FOR VALIDATION PURPOSES ONLY

NPORT-EX 2 1100236DP073122.htm FOR VALIDATION PURPOSES ONLY - [283606.TX]

DNP SELECT INCOME FUND INC.

SCHEDULE OF INVESTMENTS

July 31, 2022

(Unaudited)


Shares		Description	Value

	COMMON STOCKS & MLP INTERESTS - 111.8%

		ELECTRIC, GAS AND WATER - 77.1%
	1,836,310	Alliant Energy Corp. ^(a)		$111,886,368
	1,284,930	Ameren Corp. ^(a)(b)		119,652,682
	1,174,090	American Electric Power Co., Inc. ^(a)		115,718,310
	450,675	American Water Works Co. ^(a)(b)		70,052,922
	794,750	Atmos Energy Corp. ^(a)		96,474,702
	389,700	Black Hills Corp.		30,084,840
	4,041,970	CenterPoint Energy, Inc. ^(a)		128,090,029
	1,515,130	CMS Energy Corp. ^(a)		104,134,885
	1,332,980	Dominion Energy, Inc. ^(a)		109,277,700
	406,200	DTE Energy Co. ^(a)		52,927,860
	6,934,037	EDP-Energias de Portugal, S.A. (Portugal)		34,920,119
	1,296,855	Emera Inc. (Canada)		61,444,623
	5,332,200	Enel S.p.A. (Italy)		26,690,088
	494,520	Entergy Corp. ^(a)(b)		56,934,088
	1,351,560	Essential Utilities, Inc. ^(a)(b)		70,200,026
	1,559,691	Evergy, Inc. ^(a)		106,464,508
	1,298,470	Eversource Energy ^(a)		114,551,023
	1,138,500	FirstEnergy Corp. ^(a)		46,792,350
	981,900	Fortis Inc. (Canada)		46,353,558
	3,539,400	Iberdrola, S.A. (Spain)		37,641,290
	3,389,100	National Grid plc (United Kingdom)		46,665,287
	973,500	New Jersey Resources Corp. ^(a)(b)		44,965,965
	1,122,735	NextEra Energy, Inc. ^(a)(b)		94,859,880
	650,910	Nextera Energy Partners, LP		53,856,293
	2,499,280	NiSource Inc. ^(a)		75,978,112
	800,000	Northwest Natural Holding Co.		42,936,000
	2,180,100	OGE Energy Corp. ^(a)(b)		89,558,508
	576,000	ONE Gas, Inc. ^(a)		48,925,440
	1,781,700	PG&E Corp.		19,349,262
	810,450	Pinnacle West Capital Corp. ^(a)		59,543,762
	1,720,550	Public Service Enterprise Group Inc. ^(a)		112,988,519
	757,780	Sempra Energy ^(a)		125,639,924
	1,243,595	Southern Co. ^(a)		95,620,020
	776,340	Spire Inc. ^(a)		58,411,822
	975,980	WEC Energy Group, Inc. ^(a)		101,316,484
	1,406,600	Xcel Energy Inc. ^(a)(b)		102,934,988

				2,713,842,237

The accompanying note is an integral part of this financial statement.

DNP SELECT INCOME FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2022

(Unaudited)


Shares		Description	Value


		OIL & GAS STORAGE, TRANSPORTATION AND PRODUCTION - 19.8%
	523,000	Cheniere Energy, Inc.		$78,230,340
	681,000	DCP Midstream LP		23,085,900
	240,000	DT Midstream Inc.		13,207,200
	890,945	Enbridge Inc. (Canada)		40,030,159
	4,750,062	Energy Transfer Equity LP		53,723,201
	1,631,000	Enterprise Products Partners LP		43,596,630
	148,280	Enviva Inc.		10,324,736
	515,000	Golar LNG Limited* (Bermuda)		11,520,550
	500,000	Hess Midstream LP Class A		15,210,000
	540,000	Keyera Corp. (Canada)		13,987,279
	1,425,026	Kinder Morgan, Inc. ^(a)		25,636,218
	187,090	Magellan Midstream Partners LP		9,635,135
	170,000	Marathon Petroleum Corp.		15,582,200
	1,208,852	MPLX LP		39,299,779
	492,150	ONEOK, Inc.		29,401,041
	1,176,600	Pembina Pipeline Corp. (Canada)		44,893,256
	2,439,900	Plains All American Pipeline, LP		26,936,496
	1,061,120	Targa Resources Corp.		73,334,003
	691,000	TC Energy Corp. (Canada) ^(a)(b)		36,844,120
	111,000	Valero Energy Corp.		12,295,470
	1,084,000	Western Midstream Partners, LP		29,040,360
	1,523,500	The Williams Companies, Inc.		51,936,115

