DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
SCHEDULE OF INVESTMENTS
July 31, 2020
(Unaudited)
| | | | | | | | |
Principal Amount (000) | | | Description | | Value | |
| | | | | | | | |
| | | | LONG-TERM INVESTMENTS - 128.2% | | | | |
| | |
| | | | Corporate Bonds - 123.9% | | | | |
| | | | Electric, Gas and Water - 49.1% | | | | |
| | $5,500 | | | American Water Capital Corp., | | | | |
| | | | 3.40%, 3/01/25 (a) | | $ | 6,168,089 | |
| | 4,000 | | | Aqua America, Inc., | | | | |
| | | | 3.566%, 5/01/29 (a) | | | 4,587,135 | |
| | 5,000 | | | CMS Energy Corporation, | | | | |
| | | | 5.05%, 3/15/22 (a)(b) | | | 5,291,374 | |
| | 10,000 | | | CalEnergy Company, Inc., | | | | |
| | | | 8.48%, 9/15/28 (a)(b) | | | 15,049,983 | |
| | 3,000 | | | Duke Energy Corporation, | | | | |
| | | | 3.75%, 4/15/24 (a) | | | 3,320,543 | |
| | 5,000 | | | Duke Energy Ohio Inc., | | | | |
| | | | 3.65%, 2/1/29 (a) | | | 5,940,526 | |
| | 4,970 | | | Entergy Louisiana, LLC, | | | | |
| | | | 4.44%, 1/15/26 (a) | | | 5,748,187 | |
| | 5,000 | | | Entergy Louisiana, LLC, | | | | |
| | | | 3.12%, 9/01/27 | | | 5,594,942 | |
| | 5,000 | | | Florida Power & Light Company, | | | | |
| | | | 3.25%, 6/01/24 (a)(b) | | | 5,466,908 | |
| | 5,000 | | | Indiana Michigan Power Company, | | | | |
| | | | 3.20%, 3/15/23 (a)(b) | | | 5,290,171 | |
| | 3,000 | | | Integrys Energy Group, Inc., | | | | |
| | | | 4.17%, 11/01/20 | | | 3,025,367 | |
| | 5,000 | | | Interstate Power and Light Company, | | | | |
| | | | 3.25%, 12/01/24 (a)(b) | | | 5,522,908 | |
| | 4,000 | | | National Fuel Gas Company, | | | | |
| | | | 3.75%, 03/01/23 (a) | | | 4,126,982 | |
| | 5,000 | | | NiSource Finance Corp., | | | | |
| | | | 3.49%, 5/15/27 | | | 5,735,458 | |
| | 5,000 | | | Oncor Electric Delivery Company, LLC, | | | | |
| | | | 7.00%, 9/01/22 (a) | | | 5,671,896 | |
| | 6,000 | | | Potomac Electric Power Company, | | | | |
| | | | 3.60%, 3/15/24 | | | 6,575,774 | |
| | 4,000 | | | Public Service Electric & Gas Company, | | | | |
| | | | 3.75%, 3/15/24 (a)(b) | | | 4,384,961 | |
| | 4,000 | | | Sempra Energy, | | | | |
| | | | 3.55%, 6/15/24 (a) | | | 4,387,351 | |
| | 5,000 | | | Southern California Edison Company, | | | | |
| | | | 3.875%, 6/01/21 (a)(b) | | | 5,099,788 | |
| | 5,000 | | | Southern Power Company, | | | | |
| | | | 4.15%, 12/01/25 (a) | | | 5,840,405 | |
| | 4,000 | | | Virginia Electric and Power Company, | | | | |
| | | | 2.875%, 7/15/29 | | | 4,552,508 | |
The accompanying note is an integral part of this financial statement.
