UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number: 811-07358

Exact name of registrant as specified in charter: Duff & Phelps Utility &
Corporate Bond Trust Inc.

Address of principal executive offices: 55 East Monroe St
Suite 3600
Chicago, IL 60603

Name and address of agent for service: Alan Meder, Chief Financial Officer
55 East Monroe St.
Suite 3600
Chicago, IL 60603

Registrant's telephone number, including area code: 312-541-5555

Date of fiscal year end: 12/31/04

Date of reporting period: 6/30/04

Item 1 - Reports to Stockholders - [ INSERT REPORT ]

DEAR FELLOW SHAREHOLDERS:

YOUR FUND'S PERFORMANCE

During the first half of 2004, equity investors were confronted with
countervailing forces that influenced the returns of the broad equity markets.
Lingering geopolitical tension added uncertainty and restrained the optimism
that typically surrounds any economic recovery. The situation in Iraq and the
ongoing war against terrorism helped shape investor psychology with regard to
risk posture and expected returns. However, the U.S. economy afforded investors
the opportunity to begin looking beyond the geopolitical uncertainty as it
responds to the stimulus introduced over the previous few years. This stimulus,
including expansionary fiscal policy, accommodative monetary policy and low
absolute levels of interest rates, has played a key role in supporting growth in
the U.S. economy. These countervailing influences caused the traditional equity
markets to move mostly sideways and post only modest returns.

In the fixed income markets, returns for the first half of 2004 were mixed,
as strong first quarter performance was offset by negative returns in the second
quarter. Over the first half of the year, the U.S. Treasury yield curve
flattened, as yields increased by 86 basis points on two-year maturities, by 33
basis points on ten-year maturities and by 21 basis points on thirty-year
maturities. Expectations of 1) a less accommodative monetary policy and 2)
upward pressure on longer term interest rates that typically accompanies a
rebound in economic activity, caused sentiment in the U.S. bond markets to turn
negative. So far this year, the performance of leveraged bond funds has been
hurt by both the actual rise in interest rates and the expectation of tighter
monetary policy, and the Duff and Phelps Utility and Corporate Bond Trust (DUC
Fund) has been no exception. The DUC Fund's primary objective of providing high
current income necessitates that under normal circumstances it be fully invested
in a diversified portfolio of fixed income securities. Therefore, it too has
been negatively impacted by the prospect of rising interest rates.

<Table>
<Caption>
DOW JONES S&P 500 DUC FUND
INDUSTRIAL INDEX INDEX (PER SHARE PERFORMANCE DUC FUND LEHMAN
(DIVIDENDS (DIVIDENDS WITH DIVIDENDS (NAV-BASED AGGREGATE
REINVESTED) REINVESTED) REINVESTED IN FUND PLAN) PERFORMANCE) BOND INDEX
---------------- ----------- ------------------------ ------------ ----------

January-June 2004......... .80% 3.44% (12.55)% (.99)% 0.15%
</Table>

- ---------------

Performance returns for both the Dow Jones Industrial Index and the S&P 500
Index were obtained from Bloomberg LLP. Fund stock-based returns obtained from
Administrator of the Fund. Fund NAV-based returns obtained from Lipper Inc.
Lehman Aggregate Index performance returns obtained from Lehman Brothers.

Based on a mid-year closing price of $12.63 and actual dividends of $1.02
over the past year, the common stock had an annual dividend yield of 8.07%.

ECONOMIC OVERVIEW

During the first quarter of 2004, the U.S. economy expanded at a solid
pace, responding to the stimulus introduced over the last couple of years. Late
in the first quarter, an increase of 4.1% in the fourth quarter 2003 U.S. Gross
Domestic Product (GDP) was reported. Though down from the previous quarter, this
marked the second consecutive quarter in which GDP was above 4%. In addition,
the deflationary rhetoric that had been prevalent last year appeared to be
fading. Unlike the solid and steady pace of growth that the U.S. economy seemed
to be exhibiting, the bond markets were anything but stable during the first
quarter of 2004. Interest rates exhibited a significant amount of volatility
during the quarter, as evidenced by the ten-year U.S. Treasury yield falling 41
basis points, while trading within a 70 basis point range.

In the second quarter of 2004, a number of events caused financial markets
to scrutinize any and all financial data that could potentially confirm above
trend economic growth and an acceleration in realized inflation, both potential
triggers for a change in monetary policy. Early in the quarter, employment data
was released at levels significantly better than consensus expectations, which
if sustained, could lead to wage induced inflation. In addition, the Federal
Reserve acknowledged improvements in the labor market and a rise in core
inflation. Also, final first quarter 2004 GDP was released at up 3.9%. These
events reinforced the notion that the economic expansion was strengthening and
the accommodative monetary policy in place at the time may need to be reversed.
Interest rates rose dramatically early in the quarter, reflecting the
uncertainly caused by questions surrounding the timing and extent of the
expected tightening of monetary policy. For example, the ten-year U.S. Treasury
yield increased approximately 74 basis points during the quarter, as the market
moved in anticipation of the Federal Reserve tightening. On the last day of the
second quarter, much of the fixed income markets speculation was confirmed, as
the Federal Reserve raised the Federal Funds target by 25 basis points to 1.25%
and stated that further increases can come at a measured pace based on economic
prospects.

ECONOMIC OUTLOOK

As we look forward to the second half of 2004, barring an unforeseen
escalation of geopolitical tension or a sustained spike in energy prices, the
U.S. economic recovery is expected to continue at a moderate pace. Generally
positive economic releases indicate that the Federal Reserve's measured pace for
reversing an accommodative monetary policy will be maintained. Under this
scenario, consumer behavior should remain cautiously optimistic, giving
corporations the confidence to continue investing in their businesses, both in
the form of expanding payrolls and capital expenditures. Sustained U.S. economic
growth and increasing inflation expectations should lead to continued upward
pressure on interest rates. Given this economic environment, we believe returns
will be restrained by the potential of rising interest rates, while the outlook
for corporate bonds should remain positive as it is supported by economic growth
and improving credit fundamentals.

