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NPORT-EX 2 1100236DP013122.htm HTML

DNP SELECT INCOME FUND INC.

SCHEDULE OF INVESTMENTS

January 31, 2023

(Unaudited)


Shares		Description	Value

	COMMON STOCKS & MLP INTERESTS - 113.1%

		ELECTRIC, GAS AND WATER - 76.4%
	1,836,310	Alliant Energy Corp. ^(a)		$99,215,829
	1,231,400	Ameren Corp. ^(a)(b)		106,971,718
	1,124,440	American Electric Power Co., Inc. ^(a)		105,652,382
	386,275	American Water Works Co. ^(a)		60,448,175
	794,750	Atmos Energy Corp. ^(a)		93,414,915
	389,700	Black Hills Corp.		28,206,486
	3,888,870	CenterPoint Energy, Inc. ^(a)		117,132,764
	1,567,530	CMS Energy Corp. ^(a)		99,052,221
	1,332,980	Dominion Energy, Inc. ^(a)(b)		84,830,847
	499,250	DTE Energy Co. ^(a)(b)		58,097,723
	6,934,037	EDP-Energias de Portugal, S.A. (Portugal)		34,324,903
	1,530,055	Emera Inc. (Canada)		60,750,413
	5,332,200	Enel S.p.A. (Italy)		31,219,404
	494,520	Entergy Corp. ^(a)		53,546,626
	1,474,910	Essential Utilities, Inc. ^(a)		68,922,544
	1,073,456	Evergy, Inc. ^(a)(b)		67,252,018
	1,243,820	Eversource Energy ^(a)		102,403,701
	1,138,500	FirstEnergy Corp. ^(a)		46,621,575
	981,900	Fortis Inc. (Canada)		40,229,680
	3,539,400	Iberdrola, S.A. (Spain)		41,303,315
	3,389,100	National Grid plc (United Kingdom)		42,766,380
	875,590	New Jersey Resources Corp. ^(a)		43,709,453
	1,066,775	NextEra Energy, Inc. ^(a)		79,613,418
	650,910	Nextera Energy Partners, LP		47,711,703
	2,499,280	NiSource Inc. ^(a)		69,355,020
	800,000	Northwest Natural Holding Co.		40,112,000
	2,005,300	OGE Energy Corp. ^(a)		78,848,396
	576,000	ONE Gas, Inc. ^(a)(b)		47,439,360
	2,106,700	PG&E Corp.*		33,496,530
	810,450	Pinnacle West Capital Corp. ^(a)		60,419,047
	1,553,650	Public Service Enterprise Group Inc. ^(a)(b)		96,217,545
	728,850	Sempra Energy ^(a)		116,856,520
	1,243,595	Southern Co. ^(a)		84,166,510
	776,340	Spire Inc. ^(a)(b)		56,067,275
	975,980	WEC Energy Group, Inc. ^(a)		91,732,360
	1,490,150	Xcel Energy Inc. ^(a)		102,477,615

				2,490,586,371

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

DNP SELECT INCOME FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

January 31, 2023

(Unaudited)


Shares		Description	Value


		OIL & GAS STORAGE, TRANSPORTATION AND PRODUCTION - 21.6%
	521,000	Cheniere Energy, Inc.		$79,603,590
	216,000	DCP Midstream LP		9,080,640
	280,000	DT Midstream Inc.		15,304,800
	890,945	Enbridge Inc. (Canada)		36,502,017
	4,750,062	Energy Transfer Equity LP		63,080,823
	800,000	EnLink Midstream, LLC		10,176,000
	1,631,000	Enterprise Products Partners LP		41,753,600
	148,280	Enviva Inc.		6,743,774
	515,000	Golar LNG Limited* (Bermuda)		12,071,600
	545,000	Hess Midstream LP Class A		16,829,600
	850,000	Keyera Corp. (Canada)		19,333,383
	1,425,026	Kinder Morgan, Inc.^(a)		26,077,976
	247,090	Magellan Midstream Partners LP		13,194,606
	85,500	Marathon Petroleum Corp.		10,988,460
	1,303,852	MPLX LP		45,530,512
	317,391	New Fortress Energy Inc.		12,311,597
	402,150	ONEOK, Inc.		27,539,232
	1,241,600	Pembina Pipeline Corp. (Canada)		43,928,457
	2,439,900	Plains All American Pipeline, LP		30,401,154
	891,120	Targa Resources Corp.		66,851,822
	766,000	TC Energy Corp. (Canada)^(a)		33,045,240
	81,000	Valero Energy Corp.		11,342,430
	809,000	Western Midstream Partners, LP		21,859,180
	1,523,500	The Williams Companies, Inc.		49,117,640

