CHICAGO, Sept. 19, 2014 /PRNewswire/ -- The Board of
Directors of Duff & Phelps Utility and Corporate Bond Trust
Inc. (NYSE: DUC) (the "DUC Fund"), at its regular meeting
today, authorized the payment of dividends on the DUC Fund's common
stock as follows:
Cents Per
Share
|
Ex-Dividend
Date
|
Record
Date
|
Payable
Date
|
5.0
|
10/13/14
|
10/15/14
|
10/31/14
|
5.0
|
11/13/14
|
11/17/14
|
11/28/14
|
5.0
|
12/11/14
|
12/15/14
|
12/31/14
|
The $0.05 per share dividend
represents a decrease of $0.02 per
share from the DUC Fund's previous $0.07 per share monthly distribution.
An extended environment of historically low interest rates has
added a significant element of reinvestment risk to bond funds,
including the DUC Fund. When bonds held in a portfolio mature
during a period of low interest rates, the proceeds often need to
be reinvested in lower yielding securities. Due to its
mandated exposure to the investment grade bond market, a prolonged
period of relatively low interest rates and modest reinvestment
opportunities has reduced the availability of earnings to the DUC
Fund. The decrease in the dividend is intended to better
align the DUC Fund's monthly distribution with its current and
projected earnings and is subject to re-evaluation as the interest
rate and credit environment changes.
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. The DUC Fund's investment adviser is
Duff & Phelps Investment Management Co. For more
information, visit www.ducfund.com or call (800) 338-8214.
About the Investment Adviser
Duff & Phelps Investment Management Co. has more than 35
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 $61.4 billion under management as of June 30, 2014. 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.
SOURCE Duff & Phelps Utility and Corporate Bond Trust
Inc.