August 31, 2012
VIA EDGAR
Cindy J. Rose
Division of Investment Management
Securities and Exchange Commission
100 F Street N.E.
Washington, D.C. 20549
Re: | Duff & Phelps Utility and Corporate Bond Trust Inc. |
Certified Shareholder Report on Form N-CSR for year ended December 31, 2011 |
File No. 811-7358 |
Dear Ms. Rose:
On behalf of the above-captioned registrant (the “Fund”), I am responding to your question about the above-captioned shareholder report (the “Report”). You asked whether the use of the caption “Dividends and Distributions on Common Stock from and in excess of net investment income” on pages 8 and 10 of the Report implies that a portion of the Fund’s distributions included a return of capital.
As we discussed on the telephone, the Fund did not distribute any return of capital to its shareholders for the fiscal year ended December 31, 2011. The Fund’s 2011 distributions were derived 100% from net investment income. If in the future the Fund ever were to return capital to its shareholders, those distributions would be appropriately disclosed as such in its financial statements.
The Fund acknowledges that it may not assert staff comments as a defense in any proceeding initiated by the Securities and Exchange Commission or any person under the federal securities laws of the United States.
Please direct any questions regarding the above response to me at (312) 917-6529.
Very truly yours,
Alan M. Meder
Treasurer and Principal Financial and Accounting Officer
Duff & Phelps Utility and Corporate Bond Trust Inc.
200 South Wacker Drive • Suite 500 • Chicago IL 60606 • Phone (312) 263-2610 • Fax (312) 876-1028