DTF Tax-Free Income 2028 Term Fund Inc.
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- DTF Tax-Free Income 2028 Term Fund Inc. (NYSE: DTF) is a diversified, closed-end management investment company that seeks current income exempt from regular federal income tax consistent with the preservation of capital. The Fund invests primarily, at least 80% of its total assets, in a diversified portfolio of investment-grade tax-exempt obligations issued by states, municipalities, and their political subdivisions, with allocations across sectors including general obligation bonds, utilities, leasing, special tax, and transportation; top states as of October 31, 2025, include Texas (12.1%), Florida (8.8%), Colorado (7.9%), New Jersey (7.8%), and Illinois (5.9%). It offers monthly dividend distributions on common shares, which since March 15, 2023, may include return of capital in addition to net investment income, along with a voluntary dividend reinvestment and cash purchase plan administered by Computershare Trust Company, N.A. Organized in November 1991 and headquartered in Chicago, Illinois, the Fund operates in the U.S. fixed income markets, with no more than 25% of total assets in securities of issuers in a single industry (excluding general municipal securities). Launched by Virtus Investment Partners, Inc. and managed by Duff & Phelps Investment Management Co., it was formerly known as DTF Tax-Free Income Inc. Effective January 3, 2022, the Fund changed its name to DTF Tax-Free Income 2028 Term Fund Inc. to reflect a shareholder-approved limited term of existence ending March 1, 2028, or earlier as determined by the Board, which may extend it to perpetual status following a tender offer. Recent dividend announcements include three monthly distributions of $0.0325 per share declared on December 11, 2025, for payment in January, February, and March 2026, consistent with ongoing quarterly declarations throughout 2025 at the same rate. The Fund maintains ongoing SEC 19(a) notices and annual tax information letters to clarify distribution sources for shareholder tax reporting.