DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

SCHEDULE OF INVESTMENTS

January 31, 2020

(Unaudited)

Principal         Amount (000)		Description	Value
		LONG-TERM INVESTMENTS - 130.7%
		Corporate Bonds - 126.4%
		Electric, Gas and Water - 51.7%
	$5,500	American Water Capital Corp.,
		3.40%, 3/01/25 (a)	$	5,883,557
	4,000	Aqua America, Inc.,
		3.566%, 5/01/29		4,311,830
	5,000	CMS Energy Corporation,
		5.05%, 3/15/22 (a)(b)		5,285,171
	10,000	CalEnergy Company, Inc.,
		8.48%, 9/15/28 (a)(b)		14,575,149
	5,000	The Detroit Edison Company,
		3.45%, 10/01/20		5,032,271
	3,000	Duke Energy Corporation,
		3.75%, 4/15/24		3,214,112
	5,000	Duke Energy Ohio Inc.,
		3.65%, 2/1/29 (a)		5,598,045
	4,970	Entergy Louisiana, LLC,
		4.44%, 1/15/26 (a)		5,538,685
	5,000	Entergy Louisiana, LLC,
		3.12%, 9/01/27		5,352,456
	4,000	FirstEnergy Corp.,
		3.90%, 7/15/27		4,380,818
	5,000	Florida Power & Light Company,
		3.25%, 6/01/24 (a)(b)		5,294,752
	5,000	Indiana Michigan Power Company,
		3.20%, 3/15/23 (a)(b)		5,207,636
	3,000	Integrys Energy Group, Inc.,
		4.17%, 11/01/20		3,050,532
	5,000	Interstate Power and Light Company,
		3.25%, 12/01/24 (a)(b)		5,290,850
	4,000	National Fuel Gas Company,
		3.75%, 03/01/23 (a)		4,162,351
	5,000	NiSource Finance Corp.,
		3.49%, 5/15/27		5,381,762
	5,000	Oncor Electric Delivery Company, LLC,
		7.00%, 9/01/22 (a)		5,652,506
	6,000	Potomac Electric Power Company,
		3.60%, 3/15/24		6,384,135
	4,000	Public Service Electric & Gas Company,
		3.75%, 3/15/24 (a)(b)		4,294,084
	4,000	Sempra Energy,
		3.55%, 6/15/24 (a)		4,242,508
	5,000	Southern California Edison Company,
		3.875%, 6/01/21 (a)(b)		5,107,160
	5,000	Southern Power Company,
		4.15%, 12/01/25 (a)		5,534,164
	4,000	Virginia Electric and Power Company,
		2.875%, 7/15/29		4,208,130
	5,000	Western Massachusetts Electric Company,
		3.50%, 9/15/21 (a)(b)		5,108,298
	4,000	Wisconsin Energy Corporation,
		3.55%, 6/15/25 (a)(b)		4,300,632
	4,000	Xcel Energy Inc.,
		3.35%, 12/01/26 (a)		4,302,263
				136,693,857

The accompanying note is an integral part of this financial statement.

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DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

SCHEDULE OF INVESTMENTS — (Continued)

January 31, 2020

(Unaudited)

Principal         Amount (000)		Description	Value
		Financial - 32.0%
	$6,000	American Tower Corporation,
		3.00%, 6/15/23	$	6,210,597
	3,000	AvalonBay Communities, Inc.,
		3.95%, 1/15/21 (a)(b)		3,045,482
	3,000	Bank of America Corporation,
		5.00%, 5/13/21 (a)		3,126,450
	5,000	Citigroup Inc.,
		4.50%, 1/14/22 (a)		5,256,400
	5,000	Crown Castle International Corp.,
		5.25%, 1/15/23 (a)		5,470,835
	4,000	Digital Realty Trust, L.P.,
		3.60%, 7/01/29		4,287,571
	4,000	Duke Realty Limited Partnership,
		3.875%, 10/15/22 (a)		4,185,314
	4,000	Essex Portfolio, L.P.,
		3.625%, 5/1/27		4,317,380
	4,000	Fifth Third Bancorp,
		3.50%, 3/15/22 (a)(b)		4,138,618
	4,000	The Goldman Sachs Group, Inc.,
		5.25%, 7/27/21 (a)		4,204,180
	4,000	HCP, Inc.,
		4.25%, 11/15/23 (a)		4,314,903
	4,000	JPMorgan Chase & Co.,
		3.90%, 7/15/25 (a)		4,388,568
	4,000	KeyCorp.,
		5.10%, 3/24/21 (a)(b)		4,153,695
	4,000	Kimco Realty Corporation,
		3.20%, 5/01/21 (a)(b)		4,062,124
	4,000	Liberty Property Limited Partnership,
		4.125%, 6/15/22 (a)		4,195,611
	4,000	The PNC Financial Services Group, Inc.,
		3.15%, 5/19/27		4,296,279
	4,000	Prologis, L.P.,
		3.75%, 11/01/25 (a)		4,401,520
	5,000	Wells Fargo & Company,
		4.125%, 8/15/23 (a)		5,364,137
	5,000	Welltower, Inc.,
		3.625%, 3/15/24 (a)		5,320,082
				84,739,746
		Oil & Gas Storage, Transportation and Production - 23.7%
	4,000	Conoco Inc.,
		6.95%, 4/15/29 (a)(b)		5,480,531
	6,000	Enbridge Inc.,
		4.25%, 12/1/26 (Canada)		6,725,561
	3,000	Energy Transfer Partners, L.P.,
		4.05%, 3/15/25		3,186,419

The accompanying note is an integral part of this financial statement.

