DTF TAX-FREE INCOME 2028 TERM FUND INC. ANNOUNCES NEW PORTFOLIO MANAGEMENT TEAM

Rhea-AI Summary

DTF Tax-Free Income 2028 Term Fund Inc. (NYSE: DTF) has announced the appointment of Ronald H. Schwartz and Dusty L. Self as new portfolio managers, effective July 1, 2022. They will take over from Lisa H. Leonard, who is retiring on June 30, 2022. Schwartz and Self each bring over 30 years of experience in investment-grade municipal strategies. The Fund, advised by Duff & Phelps Investment Management Co., aims to generate current income exempt from federal income tax through a diversified portfolio of investment-grade tax-exempt obligations.

Positive

• Experienced new portfolio managers appointed, enhancing management quality.
• The Fund continues to aim for current income exempt from federal income tax.

Negative

• None.

CHICAGO, June 13, 2022 /PRNewswire/ -- DTF Tax-Free Income 2028 Term Fund Inc. (NYSE: DTF) (the "Fund"), a closed-end fund advised by Duff & Phelps Investment Management Co. (the "Investment Adviser"), today announced that, effective on July 1, 2022, Ronald H. Schwartz, CFA and Dusty L. Self have been appointed by the Investment Adviser as portfolio managers of the Fund, and have also been appointed by the Fund's Board of Directors as Vice Presidents of the Fund. Mr. Schwartz and Ms. Self will assume the portfolio management responsibilities of Lisa H. Leonard, Chief Investment Officer and Vice President of the Fund, who will retire from her position effective June 30, 2022.

Mr. Schwartz and Ms. Self each have over 30 years of experience focused on investment grade municipal strategies. Both investment professionals will be "dual hatted" employees of Duff & Phelps Investment Management Co. and Seix Investment Advisors LLC, each of which is a subsidiary and affiliated manager of Virtus Investment Partners.

David D. Grumhaus, Jr., President and Chief Executive Officer of the Fund, said, "On behalf of management and the Board, I want to thank Lisa for her many years of service and wish her well in her retirement. Although we will certainly miss Lisa, we are fortunate to have a seasoned, high caliber successor team in Mr. Schwartz and Ms. Self, with their decades of experience in the investment grade municipal market."

About the Fund

DTF Tax-Free Income 2028 Term Fund Inc. is a closed-end diversified investment management company whose investment objective is current income exempt from regular federal income tax consistent with preservation of capital. The Fund seeks to achieve its investment objective by investing in a diversified portfolio of investment-grade tax-exempt obligations. For more information, visit www.dpimc.com/dtf or call (800) 338-8214.

About the Investment Adviser

Duff & Phelps Investment Management Co. has more than 40 years of experience managing investment portfolios, including institutional separate accounts and open- and closed-end funds investing in utilities, infrastructure and real estate investment trusts (REITs). For more information, visit www.dpimc.com.

Duff & Phelps Investment Management Co. is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS) ("Virtus"), a distinctive partnership of boutique investment managers with $170.9 billion under management as of April 30, 2022. Virtus provides investment management products and services to individuals and institutions through affiliated managers and select subadvisers, each with a distinct investment style, autonomous investment process and individual brand. Additional information can be found at www.virtus.com.

View original content:https://www.prnewswire.com/news-releases/dtf-tax-free-income-2028-term-fund-inc-announces-new-portfolio-management-team-301566906.html

SOURCE DTF Tax-Free Income 2028 Term Fund Inc.

FAQ

Who are the new portfolio managers for DTF Tax-Free Income 2028 Term Fund?

Ronald H. Schwartz and Dusty L. Self have been appointed as the new portfolio managers effective July 1, 2022.

What is the focus of DTF Tax-Free Income 2028 Term Fund?

The Fund focuses on generating current income exempt from regular federal income tax through investment-grade tax-exempt obligations.

What is the background of the new portfolio managers at DTF?

Both Schwartz and Self have over 30 years of experience in investment-grade municipal strategies.

Who is retiring from DTF Tax-Free Income 2028 Term Fund?

Lisa H. Leonard is retiring from her position as Chief Investment Officer and Vice President on June 30, 2022.

What is the investment objective of DTF Tax-Free Income 2028 Term Fund?

The investment objective is to provide current income exempt from regular federal income tax while preserving capital.