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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
Investment Company Act file number 811-4915
DNP Select Income Fund Inc.
(Exact name of registrant as specified in charter)
55 East Monroe Street, Chicago, Illinois 60603
(Address of principal executive offices) (Zip code)
| Nathan I. Partain | John R. Sagan | ||
| DNP Select Income Fund Inc. | Mayer, Brown, Rowe & Maw LLP | ||
| 55 East Monroe Street | 71 South Wacker Drive | ||
| Chicago, Illinois 60603 | Chicago, Illinois 60606 |
| Registrant’s telephone number, including area code: (312) 368-5510 |
| Date of fiscal year end: December 31 |
| Date of reporting period: September 30, 2005 |
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1 -5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
|
ITEM 1.
|
SCHEDULE OF INVESTMENTS. | |
| The Schedule of Investments follows. |
COMMON STOCKS—96.6%
|
|
|||||
|
|
|||||
|
Shares |
Company |
|
|||
|
|
|
|
|
||
| • ELECTRIC—62.7% | |||||
| 982,300 | Ameren Corp. | $ | 52,543,227 | ||
| 860,245 | Cinergy Corp. | 38,203,480 | |||
| 872,000 | Consolidated Edison Inc. | 42,335,600 | |||
| 1,013,650 | Dominion Resources Inc. | 87,315,811 | |||
| 977,193 | DTE Energy Co. | 44,814,071 | |||
| 1,100,000 | Energy East Corp. | 27,709,000 | |||
| 1,464,000 | Exelon Corp. | 78,236,160 | |||
| 1,535,000 | FirstEnergy Corp. | 80,004,200 | |||
| 1,735,000 | FPL Group Inc. | 82,586,000 | |||
| 800,000 | Great Plains Energy Inc. | 23,928,000 | |||
| 1,080,000 | Iberdrola S.A. (Spain) | 30,273,876 | |||
| 188,673 | National Grid PLC ADR | 8,858,197 | |||
| 675,714 | National Grid PLC (United Kingdom) | 6,353,583 | |||
| 2,000,000 | NiSource Inc. | 48,500,000 | |||
| 2,237,200 | NSTAR | 64,699,824 | |||
| 1,000,000 | OGE Energy Corp. | 28,100,000 | |||
| 1,250,000 | PG&E Corp. | 49,062,500 | |||
| 1,200,000 | PPL Corp. | 38,796,000 | |||
| 1,500,000 | Pinnacle West Capital Corp. | 66,120,000 | |||
| 1,375,000 | Progress Energy Inc. | 61,531,250 | |||
| 1,000,000 | Puget Energy, Inc. | 23,480,000 | |||
| 600,000 | SCANA Corp. | 25,344,000 | |||
| 1,000,000 | Scottish & Southern Energy ADR | 18,204,000 | |||
| 850,000 | Scottish & Southern Energy PLC (United Kingdom) | 15,473,438 | |||
| 409,500 | Sempra Energy | 19,271,070 | |||
| 2,000,000 | Southern Co. | 71,520,000 | |||
| 1,500,000 | Vectren Corp. | 42,525,000 | |||
| 581,000 | WPS Resources Corp. | 33,581,800 | |||
| 3,499,304 | Xcel Energy Inc. | 68,621,352 | |||
|
|
|
||||
| 1,277,991,439 | |||||
The accompanying notes are an integral part of the financial statement.
