CHICAGO, Jan. 18, 2012 /PRNewswire/ -- DNP Select Income Fund Inc. (NYSE: DNP) and Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC), two closed-end registered investment companies (the "funds") advised by Duff & Phelps Investment Management Co. (the "Adviser"), have provided an update on their efforts to provide additional liquidity to holders of preferred shares in light of the persistent failures in the auction markets.

To date each fund has retired a portion of its preferred shares with monies borrowed under a credit facility. However, as explained in press releases of November 7 and December 15, 2011 there are a number of factors that have constrained the funds from refinancing additional preferred shares with debt.

In order to potentially overcome one of those factors, the board of directors of the funds has charged the Adviser with formulating a proposed amendment to the funds' charters that would permit the funds to negotiate an arrangement allowing the funds to provide additional liquidity to preferred shareholders by increasing the funds' use of debt leverage. In response to a number of inquiries from preferred shareholders, the funds want to clarify that all series and classes of outstanding preferred shares will be treated on an equal basis should the funds be able to increase the amount of debt in their capital structure.

There is no guarantee that the funds will be successful in utilizing a charter amendment to provide additional liquidity to preferred shareholders, even if the amendment is approved by shareholders. The board of directors and the Adviser continue to believe that any action taken to provide such liquidity should not materially disadvantage common shareholders and their ability to benefit from leverage, should be long-term in nature and should not encumber the funds' investment process or reduce the pool of available investment alternatives. Because of all the foregoing considerations, the amount and timing of any future purchases of preferred shares are uncertain. The funds will announce any such purchases through press releases and postings to their websites.

DNP Select Income Fund Inc. is a closed-end diversified investment management company whose primary investment objectives are current income and long-term growth of income. The fund seeks to achieve these objectives by investing primarily in a diversified portfolio of equity and fixed income securities of companies in the public utilities industries. For more information, visit www.dnpselectincome.com or call (800) 864-0629.

Duff & Phelps Utility and Corporate Bond Trust Inc. is a closed-end diversified investment management company whose primary investment objective is high current income consistent with investing in securities of investment grade quality with emphasis on companies in the public utilities industries. For more information, visit www.ducfund.com or call (800) 338-8214.

Duff & Phelps Investment Management Co. has more than 28 years of experience managing investment portfolios, including institutional separate accounts and open- and closed-end funds investing in utilities, infrastructure and real estate investment trusts (REITs). For more information, visit www.dpimc.com.

Duff & Phelps is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS), a multi-boutique asset manager with $33.1 billion under management as of September 30, 2011. Virtus provides investment management products and services to individuals and institutions through a multi-manager asset management business, comprising a number of individual affiliated managers, each with a distinct investment style, autonomous investment process and individual brand. Additional information can be found at www.virtus.com.

SOURCE DNP Select Income Fund Inc.