In plain terms — DTF Tax-Free Income 2028 Term Fund
Shares currently cost about 3.4% less than the value of the assets behind them (a discount).
Over the past year it has averaged a 5.2% discount, so today's level is not high for this fund (Z-score +0.5). That describes the past; it does not predict where the discount goes next.
It pays regular distributions worth about 3.4% a year of the share price (3.3% of the assets). That is a payout rate, not a return: part of it may be capital being handed back.
Because the shares trade below the value of their assets, each dollar of reinvested distributions buys about $1.03 of assets — a ReinvestCapture™ rate of 3.5%, more than the payout rate itself. That is buying power, not a return.
The assets themselves grew 0.5% over the past year including distributions (NAV total return).
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Price and NAV, past year
Snapshot
Valuation vs. history
| Window | Average prem/disc | Std. dev. | Z-score | Observations |
|---|---|---|---|---|
| 3 months | -4.08% | 0.47% | -1.39 | 64 |
| 6 months | -4.44% | 0.55% | -0.53 | 126 |
| 1 year | -5.21% | 0.95% | +0.51 | 250 |
| 3 years | -7.79% | — | — | — |
| 5 years | -8.80% | — | — | — |
Current contemporaneous premium/discount -4.73% (close Oct 14, 2026 vs NAV Oct 13, 2026). 1-year range -7.01% to -3.26%. A negative Z-score means a wider discount than the window average — not that the fund is undervalued.
Performance
| Series | 1M | 3M | YTD | 1Y | 3Y (ann.) | 5Y (ann.) |
|---|---|---|---|---|---|---|
| Market price return | -1.75% | -2.60% | -1.40% | -1.49% | +1.94% | -4.83% |
| Market price total return | -1.47% | -1.77% | +1.15% | +1.93% | +5.43% | -1.36% |
| NAV return | -0.67% | -1.58% | -2.31% | -2.71% | -0.67% | -5.54% |
| NAV total return | -0.40% | -0.77% | +0.09% | +0.48% | +2.48% | -2.40% |
Through Oct 14, 2026. Total return reinvests distributions at the series value on the ex-date. Cumulative ≤ 1 year, annualised beyond.
About the fund
The DTF Tax-Free Income 2028 Term Fund Inc. functions as a closed-end investment company focused on fixed-income assets. It was initiated by Virtus Investment Partners, Inc., and its operations are overseen by Duff & Phelps Investment Management Co. The fund's core investment approach involves constructing a diverse portfolio primarily composed of high-grade, tax-exempt bonds from utility companies. Its holdings encompass a broad range of sectors, including water and sewer infrastructure, electric power providers, prerefunded obligations, pollution control projects, and various non-utility enterprises. All capital is deployed within the U.S. fixed income markets. Established in November 1991 and domiciled in the United States, the fund previously operated under the name DTF Tax-Free Income Inc.
CEF Explorer research page for DTF Tax-Free Income 2028 Term Fund Inc. Figures carry their own dates and sources; a discount to NAV does not guarantee convergence or any return. This is not investment advice.