Fund Overview
DTF Tax-Free Income 2028 Term Fund Inc. (the “Fund”) was organized in November, 1991 and is a diversified closed-end management investment company. Effective as of January 3, 2022, the Fund changed its name to DTF Tax-Free Income 2028 Term Fund Inc. The name change is to reflect the limited term of existence of the Fund that was approved by shareholders. The Fund will cease to exist on March 1, 2028, or such earlier date as may be determined by the Board. 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. The Fund’s investment objective is current income exempt from regular federal income tax consistent with the preservation of capital. The fund seeks to achieve its investment objective by investing primarily (at least 80% of its total assets) in a diversified portfolio of investment-grade tax-exempt obligations. DTF has Variable Rate MuniFund Term Preferred Shares (VMTPs) to leverage the common stockholders’ investment.
The Fund may not invest more than 25% of its total assets (taken at market value at the time of each investment) in the securities of issuers in a single industry; provided that, for purposes of this restriction, tax exempt securities of issuers that are states, municipalities or their political subdivisions are not considered to be the securities of issuers in any single industry.
Top 5 States as a Percentage of Total Investments2
As of 10/31/21 (Unaudited)
| State | Percent |
|---|---|
| Florida | 13.8% |
| California | 11.2% |
| Texas | 11.0% |
| Illinois | 10.6% |
| New York | 7.8% |
Top 5 Sectors as a Percentage of Total Investments2
As of 10/31/21 (Unaudited)
| Industry Sector | Percent |
|---|---|
| Special Tax | 12.4% |
| Transportation | 12.1% |
| Education | 11.9% |
| Healthcare | 11.8% |
| Local GO | 10.0% |
Summary of Ratings as a Percentage of Long-Term Investments2,3
As of 10/31/21 (Unaudited)
Fund Resources
Dividends will be declared and paid monthly on its common stock from net investment income. A program is offered for the reinvestment of dividends and capital gains distributions in shares of common stock of the Fund. This service is entirely voluntary and, subject to the terms of the Dividend Reinvestment and Cash Purchase Plan. Shareholders may join or withdraw from the Plan at any time. Please contact the Fund’s transfer agent, American Stock Transfer & Trust Company, for further information.
