UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number        811-4915 

                            DNP Select Income Fund Inc.                          

(Exact name of registrant as specified in charter)

  200 South Wacker Drive, Suite 500, Chicago, Illinois 60606  

(Address of principal executive offices)                 (Zip code)

Nathan I. Partain	Lawrence R. Hamilton
DNP Select Income Fund Inc.	Mayer Brown LLP
200 South Wacker Drive, Suite 500	71 South Wacker Drive
Chicago, Illinois 60606	Chicago, Illinois  60606

(Name and address of agents for service)

Registrant’s telephone number, including area code: (312) 368-5510                         

Date of fiscal year end: December 31                          

Date of reporting period: September 30, 2012

ITEM 1.	SCHEDULE OF INVESTMENTS.
	The schedule of investments is included in the quarterly report to shareholders, which follows.

 

 

November 8, 2012

Dear Fellow Shareholders:

Performance Review: Consistent with its primary objective of current income and its Managed Distribution Plan, the Fund declared three monthly distributions of 6.5 cents per share of common stock during the third quarter of 2012. The 6.5 cent per share monthly rate, without compounding, would be 78 cents annualized, which is equal to 7.91% of the September 30, 2012, closing price of $9.86 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 –9.63% for the quarter ended September 30, 2012, which was less than the .29% return of the composite of the S&P Utilities Index and the Barclays Utility Bond Index, reflecting the stock and bond ratio of the Fund. In comparison, the S&P Utilities Index — a stock-only index — had a total return of –.53%. During this period your Fund conducted a rights offering. The near term effect of this offering was pressure on the common stock price. There has been no change in the fundamental investment policies of the Fund. Additional details about the rights offering can be found in the portion of this letter captioned “Rights Offering”.

On a longer-term basis, as of September 30, 2012, your Fund had a five-year cumulative total return of 40.71%, which is higher than the 25.33% return of the composite of the S&P 500 Utilities Index and the Barclays Utility Bond Index, reflecting the stock and bond ratio of the Fund. In comparison, the S&P 500 Utilities Index had a total return during that period of 12.71%. It is important to note that the composite and index returns stated here and below include no fees or expenses, whereas the Fund’s NAV returns are net of expenses.

The table below compares the performance of your Fund to various market benchmarks.

		Cumulative Total Return*
		DNP Select Income Fund Inc.				Composite Index		S&P 500 Utilities Index		Barclays Utility Bond Index
For the period indicated
through September 30, 2012		Market		NAV
One year		6.38%		23.6%		12.0%		4.3%		9.3%
Five years		40.7%		44.3%		25.3%		12.7%		59.7%

 

*

Total return includes dividends reinvested in the Fund or index, as applicable. The Composite Index is a composite of the returns of the S&P 500 Utilities Index and the Barclays Utility Bond Index, weighted to reflect the stock and bond ratio of the Fund. Performance returns for the S&P 500 Utilities Index and Barclays Utility Bond Index were obtained from Bloomberg LLP. Fund returns were obtained from the Administrator of the Fund. Past performance is not indicative of future results.

Rights Offering: On September 24, 2012 your Fund announced the completion of its transferable rights offering which raised approximately $230 million of net proceeds. The record date of the rights offering was August 23, 2012 and the rights offering expired on September 21, 2012. Shareholders of record received one right for each outstanding share of common stock (“Common Share”) owned as of 5:00 p.m. Eastern time on the record date. The rights entitled holders to purchase one new Common Share of the Fund for every eight rights held (1-for-8). The subscription price was $9.57 per Common Share and was based on a formula equal to 112% of the Fund’s net asset value per Common Share at the close of trading on the expiration date. The offer was 84% subscribed. Common shares were issued to exercising rights holders after completion of subscription payments on or about Friday, September 28, 2012. The Fund is in the process of investing the net proceeds of the rights offering

in accordance with its investment objectives and policies. In particular, the Fund is expanding its portfolio to include investments in midstream energy pipeline companies that are organized as master limited partnerships (MLPs).

