Vault-13

DTF TAX-FREE INCOME 2028 TER DTF

COM · Closed-End Fund · CUSIP 23334J107

31 institutional holders +0 vs Q1 2026
3,107,6773.1m shares reported held*
$35.9mreported value*
2 new 6 added 10 reduced 3 sold out net bought ≈ $2.1m (+181.3k shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($542.1k this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $11.55.

Trends to Q2 2026

Institutional holders

Managers reporting a position, each quarter

02040Q3 22: 27Q4 22: 30Q1 23: 31Q2 23: 31Q3 23: 32Q4 23: 28Q1 24: 29Q2 24: 33Q3 24: 31Q4 24: 31Q1 25: 27Q2 25: 29Q3 25: 28Q4 25: 33Q1 26: 31Q2 26: 3131Q3 22Q3 23Q3 24Q3 25Q2 26
Numbers
QuarterHolders
Q3 202227
Q4 202230
Q1 202331
Q2 202331
Q3 202332
Q4 202328
Q1 202429
Q2 202433
Q3 202431
Q4 202431
Q1 202527
Q2 202529
Q3 202528
Q4 202533
Q1 202631
Q2 202631

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
20020Q3 24: 9 bought or addedQ3 24: 16 cut or sold outQ4 24: 8 bought or addedQ4 24: 15 cut or sold outQ4 24Q1 25: 6 bought or addedQ1 25: 15 cut or sold outQ2 25: 11 bought or addedQ2 25: 6 cut or sold outQ2 25Q3 25: 10 bought or addedQ3 25: 8 cut or sold outQ4 25: 13 bought or addedQ4 25: 9 cut or sold outQ4 25Q1 26: 15 bought or addedQ1 26: 10 cut or sold outQ2 26: 8 bought or addedQ2 26: 13 cut or sold outQ2 26
Numbers
QuarterBought or addedCut or sold out
Q3 2024916
Q4 2024815
Q1 2025615
Q2 2025116
Q3 2025108
Q4 2025139
Q1 20261510
Q2 2026813

Biggest buyers

SIT INVESTMENT ASSOCIATES INC Added +193,247+193.2k
Thomas J. Herzfeld Advisors, Inc. Added +51,604+51.6k
LPL Financial LLC Added +24,612+24.6k
49 WEALTH MANAGEMENT, LLC New +22,315+22.3k
CITADEL ADVISORS LLC New +13,404+13.4k
Hara Capital LLC Added +3,700+3.7k
Closed-End Fund Advisors, Inc. Added +1,543+1.5k
OSAIC HOLDINGS, INC. Added +6+6

Biggest sellers

1607 Capital Partners, LLC Reduced -41,518-41.5k
RIVERNORTH CAPITAL MANAGEMENT, LLC Sold out -36,405-36.4k
Focus Partners Wealth Reduced -24,749-24.7k
SUSQUEHANNA INTERNATIONAL GROUP, LLP Reduced -12,260-12.3k
Sanctuary Advisors, LLC Reduced -8,300-8.3k
MORGAN STANLEY Reduced -3,000-3.0k
UBS Group AG Reduced -1,025-1.0k
WFA of San Diego, LLC Sold out -1,000-1.0k
Beverly Hills Private Wealth, LLC Reduced -421-421
Basepoint Wealth LLC Reduced -334-334

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
SIT INVESTMENT ASSOCIATES INC 13G · institution +4.3 pts · filed 2026-03-04 13.1% +4.3 pts 923.5k≈ $10.7m 2026-03-04
Focus Partners Wealth 13G · institution new · filed 2026-02-13 6.8% new 481.0k≈ $5.6m 2026-02-13
Kovitz Investment Group Partners, LLC 13G · institution new · filed 2024-10-29 6.1% new 516.3k≈ $6.0m 2024-10-29
Almitas Capital LLC 13G · institution new · filed 2026-05-15 5.1% new 355.1k≈ $4.1m 2026-05-15

Insider purchases and sales since 1 Apr 2026

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
202Q4 24: 0 buyingQ4 24: 0 sellingQ1 25: 0 buyingQ1 25: 0 sellingQ1 25Q2 25: 0 buyingQ2 25: 0 sellingQ3 25: 2 buyingQ3 25: 0 sellingQ3 25Q4 25: 0 buyingQ4 25: 0 sellingQ1 26: 0 buyingQ1 26: 0 sellingQ1 26Q2 26: 0 buyingQ2 26: 0 sellingQ3 26: 0 buyingQ3 26: 0 sellingQ3 26
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q4 20240—0——
Q1 20250—0——
Q2 20250—0——
Q3 20252$27.2k0——
Q4 20250—0——
Q1 20260—0——
Q2 20260—0——
Q3 20260—0——

None reported since 1 Apr 2026.