DIVIDEND REINVESTMENT, CASH PURCHASE PLAN AND DIRECT DEPOSIT

To those of you receiving dividends in cash, you may want to consider
taking advantage of the dividend reinvestment and cash purchase plan (the
"Plan") available to all registered shareholders of the Fund. Under the Plan,
the Fund absorbs all administrative costs (except brokerage commissions, if any)
so that the total amount of your dividends and other distributions may be
reinvested in additional shares of the Fund. Also, the cash purchase option
permits participants to purchase shares in the open-market through the Plan
Agent. Additional information about the Plan is available from The Bank of New
York, 1-800-524-4458, or for more details, please turn to page 19.

For those shareholders receiving dividend checks, you may want to consider
having your monthly dividends deposited, free of charge directly into your bank
account through electronic funds transfer. Direct deposit provides the
convenience of automatic and immediate access to your funds, while eliminating
the possibility of mail delays and lost, stolen or destroyed checks. Additional
information about direct deposit is available from The Bank of New York,
1-800-432-8224.

We appreciate your investment in Duff & Phelps Utility and Corporate Bond
Trust Inc. and look forward to continuing our service to you.

Sincerely,

/s/ Francis E. Jeffries /s/ Nathan I. Partain

Francis E. Jeffries, CFA Nathan I. Partain
Chairman President and Chief Executive Officer

PROXY RESULTS

An Annual Meeting of Shareholders of the Duff & Phelps Utility and
Corporate Bond Trust Inc. was held on May 20, 2004. The description of the
proposals and number of shares voted are as follows:

<Table>
<Caption>
- ------------------------------------------------------------------------------------------
SHARES VOTED SHARES
FOR AGAINST
- ------------------------------------------------------------------------------------------

1. To elect three directors to serve until the Annual Meeting
in the year indicated below or until their successors are
duly elected and qualified:
E. Virgil Conway (2007) 23,945,959 452,257
Harry Dalzell-Payne (2007) 23,946,904 451,312
Everett L. Morris (2006) 23,991,542 406,674
Directors whose term of office continued beyond this meeting are as follows:
William W. Crawford, William N. Georgeson, Francis E. Jefferies, Philip R.
McLoughlin, Geraldine M. McNamara, Eileen A. Moran and Richard A. Pavia.
- ------------------------------------------------------------------------------------------
</Table>

Notice is hereby given in accordance with Section 23c of the Investment
Company Act of 1940 that the Fund may purchase, from time to time, shares of its
common stock in the open market at prevailing market prices.

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
PORTFOLIO OF INVESTMENTS
JUNE 30, 2004
(UNAUDITED)

<Table>
<Caption>
RATINGS
------------------
PRINCIPAL STANDARD MARKET
AMOUNT & VALUE
(000) DESCRIPTION MOODY'S POOR'S (NOTE 1)
- --------- ------------------------------------------------------ ------- -------- -------------

LONG-TERM INVESTMENTS--131.4%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS(A)--15.3%
Federal National Mortgage Association,
$ 1,166 8.00%, 10/01/30..................................... Aaa AAA $ 1,267,789
2,427 7.00%, 12/01/31..................................... Aaa AAA 2,567,053
Government National Mortgage Association
Pass-Through Certificates,
133 7.00%, 3/15/26...................................... Aaa AAA 142,508
442 7.50%, 5/15/26...................................... Aaa AAA 477,230
333 8.00%, 11/15/30..................................... Aaa AAA 365,517
187 8.00%, 2/15/31...................................... Aaa AAA 205,015
U.S. Treasury Bonds,
40,000 10.375%, 11/15/12................................... Aaa AAA 48,856,280
-------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(cost $52,174,162).................................. 53,881,392
-------------
CORPORATE BONDS--113.0%
AUTO & TRUCK--6.7%
10,000 DaimlerChrysler NA Holdings,
7.20%, 9/01/09...................................... A3 BBB 10,897,310
7,250 Ford Motor Company,
9.215%, 9/15/21..................................... Baa1 BBB- 7,923,938
5,000 General Motors Corporation,
8.10%, 6/15/24...................................... Baa1 BBB 4,969,090
-------------
23,790,338
-------------
BROADCASTING & PUBLISHING--2.1%
6,550 Continental Cablevision, Inc.,
9.50%, 8/01/13...................................... Baa3 BBB 7,272,301
-------------
</Table>

The accompanying notes are an integral part of the financial statements.
5

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
PORTFOLIO OF INVESTMENTS
JUNE 30, 2004
(UNAUDITED)

FINANCIAL--30.5%
$ 7,000 Countrywide Capital I,
8.00%, 12/15/26..................................... Baa1 BBB+ $ 7,448,742
John Deere Capital Corp.,
5,000 3.125%, 12/15/05.................................... A3 A- 5,020,385
5,000 5.125%, 10/19/06.................................... A3 A- 5,189,915
13,000 Ford Motor Credit Company,
7.60%, 8/01/05...................................... A3 BBB- 13,612,742
5,000 General Motors Acceptance Corporation,
7.75%, 1/19/10...................................... A3 BBB 5,434,000
10,000 Great Western Financial Trust II,
8.206%, 2/01/27..................................... Baa1 BBB 10,889,800
16,000 Household Finance Corp.,
8.00%, 7/15/10...................................... A1 A 18,588,944
10,000 KeyCorp Institution Capital B,
8.25%, 12/15/26..................................... A3 BBB 11,172,650
Merrill Lynch & Co.,
5,000 6.50%, 7/15/18...................................... Aa3 A+ 5,294,110
5,000 6.875% 11/15/18..................................... Aa3 A+ 5,454,460
10,000 NationsBank Capital Trust IV,
8.25%, 4/15/27...................................... Aa3 A- 11,118,280
7,500 Verizon Global Funding Corp.,
7.375%, 9/01/12..................................... A2 A+ 8,448,885
-------------
107,672,913
-------------
INDUSTRIAL--26.6%
5,000 Archer-Daniels-Midland Company,
8.125%, 6/01/12..................................... A1 A+ 5,998,240
3,450 Fort James Corporation,
9.25%, 11/15/21..................................... Ba2 BB+ 3,950,250
3,000 Georgia Pacific Corp.,
8.625%, 4/30/25..................................... Ba3 BB+ 3,187,500
5,000 International Paper Co.,
3.80%, 4/01/08...................................... Baa2 BBB 4,931,500
</Table>