The Connect America Fund — A National Broadband Plan: In 2012 the Federal Communication Commission (FCC) adopted changes to the deployment of its Universal Service Fund (USF). A significant portion of the USF will now be used to subsidize broadband Internet infrastructure available to Americans living in rural areas.

The USF has as its foundation The Communications Act of 1996. Section 254 of that Act characterizes universal telephone service as a cornerstone of the nation’s communications system, and codifies the policy of Congress and the authority of the FCC to require telephone carriers to provide universal service.

The USF obtains monies by requiring wireline and wireless telephone service providers to contribute to the Fund from subscriber fees. This means that most of us pay a monthly fee in our phone bill to subsidize telephone service in those parts of the country that otherwise might be expensive to serve. From this beginning, the USF fund had expanded to encompass four funding programs: High Cost, Lifeline, Rural Health Care, and Schools and Libraries. In 2011, $8 billion in USF funds were spent, with $4 billion going to the original High Cost program.

Alexander Graham Bell held telephone patents that created a virtual monopoly until they expired in 1894. At that point unregulated competition between telephone exchange operating companies began. The rivalry between the Bell Telephone Company and independent telephone companies led to a race to wire the country for telecommunication services. The result was an extremely rapid advance in household and business telephone penetration and geographic coverage of the communications network.

Although competition led to the rapid spread of telecommunications, occasionally the competing telephone exchanges refused to interconnect with each other. Subscribers in the same city might not be able to call each other. They also might not be able to call users in other cities. After a great deal of debate, telephone companies were legislatively exempted from antitrust laws in order to make it possible for them to unify service by merging competing companies. The original concept of unified or universal service had emerged — phone companies would be granted monopoly rights in geographical areas in return for full regulation and an obligation to provide service to all — no matter how uneconomic.

More recently, in 2009, the new administration began planning its National Broadband Plan to promote affordability of high speed data services. In contrast to the early development of phone service, high speed data service is already widely available. Using a definition of broadband as a data speed of at least 1.5 Mbps, cable wired broadband is available to 85% of the U.S. population. Phone-based DSL broadband is available to 89%. Wireless broadband is available to 94%, and satellite broadband is available to 99% of the entire US population.

The new focus is on subsidizing broadband service overall and especially on subsidizing the build out of higher speed service. This has involved changing the existing, complicated system of USF subsidies and channeling some of those funds to broadband via the Connect American Fund (CAF). To date, the amount spent by the CAF has been minor, $115 million of public funding in the first phase. Its effect on companies’ prospects has been even smaller.

The reform of USF funding and the changing rules affecting intercarrier compensation will have a much greater impact on telecommunications companies, especially the Rural Local Exchange Carrier. This is an area that will require continued focus going forward. In all of the sectors in which the Fund invests, Fund managers focus their efforts on understanding competitive and regulatory processes, and determining the companies and managements best suited to navigating the changing landscape and meeting the objectives of the Fund.

Board of Directors Meeting: At the regular November 2012 Board of Directors’ meeting, the Board declared the following monthly dividends:

Cents Per Share		Record Date		Payable Date
6.5		December 31		January 10
6.5		January 31		February 11
6.5		February 28		March 11

 

About Your Fund: The Fund seeks to achieve its investment objectives by investing primarily in the public utility industries. Under normal market conditions, more than 65% of the Fund’s total assets will be invested in a diversified portfolio of equity and fixed income securities of companies of public utility companies engaged in the production, transmission or distribution of electric energy, gas or telecommunication services. The Fund does not currently use derivatives and has no investments in complex or structured investment vehicles.

The Fund seeks to provide investors with a stable monthly dividend that is primarily derived from current fiscal year earnings and profits. The Investment Company Act of 1940 (1940 Act) and related Securities and Exchange Commission (SEC) rules generally prohibit investment companies from distributing long-term capital gains more often than once in a twelve-month period. However, in 2008, the SEC granted the Fund’s request for exemptive relief from that prohibition, and the Fund is now permitted, subject to certain conditions, to make periodic distributions of long-term capital gains as frequently as twelve times a year. In connection with the exemptive relief, in February 2008 the Board of Directors reaffirmed the current 6.5 cent per share monthly distribution rate and formalized the monthly distribution process by adopting a Managed Distribution Plan (MDP). The Board reviews the operation of the MDP on a quarterly basis, with the most recent review having been conducted at the November 2012 regular meeting, and retains an independent consultant to review the plan annually in February. 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.dnpselectincome.com.

