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

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)


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

(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: March 31, 2010

Item 1 –

Schedule of Investments –

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

PORTFOLIO OF INVESTMENTS

March 31, 2010

(Unaudited)


Principal Amount (000)				Description	Value
			LONG-TERM INVESTMENTS - 154.7%
			U.S. Government and Agency Obligations - 10.3%
			Federal National Mortgage Association,
$	5,000		6.00%,	5/15/11	$	5,303,470
	219		8.00%,	10/01/30		254,457
	815		7.00%,	12/01/31		916,027
			Government National Mortgage Association
			Pass-Through Certificates,
	14		7.00%,	3/15/26		15,217
	64		8.00%,	11/15/30		73,608
	34		8.00%,	2/15/31		38,771
			U.S. Treasury Note,
	8,000		3.875%,	9/15/10		8,133,752
	8,000		1.50%,	10/31/10		8,058,128
	10,000		4.50%,	2/28/11		10,374,610

			Total U.S. Government and Agency Obligations
			(Cost $32,910,995)			33,168,040


			Corporate Bonds - 137.6%
			Financial - 27.6%
			Boeing Capital Corp.,
	7,000	(a)	6.50%,	2/15/12		7,650,475
			Caterpillar Financial Services Corp.,
	7,000	(a)	7.15%,	2/15/19		8,253,588
			CPG Partners L.P.,
	7,900		8.25%,	2/01/11		8,333,615
			Daimler Finance NA LLC.,
	5,000		7.75%,	1/18/11		5,261,140
			ERP Operating Limited Partnership,
	5,000		6.625%,	3/15/12		5,408,475
			General Electric Capital Corp.,
	6,000		6.125%,	2/22/11		6,276,282
			Household Finance Corp.,
	6,000		8.00%,	7/15/10		6,119,172
			JPMorgan Chase & Co.,
	10,000		7.875%,	6/15/10		10,134,130
			Keybank, N.A.,
	3,200		7.30%,	5/01/11		3,368,301
			Mack-Cali Realty, L.P.,
	7,000		7.75%,	2/15/11		7,320,334
			NationsBank Capital Trust IV,
	10,000		8.25%,	4/15/27		10,175,000
			US Bank N.A.,
	5,000		4.95%,	10/30/14		5,328,410
			Wells Fargo Bank N.A.,
	5,000		6.45%,	2/01/11		5,235,635

						88,864,557

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

PORTFOLIO OF INVESTMENTS-(Continued)

March 31, 2010

(Unaudited)


Principal Amount (000)				Description	Value
			Industrial - 39.5%
			Archer-Daniels-Midland Company,
$	4,000	(a)	7.125%,	3/01/13	$	4,520,024
			Coca-Cola Enterprises, Inc.,
	6,000	(a)	8.50%,	2/01/12		6,767,940
			Devon Financing Corp.,
	6,000	(a)	6.875%,	9/30/11		6,476,382
			Dow Chemical Company,
	6,000		9.00%,	4/01/21		6,956,766
			Hewlett-Packard Co.,
	7,000	(a)	6.125%,	3/01/14		7,890,022
			Kraft Foods, Inc.,
	5,000		6.25%,	6/01/12		5,474,655
			Potash Corporation of Saskatchewan, Inc.,
	8,578	(a)	7.75%,	5/31/11		9,197,109
			Premcor Refining Group, Inc.,
	5,000	(a)	6.125%,	5/01/11		5,211,015
			Sun Company, Inc.,
	5,000	(a)	9.00%,	11/01/24		5,751,790
			Target Corp.,
	5,000		6.00%,	1/15/18		5,606,705
			Tele-Communications, Inc.,
	5,275	(a)	10.125%,	4/15/22		7,117,246
	3,200	(a)	9.875%,	6/15/22		4,226,240
			Time Warner Entertainment Company, L.P.,
	5,000	(a)	8.875%,	10/01/12		5,760,525
			Time Warner, Inc.,
	5,000	(a)	9.15%,	2/01/23		6,505,970
			USX Corporation,
	10,000		9.125%,	1/15/13		11,857,130
			Viacom, Inc.,
	5,000		6.25%,	4/30/16		5,531,065
			Wal-Mart Stores, Inc.,
	5,000		6.75%,	10/15/23		5,863,135
			Wellpoint, Inc.,
	5,000		6.80%,	8/01/12		5,528,460
			Xerox Corp.,
	5,000		6.35%,	5/15/18		5,425,010
			XTO Energy, Inc.,
	5,000	(a)	6.50%,	12/15/18		5,780,530

						127,447,719

			Telephone - 19.5%
			AT&T Wireless Services, Inc.,
	10,000	(a)	8.125%,	5/01/12		11,290,140
			British Telecommunications PLC,
	10,000	(b)	8.125%,	12/15/10		10,562,060
			Deutsche Telekom International Finance,
	12,000	(a)(b)	8.00%,	6/15/10		12,178,032
			France Telecom SA,
	7,625	(a)(b)	7.75%,	3/01/11		8,097,132
			New York Telephone Co.,
	5,000		8.625%,	11/15/10		5,221,910
			Rogers Communications, Inc.,
	6,000		7.50%,	3/15/15		7,010,574
			Verizon Global Funding Corp.,
	7,500	(a)	7.375%,	9/01/12		8,497,935