The accompanying notes are an integral part of the financial statements.
6

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
PORTFOLIO OF INVESTMENTS
JUNE 30, 2004
(UNAUDITED)

INDUSTRIAL (CONTINUED)
$ 5,000 Occidental Petroleum Corporation,
9.25%, 8/01/19...................................... Baa1 BBB+ $ 6,631,335
5,000 Sun Company, Inc.,
9.00%, 11/01/24..................................... Baa2 BBB 6,146,900
Tele-Communications, Inc.,
5,275 10.125%, 4/15/22.................................... Baa3 BBB 7,084,172
3,200 9.875%, 6/15/22..................................... Baa3 WR 4,224,935
5,000 Time Warner Entertainment Company, L.P.,
8.875%, 10/01/12.................................... Baa1 BBB+ 6,030,480
5,000 Time Warner Inc.,
9.15%, 2/01/23...................................... Baa1 BBB+ 6,192,235
10,000 Trans-Canada Pipelines Limited,
9.875%, 1/01/21..................................... A2 A- 13,647,430
10,000 USX Corporation,
9.125%, 1/15/13..................................... Baa1 BBB+ 12,538,980
12,500 Weyerhaeuser Co.,
6.75%, 3/15/12...................................... Baa2 BBB 13,557,350
-------------
94,121,307
-------------
RETAIL--1.6%
5,000 Wal-Mart Stores, Inc.,
6.875%, 8/10/09..................................... Aa2 AA 5,581,365
-------------
TELEPHONE--15.7%
10,000 Bell Canada Inc.,
9.50%, 10/15/10..................................... A3 A 12,394,380
10,000 British Telecom PLC,
7.875%, 12/15/05.................................... Baa1 A- 10,695,300
12,000 Deutsche Telekom International Finance,
8.50%, 6/15/10...................................... Baa2 BBB+ 14,039,400
5,000 New York Telephone Co.,
8.625%, 11/15/10.................................... Baa2 A+ 5,836,175
10,125 Sprint Corp.,
9.25%, 4/15/22...................................... Baa3 BBB- 12,496,842
-------------
55,462,097
-------------
</Table>

The accompanying notes are an integral part of the financial statements.
7

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
PORTFOLIO OF INVESTMENTS
JUNE 30, 2004
(UNAUDITED)

UTILITIES--ELECTRIC--29.8%
$10,000 CalEnergy Company, Inc.,
8.48%, 9/15/28...................................... Baa3 BBB- $ 12,061,990
17,438 ComEd Financing II,
8.50%, 1/15/27...................................... Baa2 BBB 18,999,852
10,000 Dominion Resources, Inc.,
8.125%, 6/15/10..................................... Baa1 BBB+ 11,553,860
5,000 DTE Energy Co.,
6.45%, 6/01/06...................................... Baa2 BBB 5,261,005
10,000 Duke Energy Corporation,
7.375%, 3/01/10..................................... Baa1 BBB 11,126,950
10,000 Hydro-Quebec,
7.50%, 4/01/16...................................... A1 A+ 11,891,500
5,000 KeySpan Gas East Corporation,
7.875%, 2/01/10..................................... A2 A+ 5,794,670
10,000 Progress Energy, Inc.,
7.10%, 3/01/11...................................... Baa2 BBB- 10,972,540
5,000 PSE&G Power LLC,
7.75%, 4/15/11...................................... Baa1 BBB 5,670,230
6,000 South Carolina Electric & Gas Co.,
6.125%, 3/01/09..................................... A1 A- 6,491,850
5,000 Wisconsin Energy Corp.,
6.50%, 4/01/11...................................... A3 BBB+ 5,387,860
-------------
105,212,307
-------------
TOTAL CORPORATE BONDS
(cost $383,930,008)................................... 399,112,628
-------------
ASSET-BACKED SECURITIES--3.1%
5,000 Detroit Edison Securitization Funding LLC 2001-1 A6
6.620%, 3/01/16..................................... Aaa AAA 5,508,093
5,000 PSE&G Transition Funding 2001-1 A5
6.450%, 3/15/13..................................... Aaa AAA 5,474,966
-------------
TOTAL ASSET-BACKED (cost $11,614,063)................. 10,983,059
-------------
TOTAL LONG-TERM INVESTMENTS
(cost $447,718,233)................................... 463,977,079
-------------
</Table>

The accompanying notes are an integral part of the financial statements.
8

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
PORTFOLIO OF INVESTMENTS
JUNE 30, 2004
(UNAUDITED)

SHORT-TERM INVESTMENTS(A)--3.3%
U.S. Treasury Bill,
$ 2,300 0.944%, 7/29/04..................................... Aaa AAA $ 2,298,309
2,300 0.980%, 8/26/04..................................... Aaa AAA 2,296,494
2,300 1.065%, 9/30/04..................................... Aaa AAA 2,293,808
2,300 1.240%, 10/28/04.................................... Aaa AAA 2,290,573
2,300 1.559%, 11/26/04.................................... Aaa AAA 2,285,249
-------------
TOTAL SHORT-TERM INVESTMENTS
(cost $11,464,433)........................................................ 11,464,433
-------------
TOTAL INVESTMENTS--134.7%
(cost $459,182,666)....................................................... 475,441,512
LIABILITIES, LESS CASH AND OTHER ASSETS--(34.7)%.......................... (122,377,279)
-------------
NET ASSETS--100%.......................................................... $ 353,064,233
=============
</Table>

- --------------------------------------------------------------------------------
(a) AAA ratings on U.S. government and agency obligations are assumed because
they are not rated.

