UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
(Amendment No. )
Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐
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| ☐ | Preliminary Proxy Statement |
| ☐ | Confidential, for use of the Commission only (as permitted by Rule14a-6(e)(2)) |
| ☐ | Definitive Proxy Statement |
| ☒ | Definitive Additional Materials |
| ☐ | Soliciting Material Pursuant toSection 240.14a-12 |
Duff & Phelps Utility and Corporate Bond Trust Inc.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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February 25, 2020
DEAR FELLOW SHAREHOLDER:
There are less than thirty days to the March 24, 2020 Annual Meeting of Shareholders of Duff & Phelps Utility and Corporate Bond Trust Inc. (“DUC”). As of today, we have not received your vote. We ask that you vote your shares by following the voting instructions at the end of this letter.
IMPORTANT TO VOTE AGAINST SHAREHOLDER PROPOSAL 2
I remind you that an opportunist shareholder is attempting to pressure your Board and management to take short sighted actions. We do not believe that this opportunist has a strategy that looks out for the best interest of ALL shareholders. Rather, it is clear to your Board and management that this opportunist is attempting to profit from short term gains at the potential expense of shareholders who plan to hold DUC for the long term, and could even result in the elimination of DUC as an investment option for you if the fund liquidates, or a substantial change in its operations if it were to convert to anopen-end fund or ETF. This is a strategy that has been played out multiple times by this opportunist.
As you may have seen from our proxy statement, a majority of DUC shares are owned by institutional shareholders. That means that in order to defeat the opportunist’s proposal, we need an overwhelming majority of individual shareholders like you to vote against it – along with those institutional shareholders who take a long-term view of their investment in DUC. Please take action by signing, dating and mailing your proxy card in the return envelope provided or follow the voting instructions below.
DUC PROTECTING YOUR FINANCIAL OBJECTIVES
As a valued shareholder in DUC, I believe it is important to remember why you invested in DUC and/or why your Financial Advisor recommended DUC to you. We strongly believe we are aligned with your financial objectives. Our investment objective is to provide high current income consistent with investing in securities of investment grade quality. Your Board continues to stay focused on seeking to achieve this objective, regardless of the opportunist’s efforts.
please see reverse side
We will continue to focus on providing high current income consistent with investing in securities of investment grade quality and will continue our efforts to PROTECT ALL shareholders against the opportunist’s short-term strategy. Again, we ask that you support your Board and management by casting your vote AGAINST proposal 2.
SINCERELY,
DANIEL J. PETRISKO
CHIEF INVESTMENT OFFICER
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Four Convenient Voting Methods to Cast Your Vote |
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1. Vote by Phone with a Representative:You may cast your vote by telephone with a proxy representative by calling toll-free:1-833-892-6624. Representatives are available Monday through Friday 10 a.m. to 8 p.m. Eastern time. |
2. Vote by Touch-Tone Phone:You may cast your vote by telephone using an automated system by calling the toll-free number found on the enclosed card(s) and following the instructions. |
3. Vote Online:You may cast your vote by visiting the web address located on the enclosed card(s) and following the instructions. |
4. Vote by Mail:You may cast your vote by signing, dating and mailing the enclosed card(s) in the enclosed prepaid return envelope. |
If you have any questions regarding the shareholder meeting or voting, please call DUC’s proxy solicitor, Di Costa Partners at1-833-892-6624.
