Fund overview

Duff & Phelps Utility and Corporate Bond Trust Inc. (the "Fund"), a diversified closed-end investment company, first offered its common stock to the public in January of 1993.

Investment objective

The Fund's investment objective is high current income consistent with investing in securities of investment grade quality. There can be no assurance that the Fund will achieve its investment objective.

Portfolio contents

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a diversified portfolio of Income Securities. As used in the Fund's prospectus, Income Securities consist of Utility Income Securities, Corporate Income Securities, Mortgage-Backed Securities and Asset-Backed Securities (each as defined in the prospectus). In normal market conditions, at least 80% of the Fund's total assets will be invested, in the aggregate, in Utility and Corporate Bonds, and at least 25% of the Fund's total assets will be invested in Utility Income Securities.

Quick links

• Fact Sheet
• AMP Shares Fact Sheet
• Preferred Shares Update
• Duff & Phelps Closed-End Funds Announce Dividends
• Duff & Phelps Utility and Corporate Bond Trust Inc. Commences Tender Offer for its Preferred Shares
• Financial reports
• SEC filings
• Tax information
• Contact

Industry Allocation as a Percentage of Total Investments*

as of December 31, 2011 (Unaudited)
Utilities	47.0%
Financial	25.4%
Industrial	19.2%
Telephone	4.6%
Non-Convertable Preferred Stock	2.4%
Asset-Backed Securities	1.2%
U.S. Gov/Agency	0.2%

Summary of ratings as a percentage of long-term investments*

Based on the lower rating of Standard & Poor's Financial Services LLC or Moody's Investors Service, Inc. as of December 31, 2011 (Unaudited)
AAA	1.3%
AA	2.7%
A	27.8%
BBB	63.3%
BB and Below	4.9%