The Fund’s monthly distribution may be derived from one or more of the following sources: net investment income, realized capital gains, and to the extent necessary to support the monthly distribution, return of capital. At the time of each distribution, the Fund is required to inform shareholders of the sources of its distributions based on U.S. generally accepted accounting principles (GAAP). However, the tax treatment of the Fund’s distributions can only be determined at the end of the fiscal year, and is reported to shareholders on Form 1099-DIV early in the following year.

The use of leverage enables the Fund to borrow at short-term rates and invest at longer-term rates. As of September 30, 2012 the Fund’s leverage consisted of $138.2 million of Remarketed Preferred Stock (RP), $198.8 million of Auction Preferred Stock (APS), and $663 million of debt. On that date the total amount of leverage represented approximately 30% 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. Historically, the tendency of the U.S. yield curve to exhibit a positive slope (i.e., long-term rates higher than short-term rates) has fostered an environment in which leverage can make a positive contribution to the earnings of the Fund. There is no assurance that this will continue to be the case in the future. If the use of leverage were to cease being beneficial, the amount and type of leverage employed by the Fund could potentially be modified or eliminated.

Early in 2008, disruptions in the short-term fixed income markets resulted in failures in the periodic auctions and remarketings of many closed-end fund’s preferred shares, including the preferred shares of the Fund. After reviewing options for resolving preferred share illiquidity, in March 2009 management arranged a $1 billion credit facility with a commercial bank. Subsequent to the implementation of the credit facility, the Fund redeemed $300 million of RP and $300 million of APS, and in June 2012 the Fund tendered for additional shares which resulted in the current capital structure of the Fund.

Management of the Fund continues to seek ways to mitigate the impact of auction failures on preferred shareholders. The Fund is limited in its ability to use debt to refinance all of its outstanding preferred shares because of the asset coverage requirements of the 1940 Act and related SEC rules, and by guidelines established by the rating agencies as a condition of maintaining the current rating of the preferred shares. Accordingly, the exact timing of any share redemptions is uncertain, and it is unlikely that all of the Fund's outstanding preferred shares will be retired in the near future. The Fund will announce any redemption through press releases and postings to its website.

Automatic Distribution Reinvestment Plan and Direct Deposit Service—The Fund has a distribution reinvestment plan available as a benefit to all registered shareholders and also offers direct deposit service through electronic funds transfer to all registered shareholders currently receiving a monthly distribution check. These services are offered through BNY Mellon Shareowner Services. For more information and/or an authorization form on automatic distribution reinvestment or direct deposit, please contact BNY Mellon Shareowner Services (1-877-381-2537 or www.stock.bankofny.com). Information on these services is also available on the Fund’s website at the address noted below.

Visit us on the Web—You can obtain the most recent shareholder financial reports and distribution information at our website, www.dnpselectincome.com.

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

Nathan I. Partain, CFA
Director, President, and
Chief Executive Officer

DNP SELECT INCOME FUND INC.
STATEMENT OF NET ASSETS
September 30, 2012
(Unaudited)

