DUC Duff and Phelps Utilities and Cap Bond Trust

At the August 14, 2008 Board meetings the directors of DNP Select Income Fund Inc. (DNP), Duff & Phelps Utility and Corporate Bond Trust Inc. (DUC), and DTF Tax-Free Income Inc (DTF) received an update from the Funds� management and legal counsel on recent developments affecting the Funds� remarketed and auction preferred stock. The Boards took note of the August 7, 2008 announcement by the SEC�s Division of Enforcement that a preliminary settlement had been reached with a major broker-dealer that had marketed auction rate securities (ARS) to its customers. The terms of the settlement included an undertaking by the broker-dealer to purchase ARS at full face value from its retail customers within three months and to provide no-cost loans to those customers until the ARS are purchased. The broker-dealer also agreed to use its best efforts to liquidate ARS from its institutional customers by the end of 2009. On August 8, 2008, the SEC�s Division of Enforcement announced that a similar preliminary settlement had been reached with a second major broker-dealer. In the days following these announcements, several other major broker-dealers announced voluntary undertakings to purchase ARS from their customers. The Funds� management believes that many holders of the Funds� preferred stock are customers of these major broker-dealers, and that additional broker-dealers are likely to announce similar undertakings in the future. The Boards view the steps that broker-dealers are taking to provide liquidity to their customers who are holders of ARS as a positive development. Because it appears that these steps may lead to a resolution of the illiquidity that the Funds� preferred shareholders have experienced since February of this year, the Boards have accepted management�s recommendation to suspend the efforts to obtain a credit facility from commercial banks that had been envisioned as a way of funding a redemption by DNP and DUC of some or all of their preferred stock. The Boards and management of the Funds will continue to monitor developments affecting the liquidity of the Funds� preferred stock. For more information, visit the investment company�s website at www.phoenixinvestments.com or call (800) 338-8214.