- 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 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: September 30, 2010

ITEM 1.

SCHEDULE OF INVESTMENTS.

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

PORTFOLIO OF INVESTMENTS

September 30, 2010

(Unaudited)


Principal Amount (000)			Description			Value (Note 1)
				LONG-TERM INVESTMENTS - 151.6%
				U.S. Government and Agency Obligations - 7.4%
				Federal National Mortgage Association,
$	5,000			6.00%,	5/15/11	$	5,177,670
	201			8.00%,	10/01/30		225,807
	740			7.00%,	12/01/31		841,565
				Government National Mortgage Association
				Pass-Through Certificates,
	13			7.00%,	3/15/26		15,045
	63			8.00%,	11/15/30		74,871
	33			8.00%,	2/15/31		39,484
				U.S. Treasury Note,
	8,000			1.50%,	10/31/10		8,009,376
	10,000			4.50%,	2/28/11		10,180,080

				Total U.S. Government and Agency Obligations
				(Cost $24,354,554)			24,563,898


				Corporate Bonds - 137.3%
				Financial - 25.3%
				Boeing Capital Corp.,
	7,000	(a)		6.50%,	2/15/12		7,545,020
				Caterpillar Financial Services Corp.,
	7,000	(a)		7.15%,	2/15/19		9,032,961
				CPG Partners L.P.,
	7,900			8.25%,	2/01/11		8,067,290
				Daimler Finance NA LLC,
	6,000			7.75%,	1/18/11		6,118,350
				ERP Operating Limited Partnership,
	5,000			6.625%,	3/15/12		5,355,190
				General Electric Capital Corp.,
	6,000			6.125%,	2/22/11		6,135,420
				JPMorgan Chase & Co.,
	5,000			5.375%,	10/01/12		5,412,625
	5,000			4.75%,	5/01/13		5,426,035
				Keybank, N.A.,
	3,200			7.30%,	5/01/11		3,295,296
				Mack-Cali Realty, L.P.,
	7,000			7.75%,	2/15/11		7,138,271
				NationsBank Capital Trust IV,
	10,000			8.25%,	4/15/27		10,325,000
				US Bank, N.A.,
	5,000			4.95%,	10/30/14		5,537,500
				Wells Fargo Bank, N.A.,
	5,000			6.45%,	2/01/11		5,093,790

							84,482,748

See Notes to Portfolio of Investments.

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

PORTFOLIO OF INVESTMENTS-(Continued)

September 30, 2010

(Unaudited)


Principal Amount (000)			Description			Value (Note 1)
				Industrial - 37.5%
				Archer-Daniels-Midland Company,
$	4,000	(a)		7.125%,	3/01/13	$	4,586,684
				Coca-Cola Enterprises, Inc.,
	6,000	(a)		8.50%,	2/01/12		6,567,084
				Devon Financing Corp.,
	6,000	(a)		6.875%,	9/30/11		6,349,038
				Dow Chemical Company,
	6,000			9.00%,	4/01/21		7,538,940
				Hewlett-Packard Co.,
	7,000	(a)		6.125%,	3/01/14		8,095,661
				Kraft Foods, Inc.,
	5,000			6.25%,	6/01/12		5,435,160
				Potash Corporation of Saskatchewan, Inc.,
	8,578	(a)		7.75%,	5/31/11		8,983,293
				Premcor Refining Group, Inc.,
	5,000	(a)		6.125%,	5/01/11		5,108,720
				Sun Company, Inc.,
	5,000	(a)		9.00%,	11/01/24		6,442,310
				Target Corp.,
	5,000			6.00%,	1/15/18		6,040,580
				Tele-Communications, Inc.,
	5,275	(a)		10.125%,	4/15/22		7,636,438
	3,200	(a)		9.875%,	6/15/22		4,517,264
				Time Warner Cable, Inc.,
	5,000			7.50%,	4/01/14		5,897,815
				Time Warner Entertainment Company, L.P.,
	5,000	(a)		8.875%,	10/01/12		5,702,465
				Time Warner, Inc.,
	5,000	(a)		9.15%,	2/01/23		6,839,615
				Viacom, Inc.,
	5,000			6.25%,	4/30/16		5,871,900
				Wal-Mart Stores, Inc.,
	5,000			6.75%,	10/15/23		6,453,350
				Wellpoint, Inc.,
	5,000			6.80%,	8/01/12		5,484,755
				Xerox Corp.,
	5,000			6.35%,	5/15/18		5,809,780
				XTO Energy, Inc.,
	5,000			7.50%,	4/15/12		5,510,835

							124,871,687


				Telephone - 16.6%
				AT&T Wireless Services, Inc.,
	10,000	(a)(b)		8.125%,	5/01/12		11,113,760
				British Telecommunications PLC,
	10,000	(c)		8.125%,	12/15/10		10,158,430
				Deutsche Telekom International Finance,
	5,000			5.25%,	7/22/13		5,488,080
				France Telecom SA,
	7,625	(c)		7.75%,	3/01/11		7,849,556
				New York Telephone Co.,
	5,000			8.625%,	11/15/10		5,042,490
				Rogers Communications, Inc.,
	6,000			7.50%,	3/15/15		7,341,594
				Verizon Global Funding Corp.,
	7,500	(a)		7.375%,	9/01/12		8,409,420

