DTF Tax-Free Income 2028 Term Fund Inc.
US ˙ NYSE ˙ US23334J1079

SecurityDTF / DTF Tax-Free Income 2028 Term Fund Inc.
InstitutionKarpus Management, Inc.
ManagerGeorge Karpus
Latest Disclosed Ownership223,975 shares
Ownership 3.19%
Karpus Management, Inc. ownership in DTF / DTF Tax-Free Income 2028 Term Fund Inc.

2023-12-07 - Karpus Management, Inc. has filed an SC 13G/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 223,975 shares of DTF Tax-Free Income 2028 Term Fund Inc. (US:DTF). This represents 3.19 percent ownership of the company. In their previous filing dated 2023-02-14 , Karpus Management, Inc. had reported owning 693,622 shares, indicating a decrease of -67.71 percent.

Institutional Ownership: 13D/G Filings

This table shows a history of the 13D/G filings made by the investor and/or investor group. Note that the share values in this table are not directly comparable to any numbers shown in the 13F table (if any).

File
Date		Effective
Date		Form Prev
Shares		 Latest
Shares		 ΔShares
(Percent)		 Ownership
(Percent)		 ΔOwnership
(Percent)
2023-12-07 2023-12-07 13G/A 693,622 223,975 -67.71 3.19 -67.68
2023-02-14 2023-02-14 13G/A 887,488 693,622 -21.84 9.87 -21.85
2022-06-10 2022-06-10 13G/A 1,306,789 887,488 -32.09 12.63 -32.06
2022-02-14 2022-02-14 13G/A 1,302,461 1,306,789 0.33 18.59 0.32
2021-05-13 2021-05-13 13G/A 1,319,909 1,302,461 -1.32 18.53 -1.33
2021-01-13 2021-01-13 13D/A 2,011,212 1,319,909 -34.37 18.78 -34.36
2021-01-11 2021-01-11 13D/A 2,044,912 2,011,212 -1.65 28.61 19.21
2020-11-30 2020-11-30 13D/A 2,048,412 2,044,912 -0.17 24.00 -0.17
2020-10-06 2020-10-06 13D/A 2,055,412 2,048,412 -0.34 24.04 -0.33
2020-09-18 2020-09-18 13D 2,067,952 2,055,412 -0.61 24.12 -0.74
2020-01-16 2020-01-16 13G/A 2,067,952 2,067,952 0.00 24.30 0.00
2020-01-10 2020-01-10 13G/A 1,240,884 2,067,952 66.65 24.30 66.44
2019-12-10 2019-12-10 13G 1,240,884 14.60
2012-08-02 2012-08-02 13G/A 392,393 9.00
2012-04-10 2012-04-10 13G/A 711,374 9.00
2012-02-14 2012-02-14 13G/A 1,310,074 9.00

