CEF Advisors

7204 Glen Forest Drive, Suite #105 Richmond, Virginia 23226 USA   ♦   Toll-Free: (800) 356-3508 / Local: (804) 288-2482    ♦   www.CEFadvisors.com   ♦   Contact@CEFadvisors.com

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DTF Tax-Free Income (DTF)

National Muni Bond Funds - National Municipal (tax-free) Bond

Data as of March 31, 2020
Market Price $13.95 (- $0.25)
NAV (March 31, 2020) $15.47 (- $0.12)
Premium / Discount -9.83% (-0.91%)
Fund Info
Inception Nov. 29, 1991
Sponsor Duff & Phelps Investment Management
Website www.dtffund.com/
Phone 1 (877) 381-2537
Objective: Current income exempt from regular federal income tax and preservation of capital; investment-grade tax-exempt obligations
Capital & Leverage
Outstanding Shares 8,520,685
Total Assets (Reported: Oct. 31, 2019) $200M
Estimated Total Assets $196M
Net Assets $132M
Market Cap $119M
Purchases Turnover 16.64%
Sales Turnover 16.91%
Total Leverage 32.68%
Structural Leverage (out of total) 100.00%
Portfolio Leverage (out of total) 0.00%
Expense Ratio 2.87%
Non Lev Exp Ratio 1.14%
Rel Lev Cost 3.55%
Discount Data
Average Discount (3 Yr) -10.36%
Discount Low(3 Yr) -17.21%
Discount High(3 Yr) -2.44%
Discount Rel Range 50.01%
Comp Discount -3.28
Discount St Dev (1Yr) 2.55
Z-Stat (6mo) -0.94
Z-Stat (1Yr) -0.16
Z-Stat (3Yr) 0.17
Comp Z-Stat (6mo) -0.31
Comp Z-Stat (3Yr) 0.56
Distribution Data
Market Yield 3.44%
Income Yield 3.44%
Lev Adj NAV Yield 2.34%
Distribution Frequency M
Current Distribution $0.040
Current Income $0.040
Ex-Date 3/13/20
Payable Date 3/31/20
Div Growth (3yr) -42.86%
Dividend Change 14.3% on 9/19/19
Expected Div 6/11/20
RoC (1yr) 0.00%
RoC (3yr) 0.00%
Volume & Liquidity
Average Daily $ (M) $184
Avg Volume 30 day 18,654
Avg Volume 90 day 13,224
Volume Trend 41.06%
Comp Volume Trend -22.93%
Correlation & Volatility
Price Correlation (1yr)
vs. S&P 500 (TR)
Price Correlation (1yr)
vs. CEFA's 12 Major CEF Sectors Index
Price Correlation (1yr)
vs. CEFA's National Municipal Bond Index
Most Correlated Peer (Mk Pr): NZF 92.0%
NAV - Price Correlation (30 d) 95.4%
NAV - Price Correlation (90 d) 94.3%
NAV - Price Correlation (1 Yr) 81.6%
Price St Dev (1Yr) 17.9%
NAV St Dev (1Yr) 10.3%
Earnings / Share (10/31/19) $0.035
Earn Coverage 88.25%
Earnings Trend Down
UNII / Share (10/31/19) $0.105
Rel UNII 21.94
UNII Trend Up
Bond Specific Data
Maturity 5.45
Duration 5.39
Credit Rating (rbo) AA
Investment Grade 52.00%
Non Investment Grade 0.51%
Unrated Bonds 47.49%
Average Bond Price 88.31
Discount vs Price -21.52
Coupon 4.92%
Zero Coupon 0.86%
AMT 4.56%
AMT Yield 3.40%
Bond Calls Risk None%
NAV Beta (2yr)
vs. S&P 500 (TR)
NAV Beta (2yr)
vs. CEFA's 12 Major CEF Sectors Index
NAV Beta (2yr)
vs. CEFA's National Municipal Bond Index


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NOTES: Distribution type sourced from CEFdata.com. For specific information about a fund's distribution sources, visit the fund sponsor's website.

The following information applies to closed-end funds and business development companies in general: Fund shares are not guaranteed or endorsed by any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation (FDIC). Shares of closed-end funds (CEFs) and business development companies (BDCs) are subject to investment risks, including the possible loss of principal invested. There can be no assurance that fund objectives will be achieved. Closed-end funds and business development companies frequently trade at a discount to their net asset value. NAV returns are net of fund expenses, and assume reinvestment of distributions.

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