The accompanying notes are an integral part of the financial statements.
9

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
STATEMENT OF ASSETS AND LIABILITIES
JUNE 30, 2004
(UNAUDITED)

<Table>

ASSETS
Investments, at value (cost $459,182,666)................... $475,441,512
Cash........................................................ 12,398,936
Receivable for securities sold.............................. 10,644,215
Interest receivable......................................... 8,374,222
Prepaid expenses and other assets........................... 437,863
------------
Total assets........................................... 507,296,748
------------
LIABILITIES
Commercial paper (Note 5)................................... 142,671,075
Payable for securities purchased............................ 10,724,787
Deferred compensation payable (Note 8)...................... 387,644
Investment advisory fee payable (Note 2).................... 222,774
Administrative fee payable (Note 2)......................... 47,542
Accrued expenses............................................ 178,693
------------
Total liabilities...................................... 154,232,515
------------
NET ASSETS.................................................. $353,064,233
============
CAPITAL
Common stock, $.01 par value, 600,000,000 shares authorized,
26,736,415 shares issued and outstanding (Note 7)......... $ 267,364
Additional paid-in capital.................................. 365,144,964
Accumulated net investment loss............................. (10,150,629)
Accumulated net realized loss on investment transactions.... (18,456,312)
Net unrealized appreciation on investments.................. 16,258,846
------------
NET ASSETS.................................................. $353,064,233
============
Net asset value per share of common stock:
($353,064,233 / 26,736,415 shares of common stock issued
and outstanding)....................................... $ 13.21
============
</Table>

The accompanying notes are an integral part of the financial statements.
10

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2004
(UNAUDITED)

<Table>

INVESTMENT INCOME
Interest income........................................... $ 14,863,635
------------
EXPENSES
Investment advisory fees (Note 2)......................... 1,264,298
Administrative fees (Note 2).............................. 272,931
Directors' fees and expenses.............................. 156,620
Commercial paper fees..................................... 114,862
Commitment fees (Note 5).................................. 75,210
Commissions expense-commercial paper...................... 72,296
Transfer agent fees and expenses.......................... 69,234
Professional fees......................................... 60,461
Custodian fees and expenses............................... 25,024
Reports to shareholders................................... 16,742
Registration fees......................................... 11,842
Other..................................................... 13,311
------------
Total operating expenses.................................. 2,152,831
Interest expense--commercial paper (Note 5)............... 854,765
------------
Total expenses......................................... 3,007,596
------------
Net investment income.................................. 11,856,039
------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net realized loss on investment transactions.............. (943,206)
Net change in unrealized appreciation/depreciation on
investments............................................ (14,542,047)
------------
Net realized and unrealized loss on investments........ (15,485,253)
------------
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS........ $ (3,629,214)
============
</Table>

The accompanying notes are an integral part of the financial statements.
11

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2004
(UNAUDITED)

<Table>

INCREASE (DECREASE) IN CASH
Cash flows provided by (used for) operating activities:
Interest received...................................... $ 17,242,518
Expenses paid.......................................... (2,151,886)
Interest expense paid.................................. (718,733)
Purchase of long-term portfolio investments............ (56,687,163)
Proceeds from sale of long-term portfolio
investments.......................................... 67,329,250
Net purchases in excess of proceeds from sales of
short-term portfolio investments..................... (11,427,317)
------------
Net cash provided by operating activities.............. 13,586,669
------------
Cash flows provided by (used for) financing activities:
Net cash used for commercial paper..................... (87,485)
Cash dividends paid to shareholders.................... (12,696,814)
------------
Net cash provided by (used for) financing activities... (12,784,299)
------------
Net increase in cash........................................ 802,370
Cash at beginning of period............................ 11,596,566
------------
Cash at end of period.................................. $ 12,398,936
============
RECONCILIATION OF NET DECREASE IN NET ASSETS RESULTING FROM
OPERATIONS TO NET CASH PROVIDED FROM OPERATING ACTIVITIES
Net decrease in net assets resulting from operations........ $ (3,629,214)
------------
Decrease in investments................................ 990,181
Net realized loss on investments transactions.......... 943,206
Net change in unrealized appreciation/depreciation on
investments.......................................... 14,542,047
Increase in receivable for investments sold............ (10,644,215)
Decrease in interest receivable........................ 522,900
Decrease in other assets............................... 6,241
Increase in payable for investments purchased.......... 10,724,787
Increase in interest payable........................... 136,032
Increase in accrued expenses and other liabilities..... (5,296)
------------
Total adjustments................................... 17,215,883
------------
Net cash provided from operating activities................. $ 13,586,669
============
</Table>

The accompanying notes are an integral part of the financial statements.
12

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
STATEMENTS OF CHANGES IN NET ASSETS

<Table>
<Caption>
FOR THE
SIX MONTHS
ENDED FOR THE
JUNE 30, 2004 YEAR ENDED
(UNAUDITED) DECEMBER 31, 2003
------------- -----------------

OPERATIONS
Net investment income.............................. $ 11,856,039 $ 24,599,544
Net realized loss on investment transactions....... (943,206) (14,179,877)
Net change in unrealized appreciation/depreciation
on investments.................................. (14,542,047) 38,350,899
------------ ------------
Net decrease in net assets resulting from
operations...................................... (3,629,214) 48,770,566
------------ ------------
DIVIDENDS TO SHAREHOLDERS
From net investment income......................... (13,627,302) (27,109,463)
============ ============
CAPITAL STOCK TRANSACTIONS
Reinvestment of dividends resulting in the issuance
of 48,811 shares and 205,846 shares of Common
Stock, respectively............................. 696,929 2,831,771
------------ ------------
Total increase (decrease) in net assets............ (16,559,587) 24,492,874
NET ASSETS
Beginning of period................................ 369,623,820 345,130,946
------------ ------------
End of period(a)................................... $353,064,233 $369,623,820
============ ============
(a) includes accumulated net investment loss....... $(10,150,629) $ (8,379,366)
============ ============
</Table>