				702,668,133


		TELECOMMUNICATIONS - 15.1%
	289,000	American Tower Corp.^(a)		64,559,710
	2,290,700	AT&T Inc.		46,661,559
	1,065,865	BCE Inc. (Canada)^(a)		50,415,414
	730,050	Cellnex Telecom SA (Spain)		28,448,140
	1,089,400	Comcast Corp. Class A^(a)(b)		42,867,890
	613,955	Crown Castle International Corp.^(a)(b)		90,932,875
	70,905	Equinix, Inc.		52,337,108
	2,349,500	Telus Corp. (Canada)		50,481,631
	1,339,489	Verizon Communications Inc.^(a)(b)		55,682,558
	782,200	Vodafone Group Plc ADR (United Kingdom)		9,057,876

				491,444,761

		Total Common Stocks & MLP Interests
		(Cost $2,795,552,743)		3,684,699,265

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

DNP SELECT INCOME FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

January 31, 2023

(Unaudited)


Par Value		Description	Value

	BONDS - 18.3%

		ELECTRIC, GAS AND WATER - 9.5%
	$18,500,000	American Water Capital Corp.
		3.40%, 3/01/25^(a)(b)	$	18,056,516
	22,000,000	Arizona Public Service Co.
		6 7/8%, 8/01/36^(a)(b)		24,660,648
	10,000,000	Atlantic City Electric
		3 3/8%, 9/01/24^(a)		9,752,246
	10,000,000	Berkshire Hathaway Inc.
		8.48%, 9/15/28^(a)(b)		11,893,114
	9,000,000	CMS Energy Corp.
		3.45%, 8/15/27^(a)(b)		8,517,375
	5,000,000	Connecticut Light & Power Co.
		3.20%, 3/15/27		4,806,978
	10,000,000	DPL Capital Trust II
		8 1/8%, 9/01/31		9,140,200
	6,400,000	DTE Electric Co.
		3.65%, 3/15/24		6,318,909
	5,000,000	Duke Energy Corp.
		3 3/4%, 4/15/24^(a)(b)		4,934,989
	10,000,000	Duke Energy Corp.
		3.15%, 8/15/27		9,418,240
	5,000,000	Duke Energy Ohio, Inc.
		3.65%, 2/1/29^(a)(b)		4,782,852
	8,000,000	Edison International
		4.70%, 8/15/25^(a)(b)		7,885,220
	5,600,000	Edison International
		4 1/8%, 3/15/28		5,325,889
	9,500,000	Entergy Louisiana, LLC
		5.40%, 11/01/24		9,669,621
	9,970,000	Entergy Louisiana, LLC
		4.44%, 1/15/26^(a)(b)		9,825,169
	7,000,000	Entergy Louisiana, LLC
		3.12%, 9/01/27^(a)		6,598,479
	4,000,000	Entergy Texas, Inc.
		4.00%, 3/30/29		3,865,745
	4,000,000	Essential Utilities, Inc.
		3.57%, 5/01/29^(a)(b)		3,726,614

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

DNP SELECT INCOME FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

January 31, 2023

(Unaudited)


Par Value		Description	Value

	$10,000,000	Eversource Energy
		4 1/4%, 4/01/29		$9,723,177
	6,000,000	Exelon Corp.
		3.60%, 3/15/24^(a)(b)		5,924,253
	15,000,000	Florida Power & Light Co.
		3 1/4%, 6/01/24^(a)(b)		14,728,264
	18,000,000	Interstate Power & Light
		3 1/4%, 12/01/24^(a)(b)		17,507,284
	5,000,000	Nextera Energy Capital
		4.45% 6/20/25^(a)		4,971,654
	19,000,000	NiSource Finance Corp.
		3.49%, 5/15/27		18,245,570
	5,000,000	Ohio Power Co.
		6.60%, 2/15/33		5,568,449
	10,000,000	Public Service Electric
		3 3/4%, 3/15/24^(a)(b)		9,853,783
	5,000,000	Public Service Electric
		3.00%, 5/15/25		4,826,607
	10,000,000	Public Service Electric
		3.00%, 5/15/27		9,515,016
	5,000,000	Public Service New Mexico
		3.85%, 8/01/25		4,833,531
	6,000,000	Southern California Gas Co.
		3.15%, 9/15/24^(a)(b)		5,845,777
	16,300,000	Southern Power Co.
		4.15%, 12/01/25^(a)(b)		16,062,614
	8,500,000	Virginia Electric & Power Co.
		3 1/2%, 3/15/27^(a)(b)		8,206,080
	4,000,000	Virginia Electric & Power Co.
		2 7/8%, 7/15/29		3,632,166
	2,880,000	Wisconsin Energy Corp.
		3.55%, 6/15/25^(a)(b)		2,777,843
	9,000,000	Xcel Energy Inc.
		3.35%, 12/01/26^(a)(b)		8,601,728

				310,002,600

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

DNP SELECT INCOME FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

January 31, 2023

(Unaudited)


