{"id":740513,"date":"2023-03-15T17:05:06","date_gmt":"2023-03-15T21:05:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/dtf-tax-free-income-2028-term-fund-inc-announces-changes-to-distribution-policy-and-new-benchmark\/"},"modified":"2023-03-15T17:05:06","modified_gmt":"2023-03-15T21:05:06","slug":"dtf-tax-free-income-2028-term-fund-inc-announces-changes-to-distribution-policy-and-new-benchmark","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/dtf-tax-free-income-2028-term-fund-inc-announces-changes-to-distribution-policy-and-new-benchmark\/","title":{"rendered":"DTF Tax-Free Income 2028 Term Fund Inc. Announces Changes to Distribution Policy and New Benchmark"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwblockalignc { margin-left: auto; margin-right: auto }\n.bwcellpmargin { margin-bottom: 0px; margin-top: 0px }\n.bwleftsingle { border-left: solid black 1pt }\n.bwpadl0 { padding-left: 0px }\n.bwpadr0 { padding-right: 0px }\n.bwrightsingle { border-right: solid black 1pt }\n.bwrowaltcolor1 { background-color: #d3d3d3 }\n.bwsinglebottom { border-bottom: solid black 1pt }\n.bwtablemarginb { margin-bottom: 10px }\n.bwtopsingle { border-top: solid black 1pt }\n.bwvertalignb { vertical-align: bottom }\n.bwvertalignt { vertical-align: top }\n.bwwidth100 { width: 100% }\n.bwwidth25 { width: 25% }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>DTF Tax-Free Income 2028 Term Fund Inc. <\/b><b>Announces Changes to Distribution Policy and New Benchmark<\/b><\/p>\n<p>CHICAGO&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nThe Board of Directors of DTF Tax-Free Income 2028 Term Fund Inc. (NYSE: DTF) (the \u201cFund\u201d), a closed-end fund advised by Duff &amp; Phelps Investment Management Co., today announced several steps intended to enhance the value of the fund in the current market environment.\n<\/p>\n<p>\nThe Board approved an amendment to the Fund\u2019s monthly distribution policy to allow the Fund\u2019s monthly distribution to include return of capital as well as net investment income. The Fund\u2019s policy of making annual distributions of capital gains is unaffected by this change. The Board also voted to maintain the current dividend at $0.0325 per share, a portion of which is expected to be a return of capital. By maintaining the dividend during the current environment of relatively limited opportunities to earn investment income, the Board considered the potential benefits of maintaining a stable distribution amidst the challenges faced in the high-grade municipal bond market.\n<\/p>\n<p>\nDavid Grumhaus, president of the Fund and chief investment officer of Duff &amp; Phelps, said, \u201cWe think that the Board\u2019s decision to maintain the current dividend is in the best interest of the Fund\u2018s shareholders. While some of this distribution will come from return of capital, we think a stable distribution is likely to be supportive of the Fund\u2019s market price. A periodic return of capital also aligns with the short-term nature of the term structure of the Fund.\u201d\n<\/p>\n<p>\nIn addition, reflective of the Fund\u2019s remaining five-year horizon, its performance benchmark is being changed to the Bloomberg 5-Year Municipal Bond Index from the Bloomberg Municipal Bond Index. The adviser believes that because the average maturity and duration of the new benchmark are more in line with the average maturity and duration of the portfolio going forward, the new benchmark will provide a more accurate basis for relative performance comparisons. \u201cWe believe the combination of these actions are positive for the DTF shareholders,\u201d Grumhaus said.\n<\/p>\n<p>\nThe Board of Directors authorized the following payment of dividends on the Fund\u2019s common stock as follows:\n<\/p>\n<table cellspacing=\"0\" class=\"bwtablemarginb bwwidth100 bwblockalignc\">\n<tr>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Amount of Dividend<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth25 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\"><b>Ex-Dividend Date<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Record Date<\/b><\/p>\n<\/td>\n<td class=\"bwvertalignt bwtopsingle bwsinglebottom bwrightsingle bwpadl0 bwrowaltcolor1 bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\"><b>Payable Date<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth25 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$0.0325\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nApril 14, 2023\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nApril 17, 2023\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nApril 28, 2023\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth25 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$0.0325\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nMay 12, 2023\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nMay 15, 2023\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nMay 31, 2023\n<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"bwsinglebottom bwleftsingle bwrightsingle bwpadl0 bwpadr0 bwvertalignb bwwidth25 bwalignc\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwcellpmargin bwalignc\">\n$0.0325\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nJune 14, 2023\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nJune 15, 2023\n<\/p>\n<\/td>\n<td class=\"bwvertalignb bwsinglebottom bwrightsingle bwpadl0 bwwidth25\" rowspan=\"1\" colspan=\"1\">\n<p class=\"bwalignc bwcellpmargin\">\nJune 30, 2023\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<p>\nThe Fund estimates that the above dividends are likely to exceed the Fund\u2019s net income and net realized capital gains; therefore, a portion of these dividends is likely to result in a return of capital. A return of capital may occur, for example, when some or all of the money that you invested is paid back to you. A return of capital distribution does not necessarily reflect the Fund\u2019s investment performance and should not be confused with \u201cyield\u201d or \u201cincome.