# EDGAR Filing Document

**Accession Number:** 0000879535
**File Stem:** 0000940400-26-012474
**Filing Date:** 2026-3
**Character Count:** 55799
**Document Hash:** 167402d9328f0f313ba0b30403a6eca4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-012474.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0000940400-26-012474

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260130

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**PERIOD START**: 20261031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DTF TAX-FREE INCOME 2028 TERM FUND INC
- **CENTRAL INDEX KEY:** 0000879535

**ORGANIZATION NAME:**
- **EIN:** 363793962
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06416
- **FILM NUMBER:** 26819845

**BUSINESS ADDRESS:**
- **STREET 1:** 10 SOUTH WACKER DRIVE
- **STREET 2:** SUITE 1900
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312.917.6549

**MAIL ADDRESS:**
- **STREET 1:** 10 S. WACKER DRIVE
- **STREET 2:** SUITE 1900
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DTF TAX-FREE INCOME INC
- **DATE OF NAME CHANGE:** 20030625

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DUFF & PHELPS UTILITIES TAX FREE INCOME INC
- **DATE OF NAME CHANGE:** 19920929

## Nport-Ex

**DTF TAX-FREE INCOME 2028 TERM FUND INC.**

**SCHEDULE OF INVESTMENTS** 

**January 31, 2026**

**(Unaudited)**

($ reported in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Par** <br> **Value**<br>| **Description** | **Value** |
| **Municipal Bonds—95.1%** | **Municipal Bonds—95.1%** | **Municipal Bonds—95.1%** |
|  | **◼ Alabama—1.8%** | **◼ Alabama—1.8%** |
| 750 | &nbsp;&nbsp; Auburn University, Series B <br>5.000%, 6/1/33 <br>| $872 |
| 300 | &nbsp;&nbsp; Montgomery Water Works & Sanitary <br> Sewer Board, <br>5.000%, 9/1/27 <br>| 313 |
| 350 | &nbsp;&nbsp; Southeast Energy Authority A <br> Cooperative District, Series E <br>5.000%, 10/1/27 <br>| 363 |
|  |  | 1548 |
|  | **◼ Alaska—0.9%** | **◼ Alaska—0.9%** |
| 750 | &nbsp;&nbsp; Borough of North Slope, General <br> Obligation <br>5.000%, 6/30/27 <br>| 777 |
|  | **◼ Arizona—1.2%** | **◼ Arizona—1.2%** |
| 1000 | &nbsp;&nbsp; Maricopa County Industrial <br> Development Authority, Banner Health <br> Revenue, <br>4.000%, 1/1/34 <br>| 1008 |
|  | **◼ Arkansas—1.1%** | **◼ Arkansas—1.1%** |
| 410 | &nbsp;&nbsp; Beaver Water District of Benton & <br> Washington Counties, <br>5.000%, 4/15/27 <br>| 423 |
| 505 | &nbsp;&nbsp; City of Bentonville Sales & Use Tax <br> Revenue, <br>5.000%, 11/1/26 <br>| 514 |
|  |  | 937 |
|  | **◼ California—2.9%** | **◼ California—2.9%** |
| 330 | &nbsp;&nbsp; California State Health Facilities <br> Financing Authority, Providence St. <br> Joseph Health Revenue, Series A <br>4.000%, 10/1/36 <br>| 331 |
| 1000 | &nbsp;&nbsp; Inglewood Unified School District, <br> General Obligation, Series B <br>5.000%, 8/1/28 <br>| 1069 |