5
|
|
|||||
|
|
|||||
|
Shares |
Company |
|
|||
|
|
|
|
|
||
| • GAS—7.7% | |||||
| 1,076,000 | AGL Resources Inc. |
$ |
39,930,360 | ||
| 1,000,000 | Atmos Energy Corp. | 28,250,000 | |||
| 1,043,055 | Keyspan Corp. | 38,363,563 | |||
| 471,000 | Peoples Energy Corp. | 18,547,980 | |||
| 1,000,000 | WGL Holdings Inc. | 32,130,000 | |||
|
|
|
||||
| 157,221,903 | |||||
| • TELECOMMUNICATION—15.3% | |||||
| 177,100 | Alltel Corp. | 11,530,981 | |||
| 1,600,000 | BCE Inc. | 43,904,000 | |||
| 565,000 | BT Group PLC ADR | 22,396,600 | |||
| 475,000 | Belgacom S.A. | 16,155,411 | |||
| 1,529,200 | BellSouth Corp. | 40,217,960 | |||
| 1,350,000 | Chunghwa Telecom Co. Ltd. | 24,988,500 | |||
| 2,500,000 | Citizens Communications Co. | 33,875,000 | |||
| 1,392,230 | SBC Communications, Inc. | 33,371,753 | |||
| 856,250 | Telecom Corp of New Zealand Ltd. ADR | 28,770,000 | |||
| 1,068,400 | Telstra Corp. Ltd. ADR | 16,634,988 | |||
| 1,223,492 | Verizon Communications Inc. | 39,995,953 | |||
|
|
|
||||
| 311,841,146 | |||||
| • NON-UTILITY—10.9% | |||||
| 82,938 | AMB Property Corp. | 3,723,916 | |||
| 54,096 | Alexandria Real Estate Equities Inc. | 4,473,198 | |||
| 193,367 | Archstone Smith Trust | 7,709,542 | |||
| 29,861 | AvalonBay Communities Inc. | 2,559,088 | |||
| 147,218 | Boston Properties Inc. | 10,437,756 | |||
| 67,586 | CBL & Associates Properties Inc. | 2,770,350 | |||
| 60,363 | Camden Property Trust | 3,365,237 | |||
| 253,470 | CenterPoint Properties Trust | 11,355,456 | |||
| 213,251 | Corporate Office Properties Trust | 7,453,122 | |||
| 227,689 | Developers Diversified Realty Corp. | 10,633,076 | |||
The accompanying notes are an integral part of the financial statement.
6
DNP SELECT INCOME FUND INC.
STATEMENT OF NET ASSETS—(Continued)
(UNAUDITED)
September 30, 2005
|
|
|||||
|
|
|||||
|
Shares |
Company |
|
|||
|
|
|
|
|
||
| 89,481 | Digital Realty Trust Inc. | $ | 1,610,658 | ||
| 153,154 | Equity Office Properties Trust | 5,009,667 | |||
| 220,180 | Equity Residential | 8,333,813 | |||
| 47,604 | Essex Property Trust Inc. | 4,284,360 | |||
| 83,441 | Extra Space Storage Inc. | 1,283,323 | |||
| 275,942 | General Growth Properties Inc. | 12,398,074 | |||
| 8,423 | Health Care REIT Inc. | 312,409 | |||
| 23,013 | Home Properties Inc. | 903,260 | |||
| 61,318 | Hospitality Properties Trust | 2,628,090 | |||
| 153,440 | Host Marriott Corp. | 2,593,136 | |||
| 149,583 | Innkeepers USA Trust | 2,311,057 | |||
| 70,004 | Kilroy Realty Corp. | 3,922,324 | |||
| 195,886 | Kimco Realty Corp. | 6,154,738 | |||
| 99,965 | LaSalle Hotel Properties | 3,443,794 | |||
| 137,026 | The Macerich Co. | 8,898,469 | |||
| 38,500 | The Mills Corp. | 2,120,580 | |||
| 100,637 | Pan Pacific Retail Properties Inc. | 6,631,978 | |||
| 262,382 | ProLogis | 11,626,147 | |||
| 91,078 | Public Storage, Inc. | 6,102,226 | |||
| 23,321 | Realty Income Corp. | 557,605 | |||
| 186,480 | Reckson Associates Realty Corp. | 6,442,884 | |||
| 98,061 | Regency Centers Corp. | 5,633,604 | |||
| 224,131 | Simon Property Group Inc. | 16,612,590 | |||
| 138,611 | SL Green Realty Corp. | 9,450,498 | |||
| 69,485 | Starwood Hotels & Resorts Worldwide, Inc. | 3,972,458 | |||
| 199,537 | Sunstone Hotel Investors Inc. | 4,866,707 | |||
| 99,225 | United Dominion Realty Trust Inc. | 2,351,633 | |||
| 68,000 | U-Store-It Trust | 1,378,360 | |||
| 91,780 | Ventas Inc. | 2,955,316 | |||
| 133,459 | Vornado Realty Trust | 11,560,219 | |||
| 54,927 | Weingarten Realty Investors | 2,078,987 | |||
|
|
|
||||
| 222,909,705 | |||||
|
|
|
||||
| Total Common Stocks (Cost—$1,636,463,526) | 1,969,964,193 | ||||
|
|
|||||
The accompanying notes are an integral part of the financial statement.