						62,857,783

			Utilities - 51.0%
			AGL Capital Corp.,
	10,000	(a)	7.125%,	1/14/11		10,457,040
			American Water Capital Corp.,
	5,000		6.593%,	10/15/37		5,254,375
			Arizona Public Service Co.,
	5,000	(a)	6.875%,	8/01/36		5,338,350
			Atmos Energy Corp.,
	5,000		7.375%,	5/15/11		5,327,370
			CalEnergy Company, Inc.,
	10,000	(a)	8.48%,	9/15/28		12,367,350
			Cleveland Electric Illumination Co.,
	6,713	(a)	8.875%,	11/15/18		8,349,850
			Entergy Texas, Inc.,
	10,000	(a)	7.125%,	2/01/19		11,232,980
			FirstEnergy Corp.,
	5,000	(a)	7.375%,	11/15/31		5,188,565
			FPL Group Capital, Inc.,
	5,000		5.625%,	9/01/11		5,285,235
			Hydro-Quebec,
	10,000		7.50%,	4/01/16		12,086,320

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

PORTFOLIO OF INVESTMENTS-(Continued)

March 31, 2010

(Unaudited)


Principal Amount (000)				Description	Value
			Utilities (Continued)
			Kinder Morgan Energy Partners,
$	5,000		7.75%,	3/15/32	$	5,792,900
			Northern Border Partners L.P.,
	6,040	(a)	8.875%,	6/15/10		6,131,748
			ONEOK Inc.,
	4,060		7.125%,	4/15/11		4,297,896
			Progress Energy, Inc.,
	6,000	(a)	7.10%,	3/01/11		6,311,280
	5,000		7.05%,	3/15/19		5,651,505
			PSE&G Power, LLC.,
	7,195	(a)	7.75%,	4/15/11		7,677,547
			Reliant Energy Resources Corp.,
	10,000	(a)	7.75%,	2/15/11		10,530,840
			South Carolina Electric & Gas Co.,
	5,685		6.50%,	11/01/18		6,460,747
			Trans-Canada Pipelines Limited,
	10,000		9.875%,	1/01/21		13,620,360
			Wisconsin Energy Corp.,
	6,000		6.50%,	4/01/11		6,327,342
			Xcel Energy, Inc.,
	10,131	(a)	7.00%,	12/01/10		10,532,086

						164,221,686

			Total Corporate Bonds
			(Cost $421,004,850)			443,391,745


			Asset-Backed Securities - 1.8%
			Detroit Edison Securitization Funding LLC 2001-1 A6,
	5,000		6.62%,	3/01/16		5,808,748

			Total Asset-Backed Securities
			(Cost $5,925,000)			5,808,748


Shares
			Non-Convertible Preferred Stock - 5.0%
			Financial - 5.0%
			Duke Realty Corp., Series M,
	100,000		6.95%			2,266,000
			Duke Realty Corp., Series N,
	100,000		7.25%			2,357,000
			Kimco Realty Corp., Series G,
	100,000		7.75%			2,527,000
			Public Storage, Inc., Series I,
	120,000		7.25%			3,045,600
			Realty Income Corp., Series D,
	100,000		7.375%			2,568,000
			UDR, Inc., Series G,
	100,000		6.75%			2,296,000
			Vornado Realty Trust, Series I,
	50,000		6.625%			1,136,500


			Total Non-Convertible Preferred Stock
			(Cost $16,713,000)			16,196,100


			Total Investments - 154.7%
			(Cost $476,553,845)			498,564,633

			Other Assets in Excess of Liabilities 4.3%			13,751,465
			Committed Facility Agreement - (29.5)%			(95,000,000)
			Liquidation Value of Preferred Shares - (29.5)%			(95,000,000)


			Net Assets Applicable to Common Stock - 100%		$	322,316,098

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

(b)	Security’s original coupon rate is shown. Coupon rate subject to change if security’s rating is upgraded or downgraded by Standard & Poor’s Ratings Services or Moody’s Investors Service, Inc.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of March 31, 2010 was as follows:

Tax Basis of

Investments

Appreciation

Depreciation

Net Unrealized

Appreciation

$ 494,511,598

$ 13,524,257

$ 9,471,222

$ 4,053,035

Notes

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).

Equity securities traded on a national or foreign securities exchange or traded over-the-counter and quoted on the NASDAQ System are valued at the last reported sale price or, if there was no sale on the pricing date, then the security is valued at the mean of the bid and ask prices as obtained on that day from one or more dealers regularly making a market in that security. 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 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 at date of purchase are valued on an amortized cost basis, which approximates fair value.

The following is a summary of the inputs used to value each of the Fund’s investments as of March 31, 2010:


	Level 1	Level 2	Level 3	Total
Asset-backed securities	$ -	$ 5,808,748	$ -	$ 5,808,748
Corporate bonds - Financial	-	88,864,557	-	88,864,557
Corporate bonds - Industrial	-	127,447,719	-	127,447,719
Corporate bonds - Telephone	-	62,857,783	-	62,857,783
Corporate bonds - Utilities	-	164,221,686	-	164,221,686
Non-convertible preferred stock	16,196,100	-	-	16,196,100
U.S. Government and Agency Obligations	-	33,168,040	-	33,168,040
Total	$ 16,196,100	$ 482,368,533	$ -	$ 498,564,633

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 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				May 10, 2010

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 10, 2010


By (Signature and Title)				/S/ ALAN M. MEDER

				Alan M. Meder
				Treasurer
				(Principal Financial and Accounting Officer)

Date				May 10, 2010