COMMON STOCKS—98.2%
Shares				Description		Value (Note 1)
				n ELECTRIC, GAS AND WATER—79.5%
	1,500,000			Alliant Energy Corp.		$	65,085,000
	1,000,000			American Water Works Co.			37,060,000
	2,500,000			CMS Energy Corp.(a)(b)			58,875,000
	3,071,300			CenterPoint Energy
				Inc.(a)(b)			65,418,690
	640,000			DTE Energy Co.			38,361,600
	1,400,000			Dominion Resources,
				Inc.(a)(b)			74,116,000
	1,600,000			Enbridge Inc. (Canada)(a)			62,448,000
	850,000			Entergy Corp.(a)(b)			58,905,000
	1,000,000			Exelon Corp.			35,580,000
	1,185,000			FirstEnergy Corp.(a)(b)			52,258,500
	500,000			Great Plains Energy Inc.			11,130,000
	1,500,000			Kinder Morgan Inc.			53,280,000
	188,673			National Grid PLC ADR
				(United Kingdom)			10,444,938
	675,714			National Grid PLC
				(United Kingdom)			7,452,503
	1,350,000			NextEra Energy,
				Inc.(a)(b)			94,945,500
	2,000,000			NiSource Inc.			50,960,000
	2,000,000			Northeast Utilities
				Inc.(a)(b)			76,460,000
	800,000			Northwest Natural
				Gas Co.(a)(b)			39,392,000
	3,000,000			NV Energy, Inc.			54,030,000
	1,500,000			PPL Corp.			43,575,000
	2,000,000			Pepco Holdings Inc.			37,800,000
	1,000,000			Piedmont Natural
				Gas Co.			32,480,000
	1,500,000			Pinnacle West Capital
				Corp.(a)(b)			79,200,000
	1,800,000			Public Service Enterprise
				Group Inc.(a)(b)			57,924,000
	1,600,700			Questar Corp.			32,542,231
	1,000,000			Sempra Energy(a)(b)			64,490,000
	1,500,000			Southern Co.(a)(b)			69,135,000
	1,915,000			Spectra Energy Corp.			56,224,400
	3,000,000			TECO Energy Inc.(a)(b)			53,220,000
	1,000,000			TransCanada Corp.
				(Canada)(a)(b)			45,500,000

 

Shares				Description		Value (Note 1)
	1,200,000			UNS Energy Corp.		$	50,232,000
	1,500,000			Vectren Corp.(a)(b)			42,900,000
	1,000,000			WGL Holdings Inc.			40,250,000
	1,750,000			Westar Energy Inc.			51,905,000
	1,650,000			The Williams Companies,
				Inc.			57,700,500
	2,700,000			Xcel Energy Inc.(a)(b)			74,817,000
							1,836,097,862
				n TELECOMMUNICATION—18.7%
	2,508,260			AT&T Inc.(a)(b)			94,561,402
	590,200			BCE Inc. (Canada)			25,933,388
	1,600,000			CenturyLink Inc.(a)(b)			64,640,000
	1,000,000			France Telecom SA
				(France)			12,077,658
	3,518,491			Frontier Communications
				Corp.(a)(b)			17,240,606
	757,900			Telus Corp. (Canada)			47,763,991
	1,680,000			Verizon Communications
				Inc.(a)(b)			76,557,600
	1,867,630			Vodafone Group PLC ADR
				(United Kingdom)			53,218,117
	4,000,000			Windstream Corp.			40,440,000
							432,432,762
				Total Common Stocks
				(Cost—$1,888,496,182) .			2,268,530,624
	PREFERRED STOCKS—4.2%
				n UTILITY—1.0%
	220,000			Southern California Edison
				61/8% Perpetual			22,247,500
							22,247,500
				n NON-UTILITY—3.2%
	605,000			Kimco Realty Corp.
				73/4% Series G Perpetual			15,385,150
	710,432			Prologis, Inc.
				7.00% Series O Perpetual			17,913,543
	600,000			Realty Income Corp.
				65/8% Series F Perpetual			15,972,000
	400,000			Regency Centers Corp.
				65/8% Series 6 Perpetual			10,700,000

 

The accompanying notes are an integral part of this statement of net assets.

