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)

Alan M. Meder	Lawrence R. Hamilton, Esq.
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:    October 31

Date of reporting period:    July 31, 2014

Item 1.	Schedule of Investments.
	See the Statement of Net Assets below.

 

			Value
Shares		Description	(Note 1)
COMMON STOCKS & MLP INTERESTS--112.3%
		ELECTRIC, GAS AND WATER--78.7%
1,500,000		Alliant Energy Corp.(a)	$	84,750,000
1,500,000		Ameren Corp.	57,675,000
1,000,000		American Water Works Co.	47,770,000
3,071,300		CenterPoint Energy Inc.(a)(b)	74,694,016
1,200,000		Cleco Corp.	66,888,000
2,500,000		CMS Energy Corp.(a)	72,325,000
1,100,000		Dominion Resources, Inc.(a)(b)	74,404,000
1,000,000		DTE Energy Co.(a)	73,820,000
800,000		Duke Energy Corp.	57,704,000
1,600,000		Enbridge Inc. (Canada)(a)(b)	78,368,000
1,982,900		Great Plains Energy Inc.(a)(b)	49,156,091
900,000		Kinder Morgan Inc.(a)	32,382,000
188,673		National Grid plc ADR (United Kingdom)	13,544,835
4,796,214		National Grid plc (United Kingdom)	69,273,644
1,000,000		NextEra Energy, Inc.(a)(b)	93,890,000
2,000,000		NiSource Inc.	75,360,000
2,000,000		Northeast Utilities Inc.(a)(b)	87,800,000
800,000		Northwest Natural Gas Co.	34,576,000
2,000,000		OGE Energy Corp.	71,900,000
1,000,000		Piedmont Natural Gas Co.	34,690,000
1,600,000		Portland General Electric Co.	51,088,000
2,000,000		PPL Corp.(a)(b)	65,980,000
1,800,000		Public Service Enterprise Group Inc.(a)	63,306,000
1,900,000		Questar Corp.(a)(b)	42,256,000
1,000,000		Sempra Energy(a)(b)	99,710,000
1,500,000		Southern Co.(a)	64,935,000
1,915,000		Spectra Energy Corp.(a)	78,361,800
1,000,000		TransCanada Corp. (Canada)(a)(b)	50,170,000
1,500,000		Vectren Corp.(a)	57,135,000
2,000,000		Westar Energy Inc.(a)	72,080,000
1,000,000		WGL Holdings Inc.	38,980,000
1,650,000		The Williams Companies, Inc.(a)(b)	93,439,500
2,700,000		Xcel Energy Inc.(a)(b)	83,160,000
			2,111,571,886

 

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

 

			Value
Par Value		Description	(Note 1)
BONDS--20.6%
		ELECTRIC, GAS AND WATER--15.7%
$	22,000,000	Arizona Public Service Co.
		6 7/8%, due 8/01/36(a)(b)	$	29,369,868
10,450,000		Atmos Energy Corp.
		8 1/2%, due 3/15/19(a)(b)	13,256,630
11,000,000		Cleveland Electric Illuminating Co.
		8 7/8%, due 11/15/18(a)(b)	13,851,574
6,750,000		Commonwealth Edison Company
		6.95%, due 7/15/18	7,926,026
15,305,000		Consolidated Edison Co. of New York
		7 1/8%, due 12/01/18(a)(b)	18,422,965
9,354,000		Dominion Resources Inc.
		6.40%, due 6/15/18(a)(b)	10,886,494
10,000,000		DPL Capital Trust II
		8 1/8%, due 9/01/31	9,969,750
6,488,000		Energy Transfer Partners
		7.60%, due 2/01/24	8,106,101
8,850,000		Energy Transfer Partners
		8 1/4%, due 11/15/29	12,400,558
20,000,000		Entergy Texas Inc.
		7 1/8%, due 2/01/19(a)(b)	24,044,460
5,000,000		Enterprise Products Operating LLC
		6 1/2%, due 1/31/19	5,889,300
12,826,000		EQT Corp.
		8 1/8%, due 6/01/19(a)(b)	15,898,096
14,376,000		Exelon Generation Co. LLC
		6.20%, due 10/01/17(a)(b)	16,260,622
15,060,000		FPL Group Capital Inc.
		7 7/8%, due 12/15/15(a)(b)	16,485,580
10,000,000		Georgia Power Co.
		5.70%, due 6/01/17(a)(b)	11,206,760
10,618,000		Indiana Michigan Power Co.
		7.00%, due 3/15/19(a)(b)	12,772,870
8,030,000		Kinder Morgan, Inc.
		6.85%, due 2/15/20	9,561,642
14,445,000		Magellan Midstream Partners, LP
		6.40%, due 7/15/18(a)(b)	16,841,830
5,000,000		Metropolitan Edison Co.
		7.70%, due 1/15/19	6,075,025
12,000,000		National Fuel Gas Co.
		8 3/4%, due 5/01/19(a)(b)	14,987,736
	10,000,000	National Grid PLC (United Kingdom)
		6.30%, due 8/01/16		11,034,160

 

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

 

			Value
Par Value		Description	(Note 1)
		NON-UTILITY--0.7%
$	8,000,000	Dayton Hudson Corp.
		9 7/8%, due 7/01/20	$	10,586,616
300,000		Vornado Realty LP
		7 7/8%, due 10/01/39	7,638,000
			18,224,616
		Total Bonds (Cost $523,357,918)	553,491,307
TOTAL INVESTMENTS--134.6% (Cost $2,819,421,095)			3,611,316,035
Borrowings--(26.1%)			(700,000,000)
Other assets less liabilities--(8.5%)			(229,355,100)
NET ASSETS APPLICABLE TO COMMON STOCK--100.0%			$	2,681,960,935

(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.

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 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 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, 2014:

 

		Level 1				Level 2
Common stocks & MLP interests		$	3,012,024,117				-
Preferred stocks			45,800,611				-
Bonds			-			$	553,491,307
Total		$	3,057,824,728			$	553,491,307

There were no Level 3 priced securities held and there were no transfers between Level 1 and Level 2 related to securities held at July 31, 2014.

Note 2. Federal Tax Cost

At October 31, 2013, the Fund's most recent fiscal tax year end, the federal tax cost of investments and aggregate gross unrealized appreciation (depreciation) were as follows:

 

Federal Tax Cost		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation
$2,863,733,755		$672,974,447		($116,820,710)		$556,153,737

 

The difference between the book basis and tax basis of unrealized appreciation (depreciation) and cost of investments is primarily attributable to MLP earnings and basis adjustments, the tax deferral of wash sale losses, the accretion of market discount and amortization of premiums and alternative tax treatment of certain securities.

Other information regarding the Fund is available on the Fund's website at www.dnpselectincome.com or the Securities and Exchange Commission's website at www.sec.gov.     

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 Rule 30a-2(a) under the 1940 Act and 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
	(Principal Executive Officer)
Date	September 19, 2014

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	September 19, 2014
By (Signature and Title)	/s/ Alan M. Meder
	Alan M. Meder
	Treasurer and Assistant Secretary
	(Principal Financial and Accounting Officer)
Date	September 19, 2014