7
DNP SELECT
INCOME FUND INC.
STATEMENT OF NET ASSETS—(Continued)
(UNAUDITED)
September 30, 2005
| PREFERRED STOCKS—9.3% | |||||
|
|
|||||
|
|
|||||
|
Shares |
Company |
|
|||
|
|
|
|
|
||
| • UTILITY—8.2% | |||||
| 1,200,000 | Great Plains Energy Inc. 8% due 2/16/07 |
$ |
33,396,000 |
||
| 775,000 | Oneok Inc. 81/2% due 2/16/06 |
32,147,000 |
|||
| 220,000 | Southern California Edison 61/8% Perpetual |
22,123,750 |
|||
| 172,700 | Southern Union Co. 53/4% due 8/16/06 |
13,592,354 |
|||
| 400,000 | TXU Corp. 83/4% due 11/16/05 |
20,384,000 |
|||
| 500,000 | TXU Corp. 81/8% due 5/16/06 |
45,475,000 |
|||
|
|
|
||||
|
167,118,104 |
|||||
| • NON-UTILITY—1.1% | |||||
| 400,000 | Federal National Mortgage Association 7% Perpetual |
22,025,000 |
|||
|
|
|
||||
| Total Preferred Stocks (Cost—$137,717,503) |
189,143,104 |
||||
|
|
|
||||
BONDS—29.5%
| Ratings | |||||||||
|
|
|||||||||
|
|
|
|
|
||||||
|
|
|
|
|
||||||
|
Par Value |
|
|
|
|
|||||
|
|
|
|
|
||||||
| • ELECTRIC—10.4% | |||||||||
| $18,050,000 | Comed Financing II | ||||||||
| 81/2%, due 1/15/27 | Baa2 | BBB |
$18,840,680 |
||||||
| 9,304,000 | Commonwealth Edison Co. | ||||||||
| 8%, due 5/15/08 | A3 | A– |
9,989,407 |
||||||
| 24,000,000 | Dominion Resources Capital Trust I | ||||||||
| 7.83%, due 12/01/27 | Baa2 | BBB– |
26,010,936 |
||||||
| 9,431,000 | FPL Group Capital Inc. | ||||||||
| 75/8%, due 9/15/06 | A2 | A– |
9,699,285 |
||||||
| 22,500,000 | Illinois Power Co. | ||||||||
| 71/2%, due 6/15/09 | Baa1 | A– |
24,398,190 |
||||||
| 6,314,929 | Niagara Mohawk Power Corp. | ||||||||
| 75/8%, due 10/01/05 | Baa1 | A– |
6,314,929 |
||||||
The accompanying notes are an integral part of the financial statement.
8
| Ratings | |||||||||
|
|
|||||||||
|
|
|
|
|
||||||
|
|
|
|
|
||||||
|
Par Value |
|
|
|
|
|||||
|
|
|
|
|
||||||
| $15,825,000 | Niagara Mohawk Power Corp. | ||||||||
| 87/8%, due 5/15/07 | Baa1 | A– |
$ |
16,850,207 |
|||||
| 5,000,000 | NSTAR | ||||||||
| 8.00% due 2/15/10 | A2 | A– |
5,608,010 |
||||||
| 9,000,000 | PSEG Power LLC | ||||||||
| 85/8%, due 4/15/31 | Baa1 | BBB |
11,717,325 |
||||||
| 22,750,000 | Puget Capital Trust | ||||||||
| 8.231%, due 6/01/27 | Ba1 | BB |
22,693,534 |
||||||
| 12,915,000 | Sempra Energy | ||||||||
| 7.95%, due 3/1/10 | Baa1 | BBB+ |
14,355,991 |
||||||
| 13,000,000 | Southern Co. Capital Trust II | ||||||||
| 8.14%, due 2/15/27 | Baa1 | BBB+ |
13,965,419 |
||||||
| 11,750,000 | Virginia Electric & Power Co. | ||||||||
| 85/8%, due 10/01/24 | A2 | A– |
12,189,285 |
||||||
| 17,700,000 | Virginia Electric & Power Co. | ||||||||
| 81/4%, due 3/01/25 | A2 | A– |
18,356,847 |
||||||
|
|
|
||||||||
|
210,990,045 |
|||||||||
| • GAS—3.4% | |||||||||
| 5,000,000 | KN Energy Inc. | ||||||||
| 71/4%, due 3/01/28 | Baa2 | BBB |
5,721,040 |
||||||
| 7,000,000 | Keyspan Corp. | ||||||||
| 75/8%, due 11/15/10 | A3 | A |
7,903,616 |
||||||
| 10,000,000 | Northern Border Partners LP | ||||||||
| 87/8%, due 6/15/10 | Baa2 | BBB |
11,545,860 |
||||||
| 6,488,000 | Southern Union Co. | ||||||||
| 7.60%, due 2/01/24 | Baa3 | BBB |
7,676,705 |
||||||
| 8,850,000 | Southern Union Co. | ||||||||
| 81/4%, due 11/15/29 | Baa3 | BBB |
11,243,730 |
||||||
| 10,000,000 | TE Products Pipeline Co. | ||||||||
| 7.51%, due 1/15/28 | Baa3 | BBB– |
10,511,180 |
||||||
The accompanying notes are an integral part of the financial statement.
