes rank pari passu and are senior, with priority in all respects to the outstanding common and preferred stock as to the payment of dividends and with respect to the distribution of assets upon dissolution, liquidation or winding up of the affairs of the Fund. Key information regarding the Facility and Notes is detailed below.

A. Borrowings Under the Facility: Borrowings under the Facility are collateralized by certain assets of the Fund (the “Hypothecated Securities”). The Fund expressly grants the Bank the right to re-register the Hypothecated Securities in its own name or in another name other than the Fund’s and to pledge, repledge, hypothecate, rehypothecate, sell, lend or otherwise transfer or use the Hypothecated Securities. Interest is charged at 1 month LIBOR plus an additional percentage rate of 0.85% on the amount borrowed. The Bank has the ability to require repayment of the Facility upon 179 days’ notice or following an event of default. For the year ended October 31, 2020, the average daily borrowings under the Facility and the weighted daily average interest rate were $400,000,000 and 1.63%, respectively. As of October 31, 2020, the amount of such outstanding borrowings was $400,000,000 and the applicable interest rate was 0.99%.

18

DNP SELECT INCOME FUND INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
October 31, 2020

The Bank has the ability to borrow the Hypothecated Securities (“Rehypothecated Securities”). The Fund is entitled to receive a fee from the Bank in connection with any borrowing of Rehypothecated Securities. The fee is computed daily based on a percentage of the difference between the fair market rate as determined by the Bank and the Fed Funds Open and is paid monthly. The Fund can designate any Hypothecated Security as ineligible for rehypothecation and can recall any Rehypothecated Security at any time and if the Bank fails to return it (or an equivalent security) in a timely fashion, the Bank will be liable to the Fund for the ultimate delivery of such security and certain costs associated with delayed delivery. In the event the Bank does not return the security or an equivalent security, the Fund will have the right to, among other things, apply and set off an amount equal to 100% of the then-current fair market value of such Rehypothecated Securities against any amounts owed to the Bank under the Facility. The Fund is entitled to receive an amount equal to any and all interest, dividends or distributions paid or distributed with respect to any Hypothecated Security on the payment date. At October 31, 2020, Hypothecated Securities under the Facility had a market value of $1,851,668,325 and Rehypothecated Securities had a market value of $376,009,870. If at the close of any business day, the value of all outstanding Rehypothecated Securities exceeds the value of the Fund’s borrowings, the Bank shall promptly, at its option, either reduce the amount of the outstanding Rehypothecated Securities or deliver an amount of cash at least equal to the excess amount.

B. Notes: In 2016, the Fund completed a private placement of $300,000,000 of Notes in two fixed-rate series. Net proceeds from the issuances were used to reduce the amount of the Fund’s borrowing under its Facility. The Notes are secured by a lien on all assets of the Fund of every kind, including all securities and all other investment property, equal and ratable with the liens securing the Facility. The Notes are not listed on any exchange or automated quotation system.

Key terms of each series of secured notes are as follows:

Series |  |  | Amount |  | Rate |  | Maturity |  | Estimated Fair Value
A |  |  | $ | 100,000,000 |  |  |  | 2.76% |  |  | 7/22/23 |  |  | $ | 102,990,000 |
B |  |  |  | 200,000,000 |  |  |  | 3.00% |  |  | 7/22/26 |  |  |  | 211,540,000 |
|  |  | $ | 300,000,000 |  |  |  |  |  |  |  |  |  |  | $ | 314,530,000 |

The Fund incurred costs in connection with the issuance of the Notes. These costs were recorded as a deferred charge and are being amortized over the respective life of each series of Notes. Amortization of these offering costs of $415,820 is included under the caption “Interest expense and amortization of deferred offering costs on secured notes” on the Statement of Operations and the unamortized balance is deducted from the carrying amount of the Notes under the caption “Secured notes” on the Statement of Assets and Liabilities.

Holders of the Notes are entitled to receive semi-annual interest payments until maturity. The Notes accrue interest at the annual fixed rate indicated above. The Notes are subject to optional and mandatory redemption in certain circumstances and subject to certain prepayment penalties and premiums.

The estimated fair value of the Notes was calculated, for disclosure purposes, based on estimated market yields and credit spreads for comparable instruments or representative indices with similar maturity, terms and structure. The Notes are categorized as Level 2 within the fair value hierarchy.

19

DNP SELECT INCOME FUND INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
October 31, 2020

Note 8. Mandatory Redeemable Preferred Shares:

The Fund has issued and outstanding Mandatory Redeemable Preferred Shares (“MRP Shares”) with a liquidation preference of $100,000 per share.

In 2014, the Fund issued 3,000 Floating Rate Mandatory Redeemable Preferred Shares and on January 29, 2019 issued 1,320 Fixed Rate Mandatory Redeemable Preferred Shares. On March 1, 2019 the proceeds of the issuance of 1,320 MRP Shares Series E were used to redeem all 1,320 issued and outstanding shares of MRP Shares Series A in advance of their stated maturity date of April 1, 2019.

Key terms of each series of MRP Shares at October 31, 2020 are as follows:

Series |  | Shares Outstanding |  | Liquidation Preference |  | Quarterly Rate Reset |  | Rate |  | Weighted Average Daily Rate |  | Mandatory Redemption Date |  | Estimated Fair Value |
B |  | 600 |  |  | $60,000,000 |  |  | 3M LIBOR + 2.05% |  | 2.28% |  | 3.32% |  | 4/1/2021 |  | $60,000,000 |
C |  | 750 |  |  | 75,000,000 |  |  | 3M LIBOR + 2.15% |  | 2.38% |  | 3.42% |  | 4/1/2024 |  | 75,000,000 |
D |  | 330 |  |  | 33,000,000 |  |  | 3M LIBOR + 1.95% |  | 2.18% |  | 3.22% |  | 4/1/2021 |  | 33,000,000 |
E |  | 1,320 |  |  | 132,000,000 |  |  | Fixed Rate |  | 4.63% |  | 4.63% |  | 4/1/2027 |  | 147,747,600 |
|  | 3,000 |  |  | $300,000,000 |  |  |  |  |  |  |  |  |  |  | $315,747,600 |

The Fund incurred costs in connection with the issuance of the MRP Shares. These costs were recorded as a deferred charge and are being amortized over the respective life of each series of MRP Shares. Amortization of these deferred offering costs of $411,849 is included under the caption “Interest expense and amortization of deferred offering costs on preferred shares” on the Statement of Operations and the unamortized balance is deducted from the carrying amount of the MRP Shares under the caption “Mandatory redeemable preferred shares” on the Statement of Assets and Liabilities. The unamortized costs incurred in connection with the issuance of MRP Shares Series A were fully expensed when the shares were redeemed.

Holders of the MRP Shares are entitled to receive quarterly cumulative cash dividend payments on the first business day following each quarterly dividend date which is the last day of each of March, June, September and December.

MRP Shares are subject to optional and mandatory redemption in certain circumstances. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends plus, in some cases, an early redemption premium (which may vary based on the date of redemption). The MRP Shares are not listed on any exchange or automated quotation system. The MRP Shares are categorized as Level 2 within the fair value hierarchy. The Fund is subject to certain restrictions relating to the MRP Shares such as maintaining certain asset coverage, effective leverage ratio and overcollateralization ratio requirements. Failure to comply with these restrictions could preclude the Fund from declaring any distributions to common shareholders and could trigger the mandatory redemption of the MRP Shares.

20

DNP SELECT INCOME FUND INC.
NOTES TO FINANCIAL STATEMENTS—(Continued)
October 31, 2020

In general, the holders of the MRP Shares and of the Common Stock have equal voting rights of one vote per share. The holders of the MRP Shares are entitled to elect two members of the Board of Directors, and separate class votes are required on certain matters that affect the respective interests of the MRP Shares and the Common Stock.

Note 9. Offering of Shares of Common Stock:

The Fund has an effective shelf registration statement allowing for an offering of up to $250,000,000 of shares of common stock. These shares may be offered and sold directly to purchasers, through at-the-market (“ATM”) offerings using an equity distribution agent, or through a combination of these methods. The Fund entered into an agreement with Wells Fargo Securities, LLC to act as the Fund’s equity distribution agent. The Fund incurred costs in connection with this offering of shares of common stock. These costs were recorded as a deferred charge and are being amortized as shares of common stock are sold. Amortization of these offering costs of $60,493 are recorded as a reduction in paid-in surplus on common stock. The weighted average premium to NAV per share sold during the year ended October 31, 2020 was 19.23%.

Note 10. Indemnifications:

Under the Fund’s organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts that provide general indemnifications to other parties. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not occurred. However, the Fund has not had prior claims or losses pursuant to these arrangements and expects the risk of loss to be remote.

Note 11. Subsequent Events:

On November 23, 2020, the Board of Directors of DNP and Duff & Phelps Utility and Corporate Bond Trust Inc. (“DUC”), another closed-end fund advised by the Adviser, announced a proposed merger of DUC with and into DNP. Subject to the approval of the shareholders of DUC, DUC will merge into DNP, with DNP as the surviving company of the merger. The combined fund will retain DNP’s name and ticker symbol, as well as DNP’s investment objectives, strategies and policies.

The board of each of DNP and DUC approved the recommendation of the Adviser to merge the two funds after taking into account a number of factors, including potential economies of scale that could be realized by the combined fund; the common features of each fund’s investment objectives and strategies; and DNP’s market value premium to net asset value (“NAV”) and the potential to reduce DUC’s market value discount to NAV. In addition, the merger is being recommended by the DUC board pursuant to a standstill agreement between DUC and a significant shareholder. Shareholders of DUC will be asked to approve the proposed merger at a special shareholder meeting in 2021.

