- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)

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 S. Wacker Dr., 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 S. Wacker Dr., 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, 2009

Item 1 – Schedule of Investments –

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

PORTFOLIO OF INVESTMENTS

March 31, 2009

(Unaudited)


Principal Amount (000)		Description		Value
		LONG-TERM INVESTMENTS - 158.8%
		U.S. Government and Agency Obligations - 6.1%
		Federal National Mortgage Association,
$	10,000	7.25%,	1/15/10	$	10,490,470
	5,000	6.00%,	5/15/11		5,486,185
	254	8.00%,	10/01/30		276,644
	957	7.00%,	12/01/31		1,031,296
		Government National Mortgage Association Pass-Through Certificates,
	14	7.00%,	3/15/26		15,326
	92	8.00%,	11/15/30		99,776
	34	8.00%,	2/15/31		37,075

		Total U.S. Government and Agency Obligations (cost $18,711,620)			17,436,772

		Corporate Bonds - 147.2%
		Financial - 21.9%
		Boeing Capital Corp.,
	7,000	6.50%,	2/15/12		7,387,247
		CPG Partners L.P.,
	2,900	8.25%,	2/01/11		2,788,820
		ERP Operating Limited Partnership,
	5,000	6.625%,	3/15/12		4,242,610
		Firstar Bank, N.A.,
	7,000	7.125%,	12/01/09		7,137,704
		Household Finance Corp.,
	6,000	8.00%,	7/15/10		5,660,340
		JPMorgan Chase & Co.,
	10,000	7.875%,	6/15/10		10,192,990
		Keybank, N.A.,
	3,200	7.30%,	5/01/11		3,124,784
		Mack-Cali Realty, L.P.,
	7,000	7.75%,	2/15/11		6,277,390
		NationsBank Capital Trust IV,
	10,000	8.25%,	4/15/27		4,345,120
		PNC Funding Corp.,
	6,000	7.50%,	11/01/09		5,976,270
		Simon Property Group, L.P.,
	5,000	7.00%,	7/15/09		4,958,165

					62,091,440

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

PORTFOLIO OF INVESTMENTS-(Continued)

March 31, 2009

(Unaudited)


Principal Amount (000)			Description		Value
			Industrial - 35.1%
			Archer-Daniels-Midland Company,
$	4,000		7.125%,	3/01/13	$	4,396,920
			Coca-Cola Enterprises, Inc.,
	5,000		8.50%,	2/01/12		5,592,110
			DaimlerChrysler NA Holdings,
	10,000		7.20%,	9/01/09		10,043,610
			Devon Financing Corp.,
	5,000		6.875%,	9/30/11		5,231,955
			Dow Chemical Company,
	6,000		9.00%,	4/01/21		4,981,020
			Potash Corporation of Saskatchewan, Inc.,
	8,578		7.75%,	5/31/11		9,222,705
			Premcor Refining Group, Inc.,
	5,000		6.125%,	5/01/11		5,055,900
			Sun Company, Inc.,
	5,000		9.00%,	11/01/24		4,851,335
			Tele-Communications, Inc.,
	5,275		10.125%,	4/15/22		6,053,237
	3,200		9.875%,	6/15/22		3,611,331
			Time Warner Entertainment Company, L.P.,
	5,000		8.875%,	10/01/12		5,115,410
			Time Warner, Inc.,
	5,000		9.15%,	2/01/23		4,981,430
			Union Pacific Corp.,
	9,258		7.375%,	9/15/09		9,296,411
			USX Corporation,
	10,000		9.125%,	1/15/13		10,940,910
			Wal-Mart Stores, Inc.,
	5,000		6.875%,	8/10/09		5,093,820
			XTO Energy, Inc.,
	5,000		6.50%,	12/15/18		4,976,320

						99,444,424

			Telephone - 23.9%
			British Telecommunications PLC,
	10,000	(a)	8.125%,	12/15/10		10,411,370
			Deutsche Telekom International Finance,
	12,000	(a)	8.00%,	6/15/10		12,538,596
			France Telecom SA,
	7,625	(a)	7.75%,	3/01/11		8,169,959
			Koninklijke (Royal) KPN NV,
	5,000		8.00%,	10/01/10		5,174,590
			New Cingular Wireless Services, Inc.,
	10,000		8.125%,	5/01/12		10,909,520
			New York Telephone Co.,
	5,000		8.625%,	11/15/10		5,331,195
			Sprint Corp.,
	10,125		9.25%,	4/15/22		7,252,031
			Verizon Global Funding Corp.,
	7,500		7.375%,	9/01/12		8,112,090

