DNP SELECT INCOME FUND INC.
SCHEDULE OF INVESTMENTS
July 31, 2026
(Unaudited)
($ reported in thousands)
 
Shares
Description
Value
Common Stocks—103.1%
 
◼ Electric, Gas and Water—75.4%
1,511,727
Alliant Energy Corp. (1)
$107,000
1,080,416
Ameren Corp. (1)
118,424
647,532
American Electric Power Co.,
Inc. (1)(2)
82,787
293,942
American Water Works Co.,
Inc. (1)(2)
39,438
546,925
Atmos Energy Corp. (1)(2)
94,498
459,540
Black Hills Corp.
32,724
3,072,540
CenterPoint Energy, Inc. (1)
129,169
1,334,167
CMS Energy Corp. (1)
96,047
1,399,750
Dominion Energy, Inc. (1)(2)
96,821
650,022
DTE Energy Co. (1)
92,219
571,200
Duke Energy Corp.
71,646
6,934,037
EDP S.A. (Portugal)
35,742
1,161,790
Emera, Inc. (Canada)
62,082
4,857,255
Enel SpA (Italy)
54,886
1,202,004
Entergy Corp. (1)
129,360
1,548,410
Essential Utilities, Inc. (1)
61,704
1,287,623
Evergy, Inc. (1)(2)
106,886
1,138,500
FirstEnergy Corp. (1)
55,001
981,900
Fortis, Inc. (Canada)
55,894
3,264,400
Iberdrola S.A. (Spain)
77,734
4,235,354
National Grid plc (United
Kingdom)
67,927
964,807
NextEra Energy, Inc. (1)(2)
83,861
2,412,911
NiSource, Inc. (1)
107,206
613,090
Northwest Natural Holding Co.
29,992
1,762,600
OGE Energy Corp. (1)
83,459
576,000
ONE Gas, Inc. (1)(2)
44,726
2,832,847
PG&E Corp. (1)(2)
49,235
624,930
Pinnacle West Capital Corp. (1)
63,112
2,425,835
PPL Corp.
85,414
810,985
Public Service Enterprise Group,
Inc. (1)
62,186
1,450,151
Sempra (1)(2)
128,411
738,691
Southern Co. (The) (1)
69,836
778,640
Spire, Inc. (1)(2)
62,182
1,000,000
SSE plc (United Kingdom)
31,618
772,200
WEC Energy Group, Inc. (1)
84,494
1,816,971
Xcel Energy, Inc. (1)
142,087
 
 
2,795,808
Shares
Description
Value
 
◼ Oil & Gas Storage,
Transportation and
Production—16.9%
316,220
Cheniere Energy, Inc. (1)(2)
$83,346
282,620
DT Midstream, Inc.
39,002
1,003,145
Enbridge, Inc. (Canada)
54,631
1,104,700
Keyera Corp. (Canada)
46,935
1,437,526
Kinder Morgan, Inc. (1)
46,260
330,000
Kodiak Gas Services, Inc.
19,374
615,000
ONEOK, Inc.
55,848
696,600
Pembina Pipeline Corp.
(Canada)
34,058
315,000
Targa Resources Corp.
85,167
1,140,000
TC Energy Corp. (Canada)
76,870
1,200,000
Williams Cos., Inc. (The)
85,848
 
 
627,339
 
◼ Telecommunications—10.8%
374,650
American Tower Corp. (1)
64,949
2,584,500
AT&T, Inc. (1)(2)
60,090
1,127,288
BCE, Inc. (Canada)(1)
24,440
730,050
Cellnex Telecom S.A. (Spain)
22,621
835,210
Crown Castle, Inc. (1)(2)
63,727
73,975
Equinix, Inc. (1)(2)
75,401
2,666,500
TELUS Corp. (Canada)
25,450
1,339,489
Verizon Communications, Inc. (1)
62,701
 