21

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders of DNP Select Income Fund Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of DNP Select Income Fund Inc. (the “Fund”), including the schedule of investments, as of October 31, 2020, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at October 31, 2020, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Duff & Phelps Investment Management Co. investment companies since 1991.

Chicago, Illinois
December 18, 2020

22

TAX INFORMATION (Unaudited)

For the year ended October 31, 2020, the Fund makes the following disclosures for federal income tax purposes. The percentage, or the maximum amount allowable, of its ordinary income dividends to qualify for the lower tax rates (“QDI”) applicable to individual shareholders, the percentage of ordinary income dividends earned by the Fund which qualifies for the dividends received deduction (“DRD”) for corporate shareholders, and the long-term capital gains dividends (“LTCG”) taxable at a 20% rate, or lower depending on the shareholder’s income ($ reported in thousands) are listed below. The actual percentage of QDI, DRD and LTCG for the calendar year will be designated in year-end tax statements.

QDI |  |  |  | DRD |  | LTCG
100% |  |  |  |  | 100% |  |  | $ | 130,418 |

INFORMATION ABOUT PROXY VOTING BY THE FUND (Unaudited)

The Fund’s Board of Directors has adopted proxy voting policies and procedures. These proxy voting policies and procedures may be changed at any time by the Fund’s Board of Directors.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling the Administrator toll-free at (833) 604-3163 or is available on the Fund’s website www.dpimc.com/dnp or on the SEC’s website www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available without charge, upon request, by calling the Administrator toll-free at (833) 604-3163 or is available on the Fund’s website at www.dpimc.com/dnp or on the SEC’s website at www.sec.gov.

INFORMATION ABOUT THE FUND’S PORTFOLIO HOLDINGS (Unaudited)

The Fund files its complete schedule of portfolio holdings with the SEC for its first and third fiscal quarters (January 31 and July 31) as an exhibit to Form NPORT-P. The Fund’s Form NPORT-P is available on the SEC’s website at www.sec.gov. In addition, the Fund’s schedule of portfolio holdings is available without charge, upon request, by calling the Administrator toll-free at (833) 604-3163 or is available on the Fund’s website at www.dpimc.com/dnp.

ADDITIONAL INFORMATION (Unaudited)

Since October 31, 2019: (i) there have been no material changes in the Fund’s investment objectives or policies that have not been approved by the shareholders; (ii) there have been no changes in the Fund’s charter or by-laws that would delay or prevent a change in control of the Fund which have not been approved by the shareholders except as detailed under “Important Notices to Shareholders” on page 26 of this report; (iii) there have been no material changes in the principal risk factors associated with an investment in the fund; and (iv) there have been no changes in the persons who are primarily responsible for the day-to-day management of the Fund’s portfolio.

Additional information relating to the Fund’s directors and officers, and any other information found elsewhere in this Annual Report, may be requested by contacting the Fund at the address provided on the back cover of this report.

23

INVESTMENT OBJECTIVES, PRINCIPAL STRATEGIES AND PRINCIPAL RISKS (Unaudited)

Investment Objectives: The Fund’s primary investment objectives are current income and long-term growth of income. Capital appreciation is a secondary objective.

Principal Strategies: The Fund seeks to achieve its investment objectives by investing primarily in a diversified portfolio of equity and fixed income securities of companies in the public utilities industry. Under normal market conditions, more than 65% of the Fund’s total assets will be invested in securities of public utility companies engaged in the production, transmission or distribution of electric energy, gas or telephone services.

The Fund’s policy of concentrating its investments in the utilities industry has been developed to take advantage of the characteristics of securities of companies in that industry. Historically, securities of companies in the public utilities industry have tended to produce current income and long-term growth of income for their holders. They are well suited to the Fund’s primary investment objectives.

Principal Risks:

Equity Securities Risk: Generally, prices of equity securities are more volatile than those of fixed income securities. The prices of equity securities will rise and fall in response to a number of different factors. In particular, equity securities will respond to events that affect entire financial markets or industries (such as changes in inflation or consumer demand) and to events that affect particular issuers (such as news about the success or failure of a new product). Equity securities also are subject to “stock market risk,” meaning that stock prices in general may decline over short or extended periods of time. When the value of the stocks held by a fund goes down, the value of the fund’s shares will be affected.

Industry/Sector Concentration Risk: The value of the investments of a fund that focuses its investments in a particular industry or market sector will be highly sensitive to financial, economic, political and other developments affecting that industry or market sector, and conditions that negatively impact that industry or market sector will have a greater impact on the fund as compared with a fund that does not have its holdings concentrated in a particular industry or market sector. Events negatively affecting the industries or market sectors in which the Fund has invested are therefore likely to cause the value of the Fund’s shares to decrease, perhaps significantly.

Credit & Interest Risk: Debt securities are subject to various risks, the most prominent of which are credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt securities may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.

Foreign Investing Risk: Investing in securities of non-U.S. companies involves special risks and considerations not typically associated with investing in U.S. companies, and the values of non-U.S. securities may be more volatile than those of U.S. securities. The values of non-U.S. securities are subject to economic and political developments in countries and regions where the issuers operate or are domiciled, or where the securities are traded, such as changes in economic or monetary policies, and to changes in currency exchange rates. Values may also be affected by restrictions on receiving the investment proceeds from a non-U.S. country.

In general, less information is publicly available about non-U.S. companies than about U.S. companies. Non-U.S. companies are generally not subject to the same accounting, auditing and financial reporting standards as are U.S. companies. Certain foreign issuers classified as passive foreign investment companies may be subject to additional taxation risk.

24

MLP Risk: An investment in MLP units involves some risks that differ from an investment in the common stock of a corporation. Holders of MLP units have limited control on matters affecting the partnership. MLPs holding credit-related investments are subject to interest rate risk and the risk of default on payment obligations by debt issuers. MLPs that concentrate in a particular industry or a particular geographic region are subject to risks associated with such industry or region. The fees that MLPs charge for transportation of oil and gas products through their pipelines are subject to government regulation, which could negatively impact the revenue stream. Investing in MLPs also involves certain risks related to investing in the underlying assets of the MLPs and risks associated with pooled investment vehicles. These include the risk of environmental incidents, terrorist attacks, demand destruction from high commodity prices, proliferation of alternative energy sources, inadequate supply of external capital, and conflicts of interest with the general partner. The benefit derived from the fund’s investment in MLPs is largely dependent on the MLPs being treated as partnerships for federal income tax purposes, so any change to this status would adversely affect the price of the MLP units.

Certain MLPs in which the Fund may invest depend upon their parent or sponsor entities for the majority of their revenues. If their parent or sponsor entities fail to make such payments or satisfy their obligations, the revenues and cash flows of such MLPs and ability of such MLPs to make distributions to unit holders, such as the Fund, would be adversely affected.

No Guarantee: There is no guarantee that the portfolio will meet its objectives.

Leverage Risk: When a fund makes investments in futures contracts, forward contracts, swaps and other derivative instruments, the futures contracts, forward contracts, swaps and certain other derivatives provide the economic effect of financial leverage by creating additional investment exposure, as well as the potential for greater loss. When a fund uses leverage through activities such as borrowing, entering into short sales, purchasing securities on margin or on a when-issued basis, or purchasing derivative instruments in an effort to increase its returns, the fund has the risk of magnified capital losses that occur when losses affect an asset base, enlarged by borrowings or the creation of liabilities, that exceeds the net assets of the fund. The value of the shares of a fund employing leverage will be more volatile and sensitive to market movements. Leverage may also involve the creation of a liability that requires the fund to pay interest.

Market Volatility Risk: The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. The value of a security or other instrument may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other instrument, or factors that affect a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector or asset class. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates generally do not have the same impact on all types of securities and instruments. An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

25

Prepayment/Call Risk: Issuers may prepay or call their fixed rate obligation when interest rates fall, forcing the fund to reinvest in obligations with lower interest rates and the Fund may not benefit fully from the increase in value that other fixed income investments experience when interest rates decline.

Distribution Risk: In February 2007, the Board adopted a Managed Distribution Plan (the “Plan”) for the Fund. The Plan provides for the continuation of the 6.5 cents per share monthly distribution. While the adoption of the Plan does not in any way constitute a guarantee that the Fund will maintain at least a 6.5 cents per share monthly distribution, it does indicate that the Fund currently intends to use long-term capital gains and/or return of capital, if necessary, to maintain that distribution rate. The Board may amend, suspend or terminate the Plan without prior notice to shareholders if it deems such action to be in the best interests of the Fund and its shareholders, in which case the 6.5 cents per share monthly distribution might not be maintained.

U.S. Government Securities Risk: U.S. Government securities may be subject to price fluctuations. An agency may default on an obligation not backed by the full faith and credit of the United States. Any guarantee on U.S. government securities does not apply to the value of the Fund’s shares.

Closed-End Fund Risk: Closed-end funds may trade at a discount or premium from their net asset values, which may affect whether an investor will realize gains or losses. They may also employ leverage, which may increase volatility.

IMPORTANT NOTICES TO SHAREHOLDERS (Unaudited)

The following disclosures provide only a summary of certain changes which have occurred during the fund’s most recent fiscal year.

