Two Closed-End Funds Advised by Duff & Phelps Investment Management Will Redeem Series of Preferred Stock

CHICAGO, March 16  /PRNewswire-FirstCall/ -- Two closed-end funds advised by Duff & Phelps Investment Management Co. announced today that each of them will redeem a series of its preferred securities as part of their stated intent to retire all preferred stock of the funds.

  --  DNP Select Income Fund Inc. (NYSE:DNP) will redeem all 4,000
      outstanding shares of its Auction Preferred Stock, Series T,
      liquidation preference $25,000 per share (CUSIP: 23325P864). The
      shares will be redeemed on March 25, 2009.
  --  Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE:DUC), will
      redeem all 3,800 outstanding shares of its Auction Market Preferred
      Shares, Series T7, liquidation preference $25,000 per share. (CUSIP:
      26432K207). The shares will be redeemed on March 25, 2009.



Redemption of the shares, which was approved by the funds' boards, was financed by previously announced credit facilities that are intended to ultimately finance redemptions of up to $900 million of DNP preferred shares and up to $190 million of DUC preferred shares.  Management anticipates that the funds will retire additional shares of preferred stock during the second quarter of 2009, although there is no assurance as to the amount or timing of additional redemptions. The funds will announce any subsequent redemptions through press releases and postings to the firm's website.

Moody's Investors Service and Standard & Poor's recently re-affirmed the "Aaa" and "AAA" credit ratings assigned to all series of preferred shares issued by both funds in connection with Duff & Phelps' intention to redeem the funds' outstanding preferred stock.

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 industry.  For more information, visit http://www.dnpselectincome.com/ or call [phone].

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 http://www.dpimc.com/ or call [phone].

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 http://www.dpimc.com/.

Duff & Phelps is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS), an asset management company with $24.4 billion under management (as of November 30, 2008).  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 http://www.virtus.com/. 

DATASOURCE: DNP Select Income Fund Inc.



CONTACT:  Joseph Curry, or Dianna Wengler, or Timothy Riordan all of DNP

Select Income Fund Inc., [phone]



Web Site:  http://www.dnpselectincome.com/ 

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