Dividend Distribution Information
| Declaration Date | Ex-Date | Record Date | Payable | Amount |
|---|---|---|---|---|
| 12/16/21 | 03/14/22 | 03/15/22 | 03/31/22 | $0.0325 |
| 12/16/21 | 02/14/22 | 02/15/22 | 02/28/22 | $0.0325 |
| 12/16/21 | 01/14/22 | 01/18/22 | 01/31/22 | $0.0325 |
| 12/16/21 | 12/29/21 | 12/30/21 | 01/11/22 | $0.1644812 |
| 12/16/21 | 12/29/21 | 12/30/21 | 01/11/22 | $0.0000561 |
| 09/20/21 | 12/14/21 | 12/15/21 | 12/31/21 | $0.0325 |
| 09/20/21 | 11/12/21 | 11/15/21 | 11/30/21 | $0.0325 |
| 09/20/21 | 10/14/21 | 10/15/21 | 10/29/21 | $0.0325 |
| 06/09/21 | 09/14/21 | 09/15/21 | 09/30/21 | $0.040 |
| 06/09/21 | 08/13/21 | 08/16/21 | 08/31/21 | $0.040 |
| 06/09/21 | 07/14/21 | 07/15/21 | 07/30/21 | $0.040 |
| 03/08/21 | 06/14/21 | 06/15/21 | 06/30/21 | $0.040 |
| 03/08/21 | 05/14/21 | 05/17/21 | 05/28/21 | $0.040 |
| 03/08/21 | 04/14/21 | 04/15/21 | 04/30/21 | $0.040 |
| 12/17/20 | 03/12/21 | 03/15/21 | 03/31/21 | $0.040 |
| 12/17/20 | 02/12/21 | 02/16/21 | 02/26/21 | $0.040 |
| 12/17/20 | 01/14/21 | 01/15/21 | 01/29/21 | $0.040 |
| 12/17/20 | 12/30/20 | 12/31/20 | 01/11/21 | $0.0001602 |
| 09/16/20 | 12/14/20 | 12/15/20 | 12/31/20 | $0.040 |
| 09/16/20 | 11/13/20 | 11/16/20 | 11/30/20 | $0.040 |
| 09/16/20 | 10/14/20 | 10/15/20 | 10/30/20 | $0.040 |
| 06/11/20 | 09/14/20 | 09/15/20 | 09/30/20 | $0.040 |
| 06/11/20 | 08/14/20 | 08/17/20 | 08/31/20 | $0.040 |
| 06/11/20 | 07/14/20 | 07/15/20 | 07/31/20 | $0.040 |
| 03/09/20 | 06/12/20 | 06/15/20 | 06/30/20 | $0.040 |
| 03/09/20 | 05/14/20 | 05/15/20 | 05/29/20 | $0.040 |
| 03/09/20 | 04/14/20 | 04/15/20 | 04/30/20 | $0.040 |
| 12/19/19 | 03/13/20 | 03/16/20 | 03/31/20 | $0.040 |
| 12/19/19 | 02/14/20 | 02/18/20 | 02/28/20 | $0.040 |
| 12/19/19 | 01/14/20 | 01/15/20 | 01/31/20 | $0.040 |
| 12/19/19 | 12/30/19 | 12/31/19 | 01/08/20 | $0.0058432 |
| 09/19/19 | 12/13/19 | 12/16/19 | 12/31/19 | $0.040 |
| 09/19/19 | 11/14/19 | 11/15/19 | 11/29/19 | $0.040 |
| 09/19/19 | 10/11/19 | 10/15/19 | 10/31/19 | $0.040 |
| 06/13/19 | 09/13/19 | 09/16/19 | 09/30/19 | $0.035 |
| 06/13/19 | 08/14/19 | 08/15/19 | 08/30/19 | $0.035 |
| 06/13/19 | 07/12/19 | 07/15/19 | 07/31/19 | $0.035 |
| 03/12/19 | 06/14/19 | 06/17/19 | 06/28/19 | $0.035 |
| 03/12/19 | 05/14/19 | 05/15/19 | 05/31/19 | $0.035 |
| 03/12/19 | 04/12/19 | 04/15/19 | 04/30/19 | $0.035 |
| 12/13/18 | 03/14/19 | 03/15/19 | 03/29/19 | $0.035 |
| 12/13/18 | 01/15/19 | 02/15/19 | 02/28/19 | $0.035 |
| 12/13/18 | 01/14/19 | 01/15/19 | 01/31/19 | $0.035 |
| 12/13/18 | 12/28/18 | 12/31/18 | 01/09/19 | $0.1205752 |
| 12/13/18 | 12/28/18 | 12/31/18 | 01/09/19 | $0.0030563 |
| 09/13/18 | 12/14/18 | 12/17/18 | 12/31/18 | $0.035 |
| 09/13/18 | 11/14/18 | 11/15/18 | 11/30/18 | $0.035 |
| 09/13/18 | 10/12/18 | 10/15/18 | 10/31/18 | $0.035 |
| 06/14/18 | 09/14/18 | 09/17/18 | 09/28/18 | $0.050 |
| 06/14/18 | 08/14/18 | 08/15/18 | 08/31/18 | $0.050 |
| 06/14/18 | 07/13/18 | 07/16/18 | 07/31/18 | $0.050 |
| 03/13/18 | 06/14/18 | 06/15/18 | 06/29/18 | $0.050 |
| 03/13/18 | 05/14/18 | 05/15/18 | 05/31/18 | $0.050 |
| 03/13/18 | 04/13/18 | 04/16/18 | 04/30/18 | $0.050 |
| 12/14/17 | 03/14/18 | 03/15/18 | 03/29/18 | $0.050 |
| 12/14/17 | 02/14/18 | 02/15/18 | 02/28/18 | $0.050 |
| 12/14/17 | 01/12/18 | 01/16/18 | 01/31/18 | $0.050 |
| 12/14/17 | 12/28/17 | 12/29/17 | 01/10/18 | $0.0364282 |
| 12/14/17 | 12/28/17 | 12/29/17 | 01/10/18 | $0.0001723 |
| 09/19/17 | 12/14/17 | 12/15/17 | 12/29/17 | $0.050 |
| 09/19/17 | 11/14/17 | 11/15/17 | 11/30/17 | $0.050 |
| 09/19/17 | 10/13/17 | 10/16/17 | 10/31/17 | $0.050 |
| 06/15/17 | 09/14/17 | 09/15/17 | 09/29/17 | $0.050 |
| 06/15/17 | 08/11/17 | 08/15/17 | 08/31/17 | $0.050 |
| 06/15/17 | 07/13/17 | 07/17/17 | 07/31/17 | $0.050 |
| 03/14/17 | 06/13/17 | 06/15/17 | 06/30/17 | $0.050 |
| 03/14/17 | 05/11/17 | 05/15/17 | 05/31/17 | $0.050 |
| 03/14/17 | 04/12/17 | 04/17/17 | 04/28/17 | $0.050 |
1 Special distribution represents short-term capital gains realized by the Fund.
2 Special distribution represents long-term capital gains realized by the Fund.
3 Special distribution represents ordinary taxable income realized by the Fund.
SEC Filings
Annual and Semi-Annual Reports