The accompanying notes are an integral part of the financial statements.
13

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
FINANCIAL HIGHLIGHTS

<Table>
<Caption>
FOR THE
SIX MONTHS
ENDED
JUNE 30, FOR THE YEAR ENDED DECEMBER 31,
2004 ----------------------------------------------------
(UNAUDITED) 2003 2002 2001(2) 2000 1999
----------- -------- -------- -------- -------- --------

PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of
period............................. $ 13.85 $ 13.03 $ 13.23 $ 12.64 $ 12.54 $ 14.79
-------- -------- -------- -------- -------- --------
Net investment income(1)........... 0.44 0.93 0.99 0.96 0.98 1.06
Net realized and unrealized gain
(loss) on investments
transactions..................... (0.57) 0.91 (0.17) 0.65 0.17 (2.13)
-------- -------- -------- -------- -------- --------
Net increase (decrease) from
investment operations............ (0.13) 1.84 0.82 1.61 1.15 (1.07)
-------- -------- -------- -------- -------- --------
Dividends from net investment
income............................. (0.51) (1.02) (1.02) (1.02) (1.05) (1.18)
-------- -------- -------- -------- -------- --------
Net asset value, end of period(3).... $ 13.21 $ 13.85 $ 13.03 $ 13.23 $ 12.64 $ 12.54
======== ======== ======== ======== ======== ========
Per share market value, end of
period(3).......................... $ 12.63 $ 14.99 $ 13.16 $ 13.21 $ 12.75 $11.5625
======== ======== ======== ======== ======== ========
TOTAL INVESTMENT RETURN(4)........... (12.55)% 22.64% 7.91% 11.90% 20.41% (18.32)%
RATIOS TO AVERAGE NET ASSETS(5)
Operating expenses................... 1.65% 1.79% 2.16% 3.07% 4.02% 3.26%
Operating expenses (excluding
commercial paper expenses)......... 1.04% 1.08% 1.04% 1.02% 1.04% 1.01%
Net investment income................ 6.52% 6.81% 7.84% 7.35% 7.98% 7.84%
SUPPLEMENTAL DATA
Portfolio turnover................... 14% 10% 27% 10% 15% 17%
Net assets, end of period (000)...... $353,064 $369,624 $345,131 $347,114 $329,178 $326,176
COMMERCIAL PAPER INFORMATION
Aggregate amount outstanding at end
of period (000).................... $143,000 $143,000 $140,500 $143,000 $143,000 $143,000
Average daily amortized cost of
commercial paper outstanding
(000).............................. $142,027 $142,115 $141,657 $141,686 $141,152 $141,157
Asset coverage per $1,000 at end of
period............................. $ 3,545 $ 3,585 $ 3,455 $ 3,440 $ 3,294 $ 3,268
</Table>

- ------------------------------------

(1) Based on average shares outstanding.

(2) As required, effective January 1, 2001, the Fund has adopted the provisions
of the AICPA Audit and Accounting Guide for Investment Companies and began
amortizing premium on debt securities. The effect of this change for the
period ended December 31, 2001 was to decrease net investment income per
share by $0.08, increase net realized and unrealized gains and losses per
share by $0.08, and decrease the ratio of net investment income to average
net assets from 7.99% to 7.35%. Per share, ratios and supplemental data for
periods prior to January 1, 2001 have not been restated to reflect this
change in presentation.

(3) Net asset value and market value are published in The Wall Street Journal
each Monday.

(4) Total investment return is calculated assuming a purchase of common stock on
the opening of the first day and a sale on the closing of the last day of
each year reported. Dividends and distributions are assumed, for purposes of
this calculation, to be reinvested at prices obtained under the Fund's
dividend reinvestment plan. Brokerage commissions are not reflected.

(5) As a percentage of average weekly net assets which includes any liabilities
or senior securities constituting indebtedness in connection with financial
leverage.

The accompanying notes are an integral part of the financial statements.
14

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2004 (UNAUDITED)

Duff & Phelps Utility and Corporate Bond Trust Inc. (the "Fund") was
organized in Maryland on November 23, 1992 as a diversified, closed-end
management investment company with operations commencing on January 29, 1993.

The Fund's investment objective is to seek 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 ability
of the issuers of the securities held by the Fund to meet their obligations may
be affected by economic developments in a specific state, industry or region.

NOTE 1. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by
the Fund in the preparation of its financial statements.

SECURITY VALUATION: The Fund values its fixed-income securities by using
market quotations, prices provided by market makers or estimates of market
values obtained from yield data relating to instruments with similar
characteristics in accordance with procedures established by the Board of
Directors of the Fund (the "Board"). Any securities or other assets for which
such current market quotations are not readily available are valued at fair
value as determined in good faith under procedures established by and under the
general supervision and responsibility of the Fund's Board.

Debt securities that mature in 60 days or less are valued at amortized cost
unless this method does not represent fair value.

SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on the trade date. Realized gains and losses on sales of securities are
calculated on the identified cost basis. Interest income, including amortization
of premium and discounts, is recorded on the accrual basis.

FEDERAL INCOME TAXES: It is the Fund's intention to meet the requirements
of the Internal Revenue Code applicable to regulated investment companies and to
distribute sufficient net income and capital gains, if any, to shareholders to
qualify as a regulated investment company. For this reason, no Federal income
tax provision is required.

DIVIDENDS AND DISTRIBUTIONS: The Fund declares and pays dividends to
shareholders on a monthly basis. The dividends are recorded by the Fund on the
ex-dividend date.

REPURCHASE AGREEMENTS: Repurchase agreements are fully collateralized by
U.S. Treasury or Government Agency securities. All collateral is held through
the Fund's custodian and is monitored daily so that its market value exceeds the
carrying value of the repurchase agreement.