Maryland Control Share Acquisition Act: On June 8, 2020, the Board made an election, by unanimous vote of the independent directors, to “opt in” to the Maryland Control Share Acquisition Act (MCSAA).

The MCSAA protects the interests of all shareholders of a Maryland corporation by denying voting rights to “control shares” acquired in a “control share acquisition” unless the other shareholders of the corporation reinstate those voting rights by a vote of two-thirds of the shares held by shareholders other than the acquiring person (i.e., the holder or group of holders acting in concert that acquires, or proposes to acquire, “control shares”). Generally, “control shares” are shares that, when aggregated with shares already owned by an acquiring person, would entitle the acquiring person to exercise 10% or more, 33 1/3% or more, or a majority of the total voting power of shares entitled to vote in the election of directors.

The MCSAA limits the ability of an acquiring person to achieve a short-term gain at the expense of long-term value for the rest of the Fund’s shareholders. The MCSAA applies automatically to most types of Maryland corporations, but in the case of closed-end investment companies, it applies only if the board of directors elects to “opt in.” Because the Fund’s board “opted in” to the MCSAA on June 8, 2020, the MCSAA will only apply to “control shares” acquired after that date.

The above description of the MCSAA is only a high-level summary and does not purport to be complete. Investors should refer to the actual provisions of the MCSAA for more information, including definitions of key terms, various exclusions from the statute’s scope, and the procedures by which shareholders may approve the reinstatement of voting rights to holders of “control shares.”

26

INFORMATION ABOUT DIRECTORS AND OFFICERS OF THE FUND (Unaudited)

Set forth below are the names and certain biographical information about the directors of the Fund. Directors are divided into three classes and are elected to serve staggered three-year terms. All of the directors are elected by the holders of the Fund’s common stock, except for Mr. Genetski and Ms. McNamara, who are elected by the holders of the Fund’s preferred stock. All of the current directors of the Fund, with the exception of Mr. Partain, are classified as independent directors because none of them are “interested persons” of the Fund, as defined in the 1940 Act. Mr. Partain is an “interested person” of the Fund by reason of his position as President and Chief Executive Officer of the Fund and President, Chief Investment Officer and employee of the Adviser. The term “Fund Complex” refers to the Fund and all the other investment companies advised by affiliates of Virtus.

The address for all directors is c/o Duff & Phelps Investment Management Co., 200 South Wacker Drive, Suite 500, Chicago, Illinois 60606. All of the Fund’s directors currently serve on the Board of Directors of three other registered closed-end investment companies that are advised by Duff & Phelps Investment Management Co.: Duff & Phelps Utility and Infrastructure Fund Inc. (“DPG”), Duff & Phelps Utility and Corporate Bond Trust Inc. (“DUC”) and DTF Tax-Free Income Inc. (“DTF”).

DIRECTORS OF THE FUND (Unaudited)

Name and Age |  | Positions Held with Fund |  | Term of Office and Length of Time Served |  | Principal Occupation(s) During Past 5 Years |  | Number of Portfolios in Fund Complex Overseen by Director |  | Other Directorships Held by the Director |
Independent Directors |  |  |  |  |  |  |  |  |  |  |
Donald C. Burke Age: 60 |  | Director |  | Term expires 2021; Director since 2014 |  | Private investor since 2009; President and Chief Executive Officer, Blackrock U.S. Funds 2007–2009; Managing Director, Blackrock, Inc. 2006–2009; Managing Director, Merrill Lynch Investment Managers 1990–2006 |  | 72 |  | Director, Avista Corp. (energy company); Trustee, Goldman Sachs Fund Complex 2010–2014; Director, BlackRock Luxembourg and Cayman Funds 2006–2010 |
Robert J. Genetski Age: 78 |  | Director |  | Term expires 2022; Director since 2001 |  | Co-owner, Good Industries, Inc. (branding company) since 2014; President, Robert Genetski & Associates, Inc. (economic and financial consulting firm) since 1991; Senior Managing Director, Chicago Capital Inc. (financial services firm) 1995-2001; former Senior Vice President and Chief Economist, Harris Trust & Savings Bank, author of several books |  | 4 |  |  |

27

Name and Age |  | Positions Held with Fund |  | Term of Office and Length of Time Served |  | Principal Occupation(s) During Past 5 Years |  | Number of Portfolios in Fund Complex Overseen by Director |  | Other Directorships Held by the Director |
Philip R. McLoughlin Age: 74 |  | Director |  | Term expires 2022; Director since 2009 |  | Private investor since 2010; Partner, CrossPond Partners, LLC (investment management consultant) 2006–2010; Managing Director, SeaCap Partners LLC (strategic advisory firm) 2009–2010 |  | 72 |  | Chairman of the Board, Lazard World Trust Fund (closed-end fund; f/k/a The World Trust Fund) 2010–2019 (Director 1991–2019) |
Geraldine M. McNamara Age: 69 |  | Director |  | Term expires 2023; Director since 2009 |  | Private investor since 2006; Managing Director, U.S. Trust Company of New York 1982–2006 |  | 72 |  |  |
Eileen A. Moran Age: 66 |  | Director and Vice Chairperson of the Board |  | Term expires 2021; Director since 2008 |  | Private investor since 2011; President and Chief Executive Officer, PSEG Resources L.L.C. (investment company) 1990–2011 |  | 4 |  |  |
David J. Vitale Age: 74 |  | Director and Chairman of the Board |  | Term expires 2023; Director since 2000 |  | Advisor, Ariel Investments, LLC since 2019; Chairman, Urban Partnership Bank 2010–2019; President, Chicago Board of Education 2011–2015; Senior Advisor to the CEO, Chicago Public Schools 2007–2008 (Chief Administrative Officer 2003–2007); President and Chief Executive Officer, Board of Trade of the City of Chicago, Inc. 2001–2002; Vice Chairman and Director, Bank One Corporation 1998–1999; Vice Chairman and Director, First Chicago NBD Corporation, and President, The First National Bank of Chicago 1995–1998; Vice Chairman, First Chicago Corporation and The First National Bank of Chicago 1993-1998 (Director 1992–1998; Executive Vice President 1986–1993) |  | 4 |  | Director, United Continental Holdings, Inc. (airline holding company); Ariel Investments, LLC; Wheels, Inc. (automobile fleet management); Chairman, Urban Partnership Bank 2010–2019 |

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Name and Age |  | Positions Held with Fund |  | Term of Office and Length of Time Served |  | Principal Occupation(s) During Past 5 Years |  | Number of Portfolios in Fund Complex Overseen by Director |  | Other Directorships Held by the Director |
Interested Director |  |  |  |  |  |  |  |  |  |  |
Nathan I. Partain, CFA Age: 64 |  | Director, President and Chief Executive Officer |  | Term expires 2022; Director since 2007 |  | President and Chief Investment Officer of the Adviser since 2005 (Executive Vice President 1997–2005); Director of Utility Research, Duff & Phelps Investment Research Co. 1989–1996 (Director of Equity Research 1993–1996 and Director of Fixed Income Research 1993); President and Chief Executive Officer of the Fund since 2001 (Chief Investment Officer 1998–2017; Executive Vice President 1998–2001; Senior Vice President 1997–1998); President and Chief Executive Officer of DUC and DTF since 2004 and of DPG since 2011 |  | 4 |  | Chairman of the Board and Director, Otter Tail Corporation (manages diversified operations in the electric, plastics, manufacturing and other business operations sectors) |

29

OFFICERS OF THE FUND (Unaudited)

The officers of the Fund are elected at the annual meeting of the board of directors of the Fund and serve until their respective successors are chosen and qualified. The officers receive no compensation from the Fund, but are also officers of the Adviser or Administrator and receive compensation in such capacities. Information about Nathan I. Partain, the President and Chief Executive Officer of the Fund, is provided above under the caption “Interested Director”. The address for all officers listed below is c/o Duff & Phelps Investment Management Co., 200 South Wacker Drive, Suite 500, Chicago, Illinois 60606, except as noted.

Name, Address and Age |  | Position(s) Held with Fund and Length of Time Served |  | Principal Occupation(s) During Past 5 Years
Jennifer S. Fromm Virtus Investment Partners, Inc. One Financial Plaza Hartford, CT 06103 Age: 47 |  | Vice President and Secretary since March 2020 |  | Vice President of Virtus Investment Partners, Inc. since 2016 and Senior Counsel, Legal of Virtus Investment Partners Inc. and/or certain of its subsidiaries since 2007; Vice President, Chief Legal Officer, Counsel and Secretary of Duff & Phelps Select MLP and Midstream Energy Fund Inc., Virtus Global Multi-Sector Income Fund Inc. and Virtus Total Return Fund Inc. since 2020; Vice President of various Virtus-affiliated open-end funds since 2017 and Assistant Secretary since 2008; Vice President, Chief Legal Officer, Counsel and Secretary of Virtus Variable Insurance Trust and Virtus Alternative Solutions Trust since 2013; various officer positions of Virtus affiliates since 2008
Connie M. Luecke, CFA Age: 62 |  | Vice President and Chief Investment Officer since 2018 |  | Senior Managing Director of the Adviser since 2015 (Senior Vice President 1998-2014; Managing Director 1996-1998; various positions with an Adviser affiliate 1992–1995); Portfolio Manager, Virtus Total Return Fund Inc. since 2011; Portfolio Manager, Virtus Duff & Phelps Global Infrastructure Fund since 2004
Alan M. Meder, CFA, CPA Age: 61 |  | Treasurer, Principal Financial and Accounting Officer and Assistant Secretary since 2011 (Assistant Treasurer 2010- 2011) |  | Chief Risk Officer of the Adviser since 2001 and Senior Managing Director since 2014 (Senior Vice President 1994–2014); Member, Board of Governors of CFA Institute 2008-2014 (Chair 2012–2013; Vice Chair 2011–2012); Member, Financial Accounting Standards Advisory Council 2011–2014

