Duff & Phelps Utility And Corporate Bond Trust Inc. Announces Dividends And A 43% Increase In Its Current Distribution Rate

CHICAGO, Dec. 19, 2019 /PRNewswire/ -- On December 19, 2019, the Board of Directors of Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC) (the "Fund"), a closed-end fund advised by Duff & Phelps Investment Management Co., authorized the payment of dividends on the Fund's common stock as follows:

The Board of Directors determined that the Fund's monthly dividend payable January 31, 2020, February 28, 2020 and March 31, 2020 will be in the amount of 5.0 cents per share.  This dividend rate represents an increase of 1.5 cents per share and 43% from the previous 3.5 cent per share monthly distribution rate.  This new dividend rate is subject to re-evaluation as the interest rate and credit environment changes.  The Fund's adviser will continue to closely monitor the markets in which the Fund is invested and intends to investigate all options available to support the distribution rate in the future. 

About the Fund
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.

The fund seeks to achieve its objectives by investing substantially all of its assets in a diversified portfolio of utility income securities, corporate income securities, mortgage-backed securities and asset-backed securities. For more information, visit www.dpimc.com/duc or call (800) 338-8214.

About the Investment Adviser
Duff & Phelps Investment Management Co. has more than 40 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 $104.1 billion under management as of September 30, 2019.  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.

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SOURCE Duff & Phelps Utility and Corporate Bond Trust Inc.