DNP SELECT INCOME FUND INC.
STATEMENT OF NET ASSETS—(Continued)
September 30, 2012
(Unaudited)

Shares				Description		Value (Note 1)
	234,900			Vornado Realty Trust
				65/8% Series G Perpetual		$	5,989,950
	350,000			Vornado Realty Trust
				65/8% Series I Perpetual			8,851,500
							74,812,143
				Total Preferred Stocks
				(Cost—$93,673,827)			97,059,643
BONDS—28.9%
Par Value				Description			Value (Note 1)
				n ELECTRIC, GAS AND WATER—20.3%
$	15,000,000			American Water Capital
				Corp. 6.085%,
				due 10/15/17(a)		$	17,930,340
	22,000,000			Arizona Public Service Co.
				67/8%, due 8/01/36(a)			29,231,928
	8,950,000			Atmos Energy Corp.
				81/2%, due 3/15/19			11,964,906
	11,000,000			Cleveland Electric
				Illuminating Co.
				87/8%, due 11/15/18(a)			14,889,292
	6,750,000			Commonwealth
				6.95%, due 7/15/18			8,261,170
	15,305,000			Consolidated Edison Co.
				of New York
				71/8%, due 12/01/18			20,103,010
	24,000,000			Dominion Resources
				Capital Trust I
				7.83%, due 12/01/27(a)			24,348,984
	9,354,000			Dominion Resources Inc.
				6.40%, due 6/15/18			11,682,248
	10,000,000			DPL Capital Trust II
				81/8%, due 9/01/31			10,046,880
	4,125,000			Duke Energy Corp.
				6.30%, due 2/01/14			4,428,856
	5,000,000			Entergy Louisiana LLC
				6.30%, due 9/01/35			4,994,845
	20,000,000			Entergy Texas Inc.
				71/8%, due 2/01/19(a)(b)			24,641,140
	12,826,000			EQT Corp.
				81/8%, due 6/01/19			15,547,587

 

Par Value				Description		Value (Note 1)
$	14,376,000			Exelon Generation Co. LLC
				6.20%, due 10/01/17		$	17,129,018
	15,060,000			FPL Group Capital Inc.
				77/8%, due 12/15/15(a)			18,004,817
	10,000,000			Georgia Power Co.
				5.70%, due 6/01/17(a)			12,015,180
	10,242,000			Indiana Michigan Power Co.
				63/8%, due 11/01/12			10,287,669
	10,618,000			Indiana Michigan Power Co.
				7.00%, due 3/15/19			13,259,748
	8,030,000			Kinder Morgan, Inc.
				6.85%, due 2/15/20			10,100,503
	14,445,000			Magellan Midstream
				Partners, LP
				6.40%, due 7/15/18(a)			17,795,431
	5,000,000			Metropolitan Edison Co.
				7.70%, due 1/15/19			6,283,470
	10,000,000			National Fuel Gas Co.
				83/4%, due 5/01/19(a)			12,681,800
	10,000,000			National Grid PLC
				(United Kingdom)
				6.30%, due 8/01/16			11,642,060
	10,345,000			Oncor Electric Delivery
				Co. LLC
				7.00%, due 9/01/22			12,996,775
	11,000,000			ONEOK, Inc.
				6.00%, due 6/15/35			12,068,760
	6,500,000			ONEOK Partners, LP
				6.15%, due 10/01/16			7,588,627
	5,000,000			PPL Energy Supply LLC
				61/2%, due 5/01/18			5,924,395
	14,000,000			Progress Energy Inc.
				7.05%, due 3/15/19			17,761,072
	5,000,000			Sempra Energy
				6.15%, due 6/15/18			6,192,370
	15,169,000			Sempra Energy
				61/2%, due 6/01/16(a)			18,077,823
	6,488,000			Southern Union Co.
				7.60%, due 2/01/24			8,249,109
	8,850,000			Southern Union Co.
				81/4%, due 11/15/29			11,081,085
	2,615,000			Spectra Energy
				63/4%, due 7/15/18			3,095,815

 

The accompanying notes are an integral part of this statement of net assets.

