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DUFF & PHELPS UTILITIES INCOME, INC. PROPOSES A RIGHTS OFFERING

 DUFF & PHELPS UTILITIES INCOME, INC. PROPOSES A RIGHTS OFFERING
 CHICAGO, Aug. 24 /PRNewswire/ -- Duff & Phelps Utilities Income Inc. (the ''Fund'') (NYSE Stock Symbol: DNP) announced today that it has filed a registration statement with the Securities and Exchange Commission to offer additional shares of its common stock pursuant to a proposed rights offering.
 Upon effectiveness of the registration statement, the fund expects to issue non-transferable rights so that holders of common stock will be able to subscribe to one new share for each five shares held. The price per share will be the net asset value per share of common stock on a given date.
 A prospectus will be sent to Fund shareholders containing the definitive terms of the rights offering which may differ from those currently proposed.
 Duff & Phelps Utilities Income Inc. is a diversified, closed-end management investment company whose investment objectives are current income and long-term growth of income. Capital appreciation is a secondary objective. The Fund seeks to achieve its investment objectives by investing primarily in a diversified portfolio of equity and fixed income securities of companies in the public utilities industry.
 The fund's investment adviser is Duff & Phelps Investment Management Co.
 The Dealer-Manager for the fund's offering is Merrill Lynch & Co.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such date.
 -0- 8/24/92
 /CONTACT: Richard Spletzer, fund manager, 312-368-5507, or Jacqueline Bitowt (for media inquiries), 312-630-4624 or 4621/
 (DNP) CO: Duff & Phelps Utilities Income Inc. ST: Illinois IN: UTI SU: OFR


KD -- NY080 -- 2735 08/24/92 17:02 EDT
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Publication:PR Newswire
Date:Aug 24, 1992
Words:342
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