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DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

SCHEDULE OF INVESTMENTS — (Continued)

January 31, 2020

(Unaudited)

Principal         Amount (000)		Description	Value
	$7,500	Enterprise Products Operating LLC,
		3.35%, 3/15/23 (a)	$	7,826,004
	5,000	Kinder Morgan Energy Partners, L.P.,
		7.75%, 3/15/32 (a)(b)		7,014,038
	4,000	ONEOK Partners, L.P.,
		4.90%, 3/15/25 (a)		4,471,611
	6,000	Phillips 66,
		3.90%, 3/15/28 (a)		6,643,913
	4,000	Plains All American Pipeline, L.P.,
		5.00%, 2/01/21 (a)		4,085,218
	10,000	Trans-Canada PipeLines Limited,
		9.875%, 1/01/21 (Canada) (a)(b)		10,714,723
	6,000	Williams Partners L.P.,
		4.30%, 3/04/24 (a)(b)		6,447,741
				62,595,759
		Industrial - 15.9%
	4,000	Amgen Inc.,
		4.10%, 6/15/21 (a)(b)		4,108,944
	4,000	CSX Corporation,
		4.25%, 6/01/21 (a)(b)		4,106,639
	3,000	CVS Health Corporation,
		4.125%, 5/15/21 (a)		3,077,617
	4,000	Caterpillar Inc.,
		3.90%, 5/27/21 (a)(b)		4,119,220
	6,000	The Dow Chemical Company,
		9.00%, 4/01/21 (a)		6,502,518
	4,000	Ford Motor Company,
		4.346%, 12/08/26 (a)(b)		4,166,790
	5,000	Sun Company, Inc.,
		9.00%, 11/01/24		6,142,294
	5,275	Tele-Communications, Inc.,
		10.125%, 4/15/22 (a)(b)		6,175,236
	3,200	Tele-Communications, Inc.,
		9.875%, 6/15/22 (a)		3,764,944
				42,164,202
		Telecommunications - 3.1%
	4,000	AT&T Inc.,
		4.60%, 2/15/21 (a)		4,091,374
	4,000	Verizon Communications Inc.,
		3.45%, 3/15/21 (a)		4,082,300
				8,173,674
		Total Corporate Bonds
		(Cost $326,755,528)		334,367,238

The accompanying note is an integral part of this financial statement.

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DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

SCHEDULE OF INVESTMENTS — (Continued)

January 31, 2020

(Unaudited)

Principal         Amount (000)		Description	Value
		U.S. Treasury Obligations - 4.2%
		U.S. Treasury Notes
	$7,000	3.625%, 2/15/21	$	7,151,484
	4,000	3.125%, 5/15/21		4,084,453
		Total U.S. Treasury Obligations
		(Cost $11,249,297)		11,235,937
		U.S. Government and Agency Mortgage-Backed Securities - 0.1%
		Federal National Mortgage Association,
		Pass-Through Certificates,
	37	8.00%, 10/01/30		44,711
	141	7.00%, 12/01/31		163,512
		Government National Mortgage Association,
		Pass-Through Certificates,
	26	8.00%, 11/15/30		27,555
		Total U.S. Government and Agency Mortgage-Backed Securities
		(Cost $211,014)		235,778
		SHORT-TERM INVESTMENTS - 3.0%
		U.S. Treasury Notes
	5,000	2.75%, 11/30/20		5,049,121
		U.S. Treasury Bills
	1,000	1.56%, 2/27/20 (c)		999,025
	1,000	1.51%, 3/26/20 (c)		997,821
	1,000	1.56%, 4/30/20 (c)		996,338
		Total Short-Term Investments
		(Cost $8,043,666)		8,042,305
		TOTAL INVESTMENTS - 133.7%
		(Cost $346,259,505)		353,881,258
		Secured borrowings - (39.7)%		(105,000,000	)
		Other assets less other liabilities - 6.0%		15,716,541
		NET ASSETS APPLICABLE TO COMMON STOCK - 100.0%	$	264,597,799

^(a)  All or a portion of this security has been pledged as collateral for borrowings and made available for loan.

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

^(c) Rate shown represents yield-to-maturity.

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.

The accompanying note is an integral part of this financial statement.

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DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.

SCHEDULE OF INVESTMENTS — (Continued)

January 31, 2020

(Unaudited)

Note 1. Investment 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 January 31, 2019:

	Level 2
Corporate Bonds	$	334,367,238
U.S. Treasury Obligations		11,235,937
U.S. Government and Agency Mortgage-Backed Securities		235,778
Short-Term Investments		8,042,305
Total	$	353,881,258

There were no Level 1 or Level 3 priced securities held and there were no transfers into or out of Level 3.

Other information regarding the Fund is available on the Fund’s website at www.dpimc.com/duc or the Securities and Exchange Commission’s website at www.sec.gov.

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