DTF - DTF Tax-Free Income 2028 Term Fund
A closed-end fund run by Virtus (Duff & Phelps). Invests in tax-free municipal bonds. Listed on the New York Stock Exchange.
Is anyone targeting this fund?
Yes - 3 large investors hold a stake, but none of them has asked for changes.
- Sit Investment owns 13.1% as a passive investor. On file since Jan 3, 2025.
- Relative Value Partners owns 7.5% as a passive investor. On file since Feb 12, 2024.
- Almitas owns 5.1% as a passive investor. On file since Feb 14, 2024.
Is the fund doing anything you need to act on?
Nothing right now.
What this means for you
One or more large investors own more than 5% of this fund but have told the regulator they are not seeking changes. 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.
What happened, and when
-
May 15, 2026
Almitas raised its stake to 5.1% (from 5%), as a passive investor.
Original document → -
March 4, 2026
Sit Investment raised its stake to 13.1% (from 8.8%), as a passive investor.
Original document → -
Aug 14, 2025
RiverNorth sold down below 5% and stopped reporting.
Original document → -
Jan 3, 2025
Sit Investment now owns 8.8%, as a passive investor.
Original document → -
Nov 14, 2024
1607 Capital sold down below 5% and stopped reporting.
Original document →
Show all 9 events
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Feb 14, 2024
Almitas now owns 5%, as a passive investor.
Original document → -
Feb 14, 2024
RiverNorth now owns 6.1%, as a passive investor.
Original document → -
Feb 12, 2024
Relative Value Partners now owns 7.5%, as a passive investor.
Original document → -
Feb 8, 2024
1607 Capital now owns 7.9%, 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 $84.7 million of holdings, as of April 30, 2026. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
- Borrowing: the fund borrows about 3% on top of its own money, as of April 30, 2026. Borrowed money makes gains and losses bigger. As of April 30, 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 →
- 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. 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: down 0.3% over the last three months we have (Feb-April 2026), before the share price is taken into account. Over the last 12 months: +3.4%. As of April 30, 2026, from the fund's quarterly holdings report. Original document →
- How the holdings did over the fiscal year (ended Oct 31, 2025): the value of the holdings returned +2.8%. How the share price did: the shares returned +5.4% over the same year, counting payouts and the change in the market price. As of Oct 31, 2025, from the fund's annual report. Original document →
- First reported to the regulator in 1995.
What the fund holds
Almost all tax-free municipal bonds (100%). About 100% issued in the U.S.
- Ohio St, OH Ohs 5 03/01/2028 - 3.7%
- New Jersey Transportation Trust Fund Authority (NJ), NJ Njstrn 5 06/15/2033 - 3.3%
- Seminole County Fla Sales Tax Rev, FL Semgen 5.25 10/01/2031 - 2.6%
- Louisiana St, La Las 5 12/01/2029 - 2.6%
- Illinois (Il), State of, Il Ils 5.5 01/01/2029 - 2.5%
- Oklahoma St Cap Impt Auth, Ok Oksgen 5 07/01/2026 - 2.4%
- Alachua County Housing Finance Authority (FL), FL Alamfh 12/01/2029 - 2.4%
- Minnesota Rural Wtr Fin Auth, MN Mnswtr 3.3 08/01/2026 - 2.4%
- Omaha (Ne), City of, Ne Oma 5.25 04/01/2027 - 2.3%
- North Texas Tollway Authority, TX Nrttrn 7 09/01/2043 - 2.1%
Show all 25
- Rhode Island St Comm, Ri Rhdgen 5 05/15/2032 - 2%
- Palm Coast Fla, FL Pcoutl 5 10/01/2027 - 2%
- New York City Transitional Finance Authority (NY), NY Nycgen 5 05/01/2040 - 2%
- Texas (TX), State of, TX Txs 5 10/01/2030 - 1.9%
- Austin Tex, TX Ausutl 5 11/15/2027 - 1.8%
- Connecticut State Health and Educational Facilities Authority (CT), CT Ctsmed 07/01/2040 - 1.7%
- Public Authority for Colorado Energy (Co), Co Pubutl 6.25 11/15/2028 - 1.7%
- Carroll City-Cnty Hosp Auth GA, GA Crrmed 5 07/01/2033 - 1.7%
- Fort Collins-Loveland Wtr Dist Colo, Co Forwtr 5 12/01/2027 - 1.5%
- Gainesville (FL), City of, FL Gaiutl 5 10/01/2032 - 1.5%
- Grand Parkway Transportation Corp (TX), TX Gpttrn 10/01/2052 - 1.5%
- Port of Seattle (Wa), Wa Ptsgen 5 05/01/2032 - 1.5%
- State Property and Buildings Commission (Ky), Ky Kysfac 5 11/01/2026 - 1.5%
- Regional Transportation District (Co), Co Regtrn 5 01/15/2028 - 1.5%
- Connecticut (CT), State of, CT Cts 5 09/15/2031 - 1.4%
As of April 30, 2026, from the fund's quarterly holdings report. Original document →
Details: all notices, events and fund facts
| Date | Investor | Stake | Type of notice |
|---|---|---|---|
| May 15, 2026 | Almitas | 5.1% | Passive investor |
| March 4, 2026 | Sit Investment | 13.1% | Updated notice |
| Aug 14, 2025 | RiverNorth | 1.5% | Sold down below 5% |
| Jan 3, 2025 | Sit Investment | 8.8% | Passive investor |
| Nov 14, 2024 | 1607 Capital | 4.5% | Sold down below 5% |
| Feb 14, 2024 | Almitas | 5% | Passive investor |
| Feb 14, 2024 | RiverNorth | 6.1% | Passive investor |
| Feb 12, 2024 | Relative Value Partners | 7.5% | Passive investor |
| Feb 8, 2024 | 1607 Capital | 7.9% | Updated notice |
No announcements from the fund on file.
- Run by
- Duff & Phelps Investment Management Co.
- Fund family
- Duff & Phelps
- Exchange
- New York Stock Exchange
- Regulator's file number
- 811-06416
- Auditor
- Ernst & Young LLP
- Fiscal year end
- Oct 31, 2025
- Number of holdings
- 84
- Preferred share classes
- none
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