Duff & Phelps Utility and Corporate Bond Trust : DUC Utility and Corporate Bond Trust Semi-Annual Report 2020

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Duff & Phelps

Utility and

Corporate Bond Trust Inc.

SEMI-ANNUAL REPORT

APRIL30, 2020

June 11, 2020

Dear Fellow Shareholders:

YOURFUND'SPERFORMANCE

Over the past six months, the performance of leveraged bond funds, including Duff & Phelps Utility and Corporate Bond Trust Inc. (the "DUC Fund"), was initially influenced by questions about the state of the U.S. economy in light of increasing uncertainty regarding monetary policy and diminished prospects for global growth. However, the environ-ment abruptly changed with the emergence of the COVID-19 pandemic, as the world came to a stand-still and the human toll that the virus would likely take started to become reality. Given expectations for a huge drop in U.S. economic out-put and related concerns about global growth, policy makers within the U.S. and around the world injected massive amounts of stimulus in order to promote economic stability to the extent possible. At the same time, a substantial down-ward move in U.S. interest rates was exacerbated by the continued demand for the relative safety of U.S. Treasury secu-rities, as market uncertainty caused many investors to reduce exposure to riskier assets. The decrease in U.S. interest rates had a significant positive impact on the total return of the broader fixed income market, although the DUC Fund's return was restrained to some extent due to its substantial exposure to corporate bonds.

The following table compares the performance of the DUC Fund to a broad-based investment grade bond market benchmark. It is important to note that the index returns stated below include no fees or expenses, whereas the DUC Fund's net asset value ("NAV") returns are net of fees and expenses.

Total Return1 For the period indicated through April 30, 2020
Duff & Phelps Utility and Corporate Bond Trust Inc. Market Value2 Net Asset Value3 Bloomberg Barclays U.S. Aggregate Bond Index4	Six Months	One Year	Three Years (annualized)	Five Years (annualized)
2.90% 1.18% 4.86%	11.43% 6.08% 10.84%	5.02% 3.43% 5.17%	4.57% 2.92% 3.80%

• 1Past performance is not indicative of future results. Current performance may be lower or higher than performance in historical periods.

• 2Total return on market value assumes a purchase of common stock at the opening market price on the first business day and a sale at the closing market price on the last business day of the period shown in the table and assumes reinvestment of dividends at the actual reinvestment prices obtained under the terms of the DUC Fund's dividend reinvestment plan. In addition, when buying or selling stock, you would ordinarily pay brokerage expenses. Because brokerage expenses are not reflected in the above calculations, your total return net of brokerage expenses would be lower than the total returns on market value shown in the table. Source: Administrator of the DUC Fund.

• 3Total return on NAV uses the same methodology as is described in note 2, but with use of NAV for beginning, ending and reinvestment values. Because the DUC Fund's expenses (ratios detailed on page 14 of this report) reduce the DUC Fund's NAV, they are already reflected in the DUC Fund's total return on NAV shown in the table. NAV represents the underlying value of the DUC Fund's net assets, but the market price per share may be higher or lower than the NAV. Source: Administrator of the DUC Fund.

• 4The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, residential mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities. The index is calculated on a total return basis and rebalanced monthly. Income generated during the month is held in the index without a reinvestment return until month-end when it is removed from the index. The index is unmanaged; its returns do not reflect any fees, expenses, or sales charges and it is not available for direct investment. Source: Bloomberg L.P.

Based on the April 30, 2020 closing price of $9.13 and the monthly distribution of $0.05 per share, the DUC Fund's common stock had an annualized distribution rate of 6.57%. Please refer to the portion of this letter captioned "ABOUTYOURFUND" for important information about the sources and characterizations of the DUC Fund's distributions.

In light of the prolonged environment of historically low interest rates, management remains committed to exploring all options available to support the distribution rate going forward, while staying true to the DUC Fund's mandate to invest in the investment grade bond market. The DUC Fund's dividend is subject to re-evaluation as the interest rate and credit environment change.

MARKETOVERVIEW ANDOUTLOOK

The final quarter of last year saw growth in U.S Gross Domestic Product ("GDP") at an annualized rate of 2.1%. However, the multi-year string of positive growth came to an end in the first quarter of 2020, when GDPcontractedat an annualized rate of 4.8%. Toward the end of the quarter, the U.S. economy experienced a sudden and steep decline in activity as social distancing orders of varying degrees covered most of the major centers of population and economic activity across the country. Supply chain disruptions and falling demand exacerbated the contraction in economic activ-ity. On the consumer side, the idling of many businesses spurred huge layoffs, while the unintended consequences of various shelter in place orders further weighed on consumer sentiment. On the corporate side, future profitability came into question, while U.S. companies continued to issue debt at a brisk pace in order to bolster cash reserves and take advantage of favorable borrowing costs. Nationally, in addition to monetary policy efforts, the federal government enacted significant stimulus plans designed to mitigate the near-term economic impact of COVID-19, as the country waited for containment measures to be eased. However, political gridlock and pre-election posturing did little to promote fiscal stability. Regionally, certain state and local governments seemed destined to face some of the largest deficits in history as a result of pandemic related shutdowns, while many municipalities remained burdened with large unfunded pension liabilities. Globally, both developed and emerging market economies saw significant deterioration in their out-look, while central banks around the world planned massive stimulus designed to help offset the corrosive effects of the global pandemic.

