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DTF Tax-Free Income Inc. Announces Dividends And An Increase In Its Current Distribution Rate

CHICAGO, Sept. 19, 2019 /PRNewswire/ -- On September 19, 2019, 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., authorized the payment of dividends on the Fund's common stock as follows:

Cents Per
Share

Ex-Dividend Date

Record Date

Payable Date

4.0

October 11, 2019

October 15, 2019

October 31, 2019

4.0

November 14, 2019

November 15, 2019

November 29, 2019

4.0

December 13, 2019

December 16, 2019

December 31, 2019

The Board of Directors determined that the DTF Tax-Free Income Inc. monthly dividend payable October 31, 2019, November 29, 2019 and December 31, 2019 will be in the amount of 4.0 cents per share.  This dividend rate represents an increase of 0.50 cents per share from the previous 3.50 cents per share monthly distribution rate.  This increase in the dividend rate is intended to better align the Fund's monthly distribution with its current and projected earnings, its increased balance of undistributed net earnings and the municipal closed-end fund market.   The adviser will continue to closely monitor the markets in which the Fund is invested and plans to investigate all options available to support the distribution rate in the future.  This new dividend rate 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 (VRTS), a multi-boutique asset manager with $105 billion under management as of June 30, 2019.  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.

Cision

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