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) 263-2610

Date of fiscal year end:      October 31

Date of reporting period:      January 31, 2019

 

Item 1.           Schedule of Investments.

 

                       See the Statement of Net Assets below.

 

 

 

DNP SELECT INCOME FUND INC.
STATEMENT OF NET ASSETS
January 31, 2019
(Unaudited)

 

Shares		Description	Value
COMMON STOCKS & MLP INTERESTS--118.2%
		ELECTRIC, GAS AND WATER--82.6%
2,416,240		Alliant Energy Corp.(a)	$  107,450,193
1,538,000		Ameren Corp.(a)	106,644,920
1,106,000		American Electric Power Co., Inc.(a)	87,506,720
1,000,000		American Water Works Co.(a)	95,670,000
732,000		Atmos Energy Corp.(a)(b)	71,465,160
3,071,300		CenterPoint Energy, Inc.(a)(b)	94,964,596
2,131,500		CMS Energy Corp.(a)	111,136,410
1,147,000		Dominion Energy, Inc.(a)(b)	80,565,280
955,000		DTE Energy Co.(a)	112,451,250
1,000,000		Edison International(a)	56,970,000
1,296,855		Emera Inc. (Canada)	45,423,993
1,592,441		Evergy, Inc.(a)	91,278,718
1,568,900		Eversource Energy(a)(b)	108,897,349
567,700		NextEra Energy, Inc.(a)	101,606,946
1,010,250		Nextera Energy Partners, LP	40,571,640
2,655,000		NiSource Inc.(a)(b)	72,428,400
800,000		Northwest Natural Holding Co.	50,080,000
2,300,000		OGE Energy Corp.(a)(b)	94,185,000
576,000		ONE Gas, Inc.	47,318,400
1,000,000		Pinnacle West Capital Corp.(a)	88,120,000
1,800,000		Public Service Enterprise Group Inc.(a)(b)	98,190,000
900,000		Sempra Energy(a)(b)	105,282,000
1,500,000		South Jersey Industries, Inc.	44,670,000
2,000,000		Southern Co.(a)	97,200,000
903,000		Spire Inc.	71,671,110
1,500,000		WEC Energy Group, Inc.(a)	109,545,000
2,000,000		Xcel Energy Inc.(a)	104,720,000
			2,296,013,085

 

Shares		Description	Value
		OIL & GAS STORAGE, TRANSPORTATION AND PRODUCTION--21.0%
184,729		Andeavor Logistics LP	$    6,629,924
595,765		Antero Midstream GP LP	7,995,166
435,000		Antero Midstream Partners LP	10,957,650
325,000		Cheniere Energy Partners, LP	13,208,000
431,000		DCP Midstream LP	14,451,430
1,558,145		Enbridge Inc. (Canada)	57,059,270
2,579,062		Energy Transfer Equity LP	37,938,002
1,184,500		EnLink Midstream, LLC	12,887,360
1,336,000		Enterprise Products Partners LP	36,967,120
115,000		EQM Midstream Partners, LP	5,262,400
505,000		GasLog Partners LP (Marshall Islands)	11,458,450
1,835,026		Kinder Morgan, Inc.(a)	33,213,971
407,090		Magellan Midstream Partners LP	25,015,681
852,185		MPLX LP	29,928,737
175,444		Noble Midstream Partners LP	5,649,297
312,150		ONEOK, Inc.	20,043,152
717,000		Pembina Pipeline Corp. (Canada)	25,561,517
278,419		Phillips 66 Partners LP	13,648,099
1,118,900		Plains All American Pipeline, LP	25,477,353
530,625		Shell Midstream Partners LP	10,782,300
953,305		Tallgrass Energy, LP	22,717,258
590,120		Targa Resources Corp.	25,381,061
1,375,500		TransCanada Corp. (Canada)(a)	58,486,260
672,020		Westlake Chemical Partners LP	15,362,377
332,000		Western Gas Partners LP	16,055,520
1,538,500		The Williams Companies, Inc.	41,431,805
			583,569,160

 

Shares		Description	Value
		TELECOMMUNICATIONS--14.6%
289,000		American Tower Corp.	$    49,950,760
2,129,000		AT&T Inc.(a)	63,997,740
951,515		BCE Inc. (Canada)(a)	41,390,903
800,000		CenturyLink Inc.	12,256,000
690,400		Crown Castle International Corp.(a)(b)	80,818,224
1,000,000		Orange SA (France)	15,570,891
1,280,300		Telus Corp. (Canada)	44,863,631
1,502,089		Verizon Communications Inc.(a)(b)	82,705,020
782,200		Vodafone Group Plc ADR (United Kingdom)	14,267,328
			405,820,497
		Total Common Stocks & MLP Interests (Cost $2,458,087,863)	3,285,402,742
Par Value
BONDS--16.3%
		ELECTRIC, GAS AND WATER--8.1%
$  9,000,000		American Water Capital Corp.
		3.40%, 3/01/25(a)	8,974,489
22,000,000		Arizona Public Service Co.
		6 7/8%, 8/01/36(a)(b)	27,535,099
10,450,000		Atmos Energy Corp.
		8 1/2%, 3/15/19	10,521,782
9,000,000		CMS Energy Corp.(a)
		5.05%, 3/15/22	9,435,389
5,000,000		Connecticut Light & Power Co.
		3.20%, 3/15/27	4,906,065
10,000,000		DPL Capital Trust II
		8 1/8%, 9/01/31	9,794,700
6,400,000		DTE Electric Co.
		3.65%, 3/15/24	6,550,142
4,875,000		DTE Electric Co.
		3.45%, 10/01/20	4,896,547
5,600,000		Edison International
		4 1/8%, 3/15/28	4,919,666
9,500,000		Entergy Louisiana, LLC
		5.40%, 11/01/24	10,520,723
5,000,000		Entergy Louisiana, LLC
		4.44%, 1/15/26	5,149,061
4,000,000		Entergy Texas, Inc.
		4.00%, 3/30/29	4,014,098
7,000,000		Eversource Energy
		4 1/4%, 4/01/29	7,310,391
10,000,000		Florida Power & Light Co.
		3 1/4%, 6/01/24	10,065,709
4,000,000		Indiana Michigan Power Co.
		3.20%, 3/15/23	3,995,849

