Duff & Phelps Utility and Corporate Bond Trust Inc. (the Fund) is a diversified, closed-end management investment company. The Fund's investment objective is high current income consistent with investing in securities of investment grade quality. The Fund seeks to achieve its investment objective by investing substantially all of its assets in a diversified portfolio of utility income securities, corporate income securities, mortgage-backed securities and asset-backed securities. The Fund's 80% total assets will be invested, in utility and corporate bonds, and at least 25% of total assets will be invested in utility income securities. The Fund invests in various sectors, including industrial, telephone, utilities and financial. Duff & Phelps Investment Management Co. serves as the Fund's investment advisor.