On February 25, 2020, Duff & Phelps Utility and Corporate Bond Trust Inc. filed a definitive proxy statement and urged the shareholders to vote against the shareholder proposal to consider a self-tender and possible liquidation of the Company. The Company added that its Board and management views this as an opportunist attempt to profit from short term gains at the potential expense of shareholders who plan to hold Company for the long term, and could even result in the elimination of Company as an investment option for you if the fund liquidates, or a substantial change in its operations if it were to convert to an open-end fund or ETF.