SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07358
Duff & Phelps Utility and Corporate Bond Trust Inc.
(Exact name of registrant as specified in charter)
55 East Monroe Street, Suite 3600, Chicago, Illinois 60603
(Address of principal executive offices) (Zip code)
| Alan M. Meder | John R. Sagan | |
| Duff & Phelps Utility and Corporate Bond Trust Inc. | Mayer, Brown, Rowe & Maw LLP | |
| 55 East Monroe Street, Suite 3600 | 71 South Wacker Drive | |
| Chicago, Illinois 60603 | Chicago, Illinois 60606 |
(Name and address of agents for service)
Registrant’s telephone number, including area code: (312) 541-5555
Date of fiscal year end: December 31
Date of reporting period: March 31, 2006
Item 1 – Schedule of Investments – [ INSERT SCHEDULE ]
DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
PORTFOLIO OF INVESTMENTS
March 31, 2006
(Unaudited)
| Principal Amount (000) |
Ratings | |||||||||
| Description |
Moody’s | Standard & Poor’s |
Value | |||||||
| LONG-TERM INVESTMENTS - 139.5% |
||||||||||
| U.S. Government and Agency Obligations (a) - 14.1% |
||||||||||
| Federal National Mortgage Association, |
||||||||||
| $ | 474 | 8.00%, 10/01/30 |
Aaa | AAA | $ | 505,854 | ||||
| 1,494 | 7.00%, 12/01/31 |
Aaa | AAA | 1,540,500 | ||||||
| Government National Mortgage Association |
||||||||||
| Pass-Through Certificates, |
||||||||||
| 32 | 7.00%, 3/15/26 |
Aaa | AAA | 33,308 | ||||||
| 249 | 7.50%, 5/15/26 |
Aaa | AAA | 262,385 | ||||||
| 153 | 8.00%, 11/15/30 |
Aaa | AAA | 163,360 | ||||||
| 104 | 8.00%, 2/15/31 |
Aaa | AAA | 111,514 | ||||||
| U.S. Treasury Bonds, |
||||||||||
| 40,000 | 10.375%, 11/15/12 |
Aaa | AAA | 43,398,440 | ||||||
| Total U.S. Government and Agency Obligations (cost $48,741,570) |
46,015,361 | |||||||||
| Corporate Bonds - 120.6% |
||||||||||
| Auto & Truck - 5.0% |
||||||||||
| DaimlerChrysler NA Holdings, |
||||||||||
| 10,000 | 7.20%, 9/01/09 |
A3 | BBB | 10,449,580 | ||||||
| Ford Motor Company, |
||||||||||
| 7,250 | 9.215%, 9/15/21 |
Ba3 | BB- | 5,836,250 | ||||||
| 16,285,830 | ||||||||||
| Financial - 31.4% |
||||||||||
| Boeing Capital Corp., |
||||||||||
| 5,000 | 6.50%, 2/15/12 |
A2 | A | 5,268,550 | ||||||
| Countrywide Capital I, |
||||||||||
| 7,000 | 8.00%, 12/15/26 |
Baa1 | BBB+ | 7,099,778 | ||||||
| EOP Operating Limited Partnership |
||||||||||
| 5,000 | 8.10%, 8/01/10 |
Baa2 | BBB | 5,435,030 | ||||||
| ERP Operating Limited Partnership |
||||||||||
| 5,000 | 6.625%, 3/15/12 |
Baa1 | A- | 5,265,470 | ||||||
| John Deere Capital Corp., |
||||||||||
| 5,000 | 5.125%, 10/19/06 |
A3 | A- | 4,999,810 | ||||||
| General Electric Capital Corporation, |
||||||||||
| 6,065 | 8.625%, 6/15/08 |
Aaa | AAA | 6,477,590 | ||||||
| Great Western Financial Trust II, |
||||||||||
| 10,000 | 8.206%, 2/01/27 |
Baa1 | BBB | 10,582,210 | ||||||
| Household Finance Corp., |
||||||||||
| 16,000 | 8.00%, 7/15/10 |
Aa3 | A | 17,474,240 | ||||||
| KeyCorp Institution Capital B, |
||||||||||
| 10,000 | 8.25%, 12/15/26 |
A3 | BBB | 10,555,570 | ||||||
| Merrill Lynch & Co., |
||||||||||
| 5,000 | 6.50%, 7/15/18 |
Aa3 | A+ | 5,319,520 | ||||||
| 5,000 | 6.875%, 11/15/18 |
Aa3 | A+ | 5,511,895 | ||||||
| NationsBank Capital Trust IV, |
||||||||||
| 10,000 | 8.25%, 4/15/27 |
Aa3 | A | 10,627,720 | ||||||
| Verizon Global Funding Corp., |
||||||||||
| 7,500 | 7.375%, 9/01/12 |
A3 | A | 8,133,540 | ||||||
| 102,750,923 | ||||||||||
| Industrial - 26.1% |
||||||||||
