- 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: March 31, 2012

ITEM 1. SCHEDULE OF INVESTMENTS.

The Schedule of Investments is included in the Statement of Net Assets below.

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

STATEMENT OF NET ASSETS

(UNAUDITED)

MARCH 31, 2012


Principal Amount (000)		Description	Value (Note 1)

		LONG-TERM INVESTMENTS - 153.8%

		U.S. Government and Agency Obligations - 0.3%
		Federal National Mortgage Association,
		Pass-Through Certificates,
	$ 162	8.00%, 10/01/30	$	195,971
	567	7.00%, 12/01/31		657,616
		Government National Mortgage Association
		Pass-Through Certificates,
	12	7.00%, 3/15/26		13,952
	61	8.00%, 11/15/30		74,355
	32	8.00%, 2/15/31		32,900

		Total U.S. Government and Agency Obligations
		(Cost $858,466)		974,794


		Corporate Bonds - 149.8%
		Financial - 40.5%
	5,000	American Express Co.,
		6.15%, 8/28/17		5,881,285
	6,000	Caterpillar Financial Services Corp.,
		6.125%, 2/17/14		6,598,338
	5,000	DaimlerChrysler North America Holding Corp.,
		6.50%, 11/15/13		5,447,305
	5,000	Duke Realty Limited Partnership,
		6.25%, 5/15/13		5,245,700
	6,000	General Electric Capital Corp.,
		4.80%, 5/01/13 (a)(b)		6,263,430
	5,000	The Goldman Sachs Group, Inc.,
		5.50%, 11/15/14		5,357,035
	5,000	HCP, Inc.,
		6.00%, 1/30/17		5,562,380
	5,000	JPMorgan Chase & Co.,
		5.375%, 10/01/12		5,118,680
	5,000	JPMorgan Chase & Co.,
		4.75%, 5/01/13		5,208,585
	5,000	Kimco Realty Corp.,
		5.584%, 11/23/15		5,382,975
	5,000	Liberty Property L.P.,
		5.125%, 3/02/15		5,347,280
	5,000	Mack-Cali Realty L.P.,
		5.125%, 1/15/15		5,263,285
	5,000	MetLife, Inc.,
		5.50%, 6/15/14 (a)		5,450,710
	6,000	Morgan Stanley,
		6.00%, 4/28/15		6,284,478
	10,000	NationsBank Capital Trust IV,
		8.25%, 4/15/27		10,275,000
	5,000	National City Corp.,
		6.875%, 5/15/19		5,823,885
	5,000	Northern Trust Corp.,
		5.50%, 8/15/13 (a)		5,321,410
	5,000	ProLogis L.P.,
		5.75%, 4/01/16		5,455,210
	5,000	Realty Income Corp.,
		6.75%, 8/15/19		5,785,345
	5,000	Simon Property Group, L.P.,
		5.25%, 12/01/16 (a)		5,660,415

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

STATEMENT OF NET ASSETS — (Continued)

(UNAUDITED)

MARCH 31, 2012


Principal Amount (000)	Description	Value (Note 1)

$ 6,000	US Bank, N.A.,
	4.95%, 10/30/14	$	6,575,712
6,000	Wachovia Bank NA,
	6.00%, 11/15/17		6,901,002

			130,209,445


	Industrial - 27.0%
4,000	Archer-Daniels-Midland Company,
	7.125%, 3/01/13 (a)(b)		4,237,524
5,000	ConocoPhillips
	4.75%, 2/01/14		5,370,985
6,000	Dow Chemical Company,
	9.00%, 4/01/21		7,659,354
7,000	Hewlett-Packard Co.,
	6.125%, 3/01/14 (a)(b)		7,621,544
1,827	Kraft Foods, Inc.,
	6.25%, 6/01/12		1,842,807
5,000	Sun Company, Inc.,
	9.00%, 11/01/24		6,470,215
5,000	Target Corp.,
	6.00%, 1/15/18		6,102,670
5,275	Tele-Communications, Inc.,
	10.125%, 4/15/22 (a)		7,652,690
3,200	Tele-Communications, Inc.,
	9.875%, 6/15/22 (a)(b)		4,531,267
5,000	Time Warner Cable, Inc.,
	7.50%, 4/01/14		5,630,490
5,000	Time Warner Entertainment Company, L.P.,
	8.875%, 10/01/12 (a)(b)		5,195,690
5,000	Time Warner, Inc.,
	9.15%, 2/01/23		6,822,620
5,000	Wal-Mart Stores, Inc.,
	6.75%, 10/15/23		6,624,465
5,000	Wellpoint, Inc.,
	6.80%, 8/01/12		5,100,940
5,000	Xerox Corp.,
	6.35%, 5/15/18		5,808,740

			86,672,001


	Telephone - 7.1%
5,000	Deutsche Telekom International Finance,
	5.25%, 7/22/13 (Netherlands)		5,263,475
6,000	Rogers Communications, Inc.,
	7.50%, 3/15/15 (Canada)(a)		7,039,536
5,000	Telecom Italia Capital SA,
	5.25%, 10/01/15 (Luxembourg)		5,175,000
5,000	Vodafone Group PLC,
	5.00%, 12/16/13 (United Kingdom)		5,349,150

			22,827,161


	Utilities - 75.2%
5,000	American Water Capital Corp.,
	6.085%, 10/15/17		5,823,005
5,000	American Water Capital Corp.,
	6.593%, 10/15/37		5,845,810
5,000	Arizona Public Service Co.,
	6.875%, 8/01/36		6,254,590