USE OF ESTIMATES: The preparation of financial statements, in conformity
with accounting principles generally accepted in the United States, requires
management to make estimates and assumptions that affect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts for income and
expenses during the reporting period. Actual results could differ from those
estimates.

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 2. AGREEMENTS

The Fund has an Advisory Agreement with the Duff & Phelps Investment
Management Co. (the "Adviser"), a subsidiary of Phoenix Investment Partners,
Ltd. and an Administration Agreement with Princeton Administrators, L.P. (the
"Administrator").

The investment advisory fee paid to the Adviser is computed weekly and
payable monthly at an annual rate of .50% of the Fund's average weekly managed
assets which is defined as the average weekly value of the total assets of the
Fund minus the sum of all accrued liabilities of the Fund (other than the
aggregate amount of any outstanding borrowings or other indebtedness
constituting financial leverage).

The administrative fee paid to the Administrator is also computed weekly
and payable monthly at an annual rate of .15% of the Fund's average weekly net
assets, (which includes any liabilities or senior securities constituting
indebtedness in connection with financial leverage) subject to a monthly minimum
of $12,500.

Pursuant to the agreements, the Adviser provides continuous supervision of
the investment portfolio and pays the compensation of directors and officers of
the Fund who are fulltime employees of the Adviser. The Administrator pays
certain occupancy, clerical and accounting costs of the Fund. The Fund bears all
other costs and expenses.

NOTE 3. PORTFOLIO SECURITIES

For the six months ended June 30, 2004, the Fund had purchases of
$67,411,950 and sales of $76,477,538 of investment securities, other than U.S.
Government securities and short-term investments.

The cost of investments of the Fund for federal income tax purposes was
$470,723,553. The net unrealized appreciation aggregated $4,717,959, of which
$12,632,049 related to appreciated securities and $7,914,090 related to
depreciated securities.

NOTE 4. SECURITY LENDING

The Fund may lend its portfolio securities to qualified institutions. The
loans are secured by collateral at least equal, at all times, to the market
value of the securities loaned. The Fund may bear the risk of delay in recovery
of, or even loss of rights in, the securities loaned should the borrower of the
securities fail financially. The Fund receives compensation for lending its
securities in the form of fee income. The Fund also continues to receive
interest on the securities loaned, and any gain or loss in the market price of
the securities loaned that may occur during the term of the loan will be for the
account of the Fund. During the six-months ended June 30, 2004, there were no
securities loaned.

NOTE 5. COMMERCIAL PAPER

As of June 30, 2004, $143,000,000 of commercial paper was outstanding with
an amortized cost of $142,671,075. The average discount rate of commercial paper
outstanding at June 30, 2004 was 1.34%. The average daily balance of commercial
paper outstanding for the six months ended June 30, 2004 was $142,594,438 at a
weighted average discount rate of 1.30%. The maximum amount of commercial paper
outstanding at any time during the six months was $143,000,000. In conjunction
with the issuance of the commercial paper, the Fund entered into a line of
credit arrangement with a bank for $75,000,000. Interest on borrowings is based
on market rates in effect at the time of borrowing. The commitment fee is
computed at the rate of 0.20% per annum on the unused balance. During the six
months ended June 30, 2004 there were no borrowings under this agreement.

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)

NOTE 6. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions to be paid for the year ending December
31, 2004 will be determined at the end of the current fiscal year. The tax
character of distributions paid during the fiscal years ended December 31, 2003
and December 31, 2002 was as follows:

<Table>
<Caption>
12/31/2003 12/31/2002
----------- -----------

Distributions paid from:
Ordinary income........................................... $27,109,463 $26,881,647
----------- -----------
Total Taxable Distributions................................. $27,109,463 $26,881,647
----------- -----------
</Table>

As of December 31, 2003, the components of accumulated earnings on a tax
basis were as follows:

<Table>

Undistributed ordinary income -- net........................ $ 4,326,116
Undistributed long-term capital gains -- net................ $ 0
------------
Total undistributed earnings................................ $ 4,326,116
Capital loss carryforward................................... (17,513,106)*
Unrealized gains/(losses) -- net............................ 18,095,411**
------------
Total accumulated earnings/(losses)......................... $ 4,908,421
============
</Table>

- ---------------

* On December 31, 2003, the Fund had a net capital loss carryforward of
$17,513,106 which expires in 2011. This amount will be available to offset
like amounts of any future taxable gains. The capital loss carryforward of
$552,904 that expired in 2003 was recorded as a reduction to Additional
paid-in-capital.

** The difference between book-basis and tax-basis unrealized gains/(losses) is
attributable primarily to the difference between book and tax amortization
methods for premiums and discounts on fixed income securities, and other
temporary differences.

NOTE 7. CAPITAL

Of the 26,736,415 shares of common stock outstanding at June 30, 2004,
Phoenix Investment Partners Ltd. owned 20,535 shares.

NOTE 8. DEFERRED COMPENSATION PLAN

The Fund has adopted a deferred compensation plan (the "Compensation
Plan"). Under the Compensation Plan, a director who is not an "interested
person" of DUC and has elected to participate in the Compensation Plan (a
"participating director") may defer receipt of all or a portion of his
compensation from the Fund. The deferred compensation payable to the
participating director is credited to the director's deferral account as of the
business day such compensation would have been paid to the director. The Fund
purchases shares of common stock of the Fund in the open market when the
compensation would have been paid. Thus, the value of the account increases with
contributions to the account or with increases in the value of the measuring
shares, and the value of the account decreases with withdrawals from the account
or with declines in the value of the measuring shares. If a participating
director retires, the director may elect to receive payments under the plan in a
lump sum or in equal installments over a period of up to ten years. If a
participating director dies, any amount payable under the plan will be paid to
the director's beneficiaries. Deferred compensation

DUFF & PHELPS UTILITY AND CORPORATE BOND TRUST INC.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

investments of $387,644 are included in "other assets" on the Statement of
Assets and Liabilities at June 30, 2004. The Fund's obligation to make payment
under the Compensation Plan is a general obligation of the Fund.