				697,750,188


		TELECOMMUNICATIONS - 14.9%
	289,000	American Tower Corp. ^(a)		78,269,870
	2,290,700	AT&T Inc.		43,019,346
	1,065,865	BCE Inc. (Canada) ^(a)		53,858,158
	730,050	Cellnex Telecom SA (Spain)		32,448,155
	1,089,400	Comcast Corp. Class A ^(a)		40,874,288
	541,925	Crown Castle International Corp. ^(a)		97,904,170
	70,905	Equinix, Inc.		49,898,685
	2,349,500	Telus Corp. (Canada)		54,054,911
	1,339,489	Verizon Communications Inc. ^(a)		61,870,997
	782,200	Vodafone Group Plc ADR (United Kingdom)		11,545,272

				523,743,852

		Total Common Stocks & MLP Interests
		(Cost $2,785,859,234)		3,935,336,277

The accompanying note is an integral part of this financial statement.

DNP SELECT INCOME FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2022

(Unaudited)


Par Value		Description	Value

	BONDS - 15.6%

		ELECTRIC, GAS AND WATER - 8.4%
	$18,500,000	American Water Capital Corp.
		3.40%, 3/01/25 ^(a)(b)	$	18,486,070
	22,000,000	Arizona Public Service Co.
		6 7/8%, 8/01/36 ^(a)(b)		26,507,449
	10,000,000	Berkshire Hathaway Inc. ^(a)(b)
		8.48%, 9/15/28		12,542,753
	7,000,000	CMS Energy Corp.
		3.45%, 8/15/27		6,838,621
	5,000,000	Connecticut Light & Power Co.
		3.20%, 3/15/27		4,962,743
	10,000,000	DPL Capital Trust II
		8 1/8%, 9/01/31		9,562,670
	6,400,000	DTE Electric Co.
		3.65%, 3/15/24		6,451,341
	3,000,000	Duke Energy Corp.
		3 3/4%, 4/15/24 ^(a)(b)		3,013,959
	10,000,000	Duke Energy Corp.
		3.15%, 8/15/27		9,672,951
	5,000,000	Duke Energy Ohio, Inc.
		3.65%, 2/1/29 ^(a)(b)		4,900,127
	5,600,000	Edison International
		4 1/8%, 3/15/28		5,392,982
	9,500,000	Entergy Louisiana, LLC
		5.40%, 11/01/24		9,842,013
	9,970,000	Entergy Louisiana, LLC
		4.44%, 1/15/26 ^(a)(b)		10,206,560
	7,000,000	Entergy Louisiana, LLC
		3.12%, 9/01/27		6,821,742
	4,000,000	Entergy Texas, Inc.
		4.00%, 3/30/29		4,011,501
	4,000,000	Essential Utilities, Inc.
		3.57%, 5/01/29 ^(a)(b)		3,838,130
	7,000,000	Eversource Energy
		4 1/4%, 4/01/29		7,051,148
	6,000,000	Exelon Corp.
		3.60%, 3/15/24 ^(a)(b)		6,023,714

The accompanying note is an integral part of this financial statement.

DNP SELECT INCOME FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2022

(Unaudited)


Par Value		Description	Value

	$15,000,000	Florida Power & Light Co.
		3 1/4%, 6/01/24 ^(a)(b)		$15,046,112
	18,000,000	Interstate Power & Light
		3 1/4%, 12/01/24 ^(a)(b)		17,854,919
	5,000,000	Nextera Energy Capital
		4.45% 6/20/25		5,160,409
	19,000,000	NiSource Finance Corp.
		3.49%, 5/15/27		18,687,212
	5,000,000	Ohio Power Co.
		6.60%, 2/15/33		5,891,881
	15,345,000	Oncor Electric Delivery Co. LLC
		7.00%, 9/01/22		15,382,562
	10,000,000	Public Service Electric
		3 3/4%, 3/15/24 ^(a)(b)		10,034,559
	5,000,000	Public Service Electric
		3.00%, 5/15/25		4,953,196
	10,000,000	Public Service Electric
		3.00%, 5/15/27		9,853,870
	5,000,000	Public Service New Mexico
		3.85%, 8/01/25		4,854,292
	16,300,000	Southern Power Co.
		4.15%, 12/01/25 ^(a)(b)		16,467,943
	4,000,000	Virginia Electric & Power Co.
		2 7/8%, 7/15/29		3,785,365
	2,880,000	Wisconsin Energy Corp.
		3.55%, 6/15/25 ^(a)(b)		2,867,919
	9,000,000	Xcel Energy Inc.
		3.35%, 12/01/26 ^(a)(b)		8,849,038

				295,815,751

The accompanying note is an integral part of this financial statement.