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

STATEMENT OF NET ASSETS — (Continued)

(UNAUDITED)

MARCH 31, 2012


Principal Amount (000)	Description	Value (Note 1)

$ 10,000	CalEnergy Company, Inc.,
	8.48%, 9/15/28 (a)(b)	$	14,270,110
5,000	CenterPoint Energy Resources Corp.,
	6.00%, 5/15/18		5,772,530
10,713	Cleveland Electric Illumination Co.,
	8.875%, 11/15/18 (a)(b)		14,162,522
5,000	Commonwealth Edison Co.,
	6.95%, 7/15/18 (a)		6,043,975
5,000	Consolidated Edison Company of New York Inc.,
	5.85%, 4/01/18		6,076,520
5,000	Dominion Resources, Inc.
	5.15%, 7/15/15		5,629,750
8,000	EQT Corporation,
	8.125%, 6/01/19 (a)		9,360,528
10,000	Entergy Texas, Inc.,
	7.125%, 2/01/19 (a)		11,920,060
5,475	Exelon Generation Co. LLC,
	6.20%, 10/01/17 (a)		6,432,594
7,750	FPL Group Capital Inc.,
	7.875%, 12/15/15 (a)		9,324,250
10,000	Hydro-Quebec,
	7.50%, 4/01/16 (Canada)(a)(b)		12,178,170
5,000	Indiana Michigan Power Co.,
	7.00%, 3/15/19		6,135,540
5,000	Kinder Morgan Energy Partners,
	7.75%, 3/15/32 (a)		6,084,015
6,000	National Grid PLC
	6.30%, 8/01/16 (United Kingdom)		6,929,706
6,500	National Rural Utilities Cooperative Finance Corp.,
	5.50%, 7/01/13 (a)		6,893,094
7,167	Oncor Electric Delivery Co., LLC,
	6.375%, 5/01/12 (a)(b)		7,194,600
9,441	ONEOK Partners, L.P.,
	6.15%, 10/01/16 (a)(b)		10,897,765
5,230	PPL Energy Supply LLC,
	6.50%, 5/01/18 (a)		6,051,743
5,000	PSEG Power LLC,
	5.32%, 9/15/16 (a)(b)		5,579,410
10,000	Progress Energy, Inc.,
	7.05%, 3/15/19 (a)(b)		12,385,930
8,000	Sempra Energy
	6.15%, 6/15/18 (a)		9,556,344
7,785	South Carolina Electric & Gas Co.,
	6.50%, 11/01/18		9,610,489
5,000	Spectra Energy Capital LLC,
	6.20%, 4/15/18		5,847,440
10,000	Trans-Canada Pipelines Limited,
	9.875%, 1/01/21 (Canada)		14,395,380
7,821	Williams Partners L.P.,
	7.25%, 2/01/17 (a)		9,421,521
5,000	Xcel Energy, Inc.,
	5.613%, 4/01/17		5,745,905

			241,823,296

	Total Corporate Bonds
	(Cost $467,163,564)		481,531,903

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

STATEMENT OF NET ASSETS — (Continued)

(UNAUDITED)

MARCH 31, 2012


Principal Amount (000)	Description	Value (Note 1)


	Asset-Backed Securities - 1.7%
$ 5,000	Detroit Edison Securitization Funding LLC 2001-1 A6,
	6.62%, 3/01/16	$	5,639,329

	Total Asset-Backed Securities
	(Cost $5,925,000)		5,639,329

Shares
	Non-Convertible Preferred Stock - 2.0%
	Financial - 2.0%
100,000	Kimco Realty Corp., Series G,
	7.75%		2,540,000
100,000	UDR, Inc., Series G,
	6.75%		2,537,000
50,000	Vornado Realty Trust, Series I,
	6.625%		1,271,500

	Total Non-Convertible Preferred Stock
	(Cost $6,154,000)		6,348,500


	Total Investments - 153.8%
	(Cost $480,101,030)		494,494,526

	Other Assets in Excess of Liabilities - 5.2%		16,863,409
	Borrowings - (29.5)%		(95,000,000	)
	Liquidation Value of Preferred Shares - (29.5)%		(95,000,000	)


	Net Assets Applicable to Common Stock - 100%	$	321,357,935

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

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

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.

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

NOTES TO STATEMENT OF NET ASSETS

(UNAUDITED)

MARCH 31, 2012

Note 1. Securities Valuation

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. For more information about the Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements contained in its annual report. The following is a summary of the inputs used to value each of the Fund’s investments at March 31, 2012:


	Level 1		Level 2
Asset-backed securities	$	–	$	5,639,329
Corporate bonds		–		481,531,903
Non-convertible preferred stock		6,348,500		–
U.S. Government and Agency obligations		–		974,794

Total	$	6,348,500	$	488,146,026

There were no Level 3 priced securities held and there were no significant transfers between Level 1 and Level 2 during the quarter ended March 31, 2012.

Note 2. Federal Tax Cost

At March 31, 2012, the federal tax cost of the Fund’s investments and aggregate gross unrealized appreciation (depreciation) were as follows:


Federal Tax Cost	Unrealized Appreciation	Unrealized Depreciation	Net Unrealized Appreciation
$480,101,030	$21,457,047	($7,063,551)	$14,393,496

Other information regarding the Fund 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		May 25, 2012

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		May 25, 2012

By (Signature and Title)		/s/ A LAN M. M EDER

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

Date		May 25, 2012