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DNP SELECT INCOME FUND INC.
SCHEDULE OF INVESTMENTS
January 31, 2026
(Unaudited)
($ reported in thousands)
 
Shares
Description
Value
Common Stocks—103.0%
 
◼ Electric, Gas and Water—75.2%
1,573,767
Alliant Energy Corp. (1)
$103,727
1,079,281
Ameren Corp. (1)
111,468
608,162
American Electric Power Co.,
Inc. (1)(2)
72,843
293,942
American Water Works Co., Inc.
(1)
37,957
517,145
Atmos Energy Corp. (1)(2)
86,022
389,700
Black Hills Corp.
28,440
3,072,540
CenterPoint Energy, Inc. (1)
121,949
1,334,167
CMS Energy Corp. (1)(2)
95,380
1,320,420
Dominion Energy, Inc. (1)(2)
79,450
615,542
DTE Energy Co. (1)
82,716
571,200
Duke Energy Corp.
69,315
6,934,037
EDP S.A. (Portugal)
35,483
1,349,450
Emera, Inc. (Canada)
66,885
4,857,255
Enel SpA (Italy)
53,591
1,187,642
Entergy Corp. (1)
113,883
1,548,410
Essential Utilities, Inc. (1)(2)
60,063
1,348,088
Evergy, Inc. (1)(2)
103,439
424,140
Eversource Energy (1)
29,321
1,138,500
FirstEnergy Corp. (1)
53,897
981,900
Fortis, Inc. (Canada)
52,353
3,264,400
Iberdrola S.A. (Spain)
73,229
4,531,284
National Grid plc (United
Kingdom)
76,544
1,130,562
NextEra Energy, Inc. (1)(2)
99,376
2,412,911
NiSource, Inc. (1)
106,868
652,810
Northwest Natural Holding Co.
30,395
1,762,600
OGE Energy Corp. (1)
76,990
576,000
ONE Gas, Inc. (1)
45,827
2,832,847
PG&E Corp. (1)
43,682
624,930
Pinnacle West Capital Corp. (1)
58,468
2,147,055
PPL Corp.
77,831
938,370
Public Service Enterprise Group,
Inc. (1)(2)
77,284
1,450,151
Sempra (1)
126,178
738,691
Southern Co. (The) (1)
65,972
741,590
Spire, Inc. (1)
62,657
772,200
WEC Energy Group, Inc. (1)(2)
85,459
1,755,551
Xcel Energy, Inc. (1)
133,527
 
 
2,698,469
Shares
Description
Value
 
◼ Oil & Gas Storage,
Transportation and
Production—16.1%
325,000
Cheniere Energy, Inc. (1)
$68,744
282,620
DT Midstream, Inc.
35,616
1,138,145
Enbridge, Inc. (Canada)
55,587
975,000
Keyera Corp. (Canada)
33,017
129,700
Keyera Corp. Subscription
Receipts (Canada)
4,219
1,437,526
Kinder Morgan, Inc. (1)
43,830
150,000
Kinetik Holdings, Inc. Class A
6,136
440,000
Kodiak Gas Services, Inc.
18,484
590,000
ONEOK, Inc.
46,722
926,600
Pembina Pipeline Corp.
(Canada)
38,503
370,000
Targa Resources Corp.
74,363
1,300,000
TC Energy Corp. (Canada)
76,271
1,125,000
Williams Cos., Inc. (The)
75,667
 
 
577,159
 
◼ Telecommunications—11.7%
374,650
American Tower Corp. (1)
67,167
2,584,500
AT&T, Inc. (1)
67,740
1,127,288
BCE, Inc. (Canada)(1)
29,152
730,050
Cellnex Telecom S.A. (Spain)
22,517
835,210
Crown Castle, Inc. (1)(2)
72,505
78,510
Equinix, Inc. (1)(2)
64,451
2,666,500
TELUS Corp. (Canada)
37,207
1,339,489
Verizon Communications, Inc. (1)
59,634
 