Important Note: One of the primary uses of the 13D/G filings is to evaluate the ability of a firm to control a company (ie, the "beneficial ownership"). To that end, firms are required to report not just direct holdings in companies, but indirect holdings that they control. For investment firms, these indirect holdings can include shares in funds they manage, advisory accounts, and in the case of activist campaigns, pledged votes. Therefore, share counts listed in 13D/G filings can differ significantly than share counts listed in 13F filings.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-14 2026-03-31 13F DTF TAX-FREE INCOME INC COM COM 23334J107 19,211 -1,820 -8.65 220 -8.75 0.0069
2026-02-17 2025-12-31 13F/A-1 DTF TAX-FREE INCOME INC COM COM 23334J107 21,031 9,496 82.32 240 83.21 0.0074
2025-11-14 2025-09-30 13F DTF TAX-FREE INCOME INC COM COM 23334J107 11,535 11,535 132 0.0042
2024-02-13 2023-12-31 13F DTF TAX-FREE INCOME INC COM COM 23334J107 0 -638,815 -100.00 0 -100.00
2023-11-09 2023-09-30 13F DTF TAX-FREE INCOME INC COM COM 23334J107 638,815 -19,871 -3.02 6,816 -3.92 0.2291
2023-08-11 2023-06-30 13F DTF TAX-FREE INCOME INC COM COM 23334J107 658,686 -23,128 -3.39 7,094 -6.08 0.2229
2023-05-11 2023-03-31 13F DTF TAX-FREE INCOME INC COM COM 23334J107 681,814 -11,808 -1.70 7,553 -0.19 0.2369
2023-02-15 2022-12-31 13F DTF TAX-FREE INCOME INC COM COM 23334J107 693,622 -123,685 -15.13 7,567 -16.59 0.2558
2022-11-14 2022-09-30 13F DTF TAX-FREE INCOME INC COM COM 23334J107 817,307 -52,138 -6.00 9,072 -11.87 0.3181
2022-08-12 2022-06-30 13F DTF TAX-FREE INCOME INC COM COM 23334J107 869,445 -180,206 -17.17 10,294 -24.50 0.3461
2022-05-10 2022-03-31 13F DTF TAX-FREE INCOME INC COM COM 23334J107 1,049,651 -257,138 -19.68 13,635 -26.98 0.4144
2022-02-14 2021-12-31 13F DTF TAX-FREE INCOME INC COM COM 23334J107 1,306,789 -17,640 -1.33 18,674 -2.42 0.5367
2022-02-11 2021-09-30 13F/A-1 DTF TAX-FREE INCOME INC COM COM 23334J107 1,324,429 44,616 3.49 19,138 -0.31 0.5695
2021-11-12 2021-09-30 13F DTF TAX-FREE INCOME INC COM COM 23334J107 1,324,429 44,616 19,138 0.6048
2021-08-13 2021-06-30 13F DTF TAX-FREE INCOME INC COM COM 23334J107 1,279,813 -27,662 -2.12 19,197 2.32 0.5691
2021-05-17 2021-03-31 13F DTF TAX-FREE INCOME INC COM COM 23334J107 1,307,475 -703,737 -34.99 18,762 -37.39 0.5669
2021-02-16 2020-12-31 13F DTF TAX-FREE INCOME INC COM COM 23334J107 2,011,212 -37,200 -1.82 29,967 1.31 0.9416
2020-11-12 2020-09-30 13F DTF TAX-FREE INCOME INC COM COM 23334J107 2,048,412 -23,525 -1.14 29,579 0.39 1.0694
2020-08-20 2020-06-30 13F/A-1 DTF TAX-FREE INCOME COM 23334J107 2,071,937 -13,202 -0.63 29,463 1.29 1.1167
2020-08-14 2020-06-30 13F DTF TAX-FREE INCOME COM 23334J107 2,071,937 -13,202 29,463 1,155,292.6110
2020-05-18 2020-03-31 13F DTF TAX-FREE INCOME INC COM COM 23334J107 2,085,139 17,187 0.83 29,088 -4.96 1.1154
2020-05-15 2019-12-31 13F/A-1 DTF TAX-FREE INCOME INC COM COM 23334J107 2,067,952 1,471,078 246.46 30,606 254.36 1.0229
2020-02-14 2019-12-31 13F DTF TAX-FREE INCOME INC COM COM 23334J107 2,067,952 1,471,078 30,606 1,022,927.4656
2019-10-16 2019-09-30 13F DTF TAX-FREE INCOME COM 23334J107 596,874 272,470 83.99 8,637 92.36 0.3305
2019-08-14 2019-06-30 13F DTF TAX-FREE INCOME INC COM COM 23334J107 324,404 -5,300 -1.61 4,490 2.32 0.1632
2019-05-15 2019-03-31 13F DTF TAX-FREE INCOME COM 23334J107 329,704 176,734 115.54 4,388 131.68 0.1600
2019-02-15 2018-12-31 13F/A-1 DTF TAX-FREE INCOME INC COM COM 23334J107 152,970 -10,139 -6.22 1,894 -9.64 0.0783
2019-02-14 2018-12-31 13F DTF TAX-FREE INCOME COM 23334J107 152,970 1,937
2018-11-14 2018-09-30 13F DTF TAX-FREE INCOME COM 23334J107 163,109 44,138 37.10 2,096 31.91 0.0846
2018-08-14 2018-06-30 13F DTF TAX-FREE INCOME COM 23334J107 118,971 118,971 1,589 0.0695
2016-08-15 2016-06-30 13F DTF TAX-FREE INCOME COM 23334J107 0 -66,051 -100.00 0 -100.00
2016-05-13 2016-03-31 13F DTF TAX-FREE INCOME COM 23334J107 66,051 -35,356 -34.87 1,044 -31.85 0.0475
2016-02-12 2015-12-31 13F DTF TAX-FREE INCOME INC COM COM 23334J107 101,407 -33,178 -24.65 1,532 -22.08 0.0688
2015-11-13 2015-09-30 13F DTF TAX-FREE INCOME INC COM COM 23334J107 134,585 66,051 96.38 1,966 100.41 0.0913
2015-08-14 2015-06-30 13F DTF TAX-FREE IN E COM 23334J107 68,534 -44,705 -39.48 981 -43.23 0.0460
2015-05-15 2015-03-31 13F DTF TAX-FREE INCOME INC COM COM 23334J107 113,239 -22,043 -16.29 1,728 -16.96 0.0805
2015-02-13 2014-12-31 13F DTF TAX-FREE INCOME COM 23334J107 135,282 5,414 4.17 2,081 6.61 0.0986
2014-11-17 2014-09-30 13F DTF TAX-FREE INCOME COM 23334J107 129,868 -4,200 -3.13 1,952 -10.66 0.0946
2014-08-14 2014-06-30 13F DTF TAX-FREE INCOME COM 23334J107 134,068 -134,011 -49.99 2,185 -44.89 0.1050
2014-05-15 2014-03-31 13F DTF TAX-FREE INCOME INC COM COM 23334J107 268,079 -1,820 -0.67 3,965 4.78 0.2058
2014-02-14 2013-12-31 13F DTF TAX-FREE INCOME COM 23334J107 269,899 269,899 3,784 0.2104
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.