30

Name, Address and Age |  | Position(s) Held with Fund and Length of Time Served |  | Principal Occupation(s) During Past 5 Years
Daniel J. Petrisko, CFA Age: 60 |  | Senior Vice President since 2017 and Assistant Secretary since 2015 (Vice President 2015-2016) |  | Executive Managing Director of the Adviser since 2017 (Senior Managing Director 2014-2017; Senior Vice President 1997–2014; Vice President 1995–1997)
William J. Renahan Age: 51 |  | Chief Compliance Officer since March 2020 andVice President since 2015 (Secretary 2015-March 2020) |  | Secretary of the Adviser since 2014 and Chief Compliance Officer since 2019 (Senior Counsel 2015–2019); Senior Legal Counsel and Vice President, Virtus Investment Partners, Inc. 2012–2018; Managing Director, Legg Mason, Inc. (and predecessor firms) 1999–2012
Dianna P. Wengler Robert W. Baird & Co. Incorporated 500 West Jefferson Street Louisville, KY 40202 Age: 60 |  | Vice President since 2006 and Assistant Secretary since 1988 (Assistant Vice President 2004-2006) |  | Senior Vice President and Director-Fund Administration, Robert W. Baird & Co. Incorporated since 2019; Senior Vice President, J.J.B. Hilliard, W.L. Lyons, LLC 2016–2019 (Vice President 1990–2015); Senior Vice President, Hilliard-Lyons Government Fund, Inc. 2006-2010 (Vice President 1998–2006; Treasurer 1988–2010)

31

DISTRIBUTION REINVESTMENT AND CASH PURCHASE PLAN (Unaudited)

DNP Select Income Fund Inc. (the “Fund”) maintains a Distribution Reinvestment and Cash Purchase Plan (the “plan”). Under the plan, shareholders may elect to have all distributions paid on their common stock automatically reinvested by Computershare Inc. (the “Agent”) as plan agent for shareholders, in additional shares of common stock of the Fund. Only registered shareholders may participate in the plan. The plan permits a nominee, other than a depository, to participate on behalf of those beneficial owners for whom it is holding shares who elect to participate. However, some nominees may not permit a beneficial owner to participate without transferring the shares into the owner’s name. Shareholders who do not elect to participate in the plan will receive all distributions in cash paid by check mailed directly to the shareholder (or, if the shareholder’s shares are held in street or other nominee name, then to such shareholder’s nominee) by the Agent as dividend disbursing agent. Registered shareholders may also elect to have cash dividends deposited directly into their bank accounts.

When a distribution is reinvested under the plan, the number of shares of common stock equivalent to the cash dividend or distribution is determined as follows:

(i) If the current market price of the shares equals or exceeds their net asset value, the Fund will issue new shares to the plan at the greater of current net asset value or 95% of the then current market price, without any per share fees (or equivalent purchase costs).

(ii) If the current market price of the shares is less than their net asset value, the Agent will receive the distributions in cash and will purchase the reinvestment shares in the open market or in private purchases for the participants’ accounts. Each participant will pay a per share fee, (or equivalent purchase costs) incurred in connection with such purchases. Purchases are made through a broker selected by the Agent that may be an affiliate of the Agent. Shares are allocated to the accounts of the respective participants at the average price per share, plus per share fees paid by the Agent for all shares purchased by it in reinvestment of the distribution(s) paid on a particular day and in concurrent purchases of shares for voluntary additional share investment.

The time of valuation is the close of trading on the New York Stock Exchange on the most recent day preceding the date of payment of the distribution on which that exchange is open for trading. As of that time, the Fund’s administrator compares the net asset value per share as of the time of the close of trading on the New York Stock Exchange, and determines which of the alternative procedures described above are to be followed.

The reinvestment shares are credited to the participant’s plan account in the Fund’s stock records maintained by the Agent, including a fractional share to six decimal places. The Agent sends to each participant a written statement of all transactions in the participant’s share account, including information that the participant will need for income tax records. Shares held in the participant’s plan account have full distribution and voting rights. Distributions paid on shares held in the participant’s plan account will also be reinvested.

The cost of administering the plan is borne by the Fund. There is no brokerage commission on shares issued directly by the Fund. However, participants do pay a per share fee incurred in connection with purchases by the Agent for reinvestment of distributions and voluntary cash payments.

The automatic reinvestment of distributions does not relieve participants of any income taxes that may be payable (or required to be withheld) on distributions.

32

Plan participants may purchase additional shares of common stock through the plan by delivering to the Agent a check (or authorizing an electronic fund transfer) for at least $100, but not more than $5,000, in any month. The Agent will use such funds to purchase shares in the open market or in private transactions.

The purchase price of such shares may be more than or less than net asset value per share. The Fund will not issue new shares or supply treasury shares for such voluntary additional share investment. Purchases will be made commencing with the time of the first distribution payment after receipt of the funds for additional purchases, and may be aggregated with purchases of shares for reinvestment of the distribution. Shares will be allocated to the accounts of participants purchasing additional shares at the weighted average price per share, plus a service charge imposed by the Agent and a per share fee paid by the Agent for all shares purchased by it, including for reinvestment of distributions. Funds sent to the Agent for voluntary additional share investment may be recalled by the participant by telephone, internet or written notice received by the Agent not later than two business days before the next distribution payment date. If for any reason a regular monthly distribution is not paid by the Fund, funds for voluntary additional share investment will be returned to the participant, unless the participant specifically directs that they continue to be held by the Agent for subsequent investment. Participants will not receive interest on voluntary additional funds held by the Agent pending investment.

A shareholder may leave the plan at any time by telephone, Internet or written notice to the Agent. If your letter of termination is received by the Agent after the record date for a distribution, it may not be effective until the next distribution. Upon discontinuing your participation, you will have two choices (i) if you so request by telephone, through the Internet or in writing, the Agent will sell your shares and send you a check for the net proceeds after deducting the Agent’s sales fees (currently $5.00) and any per share fee (currently $0.04) or (ii) if you so request by telephone, through the Internet or in writing, you will receive from the Agent a certificate for the number of whole non-certificated shares in your share account, and a check in payment of the value of a fractional share, less applicable fees. If and when it should be determined that the only balance remaining in your plan account is a fraction of a single share, your participation may be deemed to have terminated, and the Agent will mail you a check for the value of your fractional share less applicable fees, determined as in the case of other terminations.

The Fund may change, suspend or terminate the plan at any time, and will promptly mail a notice of such action to the participants at their last address of record with the Agent.

For more information regarding, and an authorization form for, the plan, please contact the Agent at 1-877-381-2537 or on the Agent’s website, www.computershare.com/investor.

Information on the plan is also available on the Fund’s website at www.dpimc.com/dnp.

33

Board of Directors

DAVID J. VITALE
Chairman

EILEEN A. MORAN
Vice Chairperson

DONALD C. BURKE

ROBERT J. GENETSKI

PHILIP R. MCLOUGHLIN

GERALDINE M. MCNAMARA

NATHAN I. PARTAIN, CFA

Officers

NATHAN I. PARTAIN, CFA
President and Chief Executive Officer

DANIEL J. PETRISKO, CFA
Senior Vice President and Assistant Secretary

CONNIE M. LUECKE, CFA
Vice President and Chief Investment Officer

WILLIAM J. RENAHAN
Vice President and Chief Compliance Officer

JENNIFER S. FROMM
Vice President and Secretary

DIANNA P. WENGLER
Vice President and Assistant Secretary

ALAN M. MEDER, CFA, CPA
Treasurer and Assistant Secretary

DNP Select Income Fund Inc.

Common stock listed on the New York
Stock Exchange under the symbol DNP

Shareholder inquiries please contact:

Transfer Agent and Dividend Disbursing Agent
Computershare
P.O. Box 505005
Louisville, KY 40233-5005
(877) 381-2537

Investment Adviser
Duff & Phelps Investment
Management Co.
200 South Wacker Drive, Suite 500
Chicago, IL 60606
(312) 368-5510

Administrator
Robert W. Baird & Co. Incorporated
500 West Jefferson Street
Louisville, KY 40202
(833) 604-3163

Custodian
The Bank of New York Mellon

Legal Counsel
Mayer Brown LLP

Independent Registered Public Accounting Firm
Ernst & Young LLP

| ITEM 2. | CODE OF ETHICS

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer (the “Code of Ethics”). The registrant’s principal financial officer also performs the functions of principal accounting officer.

The text of the registrant’s Code of Ethics is posted on the registrant’s web site at www.dpimc.com/dnp. In the event that the registrant makes any amendment to or grants any waiver from the provisions of its Code of Ethics, the registrant intends to disclose such amendment or waiver on its web site within five business days.

| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT

The registrant’s board of directors has determined that three members of its audit committee: Donald C. Burke, Philip R. McLoughlin and David J. Vitale, are audit committee financial experts and that each of them is “independent” for purposes of this Item.

| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES

The following table sets forth the aggregate audit and non-audit fees billed to the registrant for each of the last two fiscal years for professional services rendered by the registrant’s principal accountant, Ernst & Young LLP, an independent registered public accounting firm (the “Independent Auditor”).

