CHICAGO, Nov. 30, 2012 /PRNewswire/ -- Two closed-end funds advised by Duff & Phelps Investment Management Co. announced today that each of them will redeem additional shares of their auction preferred securities in December.

• DNP Select Income Fund Inc. (NYSE: DNP) will redeem all 3,992 outstanding shares of its Auction Preferred Stock, Series TH, liquidation preference $25,000 per share (CUSIP: 23325P856) on December 21, 2012 and will redeem all 3,959 outstanding shares of its Auction Preferred Stock, Series F, liquidation preference $25,000 per share (CUSIP: 23325P872) on December 24, 2012.
• Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC), will redeem 1,683 shares of its 3,583 outstanding Auction Market Preferred Shares, Series TH7, liquidation preference $25,000 per share (CUSIP: 26432K306) on December 21, 2012.  The 1,683 shares will be redeemed pro rata from registered holders (as they appear in the records of the fund) in proportion to the number of shares held by each such holder.

The shares will be redeemed for 100% of their liquidation preference, which is $25,000 per share plus accrued and unpaid dividends, if any.  Redemption of the shares, which was approved by the funds' boards, is in accordance with provisions of the funds' charters and will be financed by additional draws on the funds' credit facilities.  The amount and timing of any future redemptions are uncertain.

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 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. 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 or call (800) 864-0629.

SOURCE DNP Select Income Fund Inc.