Edgar Filing: DUFF & PHELPS UTILITY & CORPORATE BOND TRUST INC

Alan M. Meder

Lawrence R. Hamilton

Duff & Phelps Utility and Corporate Bond Trust Inc.

Mayer Brown LLP

200 South Wacker Drive, Suite 500

71 South Wacker Drive

Chicago, Illinois 60606

Chicago, Illinois 60606

<![CDATA[Duff & Phelps Utility and Corporate Bond Trust Inc.]]>

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07358

Duff & Phelps Utility and Corporate Bond Trust Inc.

(Exact name of registrant as specified in charter)

200 South Wacker Drive, Suite 500, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

(Name and address of agents for service)

Registrant’s telephone number, including area code: (800) 338-8214

Date of fiscal year end: December 31

Date of reporting period: September 30, 2011

ITEM 1.

SCHEDULE OF INVESTMENTS.

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

STATEMENT OF NET ASSETS

September 30, 2011

(Unaudited)


Principal Amount (000)		Description			Value (Note 1)
			LONG-TERM INVESTMENTS - 154.7%
			U.S. Government and Agency Obligations - 0.3%
			Federal National Mortgage Association,
			Pass-Through Certificates,
	$ 175		8.00%,	10/01/30	$	199,081
	604		7.00%,	12/01/31		696,834
			Government National Mortgage Association
			Pass-Through Certificates,
	12		7.00%,	3/15/26		14,366
	62		8.00%,	11/15/30		73,668
	33		8.00%,	2/15/31		38,928

			Total U.S. Government and Agency Obligations
			(Cost $912,516)			1,022,877


			Corporate Bonds - 149.1%
			Financial - 35.3%
	5,000		American Express Co.,
			6.15%,	8/28/17		5,722,350
	7,000		Boeing Capital Corp.,
			6.50%,	2/15/12 (a)(b)		7,147,336
	6,000		Caterpillar Financial Services Corp.,
			6.125%,	2/17/14		6,697,992
	5,000		DaimlerChrysler North America Holding Corp.,
			6.50%,	11/15/13		5,492,315
	5,000		Duke Realty Limited Partnership,
			6.25%,	5/15/13		5,223,035
	5,000		ERP Operating Limited Partnership,
			6.625%,	3/15/12		5,117,795
	6,000		General Electric Capital Corp.,
			4.80%,	5/01/13 (a)		6,303,672
	5,000		The Goldman Sachs Group, Inc.,
			5.50%,	11/15/14		5,228,600
	5,000		JPMorgan Chase & Co.,
			5.375%,	10/01/12		5,204,290
	5,000		JPMorgan Chase & Co.,
			4.75%,	5/01/13		5,258,800
	5,000		Kimco Realty Corp.,
			5.584%,	11/23/15		5,347,715
	5,000		MetLife, Inc.,
			5.50%,	6/15/14		5,478,350
	6,000		Morgan Stanley,
			6.00%,	4/28/15		5,976,384
	10,000		NationsBank Capital Trust IV,
			8.25%,	4/15/27		9,350,000
	5,000		National City Corp.,
			6.875%,	5/15/19		5,753,320
	5,000		Northern Trust Corp.,
			5.50%,	8/15/13		5,425,525
	5,000		Realty Income Corp.,
			6.75%,	8/15/19		5,826,510
	6,000		US Bank, N.A.,
			4.95%,	10/30/14		6,534,996
	6,000		Wachovia Bank NA,
			6.00%,	11/15/17		6,657,294

						113,746,279

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

STATEMENT OF NET ASSETS-(Continued)

September 30, 2011

(Unaudited)