1
DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
SCHEDULE OF INVESTMENTS — (Continued)
July 31, 2020
(Unaudited)
| | | | | | | | |
Principal Amount (000) | | | Description | | Value | |
| | | | | | | | |
| | $5,000 | | | Western Massachusetts Electric Company, | | | | |
| | | | 3.50%, 9/15/21 (a)(b) | | $ | 5,137,596 | |
| | 4,000 | | | Wisconsin Energy Corporation, | | | | |
| | | | 3.55%, 6/15/25 (a)(b) | | | 4,490,040 | |
| | 4,000 | | | Xcel Energy Inc., | | | | |
| | | | 3.35%, 12/01/26 (a) | | | 4,574,933 | |
| | | | | | | | |
| | | | | | | 131,583,825 | |
| | | | | | | | |
| | |
| | | | Financial - 32.5% | | | | |
| | 6,000 | | | American Tower Corporation, | | | | |
| | | | 3.00%, 6/15/23 (a) | | | 6,417,456 | |
| | 5,000 | | | AvalonBay Communities, Inc., | | | | |
| | | | 2.30%, 3/1/30 | | | 5,350,882 | |
| | 3,000 | | | Bank of America Corporation, | | | | |
| | | | 5.00%, 5/13/21 (a) | | | 3,108,812 | |
| | 5,000 | | | Citigroup Inc., | | | | |
| | | | 4.50%, 1/14/22 (a) | | | 5,287,226 | |
| | 5,000 | | | Crown Castle International Corp., | | | | |
| | | | 5.25%, 1/15/23 (a) | | | 5,561,045 | |
| | 4,000 | | | Digital Realty Trust, L.P., | | | | |
| | | | 3.60%, 7/01/29 | | | 4,686,484 | |
| | 4,000 | | | Duke Realty Limited Partnership, | | | | |
| | | | 3.875%, 10/15/22 (a) | | | 4,230,153 | |
| | 4,000 | | | ERP Operating, L.P., | | | | |
| | | | 2.50%, 2/15/30 | | | 4,389,359 | |
| | 4,000 | | | Essex Portfolio, L.P., | | | | |
| | | | 3.625%, 5/1/27 (a) | | | 4,502,944 | |
| | 4,000 | | | Fifth Third Bancorp, | | | | |
| | | | 3.50%, 3/15/22 (a)(b) | | | 4,185,268 | |
| | 4,000 | | | The Goldman Sachs Group, Inc., | | | | |
| | | | 5.25%, 7/27/21 (a) | | | 4,190,942 | |
| | 4,000 | | | HCP, Inc., | | | | |
| | | | 4.25%, 11/15/23 (a) | | | 4,387,778 | |
| | 4,000 | | | JPMorgan Chase & Co., | | | | |
| | | | 3.90%, 7/15/25 (a) | | | 4,558,862 | |
| | 4,000 | | | KeyCorp., | | | | |
| | | | 5.10%, 3/24/21 (a)(b) | | | 4,122,626 | |
| | 2,348 | | | Kimco Realty Corporation, | | | | |
| | | | 3.20%, 5/01/21 (a) | | | 2,376,644 | |
| | 4,000 | | | The PNC Financial Services Group, Inc., | | | | |
| | | | 3.15%, 5/19/27 | | | 4,545,968 | |
| | 4,000 | | | Prologis, L.P., | | | | |
| | | | 3.75%, 11/01/25 (a) | | | 4,607,340 | |
| | 5,000 | | | Wells Fargo & Company, | | | | |
| | | | 4.125%, 8/15/23 (a) | | | 5,469,167 | |
The accompanying note is an integral part of this financial statement.
2
DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
SCHEDULE OF INVESTMENTS — (Continued)
July 31, 2020
(Unaudited)
| | | | | | | | |
Principal Amount (000) | | | Description | | Value | |
| | | | | | | | |
| | $5,000 | | | Welltower, Inc., | | | | |
| | | | 3.625%, 3/15/24 (a) | | $ | 5,423,769 | |
| | | | | | | | |
| | | | | | | 87,402,725 | |
| | | | | | | | |
| | |
| | | | Oil & Gas Storage, Transportation and Production - 23.5% | | | | |
| | 4,000 | | | Conoco Inc., | | | | |
| | | | 6.95%, 4/15/29 (a)(b) | | | 5,703,259 | |
| | 6,000 | | | Enbridge Inc., | | | | |
| | | | 4.25%, 12/1/26 (Canada) | | | 6,948,657 | |
| | 3,000 | | | Energy Transfer Partners, L.P., | | | | |
| | | | 4.05%, 3/15/25 (a) | | | 3,166,008 | |
| | 7,500 | | | Enterprise Products Operating LLC, | | | | |
| | | | 3.35%, 3/15/23 (a)(b) | | | 7,976,160 | |
| | 5,000 | | | Kinder Morgan Energy Partners, L.P., | | | | |
| | | | 7.75%, 3/15/32 (a)(b) | | | 7,029,758 | |
| | 4,000 | | | ONEOK Partners, L.P., | | | | |
| | | | 4.90%, 3/15/25 (a) | | | 4,360,322 | |
| | 6,000 | | | Phillips 66, | | | | |
| | | | 3.90%, 3/15/28 (a) | | | 6,862,052 | |
| | 4,000 | | | Plains All American Pipeline, L.P., | | | | |
| | | | 5.00%, 2/01/21 (a) | | | 4,029,951 | |
| | 10,000 | | | Trans-Canada PipeLines Limited, | | | | |
| | | | 9.875%, 1/01/21 (Canada) (a)(b) | | | 10,359,342 | |
| | 6,000 | | | Williams Partners L.P., | | | | |
| | | | 4.30%, 3/04/24 (a)(b) | | | 6,572,297 | |
| | | | | | | | |
| | | | | | | 63,007,806 | |
| | | | | | | | |
| | |
| | | | Industrial - 15.7% | | | | |
| | 4,000 | | | CSX Corporation, | | | | |
| | | | 4.25%, 6/01/21 (a)(b) | | | 4,087,364 | |
| | 3,000 | | | CVS Health Corporation, | | | | |
| | | | 4.125%, 5/15/21 (a) | | | 3,056,286 | |
| | 4,000 | | | Caterpillar Inc., | | | | |
| | | | 3.90%, 5/27/21 (a)(b) | | | 4,117,923 | |
| | 6,000 | | | The Dow Chemical Company, | | | | |
| | | | 9.00%, 4/01/21 (a)(b) | | | 6,274,575 | |
| | 4,000 | | | Ford Motor Company, | | | | |
| | | | 4.346%, 12/08/26 (a)(b) | | | 4,065,760 | |
| | 5,000 | | | Sun Company, Inc., | | | | |
| | | | 9.00%, 11/01/24 | | | 6,160,626 | |
| | 5,275 | | | Tele-Communications, Inc., | | | | |
| | | | 10.125%, 4/15/22 (a)(b) | | | 6,008,762 | |
| | 3,200 | | | Tele-Communications, Inc., | | | | |
| | | | 9.875%, 6/15/22 (a) | | | 3,691,855 | |
| | 4,000 | | | Union Pacific Corporation, | | | | |
| | | | 3.70%, 3/01/29 | | | 4,772,110 | |
| | | | | | | | |
| | | | | | | 42,235,261 | |
| | | | | | | | |
The accompanying note is an integral part of this financial statement.
