DTF Tax-Free Income 2028 Term Fund Inc. Announces Dividends
DTF Tax-Free Income 2028 Term Fund Inc. (NYSE: DTF) authorizes dividends on common stock, likely to exceed net income and realized capital gains, potentially resulting in a return of capital. Dividends to be paid on January 31, 2024, February 29, 2024, and March 28, 2024.
Positive
Authorization of dividends indicates a commitment to shareholder value.
Consistent dividend payments can attract income-seeking investors.
Negative
Dividends likely to exceed net income and realized capital gains, potentially resulting in a return of capital, which may not reflect the Fund's investment performance.
Return of capital distribution does not equate to 'yield' or 'income', possibly leading to confusion among investors.
12/14/2023 - 05:02 PM
CHICAGO --(BUSINESS WIRE)--
The Board of Directors of DTF Tax-Free Income 2028 Term Fund Inc. (NYSE: DTF) (the “Fund”), a closed-end fund advised by Duff & Phelps Investment Management Co., today authorized the payment of dividends on the Fund’s common stock as follows:
Cents Per Share
Ex-Dividend Date
Record Date
Payable Date
3.25
January 12, 2024
January 16, 2024
January 31, 2024
3.25
February 14, 2024
February 15, 2024
February 29, 2024
3.25
March 14, 2024
March 15, 2024
March 28, 2024
The Fund estimates that the above dividends are likely to exceed the Fund’s 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’s investment performance and should not be confused with “yield” or “income.” The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund'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.
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 dpimc.com/dtf or call (800) 338-8214.
About the Investment Adviser
Duff & Phelps Investment Management Co., an affiliated manager of Virtus Investment Partners, Inc. , 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.
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Clayton J. Minor or Timothy P. Riordan, (833) 604-3163
Source: DTF Tax-Free Income 2028 Term Fund Inc.
The Fund has authorized dividends of 3.25 cents per share, payable on January 31, 2024, February 29, 2024, and March 28, 2024.
Exceeding net income and net realized capital gains may result in a return of capital for investors, which does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.
The actual amounts and sources of the dividends for tax reporting purposes will depend on the Fund's investment experience during the fiscal year. Investors will receive a Form 1099-DIV for the calendar year to report these distributions for federal income tax purposes.