9
DNP SELECT INCOME FUND INC.
STATEMENT OF NET ASSETS—(Continued)
(UNAUDITED)
September 30, 2005
| Ratings | ||||||||||
|
|
||||||||||
|
|
|
|
|
|||||||
|
|
|
|
|
|||||||
|
Par Value |
|
|
|
|
||||||
|
|
|
|
|
|||||||
| $15,500,000 | Trans-Canada Pipeline | |||||||||
| 91/8%, due | 4/20/06 | A3 | BBB+ |
$ |
15,874,775 |
|||||
|
|
|
|||||||||
|
70,476,906 |
||||||||||
| • TELECOMMUNICATION—12.0% | ||||||||||
| 8,301,000 | AT&T Wireless Services Inc. | |||||||||
| 7.35%, due 3/01/06 | Baa2 | A |
8,398,238 |
|||||||
| 15,200,000 | AT&T Wireless Services Inc. | |||||||||
| 71/2%, due 5/01/07 | Baa2 | A |
15,869,864 |
|||||||
| 5,098,000 | BellSouth Capital Funding Corp. | |||||||||
| 73/4%, due 2/15/10 | A2 | A |
5,685,345 |
|||||||
| 22,000,000 | British Telecom PLC | |||||||||
| 83/8%, due 12/15/10 | Baa1 | A– |
25,500,090 |
|||||||
| 15,000,000 | Centurytel Inc. | |||||||||
| 83/8%, due 10/15/10 | Baa2 | BBB+ |
16,963,515 |
|||||||
| 10,000,000 | Centurytel Inc. | |||||||||
| 67/8%, due 1/15/28 | Baa2 | BBB+ |
10,383,940 |
|||||||
| 5,645,000 | Comcast Cable Communications Inc. | |||||||||
| 83/8%, due 5/01/07 | Baa2 | BBB+ |
5,958,190 |
|||||||
| 10,000,000 | France Telecom SA | |||||||||
| 7.20%, due 3/01/06 | A3 | A– |
10,117,030 |
|||||||
| 10,000,000 | France Telecom SA | |||||||||
| 73/4%, due 3/01/11 | A3 | A– |
11,367,400 |
|||||||
| 17,625,000 | GTE Corp. | |||||||||
| 7.90%, due 2/01/27 | A3 | A+ |
18,809,347 |
|||||||
| 5,000,000 | GTE North Inc., Series C | |||||||||
| 75/8%, due 5/15/26 | A1 | A+ |
5,219,805 |
|||||||
| 17,000,000 | Koninklijke KPN NV | |||||||||
| 8%, due 10/01/10 | Baa1 | A– |
19,300,185 |
|||||||
| 10,000,000 | Sprint Capital Corp. | |||||||||
| 83/8%, due 3/15/12 | Baa2 | A– |
11,783,390 |
|||||||
| 10,000,000 | TCI Communications Inc. | |||||||||
| 83/4%, due 8/01/15 | Baa2 | BBB+ |
12,438,320 |
|||||||
The accompanying notes are an integral part of the financial statement.