---

---

| | | |
|:---|:---|:---|
| **Par** <br> **Value**<br>| **Description** | **Value** |
| 1000 | &nbsp;&nbsp; State of California, General Obligation <br>5.000%, 8/1/28 <br>| $1072 |
|  |  | 2472 |
|  | **◼ Colorado—8.6%** | **◼ Colorado—8.6%** |
| 1000 | &nbsp;&nbsp; Boulder Larimer & Weld Counties St. <br> Vrain Valley School District RE1J, <br> General Obligation, Series 1J (ST AID <br> WITHHLDG) <br>5.000%, 12/15/34 <br>| 1190 |
| 1000 | &nbsp;&nbsp; City & County of Denver, Airport <br> System Revenue, Series D (AMT) <br>5.500%, 11/15/30 <br>| 1126 |
| 1250 | &nbsp;&nbsp; Fort Collins-Loveland Water District, <br>5.000%, 12/1/27 <br>| 1310 |
| 1405 | &nbsp;&nbsp; Public Authority For Colorado Energy, <br> Natural Gas Purchase Revenue <br>6.250%, 11/15/28 <br>| 1487 |
| 1000 | &nbsp;&nbsp; Regional Transportation District, COP <br>5.000%, 6/1/26 <br>| 1009 |
| 1200 | &nbsp;&nbsp; Regional Transportation District, Sales <br> Tax Revenue, Series A <br>5.000%, 1/15/28 <br>| 1243 |
|  |  | 7365 |
|  | **◼ Connecticut—5.7%** | **◼ Connecticut—5.7%** |
| 390 | &nbsp;&nbsp; Connecticut Housing Finance Authority, <br> Housing Mortgage Finance Program <br> Revenue, Series D-2 (AMT) <br>3.000%, 5/15/33 <br>| 374 |
| 1415 | &nbsp;&nbsp; Connecticut State Health & Educational <br> Facilities Authority, Yale University <br> Revenue, Series C-1 <br>5.000%, 7/1/40 <br>(Mandatory put 2/01/28)<sup>(1)</sup><br>| 1488 |
| 750 | &nbsp;&nbsp; State of Connecticut Special Tax <br> Revenue, Transportation Infrastructure <br> Purposes, Series A <br>5.000%, 7/1/27 <br>| 779 |
| 1085 | &nbsp;&nbsp; State of Connecticut, General <br> Obligation, Series D <br>5.000%, 9/15/31 <br>| 1236 |

---

The accompanying note is an integral part of this financial statement.

------

**DTF TAX-FREE INCOME 2028 TERM FUND INC.**

**SCHEDULE OF INVESTMENTS—(Continued)**

**January 31, 2026**

**(Unaudited)**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
| **Par** <br> **Value**<br>| **Description** | **Value** |
| 935 | &nbsp;&nbsp; State of Connecticut, General <br> Obligation, Series E <br>5.000%, 9/15/35 <br>| $989 |
|  |  | 4866 |
|  | **◼ Florida—8.4%** | **◼ Florida—8.4%** |
| 2000 | &nbsp;&nbsp; Alachua County Housing Finance <br> Authority, Harbor Cove Apartments <br> Revenue <br>3.300%, 12/1/29 <br>(Mandatory put 6/01/27)<sup>(1)</sup><br>| 2013 |
| 1255 | &nbsp;&nbsp; City of Gainesville Utilities System <br> Revenue, Series A <br>5.000%, 10/1/32 <br>| 1306 |
| 2035 | &nbsp;&nbsp; County of Seminole, Sales Tax <br> Revenue, Series B (NATL Insured) <br>5.250%, 10/1/31 <br>| 2245 |
| 500 | &nbsp;&nbsp; Marion County School Board COP, (AG <br> Insured) <br>5.000%, 6/1/27 <br>| 516 |
| 1080 | &nbsp;&nbsp; Miami Beach Health Facilities <br> Authority, Mt. Sinai Medical Center, <br>5.000%, 11/15/39 <br>| 1081 |
|  |  | 7161 |
|  | **◼ Georgia—4.8%** | **◼ Georgia—4.8%** |
| 1260 | &nbsp;&nbsp; Carroll City-County Hospital Authority, <br> Tanner Medical Center Project <br> Revenue (CNTY GTD Insured) <br>5.000%, 7/1/33 <br>| 1462 |
| 1000 | &nbsp;&nbsp; Jackson County School District, <br> General Obligation (ST AID <br> WITHHLDG) <br>5.000%, 3/1/28 <br>| 1056 |
| 1000 | &nbsp;&nbsp; Paulding County School District, <br> General Obligation (ST AID <br> WITHHLDG) <br>5.000%, 2/1/28 <br>| 1053 |
| 500 | &nbsp;&nbsp; State of Georgia, General Obligation, <br> Series A-2 <br>5.000%, 2/1/28 <br>| 514 |
|  |  | 4085 |