.

|  | Fiscal year ended October 31, 2020 | Fiscal year ended October 31, 2019
(a) Audit Fees (1) |  | $104,500 | $124,500
(b) Audit-Related Fees (2)(6) |  | 0 | 0
(c) Tax Fees (3)(6) |  | 19,800 | 19,800
(d) All Other Fees (4)(6) |  | 0 | 0
(e) Aggregate Non-Audit Fees (5)(6) | 19,800 | 19,800

| (1) | Audit Fees are fees billed for professional services rendered by the Independent Auditor for the audit of the registrant’s annual financial statements and for the services that are normally provided by the Independent Auditor in connection with the statutory and regulatory filings or engagements. For the fiscal years ended 2020 and 2019, such fees included $40,000 and $60,000 for services rendered in connection with the registrant’s registration statement for its public offering.

| (2) | Audit-Related Fees are billed for assurance and related services by the Independent Auditor that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under the caption “Audit Fees”.

| (3) | Tax Fees are fees billed for professional services rendered by the Independent Auditor for tax compliance, tax advice and tax planning. In both periods shown in the table, such services consisted of preparation of the registrant’s annual federal and state income tax returns and excise tax returns.

| (4) | All Other Fees are fees billed for products and services provided by the Independent Auditor, other than the services reported under the captions “Audit Fees”, “Audit-Related Fees” and “Tax Fees”.

| (5) | Aggregate Non-Audit Fees are non-audit fees billed by the Independent Auditor for services rendered to the registrant, the registrant’s investment adviser (the “Adviser”) and any entity controlling, controlled by or under common control with the Adviser that provides ongoing

services to the registrant (collectively, the “Covered Entities”). During both periods shown in the table, no portion of such fees related to services rendered by the Independent Auditor to the Adviser or any other Covered Entity.

| (6) | No portion of these fees was approved by the registrant’s audit committee after the beginning of the engagement pursuant to the waiver of the pre-approval requirement for certain de minimis non-audit services described in Section 10A of the Securities Exchange Act of 1934 (the ‘Exchange Act”) and applicable regulations.

The audit committee of the board of directors of the registrant (the “Audit Committee”) jointly with the audit committee of the board of directors of Duff & Phelps Utility and Infrastructure Fund Inc. (“DPG”), Duff & Phelps Utility and Corporate Bond Trust Inc. (“DUC”) and DTF Tax-Free Income Inc. (“DTF”), has adopted a Joint Audit Committee Pre-Approval Policy to govern the provision by the Independent Auditor of the following services: (i) all engagements for audit and non-audit services to be provided by the Independent Auditor to the registrant and (ii) all engagements for non-audit services to be provided by the Independent Auditor to the Adviser or any other Covered Entity, if the engagement relates directly to the operations and financial reporting of the registrant. With respect to non-audit services rendered by the Independent Auditor to the Adviser or any other Covered Entity that were not required to be pre-approved by the Audit Committee because they do not relate directly to the operations and financial reporting of the registrant, the Audit Committee has nonetheless considered whether the provision of such services is compatible with maintaining the independence of the Independent Auditor.

Set forth below is a copy of the Joint Audit Committee Pre-Approval Policy (omitting data in the appendices relating to DPG, DUC and DTF).

DNP SELECT INCOME FUND INC. (“DNP”)

DUFF & PHELPS UTILITY AND INFRASTRUCTURE FUND INC. (“DPG”)

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC. (“DUC”)

DTF TAX-FREE INCOME INC. (“DTF”)
AUDIT COMMITTEE

AUDIT AND NON-AUDIT SERVICES PRE-APPROVAL POLICY

(adopted on December 17, 2020)

| I. | Statement of Principles

Under the Sarbanes-Oxley Act of 2002 (the “Act”), the Audit Committee of the Board of Directors of each of DNP Select Income Fund Inc., Duff & Phelps Utility and Infrastructure Fund, Inc., Duff & Phelps Utility and Corporate Bond Trust Inc. and DTF Tax-Free Income Inc. (each a “Fund” and, collectively, the “Funds”)(1) is responsible for the appointment, compensation and oversight of the work of the independent auditor. As part of this responsibility, the Audit Committee is required to pre-approve the audit and non-audit services performed by the independent auditor in order to assure that they do

| ([1]) | This Joint Audit Committee Pre-Approval Policy has been adopted by the Audit Committee of each Fund. Solely for the sake of clarity and simplicity, this Joint Audit Committee Pre-Approval Policy has been drafted as if there is a single Fund, a single Audit Committee and a single Board. The terms “Audit Committee” and “Board” mean the Audit Committee and Board of each Fund, respectively, unless the context otherwise requires. The Audit Committee and the Board of each Fund, however, shall act separately and in the best interests of its respective Fund.

not impair the auditor’s independence from the Fund. To implement these provisions of the Act, the Securities and Exchange Commission (the “SEC”) has issued rules specifying the types of services that an independent auditor may not provide to its audit client, as well as the Audit Committee’s administration of the engagement of the independent auditor. Accordingly, the Audit Committee has adopted this Audit and Non-Audit Services Pre-Approval Policy (this “Policy”), which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditor may be pre-approved.

The SEC’s rules establish two different approaches to pre-approving services, which the SEC considers to be equally valid. Proposed services either: may be pre-approved without consideration of specific case-by-case services by the Audit Committee (“general pre-approval”); or require the specific pre-approval of the Audit Committee (“specific pre-approval”). The Audit Committee believes that the combination of these two approaches in this Policy will result in an effective and efficient procedure to pre-approve services performed by the independent auditor. As set forth in this Policy, unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent auditor. Any proposed services exceeding pre-approved cost levels or budgeted amounts will also require specific pre-approval by the Audit Committee.

For both types of pre-approval, the Audit Committee will consider whether such services are consistent with the SEC’s rules on auditor independence. The Audit Committee will also consider whether the independent auditor is best positioned to provide the most effective and efficient service, for reasons such as its familiarity with the Fund’s business, people, culture, accounting systems, risk profile and other factors, and whether the service might enhance the Fund’s ability to manage or control risk or improve audit quality. All such factors will be considered as a whole, and no one factor should necessarily be determinative.

Under the SEC’s rules, the Audit Committee must pre-approve non-audit services provided not only to the Fund but also to the Fund’s investment adviser and other affiliated entities that provide ongoing services to the Fund if the independent accountant’s services to those affiliated entities have a direct impact on the Fund’s operations or financial reporting.

The Audit Committee is also mindful of the relationship between fees for audit and non-audit services in deciding whether to pre-approve any such services and may determine, for each fiscal year, the appropriate ratio between the total amount of fees for audit, audit-related and tax services (including any audit-related or tax service fees for affiliates that are subject to pre-approval) and the total amount of fees for certain permissible non-audit services classified as “all other” services (including any such services for affiliates that are subject to pre-approval).

The appendices to this Policy describe the audit, audit-related, tax and “all other” services that have the general pre-approval of the Audit Committee. The term of any general pre-approval is 12 months from the date of pre-approval, unless the Audit Committee

considers a different period and states otherwise. The Audit Committee will annually review and pre-approve the services that may be provided by the independent auditor without obtaining specific pre-approval from the Audit Committee. The Audit Committee will add to or subtract from the list of general pre-approved services from time to time, based on subsequent determinations.

The purpose of this Policy is to set forth the procedures by which the Audit Committee intends to fulfill its responsibilities. It does not delegate the Audit Committee’s responsibilities to pre-approve services performed by the independent auditor to management.

The independent auditor has reviewed this Policy and believes that implementation of this Policy will not adversely affect the auditor’s independence.

| II. | Delegation

As provided in the Act and the SEC’s rules, the Audit Committee may delegate either type of pre-approval authority to one or more of its members who are independent directors. Any member to whom such authority is delegated must report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next scheduled meeting. In accordance with the foregoing provisions, the Audit Committee has delegated pre-approval authority to its chairman, since under the Audit Committee’s charter each member of the Audit Committee, including the chairman, is required to be an independent director.

| III. | Audit Services

The annual audit services engagement terms and fees will be subject to the specific pre-approval of the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by the independent auditor to be able to form an opinion on the Fund’s financial statements. These other procedures include information systems and procedural reviews and testing performed in order to understand and place reliance on the systems of internal control, the issuance of an internal control letter for the Fund’s Form N-CEN and consultations relating to the audit. The Audit Committee will monitor the audit services engagement as necessary, but no less than on a semiannual basis, and will also approve, if necessary, any changes in terms, conditions and fees resulting from changes in audit scope, Fund structure or other items.

In addition to the annual audit services engagement approved by the Audit Committee, the Audit Committee may grant general pre-approval to other audit services, which are those services that only the independent auditor reasonably can provide. Other audit services may include statutory audits and services associated with SEC registration statements (on Forms N-1A, N-2, N-3, N-4, etc.), periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings.

The Audit Committee has pre-approved the audit services in Appendix A. All other audit services not listed in Appendix A must be specifically pre-approved by the Audit Committee.

| IV. | Audit-Related Services

Audit-related services are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by the independent auditor. Because the Audit Committee believes that the provision of audit-related services does not impair the independence of the auditor and is consistent with the SEC’s rules on auditor independence, the Audit Committee may grant general pre-approval to audit-related services. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; agreed-upon or expanded audit procedures related to accounting and/or billing records required to respond to or comply with financial, accounting or regulatory reporting matters; and assistance with internal control reporting requirements (other than the issuance of the internal control letter to be filed with the Fund’s Form N-CEN, which is included in the audit services listed above).