| Archer-Daniels-Midland Company, |
||||||||||
| 5,000 | 8.125%, 6/01/12 |
A2 | A | 5,669,530 | ||||||
| International Paper Co., |
||||||||||
| 5,000 | 3.80%, 4/01/08 |
Baa3 | BBB | 4,836,030 | ||||||
DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
PORTFOLIO OF INVESTMENTS
March 31, 2006
(Unaudited)
| Principal Amount (000) |
Ratings | |||||||||
| Description |
Moody’s | Standard & Poor’s |
Value | |||||||
| Industrial (Continued) |
||||||||||
| Occidental Petroleum Corporation, |
||||||||||
| $ | 5,000 | 9.25%, 8/01/19 |
A3 | A- | $ | 6,569,920 | ||||
| Sun Company, Inc., |
||||||||||
| 5,000 | 9.00%, 11/01/24 |
Baa2 | BBB | 6,547,725 | ||||||
| Tele-Communications, Inc., |
||||||||||
| 5,275 | 10.125%, 4/15/22 |
Baa2 | BBB+ | 6,930,611 | ||||||
| 3,200 | 9.875%, 6/15/22 |
Baa2 | WR | 4,162,083 | ||||||
| Time Warner Entertainment Company, L.P., |
||||||||||
| 5,000 | 8.875%, 10/01/12 |
Baa2 | BBB+ | 5,709,350 | ||||||
| Time Warner, Inc., |
||||||||||
| 5,000 | 9.15%, 2/01/23 |
Baa1 | BBB+ | 6,025,815 | ||||||
| Trans-Canada Pipelines Limited, |
||||||||||
| 10,000 | 9.875%, 1/01/21 |
A2 | A- | 13,794,350 | ||||||
| USX Corporation, |
||||||||||
| 10,000 | 9.125%, 1/15/13 |
Baa1 | BBB+ | 11,915,090 | ||||||
| Weyerhaeuser Co., |
||||||||||
| 12,500 | 6.75%, 3/15/12 |
Baa2 | BBB | 13,028,575 | ||||||
| 85,189,079 | ||||||||||
| Retail - 1.6% |
||||||||||
| Wal-Mart Stores, Inc., |
||||||||||
| 5,000 | 6.875%, 8/10/09 |
Aa2 | AA | 5,246,125 | ||||||
| Telephone - 16.4% |
||||||||||
| Bell Canada, Inc., |
||||||||||
| 10,000 | 9.50%, 10/15/10 |
A3 | A- | 11,495,340 | ||||||
| Deutsche Telekom International Finance, |
||||||||||
| 12,000 | 8.00%, 6/15/10 |
A3 | A- | 13,080,108 | ||||||
| France Telecom SA |
||||||||||
| 5,000 | 7.75%, 3/01/11 |
A3 | A- | 5,466,150 | ||||||
| Koninklijke (Royal) KPN NV, |
||||||||||
| 5,000 | 8.00%, 10/01/10 |
Baa2 | BBB+ | 5,371,965 | ||||||
| New York Telephone Co., |
||||||||||
| 5,000 | 8.625%, 11/15/10 |
Baa3 | A | 5,466,560 | ||||||
| Sprint Corp., |
||||||||||
| 10,125 | 9.25%, 4/15/22 |
Baa2 | A- | 12,792,674 | ||||||
| 53,672,797 | ||||||||||
| Utilities - Electric - 40.1% |
||||||||||
| Alabama Power Co., |
||||||||||
| 2,750 | 7.125%, 10/01/07 |
A2 | A | 2,820,095 | ||||||
| CalEnergy Company, Inc., |
||||||||||
| 10,000 | 8.48%, 9/15/28 |
Baa1 | BBB+ | 12,393,690 | ||||||
| ComEd Financing II, |
||||||||||
| 17,438 | 8.50%, 1/15/27 |
Baa3 | BBB- | 17,992,860 | ||||||
| Dominion Resources, Inc., |
||||||||||
| 10,000 | 8.125%, 6/15/10 |
Baa2 | BBB | 10,868,460 | ||||||
| Duke Energy Corporation, |
||||||||||
| 10,000 | 7.375%, 3/01/10 |
A3 | BBB | 10,621,050 | ||||||
DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
PORTFOLIO OF INVESTMENTS
March 31, 2006
(Unaudited)
| Principal Amount (000) |
Ratings | |||||||||
| Description |
Moody’s | Standard & Poor’s |
Value | |||||||
| Utilities - Electric (Continued) |
||||||||||
| Hydro-Quebec, |
||||||||||
| $ | 10,000 | 7.50%, 4/01/16 |
A1 | A+ | $ | 11,548,830 | ||||
| Illinois Power Co., |
||||||||||
| 8,485 | 7.50%, 6/15/09 |
Baa2 | BBB+ | 8,949,588 | ||||||
| KeySpan Gas East Corporation, |
||||||||||
| 10,088 | 7.875%, 2/01/10 |
A2 | A+ | 10,902,283 | ||||||
| Progress Energy, Inc., |
||||||||||
| 5,000 | 7.10%, 3/01/11 |
Baa2 | BBB- | 5,308,475 | ||||||
| Sempra Energy, |
||||||||||
| 10,000 | 7.95%, 3/01/10 |
Baa1 | BBB+ | 10,809,380 | ||||||
| Southern California Edison Company, |
||||||||||