						67,899,351

			Utilities - 66.3%
			AGL Capital Corp.,
	10,000		7.125%,	1/14/11		10,148,840
			Arizona Public Service Co.,
	5,000		6.875%,	8/01/36		3,709,875
			CalEnergy Company, Inc.,
	10,000		8.48%,	9/15/28		10,679,460
			CenterPoint Energy Resources Corp.,
	10,000		7.75%,	2/15/11		10,165,650
			Cleveland Electric Illumination Co.,
	6,713		8.875%,	11/15/18		7,452,706
			Duke Energy Corporation,
	10,000		7.375%,	3/01/10		10,409,900
			Entergy Texas, Inc.,
	10,000		7.125%,	2/01/19		9,793,130
			FirstEnergy Corp.,
	5,000		7.375%,	11/15/31		4,078,790
			FPL Group Capital, Inc.,
	5,050		7.375%,	6/01/09		5,089,976
			Hydro-Quebec,
	10,000		7.50%,	4/01/16		12,211,970
			Illinois Power Co.,
	8,485		7.50%,	6/15/09		8,492,738

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

PORTFOLIO OF INVESTMENTS-(Continued)

March 31, 2009

(Unaudited)


Principal Amount (000)		Description		Value
		Utilities (Continued)
		KeySpan Gas East Corporation,
$	10,088	7.875%,	2/01/10	$	10,357,905
		NSTAR,
	7,020	8.00%,	2/15/10		7,300,224
		ONEOK Partners, L.P.,
	6,040	8.875%,	6/15/10		6,199,722
		Progress Energy, Inc.,
	6,000	7.10%,	3/01/11		6,222,924
		PSE&G Power, LLC.,
	7,195	7.75%,	4/15/11		7,532,769
		Sempra Energy,
	10,000	7.95%,	3/01/10		10,323,700
		South Carolina Electric & Gas Co.,
	2,685	6.50%,	11/01/18		2,953,865
		Southern California Edison Company,
	5,512	7.625%,	1/15/10		5,697,363
		Spectra Energy Capital LLC.,
	10,000	7.50%,	10/01/09		10,170,740
		Trans-Canada Pipelines Limited,
	10,000	9.875%,	1/01/21		12,129,080
		Wisconsin Energy Corp.,
	6,000	6.50%,	4/01/11		6,251,688
		Xcel Energy, Inc.,
	10,131	7.00%,	12/01/10		10,484,683

					187,857,698

		Total Corporate Bonds (cost $430,900,484)			417,292,913

		Asset-Backed Securities - 2.0%
		Detroit Edison Securitization Funding LLC 2001-1 A6,
	5,000	6.62%,	3/01/16		5,613,678

		Total Asset-Backed Securities (cost $5,925,000)			5,613,678


Shares
		Non-Convertible Preferred Stock - 3.5%
		Financial - 3.5%
		Duke Realty Corp., Series M,
	100,000	6.95%			850,000
		Duke Realty Corp., Series N,
	100,000	7.25%			861,000
		Kimco Realty Corp., Series G,
	100,000	7.75%			1,365,000
		Public Storage, Inc., Series I,
	120,000	7.25%			2,340,000
		Realty Income Corp., Series D,
	100,000	7.375%			1,882,000
		UDR, Inc., Series G,
	100,000	6.75%			1,739,000
		Vornado Realty Trust, Series I,
	50,000	6.625%			757,500

		Total Non-Convertible Preferred Stock (cost $16,713,000)			9,794,500

		Total Long-Term Investments (cost $472,250,104)			450,137,863

		Total Investments - 158.8% (cost $472,250,104)			450,137,863
		Liablities in Excess of Other Assets - (25.3)%			(71,657,893	)
		Liquidation Value of Preferred Shares - (33.5)%			(95,000,000	)

		Net Assets Applicable to Common Stock - 100%		$	283,479,970

(a)	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 depreciation as of March 31, 2009 was as follows:


Tax Basis of Investments	Appreciation	Depreciation	Net Unrealized Depreciation
$494,998,760	$1,110,074	$45,970,971	$44,860,897

Notes

Securities Valuation:

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 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 at date of purchase are valued on an amortized cost basis, which approximates market value.

The Fund implemented Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, Fair Value Measurements (“FAS 157”), effective January 1, 2008. In accordance with FAS 157, fair value 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. FAS 157 establishes a three-tier hierarchy to classify fair value measurements for disclosure purposes. The three tier hierarchy of inputs 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. The following is a summary of the inputs used to value each of the Fund’s investments as of March 31, 2009.

Level 1 – $ 9,794,500

Level 2 – $440,343,363

Total – $450,137,863

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 / A LAN M. M EDER
		Alan M. Meder
		Treasurer
		(Principal Financial and Accounting Officer)

Date May 29, 2009

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 / N ATHAN I. P ARTAIN
		Nathan I. Partain
		President and Chief Executive Officer

Date May 29, 2009

By (Signature and Title)		/ S / A LAN M. M EDER
		Alan M. Meder
		Treasurer
		(Principal Financial and Accounting Officer)

Date May 29, 2009