DTF TAX-FREE INCOME 2028 TERM FUND INC

What DTF TAX-FREE INCOME 2028 TERM FUND INC does

DTF Tax-Free Income 2028 Term Fund Inc. is a diversified closed-end management investment company organized under Maryland law in November 1991 and originally named DTF Tax-Free Income Inc. On January 3, 2022, the fund was renamed to reflect its conversion into a limited-term vehicle with a March 1, 2028 termination date (subject to Board extension via a qualifying tender offer). The fund's investment objective is to deliver current income exempt from regular federal federal income tax consistent with preservation of capital, achieved by investing at least 80% of total assets in investment-grade tax-exempt municipal obligations. Portfolio composition is heavily weighted toward General Obligation bonds (45.3%) and Utilities (14.4%), with Texas (14.6%), Florida (11.5%), and Connecticut (6.9%) representing the largest state exposures as of 07/31/26, and a rating mix of AAA 18.7%, AA 56.2%, A 22.8%, and NR 2.3%.

The fund is managed by Duff & Phelps Investment Management Co., a registered investment adviser headquartered in Chicago and affiliated with Virtus Investment Partners, with Virtus Fund Services, LLC as administrator. Common shares trade on the NYSE under ticker DTF with NAV of $11.92 and market price of $11.47 as of 09/10/2026, and the fund distributes a flat $0.0325 per common share monthly dividend (annualized approximately $0.39). Distribution policy was amended effective March 15, 2023, to allow return-of-capital components. Distribution channels consist of exchange-based secondary-market trading and an optional Dividend Reinvestment and Cash Purchase Plan administered by Computershare, with BNY Mellon as custodian, Ernst & Young as auditor, and Mayer Brown as legal counsel. Recent activity has focused on portfolio management transitions rather than growth initiatives, consistent with the fund's run-off toward its scheduled 2028 termination.

Name

DTF TAX-FREE INCOME 2028 TERM FUND INC

Legal name

DTF Tax-Free Income 2028 Term Fund Inc.

Website

https://dtffund.com

Company type

Public

Founded year

1991

Operating status

Operating

Short description

DTF Tax-Free Income 2028 Term Fund Inc. is a diversified, publicly traded closed-end municipal bond fund managed by Duff & Phelps (a Virtus affiliate) that invests primarily in investment-grade tax-exempt obligations and is scheduled to terminate on March 1, 2028.

Ownership category

akta.pro rank

Product category

Closed-End Municipal Bond Fund

NAICS

Funds, Trusts, and Other Financial Vehicles (525)

SIC

Finance Services (6199)

akta.pro industry

PRIMARYFSAAAEAB

Fixed Income Mutual Funds

Financial & Insurance/Asset & Wealth Management/Asset Management — Mutual Funds & UCITS

Keywords

• Closed-end funds
• Tax-exempt municipal bonds
• Fixed income investing
• Term fund structure
• Investment management

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Others

Revenue model

1. Management Fees: The fund generates revenue through management fees charged on assets under management. The investment adviser, Duff & Phelps Investment Management Co., receives fees for portfolio management services. As a closed-end fund, the revenue is derived from the AUM base rather than direct customer transactions.

Pricing tiers

Distribution channels2 records

Marketing channels1 record

Core offering

DTF Tax-Free Income 2028 Term Fund Inc. is a diversified closed-end management investment company organized in November 1991. The fund invests primarily (at least 80% of total assets) in a diversified portfolio of investment-grade tax-exempt municipal obligations to achieve its investment objective of current income exempt from regular federal income tax consistent with preservation of capital. The fund has a defined limited-term existence and is scheduled to cease operations on March 1, 2028, unless extended by the Board of Directors upon a qualifying tender offer.

Product overview

DTF Tax-Free Income 2028 Term Fund Inc. is a single diversified closed-end management investment company structured as a term fund. The fund operates as one unified product focused on tax-exempt municipal bond investments, offering monthly dividend distributions to shareholders. The fund's portfolio primarily holds investment-grade tax-exempt obligations across multiple states and sectors, with General Obligation bonds comprising the largest sector allocation (45.3%) and Texas representing the largest geographic concentration (14.6%).

Differentiator

Problem solved

Functional benefit

Products and services

• DTF Tax-Free Income 2028 Term Fund Inc. A diversified closed-end management investment company whose common shares trade on stock exchanges. The fund invests at least 80% of total assets in a diversified portfolio of investment-grade tax-exempt municipal obligations, seeking to deliver current income exempt from regular federal income tax while preserving capital. The fund has a defined termination date of March 1, 2028, and distributes monthly dividends of $0.0325 per common share.
• Dividend Reinvestment and Cash Purchase Plan A voluntary program offered to shareholders of the fund's common stock that allows reinvestment of dividends and capital gains distributions in additional shares of the fund, plus optional cash purchases of additional shares, administered by Computershare as transfer agent.

Quantifiable outcome

• Dividend yield providing tax-free income (precise yield varies with market conditions)

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core.

• Duff & Phelps Investment Management Co.coreStrategic or Co-development PartnerInvestment adviser providing portfolio management services for the fund. Located at 10 South Wacker Drive, Chicago, IL 60606. A registered investment adviser and affiliate of Virtus Investment Partners. Manages the fund's diversified portfolio of investment-grade tax-exempt municipal obligations.
• Virtus Fund Services, LLCcoreOthersFund administrator providing administrative services. Located at 1 Financial Plaza, Hartford, CT 06103-4506. A subsidiary of Virtus Investment Partners.
• Computershare Trust Company, N.A.coreOthersTransfer agent and dividend disbursing agent handling shareholder account services, dividend distributions, and the Dividend Reinvestment and Cash Purchase Plan. Located in Providence, RI.
• The Bank of New York MelloncoreOthersCustodian bank holding fund assets. Located at One Wall Street, New York, NY 10005-2588.
• Ernst & Young LLPcoreOthersIndependent registered public accounting firm providing audit services. Located at 155 North Wacker Drive, Chicago, IL.
• Mayer Brown LLPcoreOthersLegal counsel providing legal services to the fund. Located at 71 South Wacker Drive, Chicago, IL.

Scale indicators4 records

Recent moves7 records

Expansion highlights2 records

Market position

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights5 records

Customer concentration

• Xx.com/duffandphelpsim
• LinkedInlinkedin.com/company/duff-&-phelps-investment-management-co.

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about DTF TAX-FREE INCOME 2028 TERM FUND INC