DNP SELECT INCOME FUND INC.
STATEMENT OF NET ASSETS—(Continued)
September 30, 2012
(Unaudited)

Par Value				Description		Value (Note 1)
$	7,000,000			Spectra Energy
				6.20%, due 4/15/18		$	8,476,762
	9,140,000			TransCanada PipeLines Ltd.
				(Canada)
				71/8%, due 1/15/19			11,735,541
	14,380,000			Williams Partners, LP
				71/4%, due 2/01/17			17,503,048
							468,022,064
				n TELECOMMUNICATION—7.8%
	10,000,000			BellSouth Capital
				Funding Corp.
				77/8%, due 2/15/30(a)(b)			13,464,060
	15,000,000			Centurytel Inc.
				67/8%, due 1/15/28(a)			16,157,085
	8,900,000			Comcast Corp.
				7.05%, due 3/15/33			11,711,626
	15,000,000			Koninklijke KPN NV
				(Netherlands)
				83/8%, due 10/01/30(a)(b)			20,114,790
	10,311,000			Rogers Wireless Inc.
				(Canada)
				71/2%, due 3/15/15			11,952,748
	10,000,000			TCI Communications Inc.
				83/4%, due 8/01/15			12,098,000
	5,000,000			TCI Communications Inc.
				71/8%, due 2/15/28			6,582,110

 

Par Value/ Shares				Description		Value (Note 1)
$	5,500,000			Tele-Communications Inc.
				77/8%, due 8/01/13		$	5,830,539
	22,100,000			Telecom Italia Capital (Italy)
				7.20%, due 7/18/36			21,768,500
	5,000,000			Telefonica Europe BV
				(Spain)
				81/4%, due 9/15/30			5,325,000
	23,304,000			Time Warner Cable Inc.
				71/2%, due 4/01/14(a)			25,594,923
	15,500,000			Verizon Global
				Funding Corp.
				73/4%, due 12/01/30(a)(b)			23,105,246
	5,000,000			Vodafone Group PLC
				(United Kingdom)
				77/8%, due 2/15/30			7,415,825
							181,120,452
				n NON-UTILITY—0.8%
	8,000,000			Dayton Hudson Corp.
				97/8%, due 7/01/20			11,864,680
	200,000			Vornado Realty LP
				77/8%, due 10/01/39			5,490,000
							17,354,680
				Total Bonds
				(Cost—$612,088,721)			666,497,196

 

				TOTAL INVESTMENTS—131.3% (Cost—$2,594,258,730)			3,032,087,463
				Borrowings—(28.7%)			(663,025,000	)
				Other assets less liabilities—6.0%			139,440,867
				Auction preferred stock—(8.6%)			(198,775,000	)
				NET ASSETS APPLICABLE TO COMMON STOCK—100.0%		$	2,309,728,330

 

(a) All or a portion of this security has been segregated and made available for loan.

(b) All or a portion of this security has been loaned.

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 this statement of net assets.

DNP SELECT INCOME FUND INC.
NOTES TO STATEMENT OF NET ASSETS
September 30, 2012
(Unaudited)

Note 1. Security Valuation

The Fund’s investments are carried at fair value which is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. The three-tier hierarchy of inputs established to classify fair value measurements for disclosure purposes is summarized in the three broad levels listed below.

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 spreads, 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 September 30, 2012:

		Level 1		Level 2
Common stocks		$2,268,530,624		—
Preferred stocks		97,059,643		—
Bonds				$666,497,196
Total		$2,365,590,267		$666,497,196

 

There were no Level 3 priced securities held and there were no significant transfers between Level 1 and Level 2 during the quarter ended September 30, 2012.

Note 2. Federal Tax Cost

At December 31, 2011, the Fund’s most recent fiscal tax year end, the tax cost of investments and aggregate gross unrealized appreciation (depreciation) were as follows:

		Unrealized		Unrealized		Net Unrealized
Federal Tax Cost		Appreciation		Depreciation		Appreciation
$2,575,361,971		$466,482,237		$(81,196,222)		$385,286,015

 

 

 

ITEM 2.                      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 Securities Exchange Act of 1934.

(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 registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

ITEM 3.	EXHIBITS.
	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

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
Date	November 16, 2012

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
Date	November 16, 2012
By (Signature and Title)	/s/ ALAN M. MEDER
	Alan M. Meder
	Treasurer (principal financial officer) and Assistant Secretary
Date	November 16, 2012