 
399,379
Total Common Stocks
(Cost $2,655,742)
3,822,526
 
Units
 
 
Master Limited Partnerships—6.2%
 
◼ Oil & Gas Storage,
Transportation and
Production—6.2%
3,415,062
Energy Transfer LP
69,531
1,380,000
Enterprise Products Partners LP
52,509
1,248,852
MPLX LP
72,995
1,384,900
Plains All American Pipeline LP
34,027
 
 
229,062
Total Master Limited
Partnerships
(Cost $79,522)
229,062
The accompanying note is an integral part of this financial statement.
1
DNP SELECT INCOME FUND INC.
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2026
(Unaudited)
($ reported in thousands)
 
Par Value
Description
Value
Corporate Bonds—20.2%
 
◼ Electric, Gas and Water—11.1%
6,850
AEP Texas, Inc.
5.400%, 6/1/33
$6,842
15,000
American Electric Power Co.,
Inc.
5.625%, 3/1/33(1)
15,315
25,000
American Water Capital Corp.
5.150%, 3/1/34(1)(2)
24,820
22,000
Arizona Public Service Co.
6.875%, 8/1/36(1)
23,806
10,000
Berkshire Hathaway Energy Co.
8.480%, 9/15/28
10,726
22,000
CenterPoint Energy Houston
Electric LLC
5.050%, 3/1/35
21,445
9,000
Connecticut Light & Power Co.
(The)
4.950%, 8/15/34
8,773
14,000
Dominion Energy, Inc.
5.450%, 3/15/35
13,843
10,000
DPL Capital Trust II
8.125%, 9/1/31
9,652
 
DTE Energy Co.
10,000

5.100%, 3/1/29
10,076
18,500

5.850%, 6/1/34(1)(2)
18,991
10,000
Duke Energy Corp.
4.200%, 6/15/49
7,453
12,000
Duke Energy Progress LLC
6.300%, 4/1/38
12,663
 
Edison International
5,600

4.125%, 3/15/28
5,513
8,000

5.250%, 3/15/32
7,827
5,000
Entergy Louisiana LLC
5.350%, 3/15/34
5,031
 
Entergy Texas, Inc.
6,000

4.000%, 3/30/29
5,892
7,500

5.200%, 6/15/36
7,287
4,000
Essential Utilities, Inc.
3.566%, 5/1/29
3,865
10,000
Eversource Energy Series O
4.250%, 4/1/29
9,873
 
Florida Power & Light Co.
15,000

5.300%, 6/15/34(1)(2)
15,021
8,000

5.960%, 4/1/39
8,213
12,500
Kentucky Utilities Co.
5.450%, 4/15/33(1)(2)
12,612
Par Value
Description
Value
7,000
NextEra Energy Capital
Holdings, Inc.
5.450%, 3/15/35
$6,932
 
NiSource, Inc.
10,000

5.350%, 7/15/35
9,880
7,000

4.375%, 5/15/47
5,521
5,000
Ohio Power Co. Series G
6.600%, 2/15/33(1)
5,316
10,000
Progress Energy, Inc.
7.750%, 3/1/31(1)(2)
11,062
8,000
Public Service Enterprise Group,
Inc.
6.125%, 10/15/33
8,313
 
San Diego Gas & Electric Co.
10,000

5.400%, 4/15/35
9,968
8,000

6.125%, 9/15/37
8,252
7,225
Sempra
5.500%, 8/1/33
7,290
5,000
Southern California Gas Co.
5.450%, 6/15/35
5,018
14,000
Southern Co. (The)
5.200%, 6/15/33
13,891
9,000
Southern Co. Gas Capital Corp.
5.750%, 9/15/33(1)(2)
9,224
25,000
Southwestern Public Service Co.
5.300%, 5/15/35
24,580
18,000
Union Electric Co.
5.250%, 4/15/35
17,806
4,000
Virginia Electric & Power Co.
Series A
2.875%, 7/15/29
3,801
 
 
412,393
 
◼ Oil & Gas Storage,
Transportation and
Production—6.5%
10,000
Enbridge, Inc.
5.700%, 3/8/33
10,199
 