3
DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
SCHEDULE OF INVESTMENTS — (Continued)
July 31, 2020
(Unaudited)
| | | | | | | | |
Principal Amount (000) | | | Description | | Value | |
| | | | | | | | |
| | |
| | | | Telecommunications - 3.1% | | | | |
| | $4,000 | | | AT&T Inc., | | | | |
| | | | 2.30%, 6/1/27 | | $ | 4,243,101 | |
| | 4,000 | | | Verizon Communications Inc., | | | | |
| | | | 3.45%, 3/15/21 (a) | | | 4,078,542 | |
| | | | | | | | |
| | | | | | | 8,321,643 | |
| | | | | | | | |
| | | | Total Corporate Bonds | | | | |
| | | | (Cost $317,366,498) | | | 332,551,260 | |
| | | | | | | | |
| | |
| | | | U.S. Treasury Obligations - 4.2% | | | | |
| | | | U.S. Treasury Notes | | | | |
| | 7,000 | | | 3.625%, 2/15/21 | | | 7,131,113 | |
| | 4,000 | | | 3.125%, 5/15/21 | | | 4,094,062 | |
| | | | | | | | |
| | | | Total U.S. Treasury Obligations | | | | |
| | | | (Cost $11,249,297) | | | 11,225,175 | |
| | | | | | | | |
| | |
| | | | U.S. Government and Agency Mortgage-Backed Securities - 0.1% | | | | |
| | | | Federal National Mortgage Association, | | | | |
| | | | Pass-Through Certificates, | | | | |
| | 34 | | | 8.00%, 10/01/30 | | | 40,973 | |
| | 130 | | | 7.00%, 12/01/31 | | | 153,346 | |
| | | | Government National Mortgage Association, | | | | |
| | | | Pass-Through Certificates, | | | | |
| | 25 | | | 8.00%, 11/15/30 | | | 26,940 | |
| | | | | | | | |
| | | | Total U.S. Government and Agency Mortgage-Backed Securities | | | | |
| | | | (Cost $194,632) | | | 221,259 | |
| | | | | | | | |
| | | | SHORT-TERM INVESTMENTS - 3.7% | | | | |
| | | | U.S. Treasury Notes | | | | |
| | 5,000 | | | 2.75%, 11/30/20 | | | 5,042,894 | |
| | | | U.S. Treasury Bills | | | | |
| | 1,000 | | | 1.16%, 8/27/20 (c) | | | 999,942 | |
| | 1,000 | | | 0.15%, 9/24/20 (c) | | | 999,870 | |
| | 1,000 | | | 0.15%, 10/29/20 (c) | | | 999,783 | |
| | 1,000 | | | 0.16%, 11/27/20 (c) | | | 999,694 | |
| | 1,000 | | | 0.17%, 12/24/20 (c) | | | 999,633 | |
| | | | | | | | |
| | | | Total Short-Term Investments | | | | |
| | | | (Cost $10,048,190) | | | 10,041,816 | |
| | | | | | | | |
| | | | TOTAL INVESTMENTS - 131.9% | | | | |
| | | | (Cost $338,858,617) | | | 354,039,510 | |
| | | | | | | | |
| | | | Secured borrowings - (39.1)% | | | (105,000,000 | ) |
| | | | Other assets less other liabilities - 7.2% | | | 19,413,061 | |
| | | | | | | | |
| | | | NET ASSETS APPLICABLE TO COMMON STOCK - 100.0% | | $ | 268,452,571 | |
| | | | | | | | |
| (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)
July 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 semi-annual report. The following is a summary of the inputs used to value each of the Fund’s investments at July 31, 2020:
| | | | |
| | | Level 2 | |
Corporate Bonds | | $ | 332,551,260 | �� |
U.S. Treasury Obligations | | | 11,225,175 | |
U.S. Government and Agency Mortgage-Backed Securities | | | 221,259 | |
Short-Term Investments | | | 10,041,816 | |
Total | | $ | 354,039,510 | |
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.
5
