Utility and Corporate Bond Trust Inc.

Fund Overview

Duff & Phelps Utility and Corporate Bond Trust Inc. (the "Fund"), a diversified closed-end investment company, first offered its common stock to the public in January of 1993.

Investment Objective

The Fund's investment objective is high current income consistent with investing in securities of investment grade quality. DUC utilizes a bank loan to leverage the common stockholders’ investment.

The Fund seeks to achieve its investment objective by investing substantially all of its assets in a diversified portfolio of Income Securities. As used in the Fund's prospectus, Income Securities consist of Utility Income Securities, Corporate Income Securities, Mortgage-Backed Securities and Asset-Backed Securities (each as defined in the prospectus). In normal market conditions, at least 80% of the Fund's total assets will be invested, in the aggregate, in Utility and Corporate Bonds, and at least 25% of the Fund's total assets will be invested in Utility Income Securities.

Important Risk Considerations

Credit & Interest: Debt securities are subject to various risks, the most prominent of which are credit and interest rate risk. The issuer of a debt security may fail to make interest and/or principal payments. Values of debt securities may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer-term maturities.

Industry/Sector Concentration: A fund that focuses its investments in a particular industry or sector will be more sensitive to conditions that affect that industry or sector than a non-concentrated fund.

Foreign Investing: Investing internationally involves additional risks such as currency, political, accounting, economic, and market risk.

No Guarantee: There is no guarantee that the portfolio will meet its objective.

Leverage: When a fund leverages its portfolio, the value of its shares may be more volatile and all other risks may be compounded.

This information does not represent an offer, or the solicitation of an offer, to buy or sell securities of the Fund.

¹Net Asset Value vs. Market Price: Net Asset Value (NAV) represents the total value of all assets held by the Fund (minus its total liabilities), divided by the total number of common shares outstanding. The net asset value returns reflect the performance of the manager. Market price is the price at which investors may purchase or sell shares of the Fund. Market price is determined in the open market by buyers and sellers, based on supply and demand. The Fund’s Market Price fluctuates throughout the day and may differ from its underlying NAV. Shares of the Fund may trade at a premium (higher than) or a discount (lower than) to NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s net asset value could decline. The Fund has no control over the market price

²Percentages based on total investments rather than total net assets.  The portfolio is actively managed and subject to change.

³The ratings issued by Nationally Recognized Statistical Rating Organizations assess the credit worthiness of a corporation’s or government’s debt issues. The ratings apply to the Fund’s holdings and not the Fund itself. The lower rating of Moody’s Investor Service, Inc. or Standard & Poor’s Financial Services LLC is used. If a particular security is rated by either Moody’s or S&P, but not both, then the single rating is used. If a particular security is not rated by either Moody’s or S&P, a rating from Fitch Ratings Ltd. is used, if available. Ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB and below are below-investment grade ratings.