---

---

| | | |
|:---|:---|:---|
| **Par** <br> **Value**<br>| **Description** | **Value** |
|  | **◼ Hawaii—1.3%** | **◼ Hawaii—1.3%** |
| 1000 | &nbsp;&nbsp; County of Maui, General Obligation <br>5.000%, 9/1/28 <br>| $1069 |
|  | **◼ Illinois—6.2%** | **◼ Illinois—6.2%** |
| 500 | &nbsp;&nbsp; Chicago Park District, General <br> Obligation, Series B <br>5.000%, 1/1/27 <br>| 512 |
| 500 | &nbsp;&nbsp; City of Chicago, Multi-Family Housing <br> Revenue, Paul G. Stewart Phases 1 & <br> 2, Series F (AMT, GNMA FHA <br> Insured) <br>4.900%, 3/20/44 <br>| 500 |
| 250 | &nbsp;&nbsp; City of Chicago, Water Revenue, <br> Second Lien <br>5.000%, 11/1/30 <br>| 255 |
| 665 | &nbsp;&nbsp; City of Chicago, Water Revenue, <br> Second Lien (AG Insured) <br>5.250%, 11/1/32 <br>| 692 |
| 1000 | &nbsp;&nbsp; State of Illinois, General Obligation <br>5.000%, 2/1/27 <br>| 1024 |
| 2020 | &nbsp;&nbsp; State of Illinois, General Obligation <br>5.500%, 1/1/29 <br>| 2184 |
| 160 | &nbsp;&nbsp; State of Illinois, General Obligation, <br> Series D <br>5.000%, 11/1/26 <br>| 163 |
|  |  | 5330 |
|  | **◼ Kentucky—3.3%** | **◼ Kentucky—3.3%** |
| 530 | &nbsp;&nbsp; Kenton County Airport Board, <br>5.000%, 1/1/27 <br>| 531 |
| 1265 | &nbsp;&nbsp; Kentucky State Property & Building <br> Commission, Series B (ST APPROP) <br>5.000%, 11/1/26 <br>| 1291 |
| 1000 | &nbsp;&nbsp; Rural Water Financing Agency, Public <br> Projects Construction Revenue, Series <br> A <br>3.700%, 5/1/27 <br>| 998 |
|  |  | 2820 |

---

The accompanying note is an integral part of this financial statement.

------

**DTF TAX-FREE INCOME 2028 TERM FUND INC.**

**SCHEDULE OF INVESTMENTS—(Continued)**

**January 31, 2026**

**(Unaudited)**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
| **Par** <br> **Value**<br>| **Description** | **Value** |
|  | **◼ Louisiana—2.6%** | **◼ Louisiana—2.6%** |
| 2000 | &nbsp;&nbsp; State of Louisiana, General Obligation, <br> Series C <br>5.000%, 12/1/29 <br>| $2201 |
|  | **◼ Maine—0.8%** | **◼ Maine—0.8%** |
| 725 | &nbsp;&nbsp; Maine Health & Higher Educational <br> Facilities Authority, Series A (ST <br> INTERCEPT ST RES FD GTY) <br>5.000%, 7/1/33 <br>| 726 |
|  | **◼ Massachusetts—0.3%** | **◼ Massachusetts—0.3%** |
| 250 | &nbsp;&nbsp; Massachusetts Bay Transportation <br> Authority, Sales Tax Revenue, Series A <br>5.000%, 7/1/27 <br>| 260 |
|  | **◼ Michigan—1.9%** | **◼ Michigan—1.9%** |
| 1055 | &nbsp;&nbsp; Great Lakes Water Authority Water <br> Supply System Revenue, Senior Lien, <br> Series C <br>5.000%, 7/1/28 <br>| 1067 |
| 540 | &nbsp;&nbsp; Michigan State Building Authority, <br> Facilities Program Lease Revenue, <br> Series I <br>4.000%, 10/15/36 <br>| 543 |
|  |  | 1610 |
|  | **◼ Minnesota—2.5%** | **◼ Minnesota—2.5%** |
| 200 | &nbsp;&nbsp; Minnesota Housing Finance Agency, <br> Series E (GNMA/FNMA/FHLMC <br> Insured) <br>2.700%, 7/1/44 <br>| 157 |
| 2000 | &nbsp;&nbsp; Minnesota Rural Water Finance <br> Authority, Inc., <br>3.300%, 8/1/26 <br>| 2001 |
|  |  | 2158 |
|  | **◼ Nebraska—2.3%** | **◼ Nebraska—2.3%** |
| 1925 | &nbsp;&nbsp; City of Omaha, General Obligation <br>5.250%, 4/1/27 <br>| 1992 |