The Audit Committee has pre-approved the audit-related services in Appendix B. All other audit-related services not listed in Appendix B must be specifically pre-approved by the Audit Committee.

| V. | Tax Services

The Audit Committee believes that the independent auditor can provide tax services to the Fund such as tax compliance, tax planning and tax advice without impairing the auditor’s independence, and the SEC has stated that the independent auditor may provide such services. Hence, the Audit Committee believes it may grant general pre-approval to those tax services that have historically been provided by the auditor, that the Audit Committee has reviewed and believes would not impair the independence of the auditor, and that are consistent with the SEC’s rules on auditor independence. The Audit Committee will not permit the retention of the independent auditor in connection with a transaction initially recommended by the independent auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Fund’s Administrator or outside counsel to determine that the tax planning and reporting positions are consistent with this Policy.

Pursuant to the preceding paragraph, the Audit Committee has pre-approved the tax services in Appendix C. All tax services involving large and complex transactions not listed in Appendix C must be specifically pre-approved by the Audit Committee, including: tax services proposed to be provided by the independent auditor to any executive officer or director of the Fund, in his or her individual capacity, where such services are paid for by the Fund.

| VI. | All Other Services

The Audit Committee believes, based on the SEC’s rules prohibiting the independent auditor from providing specific non-audit services, that other types of non-audit services are permitted. Accordingly, the Audit Committee believes it may grant general pre-

approval to those permissible non-audit services classified as all other services that it believes are routine and recurring services, would not impair the independence of the auditor and are consistent with the SEC’s rules on auditor independence.

The Audit Committee has pre-approved the “all other” services in Appendix D. Permissible “all other” services not listed in Appendix D must be specifically pre-approved by the Audit Committee.

A list of the SEC’s prohibited non-audit services is attached to this Policy as Appendix E. The SEC’s rules and relevant guidance should be consulted to determine the precise definitions of these services and the applicability of exceptions to certain of the prohibitions.

| VII. | Pre-Approval Fee Levels or Budgeted Amounts

Pre-approval fee levels or budgeted amounts for all services to be provided by the independent auditor will be established annually by the Audit Committee. (Note that separate amounts may be specified for services to the Fund and for services to other affiliated entities that are subject to pre-approval.) Any proposed services exceeding these levels or amounts will require specific pre-approval by the Audit Committee. The Audit Committee is mindful of the overall relationship of fees for audit and non-audit services in determining whether to pre-approve any such services. For each fiscal year, the Audit Committee may determine the appropriate ratio between the total amount of fees for audit, audit-related and tax services for the Fund (including any audit-related or tax services fees for affiliates that are subject to pre-approval), and the total amount of fees for services classified as “all other” services (including any such services for affiliates that are subject to pre-approval).

| VIII. | Procedures

All requests or applications for services to be provided by the independent auditor that do not require specific approval by the Audit Committee will be submitted to the Fund’s Administrator and must include a detailed description of the services to be rendered. The Administrator will determine whether such services are included within the list of services that have received the general pre-approval of the Audit Committee. The Audit Committee will be informed on a timely basis of any such services rendered by the independent auditor.

Requests or applications to provide services that require specific approval by the Audit Committee will be submitted to the Audit Committee by both the independent auditor and the Fund’s Administrator, and must include a joint statement as to whether, in their view, the request or application is consistent with the SEC’s rules on auditor independence.

The Audit Committee has designated the Fund’s Administrator to monitor the performance of all services provided by the independent auditor and to determine whether such services are in compliance with this Policy. The Administrator will report to the Audit Committee on a periodic basis on the results of its monitoring. Both the

Administrator and any member of management will immediately report to the Chairman of the Audit Committee any breach of this Policy that comes to their attention.

| IX. | Additional Requirements

The Audit Committee has determined to take additional measures on an annual basis to meet its responsibility to oversee the work of the independent auditor and to assure the auditor’s independence from the Fund, such as reviewing a formal written statement from the independent auditor delineating all relationships between the independent auditor and the Fund, consistent with applicable requirements of the Public Company Accounting Oversight Board regarding the independent accountant's communications with the Audit Committee concerning independence, and discussing with the independent auditor its methods and procedures for ensuring independence.

Appendix A

Pre-Approved Audit Services for Fiscal Year Ending in 2021

Dated: December 17, 2020

Service
1. | Services required under generally accepted auditing standards to perform the audit of the annual financial statements of the Fund, including performance of tax qualification tests relating to the Fund’s regulated investment company status and issuance of an internal control letter for the Fund’s Form N-CEN
2. | Services associated with SEC registration statements, periodic reports and other documents filed with the SEC or other documents issued in connection with securities offerings (e.g. comfort letters for closed-end fund offerings, consents), and assistance in responding to SEC comment letters
3. | Consultations by the Fund’s management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard setting bodies (Note: Under SEC rules, some consultations may be “audit-related” services rather than “audit” services)

Appendix B

Pre-Approved Audit-Related Services for Fiscal Year Ending in 2021

Dated: December 17, 2020

Service
1. | Agreed-upon or expanded audit procedures related to accounting records required to respond to or comply with financial, accounting or regulatory reporting matters
2. | Consultations by the Fund’s management as to the accounting or disclosure treatment of transactions or events and/or the actual or potential impact of final or proposed rules, standards or interpretations by the SEC, FASB, or other regulatory or standard-setting bodies (Note: Under SEC rules, some consultations may be “audit” services rather than “audit-related” services)
3. | General assistance with implementation of the requirements of SEC rules or listing standards promulgated pursuant to the Sarbanes-Oxley Act

Appendix C

Pre-Approved Tax Services for Fiscal Year Ending in 2021

Dated: December 17, 2020

Service
1. | Preparation of federal and state tax returns, including excise tax returns, and review of required distributions to avoid excise tax
2. | Preparation of state tax returns
3. | Consultations with the Fund’s management as to the tax treatment of transactions or events
4. | Tax advice and assistance regarding statutory, regulatory or administrative developments

Appendix D

Pre-Approved “All Other” Services for Fiscal Year Ending in 2021

Dated: December 17, 2020

Service
None

Appendix E

Prohibited Non-Audit Services

| ■ | Bookkeeping or other services related to the accounting records or financial statements of the audit client

| ■ | Financial information systems design and implementation

| ■ | Appraisal or valuation services, fairness opinions or contribution-in-kind reports

| ■ | Actuarial services

| ■ | Internal audit outsourcing services

| ■ | Management functions

| ■ | Human resources

| ■ | Broker-dealer, investment adviser or investment banking services

| ■ | Legal services

| ■ | Expert services unrelated to the audit

| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (the “Exchange Act”). The members of the committee are Donald C. Burke, Robert J. Genetski, Philip R. McLoughlin, Geraldine M. McNamara, Eileen A. Moran and David J. Vitale.

| ITEM 6. | INVESTMENTS

A schedule of investments is included as part of the report to shareholders filed under Item 1 of this report.

| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES

FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

DNP SELECT INCOME FUND INC.

DTF TAX FREE INCOME INC.

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

DUFF & PHELPS UTILITY and INfrastructure FUND INC.

PROXY VOTING POLICIES AND PROCEDURES

As Amended June 13, 2018

| I. | Definitions. As used in these Policies and Procedures, the following terms shall have the meanings ascribed below:

| A. | “Adviser” refers to Duff & Phelps Investment Management Co.

| B. | “Adviser’s Act” refers to the Investment Adviser’s Act of 1940, as amended.

| C. | “corporate governance matters” refers to changes involving the corporate ownership or structure of an issuer whose voting securities are within a portfolio holding, including changes in the state of incorporation, changes in capital structure, including increases and decreases of capital and preferred stock issuance, mergers and other corporate restructurings, and anti-takeover provisions such as staggered boards, poison pills, and supermajority voting provisions.

| D. | “Delegate” refers to the Adviser, any proxy committee to which the Adviser delegates its responsibilities hereunder and any qualified, independent organization engaged by the Adviser to vote proxies on behalf of the Fund.

| E. | “executive compensation matters” refers to stock option plans and other executive compensation issues including votes on “say on pay” and “golden parachutes.”

| F. | “Fund” refers to DNP Select Income Fund Inc., DTF Tax-Free Income Inc., Duff & Phelps Utility and Corporate Bond Trust Inc., or Duff & Phelps Utility and Infrastructure Fund Inc. as the case may be.

| G. | “Investment Company Act” refers to the Investment Company Act of 1940, as amended.

| H. | “portfolio holding” refers to any company or entity whose voting securities are held within the investment portfolio of the Fund as of the date a proxy is solicited.

| I. | “Principal Underwriter” refers to Wells Fargo Securities, LLC, solely with respect to DNP Select Income Fund Inc.

| J. | “proxy contests” refer to any meeting of shareholders of an issuer for which there are at least two sets of proxy cards, one solicited by management and the others by a dissident or group of dissidents.

| K. | “social issues” refers to social, political and environmental issues.

| L. | “takeover” refers to “hostile” or “friendly” efforts to effect radical change in the voting control of the board of directors of a company.

| II. | General policy.

| A. | It is the intention of the Fund to exercise voting stock ownership rights in portfolio holdings in a manner that is reasonably anticipated to further the best economic interests of shareholders of the Fund. Accordingly, the Fund or its Delegate(s) shall endeavor to analyze and vote all proxies that are considered likely to have financial implications, and, where appropriate, to participate in corporate governance, shareholder proposals, management communications and legal proceedings. The Fund and its Delegate(s) must also identify potential or actual conflicts of interests in voting proxies and address any such conflict of interest in accordance with these Policies and Procedures.