10
| Ratings | |||||||||
|
|
|||||||||
|
|
|
||||||||
|
|
|
||||||||
|
Par Value |
|
|
|
||||||
|
|
|
|
|
||||||
| $11,500,000 | Telefonica Europe BV | ||||||||
| 73/4%, due 9/15/10 | A3 | A |
$ |
12,977,578 |
|||||
| 12,295,000 | 360 Communications Co. | ||||||||
| 7.60%, due 4/01/09 | A2 | A |
13,360,411 |
||||||
| 10,500,000 | Verizon Global Funding Corp. | ||||||||
| 73/4%, due 12/01/30 | A2 | A+ |
12,831,168 |
||||||
| 20,000,000 | Vodaphone Group PLC | ||||||||
| 73/4%, due 2/15/10 | A2 | A |
22,329,200 |
||||||
| 5,000,000 | Vodaphone Group PLC | ||||||||
| 77/8%, due 2/15/30 | A2 | A |
6,387,555 |
||||||
|
|
|
||||||||
|
245,680,571 |
|||||||||
| • NON-UTILITY—3.7% | |||||||||
| #16,000,000 | CIT Group Inc. | ||||||||
| 4.07%, due 6/07/06 | A2 | A |
16,024,208 |
||||||
| 8,000,000 | Dayton Hudson Corp. | ||||||||
| 97/8%, due 7/01/20 | A2 | A+ |
11,491,752 |
||||||
| 10,000,000 | EOP Operating LP | ||||||||
| 73/4%, due 11/15/07 | Baa2 | BBB+ |
10,591,570 |
||||||
| #15,000,000 | Sigma Finance Inc. | ||||||||
| 3.81%, due 12/16/05 | Aaa | AAA |
15,000,706 |
||||||
| #22,000,000 | Whistlejacket Capital LLC | ||||||||
| 3.965%, due 3/03/06 | Aaa | AAA |
22,005,566 |
||||||
|
|
|
||||||||
|
75,113,802 |
|||||||||
|
|
|
||||||||
| Total Bonds (Amortized Cost—$603,627,934) |
602,261,324 |
||||||||
|
|
|
||||||||
The accompanying notes are an integral part of the financial statement.
11
|
|
|||||||
| Par Value/ |
|
||||||
| Shares |
|
||||||
|
|
|
|
|||||
| MONEY MARKET INSTRUMENTS—26.2% | |||||||
| # | $ | 3,514 | AIM STIC Liquid Assets Portfolio |
$ |
3,514 | ||
| # | 50,000,000 | Banc of America Securities LLC Repurchase Agreement, | |||||
| 3.988%, dated 9/30/05, due 10/03/05, with a repurchase price of | |||||||
| $50,016,617 and collateralized by $51,000,427 market value of | |||||||
| corporate bonds and medium term notes having an average coupon | |||||||
| rate of 6.68% and an original weighted average maturity of 7/27/21 | 50,000,000 | ||||||
| # |
100,000,000 |
Bear Stearns Inc. Master Note | |||||
| 4.058%, due 10/03/05 | 100,000,000 | ||||||
| # | 75,000,000 | Dresdner Kleinwort Wasserstein Securities LLC Repurchase Agreement, | |||||
| 3.988%, dated 9/30/05, due 10/03/05, with a repurchase price of | |||||||
| $75,024,925 and collateralized by $76,504,891 market value of | |||||||
| collateralized mortgage obligations (CMOs) and corporate bonds | |||||||
| having an average coupon rate of 1.77% and an original weighted | |||||||
| average maturity of 6/09/19 | 75,000,000 | ||||||
| 10,000,000 | GE Capital Corp. | ||||||
| 3.70%, due 10/03/05 | 9,997,944 | ||||||
| # | 48,900,000 | Goldman Sachs & Co. Repurchase Agreement, | |||||
| 4.008%, dated 9/30/05, due 10/03/05, with a repurchase price of | |||||||
| $48,016,032 and collateralized by $51,000,000 market value of asset | |||||||
| backed securities (ABS) having an average coupon rate of 3.96% | |||||||
| and an original weighted average maturity of 4/17/32 | 48,900,000 | ||||||
| # | 50,000,000 | Greenwich Capital Markets Inc. Repurchase Agreement, | |||||
| 4.018%, dated 9/30/05, due 10/03/05, with a repurchase price of | |||||||
| $50,016,742 and collateralized by $51,001,101 market value of | |||||||
| CMOs having an average coupon rate of 5.01% and an original | |||||||
| weighted average maturity of 9/12/34 | 50,000,000 | ||||||
| # | 50,000,000 | Lehman Brothers Inc. Repurchase Agreement, | |||||
| 3.988%, dated 9/30/05, due 10/03/05, with a repurchase price of | |||||||
| $50,016,617 and collateralized by $50,998,920 market value of ABS | |||||||
| having an average coupon rate of 5.07% and an original weighted | |||||||
| average maturity of 11/28/34 | 50,000,000 | ||||||
The accompanying notes are an integral part of the financial statement.