In mid-2019, amidst equity market volatility and U.S. growth concerns, the Federal Open Market Committee ('FOMC') reversed the tightening cycle that began in 2015 and starting reducing the target range for the federal funds rate. At that time, unusually low global interest rates and moderate inflation expectations provided the backdrop for a slightly more accommodative monetary policy. However, due to the advent of COVID-19, in mid-March of this year the FOMC aggressively reacted to forecasted conditions by lowering the federal funds rate to a target range of "0.00% to 0.25%". In addition, extraordinary market uncertainty reinforced global demand for U.S. bonds as many investors sought the relatively higher yields and perceived safety of the U.S. Treasury market. As a result, over the six-month period ended April 30, 2020, the U.S. Treasury yield curve shifted downward and steepened, as yields decreased by 133 basis points on 2-year maturities, by 105 basis points on 10-year maturities and by 89 basis points on 30-year maturities. The substantial decrease in yields resulted in strong positive returns in many sectors of the broader investment grade fixed income markets.

After more than ten years of recovery since the last major recession, the U.S. economy is now facing economic head-winds not seen since the depths of the great depression. Prior to the emergence of COVID-19, a strong job market, stable housing sector, and low energy prices provided support for the consumer. Now, the ongoing effects of virus-related shut downs have produced significant downside risks to near term growth, and weak economic data is likely to continue to foster a dire economic narrative. In March of this year, the FOMC commented that the coronavirus outbreak has harmed communities and disrupted economic activity in many countries, including the United States, and global financial con-ditions have been significantly affected. Also, the committee added that it is prepared to use its full range of tools to support the flow of credit to households and businesses. As such, the FOMC is expected to be highly proactive with regard to monetary policy going forward.

Given the incalculable economic impact of COVID-19, the fixed income market is likely to remain highly volatile and reactive to the tone of economic data. If the U.S. economy contracts as expected, the amount of required fiscal and monetary stimulus going forward, as well as the long term composition of the Federal Reserve's balance sheet, arecertain to remain topics of debate. In the short to medium term, the toll taken by the virus is expected to drive the eco-nomic narrative, while volatile equity markets, further trade tensions and continuing geopolitical concerns are likely to keep downward pressure on U.S. Treasury yields. Over the longer term, a self-sustaining economic recovery, rising inflation expectations and ballooning U.S. Treasury issuance (needed to fund ever expanding budget deficits) could set the stage for a sustained and meaningful rise in interest rates. If that happens, the total return of leveraged bond funds, including the DUC Fund, would likely be reduced.

ABOUTYOURFUND

The DUC Fund seeks to provide investors with a stable monthly distribution that is primarily derived from current fiscal year net investment income. At times, a portion of the monthly distribution could be derived from realized capital gains, and to the extent necessary, a return of capital, in which case the DUC Fund is required to inform shareholders of the sources of the distribution based on U.S. generally accepted accounting principles ("GAAP"). A return of capital distribution does not necessarily reflect the DUC Fund's investment performance and should not be confused with "yield" or "income." A return of capital may occur, for example, when some of the money that is invested in the Fund is paid back to the investor. Based on GAAP, for the six month period ended April 30, 2020, 47% of the total distributions were attributable to current year net investment income and 53% were in excess of current year net investment income. The characterization of the distributions for GAAP purposes and federal income tax purposes differs, primarily because of a difference in the tax and GAAP accounting treatment of amortization for premiums on fixed income securities. As of the date of this letter, for federal income tax purposes, management estimates that the DUC Fund's current year dis-tributions will be derived entirely from net investment income. In early 2021, a Form 1099-DIV will be sent to share-holders which will state the amount and tax characterization of the DUC Fund's 2020 distributions.

The use of leverage enables the DUC Fund to borrow at short-term rates and invest at long-term rates. As of April 30, 2020, the DUC Fund's leverage consisted of floating rate senior debt in the amount of $105 million, which constituted approximately 29% of the DUC Fund's total assets. The amount and type of leverage is reviewed periodically by the Board of Directors based on the DUC Fund's expected earnings relative to the anticipated costs (including fees and expenses) associated with the leverage. In addition, the long-term expected benefits of leverage are weighed against the potential effect of increasing the volatility of both the DUC Fund's NAV and the market value of its common stock. Historically, the tendency of the U.S. yield curve to exhibit a positive slope (i.e., long-term rates higher than short-term rates) has fostered an environment in which leverage can make a positive contribution to the earnings of the DUC Fund. However, there is no assurance that this will continue to be the case. A larger rise in short-term interest rates relative to long-term interest rates could have an adverse effect on the income provided from leverage. If the DUC Fund was to conclude that the use of leverage was likely to be less beneficial, it could modify the amount and type of leverage it uses or eliminate the use of leverage entirely.