| 5,512 | 7.625%, 1/15/10 |
Baa1 | BBB | 5,876,801 | ||||||
| South Carolina Electric & Gas Co., |
||||||||||
| 6,000 | 6.125%, 3/01/09 |
A1 | A- | 6,131,322 | ||||||
| Wisconsin Energy Corp., |
||||||||||
| 6,000 | 6.50%, 4/01/11 |
A3 | BBB+ | 6,234,552 | ||||||
| Xcel Energy, Inc., |
||||||||||
| 10,131 | 7.00%, 12/01/10 |
Baa1 | BBB- | 10,686,827 | ||||||
| 131,144,213 | ||||||||||
| Total Corporate Bonds (cost $391,125,391) |
440,304,328 | |||||||||
| Asset-Backed Securities - 4.8% |
||||||||||
| California Infrastructure SCE 1997-1 A7 |
||||||||||
| 5,000 | 6.42%, 12/26/09 |
Aaa | AAA | 5,076,788 | ||||||
| Detroit Edison Securitization Funding LLC 2001-1 A6 |
||||||||||
| 5,000 | 6.62%, 3/01/16 |
Aaa | AAA | 5,379,750 | ||||||
| PSE&G Transition Funding 2001-1 A5 |
||||||||||
| 5,000 | 6.45%, 3/15/13 |
Aaa | AAA | 5,222,896 | ||||||
| Total Asset-Backed (cost $17,012,500) |
15,679,434 | |||||||||
| Total Long-Term Investments (cost $456,879,461) |
455,983,762 | |||||||||
DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
PORTFOLIO OF INVESTMENTS
March 31, 2006
(Unaudited)
| Principal Amount (000) |
Ratings | ||||||||||
| Description |
Moody’s | Standard & Poor’s |
Value | ||||||||
| SHORT-TERM INVESTMENTS - 0.5% |
|||||||||||
| U.S. Treasury Bills, (a) |
|||||||||||
| $ | 1,800 | 4.50%, 4/27/06 |
Aaa | AAA | $ | 1,794,150 | |||||
| Total Short-Term Investments (cost $1,794,150) |
1,794,150 | ||||||||||
| Total Investments - 140.0% (cost $458,673,611) |
457,777,912 | ||||||||||
| Liabilities, less cash and other assets - (40.0%) |
(130,760,380 | ) | |||||||||
| Net Assets - 100% |
$ | 327,017,532 | |||||||||
WR - Without rating
| (a) | AAA ratings on U.S. government and agency obligations are assumed because they are not rated. |
Notes
Security Valuation: Fixed income securities are valued at the mean of bid and ask prices provided by an independent pricing service when such prices are believed to reflect the fair market value of such securities. Such bid and ask prices are determined taking into account securities prices, yields, maturities, call features, ratings, and institutional size trading in similar securities and developments related to specific securities. Any securities for which it is determined that market prices are unavailable or inappropriate are valued at a fair value using a procedure determined in good faith by the Board of Directors. Short-term investments having a maturity of 60 days or less are valued on an amortized cost basis, which approximates market value.
The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of March 31, 2006 was as follows:
| Tax Basis of Investment |
Unrealized Appreciation |
Unrealized Depreciation |
Net Unrealized Depreciation | |||||||
| $ | 476,430,987 | $ | 7,500,555 | $ | 26,153,630 | $ | 18,653,075 | |||
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (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 Exchange Act.
(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 second fiscal quarter of the fiscal half-year covered by this report 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 – 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 and Principal Financial Officer | ||
| Date |
May 19, 2006 | |
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 | ||
| Date |
May 19, 2006 | |
| By (Signature and Title) | /s/ ALAN M. MEDER | |
| Alan M. Meder | ||
| Treasurer and Principal Financial Officer | ||
| Date |
May 19, 2006 | |