DTF - DTF Tax-Free Income 2028 Term Fund

What this means for you

Sit Investment is known for pushing closed-end funds to narrow the gap between price and value. For now it has told the regulator it is not seeking changes. Relative Value Partners and Almitas specialize in closed-end funds trading below the value of their holdings - not a bank or an index fund holding shares for clients - and have told the regulator they are not seeking changes. 2 other large investors own more than 5% of this fund and have said the same; that is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. May 15, 2026

   Almitas raised its stake to 5.1% (from 5%), as a passive investor.

   Original document →

2. March 4, 2026

   Sit Investment raised its stake to 13.1% (from 8.8%), as a passive investor.

   Original document →

3. Feb 13, 2026

   Focus Partners Wealth now owns 6.8%, as a passive investor.

   Original document →

4. Aug 14, 2025

   RiverNorth sold down below 5% and stopped reporting.

   Original document →

5. Jan 3, 2025

   Sit Investment now owns 8.8%, as a passive investor.

   Original document →

About this fund

• Run by Duff & Phelps Investment Management Co. Part of the Duff & Phelps fund family. As of Oct 31, 2025, from the fund's yearly report. Original document →
• Size: about $84.1 million of holdings, as of July 31, 2026. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 4% on top of its own money, as of July 31, 2026. Borrowed money makes gains and losses bigger. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 0.5% a year in management fees; 1.1% a year in total, including interest on borrowed money. Fiscal year ended Oct 31, 2025. As of Oct 31, 2025, from the fund's yearly report. Original document →
  Among the 76 funds we follow that invest in tax-free municipal bonds, 6 charge a lower management fee and 13 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• Payouts: last fiscal year (ended Oct 31, 2025) the fund paid $0.39 a share. $0.26 of that was income; $0.13 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of Oct 31, 2025, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (Oct 31, 2025): $12.13. The shares traded at $11.39, about 6.1% below that. As of Oct 31, 2025, from the fund's yearly report. Original document →
• How the holdings did: up 0.2% over the last three months we have (May-July 2026), before the share price is taken into account. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 1995.

How this has changed

• Payouts per share: $0.39 in the fiscal year ended Oct 31, 2025; $0.39 in the year ended Oct 31, 2024; $0.39 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.13 in the year ended Oct 31, 2025; $0.09 in the year ended Oct 31, 2024; $0.09 in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.08% a year in the fiscal year ended Oct 31, 2025; 0.97% a year in the year ended Oct 31, 2024; 2.72% a year in the year ended Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →
• Size of the holdings: about $85.3 million at Oct 31, 2025; $85.7 million at Oct 31, 2024; $84.2 million at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• Borrowing: about 2% on top of its own money at Oct 31, 2025; 4% at Oct 31, 2024; none at Oct 31, 2023. From the fund's quarterly holdings reports. Original documents: Oct 31, 2025 →, Oct 31, 2024 →, Oct 31, 2023 →.
• The fund had about 7.03 million shares at Oct 31, 2025, about the same as at Oct 31, 2023.As of Oct 31, 2025, from the fund's annual report. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended Oct 31, 2025: the shares returned +5.4%, counting payouts; the holdings +2.8%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of Oct 31, 2025, from the fund's annual report. Original document →
• The year ended Oct 31, 2024: the shares returned +10.3%, counting payouts; the holdings +5%. As of Oct 31, 2024, from the fund's annual report. Original document →
• The year ended Oct 31, 2023: the shares returned +0.9%, counting payouts; the holdings +3.6%. As of Oct 31, 2023, from the fund's annual report. Original document →
• The year ended Oct 31, 2022: the shares returned -21%, counting payouts; the holdings -21.1%. As of Oct 31, 2022, from the fund's annual report. Original document →
• The year ended Oct 31, 2021: the shares returned +3.6%, counting payouts; the holdings +2.5%. As of Oct 31, 2021, from the fund's annual report. Original document →
• Those five years together: the shares returned -4.1%. $10,000 of shares bought at the start (Nov 1, 2020) would have become about $9,590 by Oct 31, 2025, with every payout counted, before tax. As of Oct 31, 2025, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to July 31, 2026: +2.2%. The quarterly reports carry no share price, so this is the holdings alone. As of July 31, 2026, from the fund's quarterly holdings report. Original document →
• Of the 46 funds that invest in tax-free municipal bonds with a fiscal year ending within six months of this one, 25 reported a higher share return for that year and 20 a lower one. As of Oct 31, 2025, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

All tax-free municipal bonds (100%). All of it issued in the U.S.

1. Ohio St, OH Ohs 5 03/01/2028 - 3.7%
2. New Jersey Transportation Trust Fund Authority (NJ), NJ Njstrn 5 06/15/2033 - 3.3%
3. Seminole County Fla Sales Tax Rev, FL Semgen 5.25 10/01/2031 - 2.6%
4. Illinois (IL), State of, IL Ils 5.5 01/01/2029 - 2.5%
5. Louisiana St, La Las 5 12/01/2029 - 2.5%
6. Quincy Mass, MA Qui 5 08/13/2027 - 2.4%
7. Stratford Conn, CT Str 4 06/22/2027 - 2.4%
8. Alachua County Housing Finance Authority (FL), FL Alamfh 12/01/2029 - 2.4%
9. Minnesota Rural Wtr Fin Auth, MN Mnswtr 3.3 08/01/2026 - 2.4%
10. Omaha (NE), City of, NE Oma 5.25 04/01/2027 - 2.3%

As of July 31, 2026, from the fund's quarterly holdings report. Original document →