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Duff & Phelps Utility and Corporate Bond Trust Inc. Announces Increase in Monthly Dividend Rate

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^{Published in Business and Finance on Tuesday, February 17th 2009 at 15:29 GMT, Last Modified on 2009-02-17 15:30:04 by Market Wire}  

CHICAGO--([ BUSINESS WIRE ])--The Board of Directors of Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC) (the "Fund"), at its regular meeting today, determined that the monthly dividends for April, May and June will be in the amount of $0.07 per share. The $0.07 per share dividend rate represents an increase of $0.005 per share from the Fund's previous $0.065 monthly distribution rate. This increase in the dividend rate is intended to better align the Fund's monthly distribution with its current and projected earnings and is subject to re-evaluation as the interest rate and credit environment changes.

Duff & Phelps Utility and Corporate Bond Trust Inc. is a diversified, closed-end investment company. The Fund's investment objective is high current income consistent with investing in securities of investment grade quality. The Fund seeks to achieve its investment objective 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. The Fund's investment adviser is Duff & Phelps Investment Management Co.

For more information about the Fund, shareholders can access [ www.dpimc.com ] or call toll free at (800) 338-8214.