CHICAGO, April 14, 2020 /PRNewswire/ -- Duff & Phelps
Utility and Corporate Bond Trust Inc. (NYSE: DUC) (the "Fund"), a
closed-end fund advised by Duff & Phelps Investment Management
Co., announced the preliminary results of voting at its annual
meeting of shareholders today.
Item 1: Election of directors
Geraldine M. McNamara and
David J. Vitale were reelected as
directors to serve for a term ending in 2023.
Item 2: Non-binding shareholder proposal
A majority of votes were cast against the non-binding
shareholder proposal asking the board of directors to promptly
consider authorizing a self-tender offer for all outstanding common
shares of the Fund at or close to net asset value, and, if more
than 50% of the Fund's outstanding shares are tendered, to cancel
the tender offer and take the steps necessary to liquidate, merge
or convert the Fund to an open-end mutual fund or exchange traded
fund. Accordingly, the proposal did not pass.
David J. Vitale, Chairman of the
Fund's Board, commented, "The Board of Directors would like to
thank shareholders for their thoughtful consideration of the
proposal. The shareholders have now spoken, with a majority
of votes cast in support of the Board's recommendation and against
the proposal." Nathan I.
Partain, President and CEO of the Fund, added, "On behalf of
the Fund's Board and management, we thank our shareholders for
their vote of confidence in these challenging times, and we assure
you that we will continue to act at all times in the best interests
of the Fund and its shareholders."
Final vote tabulations for all items considered at the meeting
will be included in the Fund's next semi-annual report to
shareholders.
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 approximately
$90.7 billion under management as of
March 31, 2020. 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.