New Name of DTF Tax-Free Income 2028 Term Fund Inc. Now in Effect
As of January 3, 2022, the Fund previously known as DTF Tax-Free Income Inc. is now named DTF Tax-Free Income 2028 Term Fund Inc. This change reflects the Fund's limited term of existence, which will conclude on March 1, 2028, unless extended by the Board. The name alteration will not impact the Fund's ticker symbol (NYSE: DTF) or its securities' CUSIP numbers. The Fund aims to provide current income exempt from federal income tax through a diversified portfolio of investment-grade tax-exempt obligations, managed by Duff & Phelps Investment Management Co., a subsidiary of Virtus Investment Partners.
- The name change clarifies the Fund's limited-term investment strategy, which could attract investors looking for fixed-term investments.
- The Fund's objective focuses on generating income exempt from federal taxes, appealing to tax-sensitive investors.
- The Fund is set to cease existence on March 1, 2028, which may deter investors interested in long-term investments.
CHICAGO, Jan. 3, 2022 /PRNewswire/ -- Effective at 12:01 a.m. Eastern Time on this date, the Fund formerly known as DTF Tax-Free Income Inc. has changed its name to DTF Tax-Free Income 2028 Term Fund Inc.
The Fund's name change does not affect the Fund's ticker symbol (NYSE: DTF) or the CUSIP numbers assigned to the Fund's securities.
The name change was approved by the Fund's Board of Directors in December 2021 to reflect the limited term of existence of the Fund resulting from the charter amendments that were approved at the annual meeting of shareholders on February 26, 2021. The charter amendments will cause the Fund to cease to exist on March 1, 2028, or such earlier date as may be determined by the Board. Under the charter amendments, the Board is also authorized to extend the term of the Fund to have a perpetual existence once again, subject to the Fund having conducted a tender offer meeting certain conditions.
About the Fund
DTF Tax-Free Income 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 is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS), a multi-boutique asset manager with
Virtus provides investment management products and services to individuals and institutions through a multi-manager asset management business, comprising a number of individual affiliated managers, each with a distinct investment style, autonomous investment process and individual brand. Additional information can be found at www.virtus.com.
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SOURCE DTF Tax-Free Income Inc.
FAQ
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