| B. | Absent special factors, the policy of the Adviser is to exercise its proxy voting discretion in accordance with ISS guidelines.

| III. | Special Factors to consider when voting.

| A. | The Delegate may abstain from voting when it concludes that the effect on shareholders’ economic interests or the value of the portfolio holding is indeterminable or insignificant.

| B. | In analyzing anti-takeover measures, the Delegate shall vote on a case-by-case basis taking into consideration such factors as overall long-term financial performance of the target company relative to its industry competition. Key measures which shall be considered include, without limitation, five-year annual compound growth rates for sales, operating income, net income, and total shareholder returns (share price appreciation plus dividends). Other financial indicators that will be considered include margin analysis, cash flow, and debt levels.

| C. | In analyzing proxy contests for control, the Delegate shall vote on a case-by-case basis taking into consideration such factors as long-term financial performance of the target company relative to its industry; management’s track record; background to the proxy contest; qualifications of director nominees and any compensatory arrangements (both slates); evaluation of which nominee(s) would be most likely to pursue policies that will have the highest likelihood to maximize the economic interests of shareholders of the Fund; the likelihood that the proposed objectives and goals can be met; and stock ownership positions.

| D. | In analyzing contested elections for director, the Delegate shall vote on a case-by-case basis taking into consideration such factors as long-term financial performance of the company relative to its industry; management’s track record; background of the contested election; Nominee qualifications and any compensatory arrangements; strategic plan of dissident slate and quality of the critique against management; evaluation of which nominee(s) would be most likely to pursue policies that will have the highest likelihood to maximize the economic interests of shareholders of the Fund; likelihood that the proposed goals and objectives can be achieved (both slates); and stock ownership positions.

| E. | In analyzing corporate governance matters, the Delegate shall vote on a case-by-case basis taking into consideration such factors as: tax and economic benefits associated with amending an issuer’s state of incorporation; dilution or improved accountability associated with changes in capital structure; management proposals to require a supermajority shareholder vote to amend charters and bylaws and bundled or “conditioned” proxy proposals; long-term financial performance of the company relative to its industry; and management’s track record.

| F. | In analyzing executive compensation matters, the Delegate shall vote on a case-by-case basis, taking into consideration a company’s overall pay program and demonstrated pay-for-performance philosophy, and generally disfavoring such problematic pay practices as (i) repricing or replacing of underwater stock options, (ii) excessive perquisites or tax gross-ups and (iii) change-in-control payments that are excessive or are payable based on a “single trigger” (i.e., without involuntary job loss or substantial diminution of duties). With respect to the advisory vote on the frequency of “say on pay” votes, the Delegate shall vote in favor of an annual frequency for such votes.

| G. | The Delegate shall generally vote against shareholder proposals on social issues, except where the Delegate determines that a different position would be in the clear economic interests of the Fund and its shareholders.

| IV. | Responsibilities of Delegates.

| A. | In the absence of a specific direction to the contrary from the Board of Directors of the Fund, the Adviser will be responsible for voting proxies for all portfolio holdings in accordance with these Policies and Procedures, or for delegating such responsibility as described below.

The Adviser has a Proxy Committee (“Committee”) that is responsible for establishing policies and procedures designed to enable the Adviser to ethically and effectively discharge its fiduciary obligation to vote all applicable proxies on behalf of all clients. The Adviser also utilizes Institutional Shareholder Services (“ISS”) a qualified, non-affiliated independent third party to serve as the Adviser’s proxy voting agent in the provision of certain administrative, clerical, functional recordkeeping and support services related to the Adviser’s proxy voting processes and procedures. Absent special factors, the policy of the Adviser is to exercise its proxy voting discretion in accordance with the ISS guidelines.

| B. | In voting proxies on behalf of the Fund, each Delegate shall have a duty of care to safeguard the best interests of the Fund and its shareholders and to act in accordance with these Policies and Procedures.

| C. | No Delegate shall accept direction or inappropriate influence from any other client or third party, or from any director, officer or employee of any affiliated company, and shall not cast any vote inconsistent with these Policies and Procedures without obtaining the prior approval of the Board of Directors of the Fund or its duly authorized representative.

V. Conflicts of interest

| A. | The Fund and its Delegate(s) seek to avoid actual or perceived conflicts of interest in the voting of proxies for portfolio holdings between the interests of Fund shareholders, on the one hand, and those of the Adviser, the Principal Underwriter (if applicable) or any affiliated person of the Fund or the Adviser or the Principal Underwriter (if applicable), on the other hand. The Board of Directors may take into account a wide array of factors in determining whether such a conflict exists, whether such conflict is material in nature, and how to properly address or resolve the same.

| B. | While each conflict situation varies based on the particular facts presented and the requirements of governing law, the Board of Directors or its duly authorized representative may take the following actions, among others, or otherwise give weight to the following factors, in addressing material conflicts of interest in voting (or directing Delegates to vote) proxies pertaining to portfolio holdings: (i) vote pursuant to the recommendation of the proposing Delegate; (ii) abstain from voting; or (iii) rely on the recommendations of an established, independent third party with qualifications to vote proxies, such as Institutional Shareholder Services.

| C. | The Adviser shall notify the Board of Directors of the Fund promptly after becoming aware that any actual or potential conflict of interest exists and shall seek the Board of Directors’ recommendations for protecting the best interests of Fund’s shareholders. The Adviser shall not waive any conflict of interest or vote any conflicted proxies without the prior written approval of the Board of Directors or its duly authorized representative.

VI. Miscellaneous.

| A. | A copy of the current Proxy Voting Policies and Procedures and the voting records for the Fund, reconciling proxies with portfolio holdings and recording proxy voting guideline compliance and justification, shall be kept in an easily accessible place for the period of

time required to comply with applicable laws and regulations. They will be available for inspection either physically or through electronic posting on an approved website.

| B. | In the event that a determination, authorization or waiver under these Policies and Procedures is requested at a time other than a regularly scheduled meeting of the Board of Directors, the Chairman of the Audit Committee shall be the duly authorized representative of the Board of Directors with the authority and responsibility to interpret and apply these Policies and Procedures and shall provide a report of his or her determinations at the next following meeting of the Board of Directors.

| C. | The Adviser shall present a report of any material deviations from these Policies and Procedures at every regularly scheduled meeting of the Board of Directors and shall provide such other reports as the Board of Directors may request from time to time. The Adviser shall provide to the Fund or any shareholder a record of its effectuation of proxy voting pursuant to these Policies and Procedures at such times and in such format or medium as the Fund shall reasonably request. The Adviser shall be solely responsible for complying with its disclosure and reporting requirements under applicable laws and regulations, including, without limitation, Rule 206(4)-6 under the Advisers Act as amended. The Adviser shall gather, collate and present information relating to its proxy voting activities and those of each Delegate in such format and medium as the Fund shall determine from time to time in order for the Fund to discharge its disclosure and reporting obligations pursuant to Rule 30b1-4 under the Investment Company Act.

| D. | The Adviser shall pay all costs associated with proxy voting for portfolio holdings pursuant to these Policies and Procedures and assisting the Fund in providing public notice of the manner in which such proxies were voted, except that the Fund shall pay the costs associated with any filings required under the Investment Company Act.

| E. | In performing its duties hereunder, any Delegate may engage the services of a research and/or voting adviser, the cost of which shall be borne by such Delegate.

| F. | These Policies and Procedures shall be presented to the Board of Directors annually for their amendment and/or approval.

| ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

In this Item, the term “Fund” refers to the registrant, DNP Select Income Fund Inc.

The Fund’s Portfolio Managers

A team of investment professionals employed by Duff & Phelps Investment Management Co., the Fund’s investment adviser (the “Adviser”), is responsible for the day-to-day management of the Fund’s portfolio. The members of that investment team and their respective areas of responsibility and expertise, as of December 29, 2020, are as follows:

Connie M. Luecke, CFA, Vice President and Chief Investment Officer of DNP since 2018, has served on the Fund’s portfolio management team since 1998 as the senior telecommunications analyst. She has been a Senior Managing Director of the Adviser since 2015 (Senior Vice President from 1998-2014, Managing Director from 1996 – 1998, and various positions with an Adviser affiliate from 1992 – 1995). Ms. Luecke is the lead portfolio manager for the Virtus Duff & Phelps Global Infrastructure Fund and the equity portion of the Virtus Total Return Fund.

Nathan I. Partain, CFA, has served on the Fund’s portfolio management team since 1996. He has been President and Chief Executive Officer of the Fund since 2001 (Chief Investment Officer from 1998 to 2017; Executive Vice President from 1998 – 2001). Mr. Partain has been President and Chief Investment Officer of the Adviser since 2005 (Executive Vice President from 1997-2005), President and Chief Executive Officer of DTF Tax-Free Income Inc. (“DTF”) and Duff & Phelps Utility and Corporate Bond Trust Inc. (“DUC”) two other closed-end utilities oriented funds since 2004 and Duff & Phelps Global Utility Income Fund Inc. (“DPG”) since 2011. Mr. Partain has final investment authority with respect to the Fund’s entire investment portfolio. He joined the Duff & Phelps organization in 1987 and has served since then in positions of increasing responsibility. He is also chairman of the board and a director of Otter Tail Corporation (chairman since 2011 and director since 1993).