Principal Amount (000)		Description			Value (Note 1)
			Industrial - 29.1%
$	4,000		Archer-Daniels-Midland Company,
			7.125%,	3/01/13 (a)	$	4,326,400
	6,000		Coca-Cola Enterprises, Inc.,
			8.50%,	2/01/12 (a)		6,151,590
	5,000		ConocoPhillips
			4.75%,	2/01/14		5,443,885
	6,000		Dow Chemical Company,
			9.00%,	4/01/21		7,678,686
	7,000		Hewlett-Packard Co.,
			6.125%,	3/01/14 (a)(b)		7,656,880
	1,827		Kraft Foods, Inc.,
			6.25%,	6/01/12		1,891,963
	5,000		Sun Company, Inc.,
			9.00%,	11/01/24		6,899,875
	5,000		Target Corp.,
			6.00%,	1/15/18		6,064,740
	5,275		Tele-Communications, Inc.,
			10.125%,	4/15/22 (a)(b)		7,573,502
	3,200		Tele-Communications, Inc.,
			9.875%,	6/15/22 (a)		4,544,659
	5,000		Time Warner Cable, Inc.,
			7.50%,	4/01/14		5,658,820
	5,000		Time Warner Entertainment Company, L.P.,
			8.875%,	10/01/12 (a)(b)		5,364,445
	5,000		Time Warner, Inc.,
			9.15%,	2/01/23		6,870,010
	5,000		Wal-Mart Stores, Inc.,
			6.75%,	10/15/23		6,605,500
	5,000		Wellpoint, Inc.,
			6.80%,	8/01/12		5,244,430
	5,000		Xerox Corp.,
			6.35%,	5/15/18		5,691,040

						93,666,425


			Telephone - 13.5%
	10,000		AT&T Wireless Services, Inc.,
			8.125%,	5/01/12 (a)(b)		10,405,050
	5,000		Deutsche Telekom International Finance,
			5.25%,	7/22/13		5,282,665
	6,000		Rogers Communications, Inc.,
			7.50%,	3/15/15 (a)		7,076,982
	5,000		Telecom Italia Capital SA,
			5.25%,	10/01/15		4,771,115
	10,000		Verizon Global Funding Corp.,
			7.375%,	9/01/12 (a)(b)		10,575,100
	5,000		Vodafone Group PLC,
			5.000%,	12/16/13		5,396,075

						43,506,987


			Utilities - 71.2%
	5,000		American Water Capital Corp.,
			6.085%,	10/15/17		5,867,915
	5,000		American Water Capital Corp.,
			6.593%,	10/15/37		5,926,980
	5,000		Arizona Public Service Co.,
			6.875%,	8/01/36		6,430,230

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

STATEMENT OF NET ASSETS-(Continued)

September 30, 2011

(Unaudited)


Principal Amount (000)		Description			Value (Note 1)
	$ 10,000		CalEnergy Company, Inc.,
			8.48%,	9/15/28 (a)(b)	$	13,980,850
	5,000		CenterPoint Energy Resources Corp.,
			6.00%,	5/15/18		5,794,815
	10,713		Cleveland Electric Illumination Co.,
			8.875%,	11/15/18 (a)		14,508,594
	5,000		Commonwealth Edison Co.,
			6.95%,	7/15/18 (a)		5,818,375
	5,000		Dominion Resources, Inc.
			5.15%,	7/15/15		5,614,215
	8,000		EQT Corporation,
			8.125%,	6/01/19 (a)		9,713,504
	10,000		Entergy Texas, Inc.,
			7.125%,	2/01/19 (a)(b)		12,140,690
	5,475		Exelon Generation Co. LLC,
			6.20%,	10/01/17 (a)		6,181,335
	7,750		FPL Group Capital Inc.,
			7.875%,	12/15/15		9,254,136
	10,000		Hydro-Quebec,
			7.50%,	4/01/16 (a)(b)		12,431,530
	5,000		Indiana Michigan Power Co.,
			7.00%,	3/15/19		6,181,265
	5,000		Kinder Morgan Energy Partners,
			7.75%,	3/15/32 (a)		6,266,785
	6,000		National Grid PLC
			6.30%,	8/01/16		6,904,884
	6,500		National Rural Utilities Cooperative Finance Corp.,
			5.50%,	7/01/13 (a)		7,017,108
	7,167		Oncor Electric Delivery Co., LLC,
			6.375%,	5/01/12 (a)(b)		7,380,770
	9,441		ONEOK Partners, L.P.,
			6.15%,	10/01/16 (a)		10,737,703
	3,690		PPL Energy Supply LLC,
			6.50%,	5/01/18 (a)		4,322,278
	5,000		PSEG Power LLC,
			5.32%,	9/15/16 (a)		5,535,815
	10,000		Progress Energy, Inc.,
			7.05%,	3/15/19 (a)(b)		12,454,830
	8,000		Sempra Energy
			6.15%,	6/15/18		9,436,376
	7,785		South Carolina Electric & Gas Co.,
			6.50%,	11/01/18		9,790,221
	5,000		Spectra Energy Capital LLC,
			6.20%,	4/15/18		5,656,145
	10,000		Trans-Canada Pipelines Limited,
			9.875%,	1/01/21		15,026,790
	7,821		Williams Partners L.P.,
			7.25%,	2/01/17 (a)		9,079,696