 
420,373
Total Common Stocks
(Cost $2,636,570)
3,696,001
 
Units
 
 
Master Limited Partnerships—6.0%
 
◼ Oil & Gas Storage,
Transportation and
Production—6.0%
3,195,062
Energy Transfer LP
58,949
1,380,000
Enterprise Products Partners LP
45,802
1,398,852
MPLX LP
78,196
The accompanying note is an integral part of this financial statement.
1
DNP SELECT INCOME FUND INC.
SCHEDULE OF INVESTMENTS—(Continued)
January 31, 2026
(Unaudited)
($ reported in thousands)
Units
Description
Value
1,684,900
Plains All American Pipeline LP
$32,417
 
 
215,364
Total Master Limited
Partnerships
(Cost $88,687)
215,364
 
Par Value
 
 
Corporate Bonds—21.2%
 
◼ Electric, Gas and Water—11.3%
6,850
AEP Texas, Inc.
5.400%, 6/1/33
7,062
15,000
American Electric Power Co.,
Inc.
5.625%, 3/1/33(1)
15,703
25,000
American Water Capital Corp.
5.150%, 3/1/34(1)(2)
25,651
22,000
Arizona Public Service Co.
6.875%, 8/1/36(1)
24,254
10,000
Berkshire Hathaway Energy Co.
8.480%, 9/15/28
11,098
22,000
CenterPoint Energy Houston
Electric LLC
5.050%, 3/1/35
22,222
5,000
CMS Energy Corp.
3.450%, 8/15/27
4,961
9,000
Connecticut Light & Power Co.
(The)
4.950%, 8/15/34
9,071
14,000
Dominion Energy, Inc.
5.450%, 3/15/35
14,352
10,000
DPL Capital Trust II
8.125%, 9/1/31
9,975
10,000
DTE Energy Co.
5.100%, 3/1/29
10,260
18,500
DTE Energy Co.
5.850%, 6/1/34(1)(2)
19,670
10,000
Duke Energy Corp.
4.200%, 6/15/49
7,895
12,000
Duke Energy Progress LLC
6.300%, 4/1/38
13,237
5,600
Edison International
4.125%, 3/15/28
5,564
Par Value
Description
Value
8,000
Edison International
5.250%, 3/15/32
$8,024
5,000
Entergy Louisiana LLC
5.350%, 3/15/34
5,193
6,000
Entergy Texas, Inc.
4.000%, 3/30/29
5,986
4,000
Essential Utilities, Inc.
3.566%, 5/1/29
3,926
10,000
Eversource Energy Series O
4.250%, 4/1/29
10,006
15,000
Florida Power & Light Co.
5.300%, 6/15/34(1)(2)
15,657
8,000
Florida Power & Light Co.
5.960%, 4/1/39
8,616
12,500
Kentucky Utilities Co.
5.450%, 4/15/33(1)
13,069
7,000
NextEra Energy Capital
Holdings, Inc.
5.450%, 3/15/35
7,212
10,000
NiSource, Inc.
5.350%, 7/15/35
10,201
7,000
NiSource, Inc.
4.375%, 5/15/47
5,803
5,000
Ohio Power Co. Series G
6.600%, 2/15/33(1)
5,469
10,000
Progress Energy, Inc.
7.750%, 3/1/31(1)(2)
11,438
8,000
Public Service Enterprise Group,
Inc.
6.125%, 10/15/33
8,592
10,000
San Diego Gas & Electric Co.
5.400%, 4/15/35
10,312
8,000
San Diego Gas & Electric Co.
6.125%, 9/15/37
8,657
7,225
Sempra
5.500%, 8/1/33
7,521
9,000
Southern Co. Gas Capital Corp.
5.750%, 9/15/33(1)
9,518
25,000
Southwestern Public Service Co.
5.300%, 5/15/35
25,479
18,000
Union Electric Co.
5.250%, 4/15/35
18,484
The accompanying note is an integral part of this financial statement.
2
DNP SELECT INCOME FUND INC.
SCHEDULE OF INVESTMENTS—(Continued)
January 31, 2026
(Unaudited)
($ reported in thousands)
Par Value
Description
Value
4,000
Virginia Electric & Power Co.
Series A
2.875%, 7/15/29
$3,849
 
