CHICAGO, Sept. 20, 2021 /PRNewswire/ -- The Board of
Directors of DTF Tax-Free Income 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
|
October 14,
2021
|
October 15,
2021
|
October 29,
2021
|
3.25
|
November 12,
2021
|
November 15,
2021
|
November 30,
2021
|
3.25
|
December 14,
2021
|
December 15,
2021
|
December 31,
2021
|
The $0.0325 per share dividend
represents a decrease of $0.0075 per
share from the Fund's previous $0.04
per share monthly distribution.
An extended environment of historically low interest rates has
added a significant element of reinvestment risk to bond funds,
including the Fund. When bonds held in a portfolio mature or are
called for redemption during a period of low interest rates, the
proceeds generally need to be reinvested in lower yielding
securities. Due to the Fund's investment policies, which allow it
to purchase only investment grade bonds, a prolonged period of
relatively low interest rates and modest reinvestment opportunities
has reduced the availability of earnings to the Fund. The decrease
in the dividend is intended to better align the Fund's monthly
distribution with its current and projected earnings and is subject
to re-evaluation as the interest rate and credit environment
changes.
About the Fund
DTF Tax-Free Income 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 www.dpimc.com/dtf or call (800) 338-8214.
About the Investment Adviser
Duff & Phelps Investment Management Co. has more than 40
years of experience managing investment portfolios, including
institutional separate accounts and open- and closed-end funds
investing in utilities, infrastructure and real estate investment
trusts (REITs). For more information, visit
www.dpimc.com.
Duff & Phelps is a subsidiary of Virtus Investment Partners
(NASDAQ: VRTS), a multi-boutique asset manager with $178.6 billion under management as of
June 30, 2021. Virtus provides
investment management products and services to individuals and
institutions through a multi-manager asset management business,
comprising a number of individual affiliated managers, each with a
distinct investment style, autonomous investment process and
individual brand. Additional information can be found at
www.virtus.com.
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SOURCE DTF Tax-Free Income Inc.