DNP SELECT INCOME FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2022

(Unaudited)


Par Value		Description	Value


		OIL & GAS STORAGE, TRANSPORTATION AND PRODUCTION - 4.2%
	$4,000,000	Conoco Inc.
		6.95%, 4/15/29 ^(a)(b)		$4,709,593
	20,000,000	Enbridge Inc. (Canada)
		4 1/4%, 12/01/26 ^(a)(b)		20,141,756
	6,488,000	Energy Transfer Partners
		7.60%, 2/01/24		6,732,327
	5,000,000	Energy Transfer Partners
		9.00%, 11/1/24		5,442,295
	3,000,000	Energy Transfer Partners
		4.05%, 3/15/25 ^(a)(b)		2,976,729
	8,850,000	Energy Transfer Partners
		8 1/4%, 11/15/29		10,435,193
	13,500,000	Enterprise Products Operating LP
		3.35%, 3/15/23		13,506,191
	6,000,000	Enterprise Products Operating LP
		3 1/8%, 7/31/29		5,597,938
	5,000,000	Kinder Morgan Energy Partners, LP
		7 3/4%, 3/15/32 ^(a)(b)		5,898,176
	10,000,000	Magellan Midstream Partners, LP
		5.00%, 3/1/26		10,307,072
	11,000,000	ONEOK, Inc.
		6.00%, 6/15/35		11,104,637
	4,000,000	ONEOK Partners, LP
		4.90%, 3/15/25 ^(a)(b)		4,055,675
	16,000,000	Phillips 66
		3.90%, 3/15/28 ^(a)(b)		15,814,500
	5,000,000	Plains All American Pipeline, LP
		4.65%, 10/15/25		5,014,072
	13,500,000	Valero Energy Partners LP
		4 1/2%, 3/15/28		13,606,788
	6,000,000	Williams Partners LP
		4.30%, 3/04/24 ^(a)(b)		6,031,856
	5,000,000	Williams Partners LP
		4.55%, 6/24/24		5,053,156

				146,427,954

The accompanying note is an integral part of this financial statement.

DNP SELECT INCOME FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2022

(Unaudited)


Par Value		Description	Value


		TELECOMMUNICATIONS - 3.0%
	$4,500,000	American Tower Corp.
		5.00%, 2/15/24		$4,582,565
	8,000,000	AT&T Inc.
		2.30%, 6/01/27 ^(a)(b)		7,468,226
	15,000,000	CenturyLink Inc.
		6 7/8%, 1/15/28		13,824,375
	5,900,000	Comcast Corp.
		7.05%, 3/15/33		7,291,899
	5,000,000	Comcast Corp.
		7 1/8%, 2/15/28		5,809,991
	10,190,000	Crown Castle International Corp.
		4.45%, 2/15/26		10,319,369
	4,000,000	Digital Realty Trust, Inc.
		3.60%, 7/01/29		3,778,011
	15,000,000	Koninklijke KPN NV (Netherlands)
		8 3/8%, 10/01/30 ^(a)(b)		18,375,762
	10,000,000	Telus Corp.
		2.80% 2/16/27		9,661,869
	15,500,000	Verizon Global Funding Corp.
		7 3/4%, 12/01/30		19,189,770
	5,000,000	Vodafone Group Plc (United Kingdom)
		7 7/8%, 2/15/30		6,033,399

				106,335,236

		Total Bonds
		(Cost $550,763,872)		548,578,941


	SHORT-TERM INVESTMENTS - 2.0%

		U.S. TREASURY BILLS - 2.0%
	23,000,000	0.84%, 8/04/22 ^(c)		22,996,378
	23,000,000	1.39%, 9/08/22 ^(c)		22,948,713
	23,000,000	1.95%, 10/06/22 ^(c)		22,905,230

		Total Short-Term Investments
		(Cost $68,884,530)		68,850,321


		TOTAL INVESTMENTS - 129.4%
		(Cost $3,405,507,636)	$	4,552,765,539

		Secured borrowings - (17.0)%		(598,000,000	)
		Secured notes - (8.5)%		(300,000,000	)
		Mandatory Redeemable Preferred Shares at liquidation value - (5.9)%		(207,000,000	)
		Other assets less other liabilities - 2.0%		69,435,780

		NET ASSETS APPLICABLE TO COMMON STOCK - 100.0%	$	3,517,201,319

The accompanying note is an integral part of this financial statement.

DNP SELECT INCOME FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2022

(Unaudited)

(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

(c)	Rate shown represents yield-to-maturity

*	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.

Note 1. Investment Valuation

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. For more information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements contained in its semi-annual report. The following is a summary of the inputs used to value each of the Fund’s investments at July 31, 2022:


	Level 1		Level 2
Common Stocks & MLP Interests	$	3,935,336,277		—
Bonds		—	$	548,578,941
Short-Term Investments		—		68,850,321
Total	$	3,935,336,277	$	617,429,262

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.