 

 

Par Value		Description	Value
$10,000,000		Interstate Power & Light
		3 1/4%, 12/01/24	$  9,877,031
6,000,000		Nevada Power Co.
		7 1/8%, 3/15/19	6,028,758
7,000,000		NiSource Finance Corp.
		3.49%, 5/15/27	6,780,636
5,000,000		Ohio Power Co.
		6.60%, 2/15/33	6,301,042
10,345,000		Oncor Electric Delivery Co. LLC
		7.00%, 9/01/22(a)(b)	11,712,749
14,000,000		Progress Energy Inc.
		7.05%, 3/15/19	14,069,008
5,000,000		Public Service Electric
		3.00%, 5/15/25	4,922,703
5,000,000		Public Service New Mexico
		3.85%, 8/01/25	4,988,211
9,000,000		Sempra Energy
		3.55%, 6/15/24	8,795,379
8,000,000		Southern Power Co.
		4.15%, 12/01/25	7,968,083
10,000,000		Virginia Electric & Power Co.
		3.15%, 1/15/26	9,829,763
4,000,000		Wisconsin Energy Corp.
		3.55%, 6/15/25	4,007,917
			223,870,990
		OIL & GAS STORAGE, TRANSPORTATION AND PRODUCTION--4.1%
6,488,000		Energy Transfer Partners
		7.60%, 2/01/24	7,321,319
8,850,000		Energy Transfer Partners
		8 1/4%, 11/15/29	10,890,621
6,000,000		Enterprise Products Operating LP
		5.20%, 9/01/20	6,198,617
6,000,000		Enterprise Products Operating LP
		3.35%, 3/15/23	6,016,189
12,826,000		EQT Corp.
		8 1/8%, 6/01/19	13,001,791
8,030,000		Kinder Morgan, Inc.
		6.85%, 2/15/20	8,316,842
9,000,000		Magellan Midstream Partners, LP
		5.00%, 3/1/26	9,572,198
11,000,000		ONEOK, Inc.
		6.00%, 6/15/35	11,629,237
9,000,000		ONEOK Partners, LP
		8 5/8%, 3/01/19	9,032,753
7,000,000		Phillips 66
		3.90%, 3/15/28	7,032,165
5,000,000		Plains All American Pipeline, LP
		4.65%, 10/15/25	5,078,634
9,210,000		TransCanada PipeLines Ltd. (Canada)
		3 3/4%, 10/16/23	9,388,891
10,000,000		Williams Partners LP
		3.60%, 3/15/22	10,040,879
			113,520,136

 

 

Par Value		Description	Value
		TELECOMMUNICATIONS--3.8%
$ 4,500,000		American Tower Corp.
		5.00%, 2/15/24	$   4,755,169
5,500,000		American Tower Corp.
		3.00%, 6/15/23	5,376,627
10,000,000		BellSouth Capital Funding Corp.
		7 7/8%, 2/15/30(a)	12,055,375
15,000,000		CenturyLink Inc.
		6 7/8%, 1/15/28	13,722,000
5,900,000		Comcast Corp.
		7.05%, 3/15/33	7,595,133
9,385,000		Crown Castle International Corp.
		4.45%, 2/15/26	9,617,714
15,000,000		Koninklijke KPN NV (Netherlands)
		8 3/8%, 10/01/30(a)(b)	19,726,918
5,000,000		TCI Communications Inc.
		7 1/8%, 2/15/28	6,197,104
15,500,000		Verizon Global Funding Corp.
		7 3/4%, 12/01/30	20,089,209
5,000,000		Vodafone Group Plc (United Kingdom)
		7 7/8%, 2/15/30	6,330,347
			105,465,596
		NON-UTILITY--0.3%
8,000,000		Dayton Hudson Corp.
		9 7/8%, 7/01/20(a)(b)	8,723,329
			8,723,329
		Total Bonds (Cost $448,431,684)	451,580,051
SHORT-TERM INVESTMENT--4.7%
		U.S. TREASURY BILLS--4.7%
132,000,000		2.37%, 2/26/19(c)	131,784,125
		Total Short-Term Investment (Cost $131,785,867)	131,784,125
TOTAL INVESTMENTS--139.2% (Cost $3,038,305,414)			3,868,766,918
Secured borrowings--(14.4)%			(400,000,000)
Secured notes--(10.8)%			(300,000,000)
Mandatory Redeemable Preferred Shares at liquidation value--(15.5)%			(432,000,000)
Other assets less other liabilities--1.5%			43,239,644
NET ASSETS APPLICABLE TO COMMON STOCK--100.0%			$2,780,006,562

 

 

(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.

 

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 annual report.  The following is a summary of the inputs used to value each of the Fund's investments at January 31, 2019:    

 

		Level 1	Level 2
Common stocks & MLP interest		$3,285,402,742	-
Bonds		-	$451,580,051
Short-Term Investment		-	131,784,125
Total		$3,285,402,742	$583,364,176

 

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.

 

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	March 15, 2019

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	March 15, 2019
By (Signature and Title)	/s/ Alan M. Meder
	Alan M. Meder
	Treasurer and Assistant Secretary
	(Principal Financial and Accounting Officer)
Date	March 15, 2019