						229,453,835

			Total Corporate Bonds
			(Cost $468,537,934)			480,373,526

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

STATEMENT OF NET ASSETS-(Continued)

September 30, 2011

(Unaudited)


Principal Amount (000)		Description			Value (Note 1)
			Asset-Backed Securities - 1.8%
	$ 5,000		Detroit Edison Securitization Funding LLC 2001-1 A6,
			6.62%,	3/01/16	$	5,769,888

			Total Asset-Backed Securities
			(Cost $5,925,000)			5,769,888


	Shares

			Non-Convertible Preferred Stock - 3.5%
			Financial - 3.5%
	100,000		Duke Realty Corp., Series M,
			6.95%			2,519,000
	100,000		Kimco Realty Corp., Series G,
			7.75%			2,560,000
	100,000		Realty Income Corp., Series D,
			7.375%			2,571,000
	100,000		UDR, Inc., Series G,
			6.75%			2,525,000
	50,000		Vornado Realty Trust, Series I,
			6.625%			1,253,500

			Total Non-Convertible Preferred Stock
			(Cost $11,158,000)			11,428,500


			Total Investments - 154.7%
			(Cost $486,533,450)			498,594,791

			Other Assets in Excess of Liabilities - 4.3%			13,718,939
			Borrowings - (29.5)%			(95,000,000)
			Liquidation Value of Preferred Shares - (29.5)%			(95,000,000)


			Net Assets Applicable to Common Stock - 100%		$	322,313,730

(a) All or a portion of this security has been segregated and made available for loan.

(b) All or a portion of this security has been loaned.

The percentage shown for each investment category is the total value of that category as a percentage of the net assets applicable to common stock of the Fund.

Notes

(1) The Fund's investments are carried at fair value which is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. The three-tier hierarchy of inputs established to classify fair value measurements for disclosure purposes is summarized in the three broad levels listed below:

Level 1 – quoted prices in active markets for identical securities.

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.).

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. For more information about the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements contained in its semi-annual report.

The following is a summary of the inputs used to value each of the Fund’s investments as of September 30, 2011:


	Level 1		Level 2
Asset-backed securities	$	-	$	5,769,888
Corporate bonds		-		480,373,526
Non-convertible preferred stock		11,428,500		-
U.S. Government and Agency obligations		-		1,022,877
Total	$	11,428,500	$	487,166,291

There were no significant transfers between level 1 and level 2 during the nine months ended September 30, 2011.

(2) The United States federal income tax basis of the Fund's investments and the net unrealized appreciation as of September 30, 2011 were as follows:


Tax Basis of Investments	Appreciation	Depreciation	Net Unrealized Appreciation
$486,533,450	$22,328,573	$10,267,232	$12,061,341

Other information regarding the Fund is available in the Fund's most recent semi-annual and annual reports. This information is available on the Fund's website at www.ducfund.com or the Securities and Exchange Commission's website at www.sec.gov.

ITEM 2.

CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on an evaluation of those controls and procedures made as of a date within 90 days of the filing date of this report as required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934.

(b) There has been no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3.

EXHIBITS.

Exhibit 99.CERT- Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

By (Signature and Title)		/S/ ALAN M. MEDER
		Alan M. Meder
		Treasurer
		(Principal Financial and Accounting Officer)

Date		November 18, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)		/S/ NATHAN I. PARTAIN
		Nathan I. Partain
		President and Chief Executive Officer
		(Principal Executive Officer)

Date		November 18, 2011

By (Signature and Title)		/S/ ALAN M. MEDER
		Alan M. Meder
		Treasurer
		(Principal Financial and Accounting Officer)

Date		November 18, 2011