Holders, Q2 2026

#ManagerLocationShares Value% of their portfolioChangeShares change
1 SIT INVESTMENT ASSOCIATES INC 0.24% of their portfolio Minneapolis, MN 1,116,7071.1m $12.9m $12.9m 0.24% Added +193.2k +193,247
2 Focus Partners Wealth 0.01% of their portfolio ST LOUIS, MO 425,402425.4k $4.9m $4.9m 0.01% Reduced -24.7k -24,749
3 Almitas Capital LLC 0.98% of their portfolio SANTA MONICA, CA 355,089355.1k $4.1m $4.1m 0.98% Unchanged
4 Beverly Hills Private Wealth, LLC 0.75% of their portfolio BEVERLY HILLS, CA 335,921335.9k $3.9m $3.9m 0.75% Reduced -421 -421
5 Hara Capital LLC 1.87% of their portfolio BELLEVUE, WA 307,689307.7k $3.6m $3.6m 1.87% Added +3.7k +3,700
6 MORGAN STANLEY 0.00% of their portfolio NEW YORK, NY 79,77679.8k $921.4k $921.4k 0.00% Reduced -3.0k -3,000
7 CITY OF LONDON INVESTMENT MANAGEMENT CO LTD 0.05% of their portfolio London, X0 71,01271.0k $820.2k $820.2k 0.05% Unchanged
8 Thomas J. Herzfeld Advisors, Inc. 0.23% of their portfolio MIAMI BEACH, FL 65,25865.3k $753.7k $753.7k 0.23% Added +51.6k +51,604
9 1607 Capital Partners, LLC 0.06% of their portfolio Richmond, VA 64,09164.1k $740.3k $740.3k 0.06% Reduced -41.5k -41,518
10 LPL Financial LLC 0.00% of their portfolio FORT MILL, SC 61,89561.9k $714.9k $714.9k 0.00% Added +24.6k +24,612
11 Avise Financial Cooperative, Inc. 0.38% of their portfolio LOS ANGELES, CA 46,93446.9k $542.1k $542.1k 0.38% Reduced -94 -94
12 49 WEALTH MANAGEMENT, LLC 0.05% of their portfolio AUSTIN, TX 22,31522.3k $257.7k $257.7k 0.05% New
13 ALONGSIDE, LLC 0.05% of their portfolio AUSTIN, TX 22,31522.3k $257.7k $257.7k 0.05% First filing
14 Basepoint Wealth LLC 0.13% of their portfolio CEDAR RAPIDS, IA 19,47219.5k $224.9k $224.9k 0.13% Reduced -334 -334
15 Karpus Management, Inc. 0.01% of their portfolio Pittsford, NY 19,21119.2k $221.9k $221.9k 0.01% Unchanged
16 Corps Capital Advisors, LLC 0.18% of their portfolio SOUTHLAKE, TX 19,00019.0k $219.4k $219.4k 0.18% Unchanged
17 Corient Private Wealth LP 0.00% of their portfolio MIAMI, FL 17,51817.5k $202.3k $202.3k 0.00% Reduced -23 -23
18 Nuveen, LLC 0.00% of their portfolio CHARLOTTE, NC 16,07716.1k $185.7k $185.7k 0.00% Unchanged
19 Closed-End Fund Advisors, Inc. 0.18% of their portfolio RICHMOND, VA 15,97616.0k $184.5k $184.5k 0.18% Added +1.5k +1,543
20 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio BALA CYNWYD, PA 15,22315.2k $175.8k $175.8k 0.00% Reduced -12.3k -12,260
21 Savvy Advisors, Inc. 0.00% of their portfolio NEW YORK, NY 14,54514.5k $168.0k $168.0k 0.00% Unchanged
22 CITADEL ADVISORS LLC 0.00% of their portfolio MIAMI, FL 13,40413.4k $154.8k $154.8k 0.00% New
23 MELFA WEALTH MANAGEMENT, INC. 0.07% of their portfolio WESTBOROUGH, MA 10,93910.9k $126.3k $126.3k 0.07% Unchanged
24 Sanctuary Advisors, LLC 0.00% of their portfolio INDIANAPOLIS, IN 10,00010.0k $115.5k $115.5k 0.00% Reduced -8.3k -8,300
25 Financial Gravity Companies, Inc. 0.01% of their portfolio Lakeway, TX 3,2323.2k $37.3k $37.3k 0.01% First filing
26 OSAIC HOLDINGS, INC. 0.00% of their portfolio SCOTTSDALE, AZ 1,6261.6k $18.8k $18.8k 0.00% Added +6 +6
27 Centennial Bank/AR/ 0.01% of their portfolio CONWAY, AR 1,5001.5k $17.3k $17.3k 0.01% Unchanged
28 Pinnacle Wealth Planning Services, Inc. 0.00% of their portfolio MANSFIELD, OH 1,2501.2k $14.4k $14.4k 0.00% Unchanged
29 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 501501 $5.8k $5.8k 0.00% Unchanged
30 Prestige Wealth Management Group LLC 0.00% of their portfolio FLEMINGTON, NJ 400400 $4.6k $4.6k 0.00% Unchanged
31 UBS Group AG 0.00% of their portfolio ZURICH, V8 333333 $3.8k $3.8k 0.00% Reduced -1.0k -1,025