UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No.    )

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☐ Definitive Proxy Statement

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☐ Soliciting Material Pursuant to Section 240.14a-12

Duff & Phelps Utility and Corporate Bond Trust Inc.

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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February 7, 2020

DEAR FELLOW SHAREHOLDER:

As promised, I am updating you regarding the Annual Meeting of Shareholders of Duff & Phelps Utility and Corporate Bond Trust Inc. (“DUC”). The meeting is scheduled to be held on March 24, 2020. I am also reminding you that we have not received your vote as of this mailing.

OVERWHELMING SUPPORT

Since my last communication to you, I am pleased to report that your fellow shareholders have shown overwhelming support by voting AGAINST an opportunist shareholder’s attempt to request your Board initiate a self-tender that could possibly lead to the liquidation of DUC. Greater than 84% of the shares represented by proxies given by your fellow individual shareholders have indicated that they are AGAINST proposal 2.

Please join your fellow individual shareholders and exercise your right to send a clear message to the opportunist shareholder who has a strategy to create short-term gains to benefit itself—not shareholders who plan to hold DUC shares for the long-term. Please follow the voting instructions below.

I greatly appreciate your support and look forward to receiving your proxy vote. If you have any questions regarding the meeting agenda or voting, please call our proxy solicitor, Di Costa Partners at 1-833-892-6624.

SINCERELY,

DANIEL J. PETRISKO

CHIEF INVESTMENT OFFICER

Four Convenient Voting Methods to Cast Your Vote

1. Vote by Phone with a Representative: You may cast your vote by telephone with a proxy representative by calling toll-free: 1-833-892-6624. Representatives are available Monday through Friday 10 a.m. to 8 p.m. Eastern time.

2. Vote by Touch-Tone Phone: You may cast your vote by telephone using an automated system by calling the toll-free number found on the enclosed card(s) and following the instructions.

3. Vote Online: You may cast your vote by visiting the web address located on the enclosed card(s) and following the instructions.

4. Vote by Mail: You may cast your vote by signing, dating and mailing the enclosed card(s) in the enclosed prepaid return envelope.

If you have any questions regarding the shareholder meeting or voting, please call DUC’s proxy solicitor, Di Costa Partners at 1-833-892-6624.