12
DNP SELECT INCOME FUND INC.
STATEMENT OF NET ASSETS—(Continued)
(UNAUDITED)
September 30, 2005
|
|
|||||
| Par Value/ |
|
||||
| Shares |
|
||||
|
|
|
||||
| #$ |
50,000,000 |
Merrill Lynch Government Securities Inc. Repurchase Agreement, | |||
| 4.008%, dated 9/30/05, due 10/03/05, with a repurchase price of | |||||
| $50,016,700 and collateralized by $52,503,572 market value of | |||||
| CMOs having an average coupon rate of 5.39% and an original | |||||
| weighted average maturity of 5/21/33 | $ | 50,000,000 | |||
| # |
50,000,000 |
Morgan Stanley & Co., Inc. Repurchase Agreement, | |||
| 3.988%, dated 9/30/05, due 10/03/05, with a repurchase price of | |||||
| $50,016,617 and collateralized by $51,055,123 market value of ABS | |||||
| having an average coupon rate of 6.25% and an original weighted | |||||
| average maturity of 4/11/28 | 50,000,000 | ||||
| # |
50,000,000 |
Nomura Securities International Inc. Repurchase Agreement, | |||
| 3.988%, dated 9/30/05, due 10/03/05, with a repurchase price of | |||||
| $50,016,617 and collateralized by $51,000,001 market value of | |||||
| CMOs having an average coupon rate of 5.63% and an original | |||||
| weighted average maturity of 9/25/45 | 50,000,000 | ||||
|
|
|||||
| Total Money Market Instruments (Amortized Cost—$533,901,458) | 533,901,458 | ||||
|
|
|||||
| Total Investments—161.6% (Cost—$2,911,710,421) | $ | 3,295,270,079 | |||
|
|
|||||
| CASH AND OTHER ASSETS LESS LIABILITIES—(37.1%) | (756,592,063) | ||||
|
|
|||||
| REMARKETED PREFERRED STOCK—(24.5%) | |||||
| ($.001 par value per share; 100,000,000 shares authorized and 5,000 shares | |||||
| issued and outstanding; liquidation preference $100,000 per share) | (500,000,000) | ||||
|
|
|||||
| NET ASSETS APPLICABLE TO COMMON STOCK—100.0% | |||||
| (equivalent to $9.13 per share of common stock based on 223,181,435 shares | |||||
| of common stock outstanding; authorized 250,000,000 shares) | $ | 2,038,678,016 | |||
|
|
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| # This security was purchased with the cash proceeds from securities loans. | |||||
| The percentage shown for each investment category is the total value of that | |||||
| category as a percentage of the net assets applicable to common shares of the Fund. | |||||
The accompanying notes are an integral part of the financial statement.
13
| (1) | The market values for securities are determined as follows: Equity securities traded on a national securities exchange or traded over-the-counter and quoted on the NASDAQ System are valued at last sales prices. Fixed income securities and any other securities for which it is determined that market prices are unavailable or inappropriate are valued at a fair value using a procedure determined in good faith by the Board of Directors which includes the use of a pricing service. Each money market instrument having a maturity of 60 days or less is valued on an amortized cost basis, which approximates market value. |
| (2) | At December 31, 2004, the Fund’s most recent fiscal tax year end, based on a tax cost of investments of $2,776,340,015, the Fund had gross unrealized appreciation of $365,962,302 and gross unrealized depreciation of $32,560,868. |
14
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ITEM 2.
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CONTROLS AND PROCEDURES.
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(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 Exchange Act. (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. |
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ITEM 3.
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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 |
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|
|
| Nathan I. Partain | |
| President and Chief Executive Officer | |
| Date | November 14, 2005 |
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 14, 2005 |
| By (Signature and Title) | /s/ JOSEPH C. CURRY, JR. |
| Joseph C. Curry, Jr. | |
| Vice President and Treasurer | |
| Date | November 14, 2005 |