CHICAGO, Sept. 13, 2018 /PRNewswire/ -- The Board of
Directors of DTF Tax-Free Income Inc. (NYSE: DTF) (the "DTF
Fund"), at its regular meeting today, authorized the payment of
dividends on the DTF Fund's common stock as follows:
Cents Per
Share
|
Ex-Dividend
Date
|
Record
Date
|
Payable
Date
|
3.5
|
10/12/2018
|
10/15/2018
|
10/31/2018
|
3.5
|
11/14/2018
|
11/15/2018
|
11/30/2018
|
3.5
|
12/14/2018
|
12/17/2018
|
12/31/2018
|
The $0.035 per share dividend
represents a decrease of $0.015 per
share from the DTF Fund's previous $0.05 per share monthly distribution.
An extended environment of historically low tax-exempt interest
rates has added a significant element of reinvestment risk to
municipal bond funds, including the DTF Fund. When bonds held in a
portfolio mature or are called for redemption during a period of
low interest rates, the proceeds generally are reinvested in lower
yielding securities. Due to the DTF Fund's investment policies,
which allow it to purchase only investment grade rated bonds, a
prolonged period of relatively low interest rates and modest
reinvestment opportunities has reduced the availability of earnings
to the DTF Fund. In addition, an increase in the cost of leverage
relative to investment yields has further reduced the availability
of earnings. The decrease in the dividend is intended to better
align the DTF 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.dtffund.com or
call (800) 338-8214.
About the Investment Adviser
Duff & Phelps
Investment Management Co. has more than 39 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 $91.6 billion under management as of June 30, 2018. 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.