The DUC Fund does not use derivatives and has no investments in complex securities or structured investment vehicles. However, due to the inherent interconnectivity of today's financial markets, corporate bond investors are faced with the task of identifying and quantifying counterparty risk among both financial and non-financial companies. In addition, the advent of COVID-19 may place stress on the credit quality of certain corporate bond issuers, as declining profit margins and reduced cash flow have the potential to negatively impact the financial stability of such issuers. As a result of the DUC Fund's mandate to invest in the credit markets, any such disruptions in the broader credit markets could materially and adversely impact the valuation of the investments held in the DUC Fund.

In addition to the risk of disruptions in the broader credit market, the level of interest rates can be a primary driver of bond fund total returns, including the DUC Fund's returns. For example, an extended period of historically low interest rates adds an element of reinvestment risk, since the proceeds of maturing bonds may need to be reinvested in lower yielding securities. Alternatively, a sudden or unexpected rise in interest rates would likely reduce the total return of bond funds, since higher interest rates could be expected to depress the valuations of fixed rate bonds held in a portfolio.

Maturity and duration are measures of the sensitivity of a fund's portfolio of investments to changes in interest rates. More specifically, duration refers to the percentage change in a bond's price for a given change in rates (typically +/- 100 basis points). In general, the greater the average maturity and duration of a portfolio, the greater is the potentialpercentage price volatility for a given change in interest rates. As of April 30, 2020, the DUC Fund's portfolio of investments had an average maturity of 4.0 years and a duration of 3.5 years, while the Bloomberg Barclays U.S. Aggregate Bond Index had an average maturity of 7.9 years and a duration of 5.7 years.

As a practical matter, it is not possible for the DUC Fund to be completely insulated from disruptions in the broader credit market or unexpected moves in interest rates. Management believes that over the long-term, the diversification of the portfolio across industries and issuers, in addition to the conservative distribution of assets along the yield curve, positions the DUC Fund to take advantage of future opportunities while limiting volatility to some degree. However, a sustained and meaningful rise in interest rates from current levels would have the potential to significantly reduce the total return of leveraged bond funds, including the DUC Fund, and would likely put downward pressure on both the net asset value and market price of such funds.

BOARD OFDIRECTORSMEETINGS

At the regular March 2020 Board of Directors' meeting, the Board declared the following monthly dividends:

Cents Per Share	Record Date	Payable Date
5.0	April 15	April 30
5.0	May 15	May 29
5.0	June 15	June 30

Maryland Control Share Acquisition Act.On June 8, 2020, the Board made an election, by unanimous vote of the independent directors, to "opt in" to the Maryland Control Share Acquisition Act (MCSAA).

The MCSAA protects the interests of all shareholders of a Maryland corporation by denying voting rights to "control shares" acquired in a "control share acquisition" unless the other shareholders of the corporation reinstate those voting rights by a vote of two-thirds of the shares held by shareholders other than the acquiring person (i.e., the holder or group of holders acting in concert that acquires, or proposes to acquire, "control shares"). Generally, "control shares" are shares that, when aggregated with shares already owned by an acquiring person, would entitle the acquiring person to exercise 10% or more, 33 1/3% or more, or a majority of the total voting power of shares entitled to vote in the election of directors.

The MCSAA limits the ability of an acquiring person to achieve a short-term gain at the expense of long-term value for the rest of the Fund's shareholders. The MCSAA applies automatically to most types of Maryland corporations, but in the case of closed-end investment companies, it applies only if the board of directors elects to "opt in." Because the Fund's board "opted in" to the MCSAA on June 8, 2020, the MCSAA will only apply to "control shares" acquired after that date.

The above description of the MCSAA is only a high-level summary and does not purport to be complete. Investors should refer to the actual provisions of the MCSAA for more information, including definitions of key terms, various exclusions from the statute's scope, and the procedures by which shareholders may approve the reinstatement of voting rights to holders of "control shares."

At the regular June 2020 Board of Directors' meeting, the Board declared the following monthly dividends:

Cents Per Share	Record Date	Payable Date
5.0	July 15	July 31
5.0	August 17	August 31
5.0	September 15	September 30
ANNUALSHAREHOLDERMEETING

The annual meeting of the Fund's shareholders was held telephonically on April 14, 2020. At that meeting, holders of the Fund's common stock re-elected Geraldine M. McNamara and David J. Vitale as directors of the DUC Fund. Also at that meeting, shareholders voted on a non-binding shareholder proposal. A majority of votes were cast against the