SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Rule 23c-2 Notice of Intention to

Redeem Securities

of

DUFF & PHELPS UTILITY AND

CORPORATE BOND TRUST INC.

200 South Wacker Drive

Suite 500

Chicago, Illinois 60606

under the

Investment Company Act of 1940

Investment Company Act File No. 811-07358

The undersigned registered closed-end investment company hereby notifies the Securities and Exchange Commission (the “Commission”) that it intends to redeem securities of which it is the issuer, as set forth below in accordance with the requirements of Rule 23c-2 under the Investment Company Act of 1940 (the “Act”), and states that it is filing this notice with the Commission pursuant to permission granted by the Commission staff fewer than 30 days prior to the date set for the redemption.

Auction Market Preferred Shares, Series TH7, Liquidation Preference $25,000 per share (CUSIP # 26432K306) (the “Preferred Shares”).

December 21, 2012

The Preferred Shares are to be redeemed pursuant to paragraph 8(a) of Part I of the Articles Supplementary filed by the Fund on October 23, 2006 (the “Articles Supplementary”).

The Fund intends to redeem 1,683 shares (the “Called Shares”) of the 3,583 outstanding Preferred Shares. The Called Shares will be redeemed pro rata from the Holders (as defined in the Articles Supplementary) of Preferred Shares in proportion to the number of Preferred Shares held by such Holders.

SIGNATURE

Pursuant to the requirement of Rule 23c-2 under the Investment Company Act of 1940, the Fund has duly caused this Notice of Intention to Redeem Securities to be signed on its behalf by the undersigned on this 30^th day of November, 2012.