Daniel J. Petrisko, CFA, has served on the Fund’s portfolio management team since 2004 and has been a Senior Vice President since 2017 and Assistant Secretary since 2015 (Vice President 2015-2016). He has been an Executive Managing Director of the Adviser since March 2017 (Senior Managing Director from 2014- February 2017, Senior Vice President from 1997 – 2014 and Vice President from 1995 – 1997). He is also the chief investment officer of DUC. Mr. Petrisko concentrates his research on fixed-income securities and has investment authority with respect to the Fund’s fixed-income portfolio. He joined the Duff & Phelps organization in 1995 and has served since then in positions of increasing responsibility.

Other Accounts Managed by the Fund’s Portfolio Managers

The following table provides information as of October 31, 2020 regarding the other accounts besides the Fund that are managed by the portfolio managers of the Fund. As noted in the table, portfolio managers of the Fund may also manage or be members of management teams for other mutual funds within the same fund complex or other similar accounts. For purposes of this disclosure, the term “fund complex” includes the Fund and all other investment companies advised by affiliates of Virtus Investment Partners, Inc. (“Virtus”), the Adviser’s ultimate parent company. As of October 31, 2020, the Fund’s portfolio managers did not manage any accounts with respect to which the advisory fee is based on the performance of the account, nor do they manage any hedge funds.

|  | Registered Investment |  | Other Pooled Investment |  |  |  |  |  |  |
|  | Companies (1) |  | Vehicles (2) |  |  | Other Accounts (3)
Name of Portfolio Manager |  | Number of Accounts |  | Total Assets (in millions) |  | Number of Accounts |  | Total Assets (in millions) |  | Number of Accounts |  | Total Assets (in millions)
Connie M. Luecke |  | 3 |  |  | $607 |  |  | 0 |  | — |  |  | 0 |  |  | — |
Nathan I. Partain |  | 0 |  |  | — |  |  | 0 |  | — |  |  | 0 |  |  | — |
Daniel J. Petrisko |  | 2 |  |  | $389 |  |  | 0 |  | — |  |  | 7 |  |  | $1,850 |

(1) | Registered Investment Companies include all open and closed-end mutual funds. For Registered Investment Companies, assets represent net assets of all open-end investment companies and gross assets of all closed- end investment companies.

(2) | Other Pooled Investment Vehicles include, but are not limited to, securities of issuers exempt from registration under Section 3(c) of the Investment Company Act of 1940, such as private placements and hedge funds.

(3) | Other Accounts include, but are not limited to, individual managed accounts, separate accounts, institutional accounts, pension funds and collateralized bond obligations.

There may be certain inherent conflicts of interest that arise in connection with the portfolio managers’ management of the Fund’s investments and the investments of any other accounts they manage. Such conflicts could include aggregation of orders for all accounts managed by a particular portfolio manager, the allocation of purchases across all such accounts, the allocation of IPOs and any soft dollar arrangements that the Adviser may have in place that could benefit the Fund and/or such other accounts. The Adviser has adopted policies and procedures designed to address any such conflicts of interest to ensure that all management time, resources and investment opportunities are allocated equitably. There have been no material compliance issues with respect to any of these policies and procedures during the Fund’s most recent fiscal year.

Compensation of the Fund’s Portfolio Managers

The following is a description of the compensation structure, as of October 31, 2020, of the Fund’s portfolio managers.

The Adviser is a wholly-owned indirect subsidiary of Virtus Investment Partners, Inc. (“Virtus”). Virtus and its affiliated investment management firms, including the Adviser, believe that their compensation programs are adequate and competitive to attract and retain high-caliber investment professionals. The Fund’s portfolio managers receive a base salary, an incentive bonus opportunity, and a benefits package, as detailed below. Highly-compensated individuals participate in a long-term incentive compensation program, including potential awards of Virtus restricted stock units (“RSUs”) with multi-year vesting, subject to Virtus board approval, and may also take advantage of opportunities to defer their current tax liability.

Base Salary: Each portfolio manager is paid a fixed base salary, which is determined by Virtus and the Adviser and is designed to be competitive in light of the individual’s experience and responsibilities. Virtus management utilizes results of an investment industry compensation survey conducted by an independent third party in evaluating competitive market compensation for its investment management professionals.

Incentive Bonus: Incentive bonus pools are based on firm profits. The short-term incentive payment is generally paid in cash, but a portion may be made in Virtus RSUs. Individual payments are assessed using comparisons of actual investment performance with specific peer group or index measures established at the beginning of each calendar year. Performance of the Fund managed is measured over one-, three- and five-year periods. Generally, an individual manager’s participation is based on the performance of each fund managed as weighted roughly by total assets in each of these funds. Incentive bonus compensation of the Fund’s portfolio managers is currently comprised of two main components:

First, 70% of the incentive bonus is based on: (i) the pre-tax performance of the Fund, as measured by earnings per share and total return over a one,-three, and five-year period against specified benchmarks and/or peer groups; (ii) the success of the individual manager in achieving assigned goals; and (iii) a subjective assessment of the manager’s contribution to the efforts of the team. The total return component of the performance portion of portfolio managers’ incentive bonus compensation is compared to a composite of the S&P Utility Market Price Index and the Bloomberg Barclays U.S. Utility Bond Index. Portfolio Managers who manage more than one product may have other components in their formulaic calculation that are appropriate to the other products, weighted according to the proportion of the manager’s time that is allocated to each specific product.

Second, 30% of the target incentive is based on financial measures of Virtus. These financial measures include adjusted earnings before interest, tax, depreciation and amortization; gross inflows, and product investment performance. A portion of the total incentive bonus can be paid in Virtus RSUs that vest over three years.

The performance portion of the portfolio managers’ incentive bonus compensation is not based on the value of assets held in the Fund’s portfolio (except to the extent that the level of assets in the Fund’s portfolio affects the advisory fee received by the Adviser and thus, indirectly, the profitability of Virtus).

Other Benefits: Portfolio managers are eligible to participate in a 401(k) plan, health insurance, and other benefits offered generally to the firm’s employees that could include granting of RSUs in Virtus stock.

Equity Ownership of Portfolio Managers

The following table sets forth the dollar range of equity securities in the Fund beneficially owned, as of October 31, 2020, by each of the portfolio managers identified above.

| Name of Portfolio Manager |  | Dollar Range of Equity Securities in the Fund |
| Connie M. Luecke |  | $50,001 - $100,000 |
| Nathan I. Partain |  | $500,001 - $1,000,000 |
| Daniel J. Petrisko |  | none |

| ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

During the period covered by this report, no purchases were made by or on behalf of the registrant or any “affiliated purchaser” (as defined in Rule 10b-18(a)(3) under the Exchange Act) of shares or other units of any class of the registrant’s equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act.

| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors have been implemented after the registrant last provided disclosure in response to the requirements of Item 22(b)(15) of Schedule 14A (i.e., in the registrant’s Proxy Statement dated March 9, 2020) or this Item.

| ITEM 11. | CONTROLS AND PROCEDURES

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on an evaluation of those controls and procedures made as of a date within 90 days of the filing date of this report as required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Exchange Act.

(b) There has been no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

| ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

(a) SECURITIES LENDING ACTIVITIES

Gross income from securities lending activities | $ 424,265
Fees paid to securities lending agent from a revenue split | $ (128,153)
Net income from securities lending activities | $ 296,112

(b) The registrant does not have a standalone securities lending program. However, the provisions of the registrant’s committed facility agreement with a commercial bank (which is collateralized by certain portfolio securities of the registrant) allow the bank to borrow securities pledged by the registrant and lend them to third parties and affiliates of the bank. The bank shares with the registrant a portion of the revenue it receives from lending those securities. The above-described provisions of the registrant’s committed facility operate in a manner similar to a securities lending program. In connection with those borrowing and lending activities, the bank performs the following services:

| · | locating borrowers

| · | monitoring daily the value of the loaned securities and collateral (i.e., the collateral posted by the party borrowing the securities, not the registrant’s collateral under the facility)

| · | requiring additional collateral as necessary (as above)

| · | cash collateral management

| · | qualified dividend management

| · | negotiation of loan terms

| · | selection of securities to be loaned

| · | recordkeeping and account servicing

| · | monitoring dividend activity and material proxy votes relating to loaned securities, and

| · | arranging for return of loaned securities to the registrant at loan termination

| ITEM 13. | EXHIBITS

(a) | Exhibit 99.CERT | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
(b) | Exhibit 99.906CERT | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(c) Copies of the Registrant’s notices to shareholders pursuant to Rule 19a-1 under the 1940 Act which accompanied distributions paid during the last six months ended October 31, 2020 pursuant to the Registrant’s Managed Distribution Plan are filed herewith as required by the terms of the Registrant’s exemptive order issued on August 26, 2008.

SIGNATURES

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.

(Registrant) | DNP SELECT INCOME FUND INC.
By (Signature and Title) | /s/ Nathan I. Partain
| Nathan I. Partain
| President and Chief Executive Officer
| (Principal Executive Officer)
Date | December 29, 2020

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.

By (Signature and Title) | /s/ Nathan I. Partain
| Nathan I. Partain
| President and Chief Executive Officer
| (Principal Executive Officer)
Date | December 29, 2020

By (Signature and Title) | /s/ Alan M. Meder
| Alan M. Meder
| Treasurer and Assistant Secretary
| (Principal Financial and Accounting Officer)
Date | December 29, 2020