NOTE 9. SUBSEQUENT DIVIDENDS

Subsequent to June 30, 2004, the Board of Directors of the Fund declared a
dividend of $.085 per share payable on July 30, 2004 to shareholders of record
on July 15, 2004.

DIVIDEND REINVESTMENT AND CASH PURCHASE PLAN

Common shareholders are automatically enrolled in the Fund's Dividend
Reinvestment and Cash Purchase Plan (the "Plan"). Under the Plan, all
distributions to common shareholders of dividends and capital gains will
automatically be reinvested by The Bank of New York (the "Plan Agent") in
additional shares of common stock of the Fund unless an election is made to
receive distributions in cash. Shareholders who elect not to participate in the
Plan will receive all distributions in cash paid by check in U.S. dollars mailed
directly to the shareholder of record (or if the shares are held in street or
other nominee name, then to the nominee) by the Plan Agent.

The Plan Agent serves as agent for the common shareholders in administering
the Plan. After the Fund declares a dividend or determines to make a capital
gains distribution, if (1) the market price of shares on the valuation date
equals or exceeds the net asset value of these shares, the Fund will issue new
shares at net asset value, provided that the Fund will not issue new shares at a
discount of more than 5% from the then current market price; or if (2) the
market price is lower than the net asset value, or if dividends or capital gains
distributions are declared and payable only in cash, then the Plan Agent will,
as agent for the participants, receive the cash payment and use it to buy shares
of common stock in the open market, on the New York Stock Exchange or elsewhere,
for the participants' accounts. If, before the Plan Agent has completed its
purchases, the market price exceeds the net asset value per share of the common
stock, the average per share purchase price paid by the Plan Agent may exceed
the net asset value of the Fund's common stock, resulting in the acquisition of
fewer shares of common stock than if the dividend or distribution had been paid
in common stock issued by the Fund. As described below, the Plan was amended,
effective December 1, 1999, whereby the Fund will issue new shares in
circumstances in which it will be beneficial to plan participants.

The Plan Agent's fees for the handling of the reinvestment of dividends and
distributions will be paid by the Fund. However, each participant will pay a pro
rata share of brokerage commissions (or equivalent purchase costs) incurred with
respect to the Plan Agent's open market purchases in connection with the
reinvestment of dividends and distributions and with voluntary additional share
investments. There are no other charges to participants for reinvesting
dividends or capital gains distributions, except for certain brokerage
commissions (or equivalent purchase costs) as described above.

The Plan also permits Plan participants to periodically purchase additional
shares of common stock through the Plan by delivering to the Plan Agent a check
for at least $100, but not more than $5,000 in any month. The Plan Agent will
use the funds to purchase shares in the open market or in private transactions.
The Fund will not issue any new shares in connection with voluntary additional
share investments. Purchases made pursuant to the Plan will be made commencing
at the time of the first dividend or distribution payment following the second
business day after receipt of the funds for additional purchases, and may be
aggregated with purchases of shares for reinvestment of the dividends and
distributions. Shares will be allocated to the accounts of participants
purchasing additional shares at the average price per share, plus a service
charge imposed by the Plan Agent and brokerage commissions (or equivalent
purchase costs) paid by the Plan Agent for all shares purchased by it, including
for reinvestment of dividends and distributions. Checks drawn on a foreign bank
are subject to collection and collection fees, and will be invested at the time
of the next distribution after funds are collected by the Plan Agent.

The Plan Agent will make every effort to invest funds promptly, and in no
event more than 30 days after the Plan Agent receives a dividend or
distribution, except where postponement is deemed necessary to comply with
applicable provisions of the federal securities laws.

Funds sent to the Plan Agent for voluntary additional share investment may
be recalled by the participant by written notice received by the Plan Agent not
later than two business days before the next distribution payment date. If for
any reason a regular monthly distribution is not paid by the Fund, funds for
voluntary additional share investment will be returned to the participant,
unless the participant specifically directs that they continue to be held by the
Plan Agent for subsequent investment.

Participants in the Plan may withdraw from the Plan upon written notice to
the Plan Agent. When a participant withdraws from the Plan or upon termination
of the Plan as provided below, certificates for whole shares credited to his or
her account under the Plan will be issued and a cash payment will be made for
any fraction of a share credited to such account. An election to withdraw from
the Plan will, until such election is changed, be deemed to be an election by a
common shareholder to take all subsequent dividends and distributions in cash.
Elections will only be effective for dividends and distributions declared after,
and with a record date of at least ten days after, such elections are received
by the Plan Agent. There is no penalty for non-participation in or withdrawal
from the Plan, and shareholders who have withdrawn from the Plan may rejoin it
at any time. The Plan Agent imposes charges on participants for selling
participants shares on termination of participation (currently a base fee of
$5.00 plus $.10 per share). The Fund reserves the right to amend the Plan to
institute a service charge to participants.

The Plan Agent maintains each shareholder's account in the Plan and
furnishes monthly written confirmations of all transactions in the accounts,
including information needed by shareholders for personal and tax records.
Shares in the account of each Plan participant will be held by the Plan Agent in
non-certificated form in the name of the participant, and each shareholder's
proxy will include those shares purchased pursuant to the Plan.

Common shareholders whose common stock is held in the name of a broker or
nominee should contact such broker or nominee to determine whether or how they
may participate in the Plan.

In the case of shareholders, such as banks, brokers or nominees, that hold
shares for others who are the beneficial owners, the Plan Agent will administer
the Plan on the basis of the number of shares certified from time to time by the
record shareholder as representing the total amount registered in the record
shareholder's name and held for the account of beneficial owners who are
participants in the Plan.

The automatic reinvestment of dividends and distributions will not relieve
participants of any federal income tax that may be payable or required to be
withheld on such dividends or distributions.

