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DTF Tax-Free Income Inc. Announces Dividends

CHICAGO, March 14, 2017 /PRNewswire/ -- The Board of Directors of DTF Tax-Free Income Inc. (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

5.0

4/13/2017

4/17/2017

4/28/2017

5.0

5/11/2017

5/15/2017

5/31/2017

5.0

6/13/2017

6/15/2017

6/30/2017

 

The $0.05 per share dividend represents a decrease of $0.02 per share from the DTF Fund's previous $0.07 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 DTF 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 DTF 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 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 38 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 $45.4 billion under management as of December 31, 2016. 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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