 
403,987
 
◼ Oil & Gas Storage,
Transportation and
Production—7.2%
6,000
Enbridge, Inc.
4.250%, 12/1/26
6,010
10,000
Enbridge, Inc.
5.700%, 3/8/33
10,486
8,850
Energy Transfer LP
8.250%, 11/15/29
9,948
10,200
Energy Transfer LP
6.550%, 12/1/33(1)
11,161
7,900
Energy Transfer LP
5.800%, 6/15/38
8,053
6,000
Enterprise Products
Operating LLC
3.125%, 7/31/29
5,823
8,000
Enterprise Products
Operating LLC
5.350%, 1/31/33
8,345
5,000
Kinder Morgan Energy
Partners LP
7.750%, 3/15/32(1)
5,784
16,000
Kinder Morgan Energy
Partners LP
5.800%, 3/15/35(1)(2)
16,860
9,000
Kinder Morgan, Inc.
5.550%, 6/1/45
8,740
8,000
MPLX LP
4.250%, 12/1/27
8,022
7,000
MPLX LP
4.950%, 9/1/32
7,052
9,000
MPLX LP
5.000%, 3/1/33(1)
9,029
11,000
ONEOK, Inc.
5.650%, 9/1/34
11,339
13,000
ONEOK, Inc.
6.000%, 6/15/35(1)
13,737
6,000
ONEOK, Inc.
4.200%, 12/1/42
4,788
Par Value
Description
Value
16,000
Phillips 66
3.900%, 3/15/28
$15,968
12,000
Plains All American Pipeline LP
5.950%, 6/15/35
12,513
18,000
Plains All American Pipeline LP
6.650%, 1/15/37(1)(2)
19,564
11,000
Spectra Energy Partners LP
4.500%, 3/15/45
9,310
10,000
Targa Resources Corp.
5.500%, 2/15/35
10,244
10,000
Targa Resources Corp.
5.650%, 2/15/36
10,270
18,500
Valero Energy Partners LP
4.500%, 3/15/28
18,656
15,000
Williams Cos., Inc. (The)
5.150%, 3/15/34(1)
15,200
 
 
256,902
 
◼ Telecommunications—2.7%
5,000
American Tower Corp.
5.800%, 11/15/28
5,221
8,000
American Tower Corp.
5.650%, 3/15/33
8,415
5,900
Comcast Corp.
7.050%, 3/15/33(1)(2)
6,730
9,000
Digital Realty Trust LP
3.600%, 7/1/29
8,833
15,000
Koninklijke KPN N.V.
8.375%, 10/1/30(1)
17,458
5,000
TCI Communications, Inc.
7.125%, 2/15/28
5,308
10,000
TELUS Corp.
2.800%, 2/16/27
9,877
15,500
Verizon Communications, Inc.
7.750%, 12/1/30(1)
17,775
10,000
Verizon Communications, Inc.
5.250%, 4/2/35
10,130
7,500
Vodafone Group plc
7.875%, 2/15/30
8,526
 
 
98,273
Total Corporate Bonds
(Cost $747,613)
759,162
The accompanying note is an integral part of this financial statement.
3
DNP SELECT INCOME FUND INC.
SCHEDULE OF INVESTMENTS—(Continued)
January 31, 2026
(Unaudited)
($ reported in thousands)
 
Description
Value
TOTAL INVESTMENTS—130.2%
(Cost $3,472,870)
4,670,527
 
Secured borrowings—(21.6)%
(773,000
)
 
Secured notes—(5.6)%
(200,000
)
 
Mandatory Redeemable Preferred
Shares at liquidation
value—(3.7)%
(132,000
)
 
Other assets less other
liabilities—0.7%
20,567
Net Assets Applicable To Common
Stock—100.0%
$3,586,094
 
 
 
(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.
4
DNP SELECT INCOME FUND INC.
SCHEDULE OF INVESTMENTS—(Continued)
January 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 annual report.The following is a summary of the inputs used to value each of the Fund’s investments at January 31, 2026: 
 
Level 1
Level 2
Common stocks
$3,696,001
$—
Corporate Bonds
—
759,162
Master Limited Partnerships
215,364
—
Total investments
$3,911,365
$759,162
There were no Level 3 priced securities held at January 31, 2026 and there were no transfers into or out of Level 3 related to securities held at January 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.
5