The Fund reserves the right to amend or terminate the Plan as applied to
any dividend or distribution paid subsequent to written notice of the change
sent to all participants in the Plan at least 90 days before the record date for
the dividend or distribution. The Plan may also be amended or terminated by the
Plan Agent by at least 90 days' written notice to all participants in the Plan.
All questions concerning the Plan should be directed to the Plan Agent by
calling 1-800-524-4458.

PROXY VOTING POLICY AND PROCEDURES

The Fund does not typically hold voting securities and the Fund's Board of
Directors has adopted proxy voting procedures whereby the Fund's Investment
Adviser would review any proxy solicitation materials on a case-by-case basis
and would vote any such securities in accordance with the Investment Adviser's
good faith belief as to the best interests of the Fund and its shareholders. A
description of the policies and procedures that the Fund uses to determine how
to vote proxies relating to portfolio securities is available without charge,
upon request, by calling the Adviser collect at 312-541-5555 and on the
Commission's website at http://www.sec.gov.

PRIVACY PRINCIPLES OF THE FUND

The Fund is committed to maintaining the privacy of its shareholders and to
safeguarding their non-public personal information. The following information is
provided to help you understand what personal information the Fund collects, how
the Fund protects that information and why, in certain cases, the Fund may share
information with select other parties.

Generally, the Fund does not receive any non-public personal information
relating to its shareholders, although certain non-public personal information
of its shareholders may become available to the Fund. The Fund does not disclose
any non-public personal information about its shareholders or former
shareholders to anyone, except as permitted by law or as is necessary in order
to service shareholder accounts (for example, to a transfer agent or third party
administrator).

The Fund restricts access to non-public personal information about its
shareholders to employees of the Fund's investment adviser, administrator and
their respective affiliates with a legitimate business need for the information.
The Fund maintains physical, electronic and procedural safeguards designed to
protect the non-public personal information of its shareholders.

(This page intentionally left blank)

DIRECTORS

Francis E. Jeffries, Chairman
E. Virgil Conway
William W. Crawford
Harry Dalzell-Payne
William N. Georgeson
Philip R. McLoughlin
Geraldine M. McNamara
Eileen A. Moran
Everett L. Morris
Richard A. Pavia

OFFICERS

Nathan I. Partain
President & Chief Executive Officer

Daniel J. Petrisko
Vice President & Chief Investment Officer

Alan Meder
Treasurer

Richard J. Wirth
Secretary

INVESTMENT ADVISER

Duff & Phelps Investment Management Co.
55 East Monroe Street
Chicago, IL 60603
(312) 541-5555

ADMINISTRATOR

Princeton Administrators, L.P.
P.O. Box 9095
Princeton, NJ 08543-9095
(800) 543-6217

CUSTODIAN AND TRANSFER AGENT

The Bank of New York
P.O. Box 11258
Church Street Station
New York, NY 10286
(800) 524-4458

INDEPENDENT AUDITORS

Ernst & Young LLP
5 Times Square
New York, NY 10036

LEGAL COUNSEL

Skadden, Arps, Slate, Meagher & Flom LLP
333 West Wacker Drive
Chicago, IL 60606

This report is for stockholder information.
This is not a prospectus intended for use in the
purchase or sale of Fund shares. Information contained
in this report is dated and subject to change. Past
performance is no guarantee of future results.

Duff & Phelps Utility and Corporate Bond Trust Inc.
55 East Monroe Street
Chicago, IL 60603
DUFF & PHELPS
UTILITY AND
CORPORATE
BOND TRUST INC.

(DUFF & PHELPS LOGO)
SEMI-ANNUAL REPORT
JUNE 30, 2004

Item 2 - Code of Ethics - Not required as this is not an annual filing.

Item 3 - Audit Committee Financial Expert - Not required as this is not an
annual filing.

Item 4 - Principal Accountant Fees and Services - Not required as this is not an
annual filing.

Item 5 - Audit Committee of Listed Registrants - Not required as this is not an
annual filing.

Item 6 - Schedule of Investments - This schedule is included as part of the
report to stockholders filed under Item 1 of this Form.

Item 7 - Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies - Not required as this is not an annual
filing.

Item 8 - Purchases of Equity Securities by Closed-End Management Investment
Company and Affiliated Purchasers - None.

Item 9 - Submission of Matters to a Vote of Security Holders - None.

Item 10 - Controls and Procedures

(a) The registrant's certifying officers have reasonably designed
such disclosure controls and procedures to ensure material
information relating to the registrant is made known to us by
others particularly during the period in which this report is
being prepared. The registrant's certifying officers have
determined that the registrant's disclosure controls and
procedures are effective based on our evaluation of these
controls and procedures as of a date within 90 days prior to the
filing date of this report.

(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Act
(17 CFR 270.30a-3(d)) that occurred during the last fiscal
half-year of the period covered by this report that has
materially affected, or is reasonably likely to materially
affect, the registrant's internal control over financial
reporting. .

Item 11 - Exhibits

(a) Code of Ethics - Not applicable with semi-annual filing.

(b) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act
- Attached hereto

Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto
duly authorized.

Duff & Phelps Utility and Corporate Bond Trust, Inc.

By: /s/ Nathan I. Partain
----------------------
Nathan I. Partain
Chief Executive Officer of
Duff & Phelps Utility and Corporate Bond Trust, Inc.

Date: 8/18/04
----------------------

Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed
below by the following persons on behalf of the registrant and in the
capacities and on the dates indicated.

By: /s/ Nathan I. Partain
----------------------
Nathan I. Partain
Chief Executive Officer of
Duff & Phelps Utility and Corporate Bond Trust, Inc.

Date: 8/18/04
----------------------

By: /s/ Alan M. Meder
----------------------
Alan M. Meder,
Principal Financial and Accounting Officer of
Duff & Phelps Utility and Corporate Bond Trust, Inc.

Date: 8/18/04
----------------------