Energy Transfer LP
8,850

8.250%, 11/15/29
9,646
10,200

6.550%, 12/1/33(1)
10,858
7,900

5.800%, 6/15/38
7,865
 
Enterprise Products
Operating LLC
6,000

3.125%, 7/31/29
5,749
8,000

5.350%, 1/31/33
8,107
The accompanying note is an integral part of this financial statement.
2
DNP SELECT INCOME FUND INC.
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2026
(Unaudited)
($ reported in thousands)
Par Value
Description
Value
 
Kinder Morgan Energy
Partners LP
5,000

7.750%, 3/15/32(1)(2)
$5,617
16,000

5.800%, 3/15/35(1)(2)
16,307
9,000
Kinder Morgan, Inc.
5.550%, 6/1/45
8,305
 
MPLX LP
8,000

4.250%, 12/1/27
7,960
7,000

4.950%, 9/1/32
6,883
9,000

5.000%, 3/1/33(1)
8,803
 
ONEOK, Inc.
11,000

5.650%, 9/1/34
11,022
13,000

6.000%, 6/15/35(1)
13,287
6,000

4.200%, 12/1/42
4,633
12,000
Phillips 66
3.900%, 3/15/28
11,856
 
Plains All American Pipeline LP
12,000

5.950%, 6/15/35
12,144
18,000

6.650%, 1/15/37(1)(2)
19,141
11,000
Spectra Energy Partners LP
4.500%, 3/15/45
8,902
 
Targa Resources Corp.
10,000

5.500%, 2/15/35
9,898
10,000

5.650%, 2/15/36
9,977
18,500
Valero Energy Partners LP
4.500%, 3/15/28
18,457
15,000
Williams Cos., Inc. (The)
5.150%, 3/15/34(1)
14,717
 
 
240,333
 
◼ Telecommunications—2.6%
 
American Tower Corp.
5,000

5.800%, 11/15/28
5,108
8,000

5.650%, 3/15/33
8,127
Par Value
Description
Value
12,000
AT&T, Inc.
5.850%, 4/30/46
$10,921
5,900
Comcast Corp.
7.050%, 3/15/33(1)(2)
6,426
9,000
Digital Realty Trust LP
3.600%, 7/1/29
8,693
15,000
Koninklijke KPN N.V.
8.375%, 10/1/30(1)
16,909
5,000
TCI Communications, Inc.
7.125%, 2/15/28
5,158
 
Verizon Communications,
Inc.
15,500

7.750%, 12/1/30(1)(2)
17,157
10,000

5.250%, 4/2/35
9,749
7,500
Vodafone Group plc
7.875%, 2/15/30
8,190
 
 
96,438
Total Corporate Bonds
(Cost $761,592)
749,164
TOTAL INVESTMENTS—129.5%
(Cost $3,496,856)
4,800,752
 
Secured borrowings—(26.2)%
(973,000
)
 
Mandatory Redeemable Preferred
Shares at liquidation
value—(3.6)%
(132,000
)
 
Other assets less other
liabilities—0.3%
11,279
NET ASSETS APPLICABLE TO
COMMON STOCK—100.0%
$3,707,031
 
 
 
(1)
All or a portion of this security has been pledged as collateral for borrowings and made available for loan.
(2)
All or a portion of this security has been loaned.
The accompanying note is an integral part of this financial statement.
3
DNP SELECT INCOME FUND INC.
SCHEDULE OF INVESTMENTS—(Continued)
July 31, 2026
(Unaudited)
($ reported in thousands)
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 for 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 Investment Adviser’s Valuation Committee’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, 2026:

  
 
Level 1
Level 2
Common stocks
$3,822,526
$—
Master Limited Partnerships
229,062
—
Corporate Bonds
—
749,164
Total investments
$4,051,588
$749,164
There were no Level 3 priced securities held at July 31, 2026 and there were no transfers into or out of Level 3 related to securities held at July 31, 2026.
Other information regarding the Fund is available on the Fund’s website www.dpimc.com/dnp or the Securities and Exchange Commission’s website at www.sec.gov.
4