NPORT-EX 2 NPORT_219177946922501.htm HTML

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.

 

1

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.

 

2

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.

 

3

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.

 

4

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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