\u201d The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund&#8217;s investment experience during the remainder of the fiscal year and may be subject to changes based on tax regulations. The Fund or your broker will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.\n<\/p>\n<p><b>About the Fund<\/b><\/p>\n<p>\nDTF 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 <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.dpimc.com%2Fdtf&amp;esheet=53362749&amp;newsitemid=20230315005811&amp;lan=en-US&amp;anchor=dpimc.com%2Fdtf&amp;index=1&amp;md5=b3674b3f8b1781a4060b375f14ca09c1\">dpimc.com\/dtf<\/a> or call (800) 338-8214.\n<\/p>\n<p><b>About the Investment Adviser<\/b><\/p>\n<p>\nDuff &amp; Phelps Investment Management Co., an affiliated manager of <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.virtus.com%2F%23product.all%2Fclass.all&amp;esheet=53362749&amp;newsitemid=20230315005811&amp;lan=en-US&amp;anchor=Virtus+Investment+Partners%2C+Inc&amp;index=2&amp;md5=7ac91e5af1c2421a8f06399b74c8417c\">Virtus Investment Partners, Inc<\/a>., began in 1932 as a fundamental research firm and has been managing assets since 1979. The firm seeks to provide specialty investment strategies that enhance client outcomes through active portfolio management and customized solutions, utilizing a process with values that include quality, reliability, and specialization. Investment strategies include U.S. and global real estate securities, global listed infrastructure, energy infrastructure, water, and clean energy.\n<\/p>\n<p class=\"bwalignc\">\n\u00a0\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230315005811r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230315005811\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230315005811\/en\/<\/a><\/span><\/p>\n<p>\nClayton J. Minor or Timothy P. Riordan, (833) 604-3163\n<\/p>\n<p><b>KEYWORDS:<\/b> United States North America Illinois<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Asset Management Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230315005811\/en\/1739744\/3\/D%26P_DTF_Tax-FreeIncome2028TermFundInc_Reversed_RGB_1.3.22.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>DTF Tax-Free Income 2028 Term Fund Inc. Announces Changes to Distribution Policy and New Benchmark CHICAGO&#8211;(BUSINESS WIRE)&#8211; The Board of Directors of DTF Tax-Free Income 2028 Term Fund Inc. (NYSE: DTF) (the \u201cFund\u201d), a closed-end fund advised by Duff &amp; Phelps Investment Management Co., today announced several steps intended to enhance the value of the fund in the current market environment. The Board approved an amendment to the Fund\u2019s monthly distribution policy to allow the Fund\u2019s monthly distribution to include return of capital as well as net investment income. The Fund\u2019s policy of making annual distributions of capital gains is unaffected by this change. The Board also voted to maintain the current dividend at $0.0325 per share, a portion of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/dtf-tax-free-income-2028-term-fund-inc-announces-changes-to-distribution-policy-and-new-benchmark\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;DTF Tax-Free Income 2028 Term Fund Inc. Announces Changes to Distribution Policy and New Benchmark&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-740513","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>DTF Tax-Free Income 2028 Term Fund Inc. Announces Changes to Distribution Policy and New Benchmark - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/dtf-tax-free-income-2028-term-fund-inc-announces-changes-to-distribution-policy-and-new-benchmark\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DTF Tax-Free Income 2028 Term Fund Inc. Announces Changes to Distribution Policy and New Benchmark - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"DTF Tax-Free Income 2028 Term Fund Inc. Announces Changes to Distribution Policy and New Benchmark CHICAGO&#8211;(BUSINESS WIRE)&#8211; The Board of Directors of DTF Tax-Free Income 2028 Term Fund Inc. (NYSE: DTF) (the \u201cFund\u201d), a closed-end fund advised by Duff &amp; Phelps Investment Management Co., today announced several steps intended to enhance the value of the fund in the current market environment. The Board approved an amendment to the Fund\u2019s monthly distribution policy to allow the Fund\u2019s monthly distribution to include return of capital as well as net investment income. The Fund\u2019s policy of making annual distributions of capital gains is unaffected by this change. The Board also voted to maintain the current dividend at $0.0325 per share, a portion of &hellip; Continue reading &quot;DTF Tax-Free Income 2028 Term Fund Inc. 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(NYSE: DTF) (the \u201cFund\u201d), a closed-end fund advised by Duff &amp; Phelps Investment Management Co., today announced several steps intended to enhance the value of the fund in the current market environment. The Board approved an amendment to the Fund\u2019s monthly distribution policy to allow the Fund\u2019s monthly distribution to include return of capital as well as net investment income. The Fund\u2019s policy of making annual distributions of capital gains is unaffected by this change. The Board also voted to maintain the current dividend at $0.0325 per share, a portion of &hellip; Continue reading \"DTF Tax-Free Income 2028 Term Fund Inc. Announces Changes to Distribution Policy and New Benchmark\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/dtf-tax-free-income-2028-term-fund-inc-announces-changes-to-distribution-policy-and-new-benchmark\/","og_site_name":"Market Newsdesk","article_published_time":"2023-03-15T21:05:06+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230315005811r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/dtf-tax-free-income-2028-term-fund-inc-announces-changes-to-distribution-policy-and-new-benchmark\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/dtf-tax-free-income-2028-term-fund-inc-announces-changes-to-distribution-policy-and-new-benchmark\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"DTF Tax-Free Income 2028 Term Fund Inc. 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