Saba Capital Engages in Discussions with DTF Tax-Free
November 20, 2019 at 03:43 pm EST
Share
On November 20, 2019, Saba Capital Management, L.P. announced that it may engage in discussions with management, other shareholders of DTF Tax-Free Income Inc and other relevant parties, including representatives of any of the foregoing, concerning Saba Capital’s investment in the common shares and the Company, including, without limitation, matters concerning the Company’s business, operations, board appointments, governance, performance, management, capitalization, trading of the common shares at a discount to the Company’s net asset value and strategic plans and matters relating to the open or closed end nature of the Company and timing of any potential liquidation of the Company. Saba Capital also stated that it may make binding or non-binding shareholder proposals, or may nominate one or more individuals as nominees for election to the Board in connection with their investment in the common shares of the Company.
DTF Tax-Free Income 2028 Term Fund Inc. (the Fund) is a closed-end diversified investment management company. The Fund's investment objective is current income exempt from regular federal income tax consistent with the preservation of capital. The Fund may not invest more than 25% of its total assets (taken at market value at the time of each investment) in the securities of issuers in a single industry; provided that, for purposes of this restriction, tax-exempt securities of issuers that are states, municipalities or their political subdivisions are not considered to be the securities of issuers in any single industry. The Fund seeks to achieve its investment objective by investing in a diversified portfolio of investment-grade tax-exempt obligations. The Fund invests across sectors, such as special tax, education, healthcare, leasing and transportation. Duff & Phelps Investment Management Co. serves as an investment fund adviser.
DTF TAX-FREE INCOME 2028 TERM FUND INC. 