Annual Report
DTF Tax-Free Income Annual Report 2021
DTF Tax-Free Income Annual Report 2020
DTF Tax-Free Income Annual Report 2019
DTF Tax-Free Income Annual Report 2018
DTF Tax-Free Income Annual Report 2017
Important Tax Information
The following information is provided to assist you in the preparation of your federal and state income tax returns. Dividends of net investment income paid by the Fund are exempt from federal income tax to the extent attributable to interest received on tax-exempt securities. In addition, you may be exempt from state and local tax on the portion of dividends paid by the Fund which is attributable to interest income from municipal bonds issued by your state of residence.
Please consult your tax advisor or state/local tax authorities to properly report this information on your tax return(s). If you have any questions concerning the amounts listed or would like specific monthly breakdowns, please call 1-888-878-7845.
Important Risk Considerations
Credit and Interest: Debt securities are subject to various risks, the most prominent of which are credit and interest rate risk. The issuer of a debt security may fail to make interest and/or credit payments. Values of debt securities may rise or fall in response to changes in interest rates, and this risk may be enhanced with longer term maturities.
Municipal Market: Events negatively impacting a municipal security, or the municipal bond market in general, may cause the fund to decrease in value.
Tax Liability: Noncompliant conduct by a municipal bond issuer, or adverse interpretations, could cause interest from a security to become taxable, subjecting shareholders to increased tax liability.
Industry/Sector Concentration: A fund that focuses its investments in a particular industry or sector will be more sensitive to conditions that affect that industry or sector than a non-concentrated fund.
State and AMT Tax: A portion of income may be subject to some state and/or local taxes and, for certain investors, a portion may be subject to the federal alternative minimum tax.
No Guarantee: There is no guarantee that the portfolio will meet its objective.
Leverage: When a fund leverages its portfolio, the value of its shares may be more volatile and all other risks may be compounded.
Market Volatility: Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on the fund and its investments, including hampering the ability of the fund's portfolio manager(s) to invest the fund's assets as intended.
This information does not represent an offer, or the solicitation of an offer, to buy or sell securities of the Fund.
1Net Asset Value vs. Market Price: Net Asset Value (NAV) represents the total value of all assets held by the Fund (minus its total liabilities), divided by the total number of common shares outstanding. The net asset value returns reflect the performance of the manager. Market price is the price at which investors may purchase or sell shares of the Fund. Market price is determined in the open market by buyers and sellers, based on supply and demand. The Fund’s Market Price fluctuates throughout the day and may differ from its underlying NAV. Shares of the Fund may trade at a premium (higher than) or a discount (lower than) to NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s net asset value could decline. The Fund has no control over the market price.
2Percentages based on total investments rather than total net assets. The portfolio is actively managed and subject to change.
3The ratings issued by Nationally Recognized Statistical Rating Organizations assess the credit worthiness of a corporation’s or government’s debt issues. The ratings apply to the Fund’s holdings and not the Fund itself. The lower rating of Moody’s Investor Service, Inc. or Standard & Poor’s Financial Services LLC is used. If a particular security is rated by either Moody’s or S&P, but not both, then the single rating is used. If a particular security is not rated by either Moody’s or S&P, a rating from Fitch Ratings Ltd. is used, if available. Ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB and below are below-investment grade ratings.