Par Value		Description	Value


		OIL & GAS STORAGE, TRANSPORTATION AND PRODUCTION - 5.8%
	$4,000,000	Conoco Inc.
		6.95%, 4/15/29^(a)(b)		$4,533,325
	20,000,000	Enbridge Inc. (Canada)
		4 1/4%, 12/01/26^(a)(b)		19,600,484
	6,488,000	Energy Transfer Partners
		7.60%, 2/01/24		6,602,912
	5,000,000	Energy Transfer Partners
		9.00%, 11/1/24		5,224,108
	3,000,000	Energy Transfer Partners
		4.05%, 3/15/25^(a)(b)		2,941,993
	8,850,000	Energy Transfer Partners
		8 1/4%, 11/15/29		10,166,111
	13,500,000	Enterprise Products Operating LP
		3.35%, 3/15/23		13,476,595
	6,000,000	Enterprise Products Operating LP
		3 1/8%, 7/31/29		5,484,265
	5,000,000	Kinder Morgan Energy Partners, LP
		3 1/2%, 9/01/23^(a)(b)		4,966,613
	5,000,000	Kinder Morgan Energy Partners, LP
		7 3/4%, 3/15/32^(a)(b)		5,754,354
	10,000,000	Kinder Morgan Energy Partners, LP
		5.80%, 3/15/35		10,272,941
	11,000,000	Magellan Midstream Partners, LP
		5.00%, 3/1/26^(a)(b)		11,063,178
	11,000,000	ONEOK, Inc.
		6.00%, 6/15/35		11,035,380
	7,500,000	ONEOK Partners, LP
		4.90%, 3/15/25^(a)(b)		7,472,850
	16,000,000	Phillips 66
		3.90%, 3/15/28^(a)(b)		15,584,138
	10,000,000	Plains All American Pipeline, LP
		4.65%, 10/15/25		9,901,071
	20,000,000	Targa Resource Partners
		6 1/2%, 7/15/27^(a)(b)		20,494,700
	13,500,000	Valero Energy Partners LP
		4 1/2%, 3/15/28^(a)(b)		13,402,603
	6,000,000	Williams Partners LP
		4.30%, 3/04/24^(a)(b)		5,946,779
	5,000,000	Williams Partners LP
		4.55%, 6/24/24		4,991,843

				188,916,243

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

DNP SELECT INCOME FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

January 31, 2023

(Unaudited)


Par Value		Description	Value


		TELECOMMUNICATIONS - 3.0%
	$4,500,000	American Tower Corp.
		5.00%, 2/15/24		$4,498,779
	8,000,000	AT&T Inc.
		2.30%, 6/01/27^(a)(b)		7,316,597
	5,900,000	Comcast Corp.
		7.05%, 3/15/33		7,040,589
	5,000,000	Comcast Corp.
		7 1/8%, 2/15/28		5,563,577
	17,000,000	Crown Castle International Corp.
		4.45%, 2/15/26		16,803,571
	4,000,000	Digital Realty Trust, Inc.
		3.60%, 7/01/29		3,679,875
	15,000,000	Koninklijke KPN NV (Netherlands)
		8 3/8%, 10/01/30^(a)(b)		17,697,514
	10,000,000	Telus Corp.
		2.80% 2/16/27^(a)(b)		9,382,483
	15,500,000	Verizon Global Funding Corp.
		7 3/4%, 12/01/30		18,328,576
	7,500,000	Vodafone Group Plc (United Kingdom)
		7 7/8%, 2/15/30		8,763,909

				99,075,470

		Total Bonds
		(Cost $610,010,138)		597,994,313


	SHORT-TERM INVESTMENTS - 1.4%

		U.S. TREASURY BILLS - 1.4%
	23,000,000	4.17%, 2/09/23^(c)		22,978,585
	23,000,000	4.18%, 3/07/23^(c)		22,902,165

		Total Short-Term Investments
		(Cost $45,890,452)		45,880,750


		TOTAL INVESTMENTS - 132.8%
		(Cost $3,451,453,333)	$	4,328,574,328

		Secured borrowings - (18.4)%		(598,000,000	)
		Secured notes - (9.2)%		(300,000,000	)
		Mandatory Redeemable Preferred Shares at liquidation value - (6.3)%		(207,000,000	)
		Other assets less other liabilities - 1.1%		35,116,880

		NET ASSETS APPLICABLE TO COMMON STOCK - 100.0%	$	3,258,691,208

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

DNP SELECT INCOME FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

January 31, 2023

(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 annual report. The following is a summary of the inputs used to value each of the Fund’s investments at January 31, 2023:


	Level 1		Level 2
Common Stocks & MLP Interests	$	3,684,699,265		—
Bonds		—	$	597,994,313
Short-Term Investments		—		45,880,750
Total	$	3,684,699,265	$	643,875,063

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.