							55,403,330


				Utilities - 57.9%
				AGL Capital Corp.,
	10,000	(a)(b)		7.125%,	1/14/11		10,171,960
				American Water Capital Corp.,
	5,000			6.593%,	10/15/37		5,675,800
				Arizona Public Service Co.,
	5,000	(a)		6.875%,	8/01/36		5,970,475
				Atmos Energy Corp.,
	5,000			7.375%,	5/15/11		5,187,680
				CalEnergy Company, Inc.,
	10,000	(a)(b)		8.48%,	9/15/28		13,284,100
				Cleveland Electric Illumination Co.,
	6,713	(a)		8.875%,	11/15/18		8,964,782
				Commonwealth Edison Co.,
	5,000			6.95%,	7/15/18		5,961,700
				Entergy Texas, Inc.,
	10,000	(a)(b)		7.125%,	2/01/19		12,238,930
				FirstEnergy Corp.,
	5,000			7.375%,	11/15/31		5,447,770

See Notes to Portfolio of Investments.

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

PORTFOLIO OF INVESTMENTS-(Continued)

September 30, 2010

(Unaudited)


Principal Amount (000)			Description			Value (Note 1)
				Utilities (Continued)
				FPL Group Capital, Inc.,
$	6,000	(a)		5.625%,	9/01/11	$	6,261,258
				Hydro-Quebec,
	10,000	(a)(b)		7.50%,	4/01/16		12,771,420
				Kinder Morgan Energy Partners,
	5,000	(a)		7.75%,	3/15/32		6,071,730
				National Rural Utilities Cooperative Finance Corp.,
	5,000	(a)		5.50%,	7/01/13		5,601,540
				Oncor Electric Delivery Co., LLC,
	5,000			6.375%,	5/01/12		5,447,915
				ONEOK, Inc.,
	4,060			7.125%,	4/15/11		4,190,797
				ONEOK Partners, L.P.,
	5,000			6.15%,	10/01/16		5,788,630
				Progress Energy, Inc.,
	6,000	(a)		7.10%,	3/01/11		6,150,444
	5,000	(a)		7.05%,	3/15/19		6,208,455
				PSE&G Power, LLC,
	7,195	(a)		7.75%,	4/15/11		7,462,158
				Reliant Energy Resources Corp.,
	10,000	(a)(b)		7.75%,	2/15/11		10,250,350
				Sempra Energy
	5,000			6.15%,	6/15/18		5,926,730
				South Carolina Electric & Gas Co.,
	5,685			6.50%,	11/01/18		7,059,542
				Trans-Canada Pipelines Limited,
	10,000			9.875%,	1/01/21		14,585,400
				Wisconsin Energy Corp.,
	6,000			6.50%,	4/01/11		6,175,890
				Xcel Energy, Inc.,
	10,131	(a)(b)		7.00%,	12/01/10		10,225,441

							193,080,897

				Total Corporate Bonds
				(Cost $426,052,121)			457,838,662


				Asset-Backed Securities - 1.8%
				Detroit Edison Securitization Funding LLC 2001-1 A6,
	5,000			6.62%,	3/01/16		5,960,531

				Total Asset-Backed Securities
				(Cost $5,925,000)			5,960,531


Shares
				Non-Convertible Preferred Stock - 5.1%
				Financial - 5.1%
				Duke Realty Corp., Series M,
	100,000			6.95%			2,487,000
				Duke Realty Corp., Series N,
	100,000			7.25%			2,534,000
				Kimco Realty Corp., Series G,
	100,000			7.75%			2,562,000


	Public Storage, Inc., Series I,
120,000	7.25%		3,030,000
	Realty Income Corp., Series D,
100,000	7.375%		2,608,000
	UDR, Inc., Series G,
100,000	6.75%		2,516,000
	Vornado Realty Trust, Series I,
50,000	6.625%		1,232,500

	Total Non-Convertible Preferred Stock
	(Cost $16,713,000)		16,969,500


	Total Investments - 151.6%
	(Cost $473,044,675)		505,332,591

	Other Assets in Excess of Liabilities - 5.4%		17,933,667
	Committed Facility Agreement - (28.5)%		(95,000,000)
	Liquidation Value of Preferred Shares - (28.5)%		(95,000,000)


	Net Assets Applicable to Common Stock - 100%	$	333,266,258

(a)	All or a portion of this security has been segregated as collateral for the committed facility agreement and made available for loan.

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

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

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.

See Notes to Portfolio of Investments.

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

PORTFOLIO OF INVESTMENTS

September 30, 2010

(Unaudited)

(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. The following is a summary of the inputs used to value each of the Fund’s investments as of September 30, 2010:


	Level 1		Level 2		Total
Asset-backed securities	$	-	$	5,960,531	$	5,960,531
Corporate bonds		-		457,838,662		457,838,662
Non-convertible preferred stock		16,969,500		-		16,969,500
U.S. Government and Agency obligations		-		24,563,898		24,563,898
Total	$	16,969,500	$	488,363,091	$	505,332,591

(2) The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of September 30, 2010 was as follows:


Tax Basis of Investments		Appreciation		Depreciation		Net Unrealized Appreciation
$	491,326,515	$	22,932,775	$	8,926,699	$	14,006,076

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

Date		November 8, 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 / N ATHAN I. P ARTAIN
		Nathan I. Partain
		President and Chief Executive Officer
		(Principal Executive Officer)

Date		November 8, 2010

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

Date		November 8, 2010