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DUFF & PHELPS UTILITIES INCOME INC. ANNOUNCES A PROPOSED RIGHTS OFFERING

 CHICAGO, Nov. 19 /PRNewswire/ -- Duff & Phelps Utilities Income Inc. (the "Fund") (NYSE: 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. Common shareholders who exercise their rights will be purchasing shares of common stock of the Fund at the lower of 90 percent of the market price per share or 90 percent of the net asset value per share, and without any brokerage commission.
 Subject to the effectiveness of the registration statement, it is anticipated the subscription period will commence on Jan. 18, 1994, to shareholders of record Jan. 10, 1994, and conclude on Feb. 24, 1994. The Fund expects to begin mailing prospectuses to shareholders in January 1994.
 Duff & Phelps Utilities Income Inc. is a $2.1 billion 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 administrator for the Fund is J.J.B. Hilliard, W.L. Lyons, Inc.
 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 state.
 -0- 11/19/93
 /CONTACT: Richard J. Spletzer, CFA, CIC, of Duff & Phelps Utilities Income Inc., 312-368-5510/
 (DNP)


CO: Duff & Phelps Utilities Income Inc. ST: Illinois IN: FIN SU: OFR

MP -- NY058 -- 6581 11/19/93 14:06 EST
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Publication:PR Newswire
Date:Nov 19, 1993
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