---

---

| | | |
|:---|:---|:---|
| **Par** <br> **Value**<br>| **Description** | **Value** |
|  | **◼ New Jersey—6.3%** | **◼ New Jersey—6.3%** |
| 2500 | &nbsp;&nbsp; New Jersey Transportation Trust Fund <br> Authority, Series A <br>5.000%, 6/15/33 <br>| $2899 |
| 1000 | &nbsp;&nbsp; New Jersey Turnpike Authority, Series B <br>5.000%, 1/1/28 <br>| 1050 |
| 1115 | &nbsp;&nbsp; State of, New Jersey, General <br> Obligation, Sales Tax Revenue <br>5.000%, 6/1/26 <br>| 1125 |
| 295 | &nbsp;&nbsp; State of, New Jersey, General <br> Obligation, Sales Tax Revenue <br>4.000%, 6/1/31 <br>| 319 |
|  |  | 5393 |
|  | **◼ New York—4.1%** | **◼ New York—4.1%** |
| 500 | &nbsp;&nbsp; New York City Transitional Finance <br> Authority, Future Tax Secured <br> Subordinate Revenue, Series A-1 <br>5.000%, 11/1/27 <br>| 523 |
| 1500 | &nbsp;&nbsp; New York City Transitional Finance <br> Authority, Future Tax Secured <br> Subordinate Revenue, Series G-1 <br>5.000%, 5/1/40 <br>| 1663 |
| 750 | &nbsp;&nbsp; New York State Dormitory Authority, <br> Income Tax Revenue, Series A <br>5.000%, 3/15/28 <br>| 794 |
| 500 | &nbsp;&nbsp; New York State Dormitory Authority, <br> Series A (AG ST AID WITHHLDG <br> Insured) <br>5.000%, 10/1/26 <br>| 509 |
|  |  | 3489 |
|  | **◼ North Carolina—1.8%** | **◼ North Carolina—1.8%** |
| 870 | &nbsp;&nbsp; North Carolina Housing Finance <br> Agency <br>2.850%, 7/1/27 <br>| 871 |
| 625 | &nbsp;&nbsp; Raleigh Durham Airport Authority, <br> Series A <br>5.000%, 5/1/26 <br>| 626 |
|  |  | 1497 |

---

The accompanying note is an integral part of this financial statement.

------

**DTF TAX-FREE INCOME 2028 TERM FUND INC.**

**SCHEDULE OF INVESTMENTS—(Continued)**

**January 31, 2026**

**(Unaudited)**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
| **Par** <br> **Value**<br>| **Description** | **Value** |
|  | **◼ Ohio—0.7%** | **◼ Ohio—0.7%** |
| 580 | &nbsp;&nbsp; County of Franklin, Nationwide <br> Children's Hospital Revenue, Series A <br>5.000%, 11/1/27 <br>| $606 |
|  | **◼ Oklahoma—3.8%** | **◼ Oklahoma—3.8%** |
| 2000 | &nbsp;&nbsp; Oklahoma Capitol Improvement <br> Authority, Series A <br>5.000%, 7/1/26 <br>| 2022 |
| 1200 | &nbsp;&nbsp; Oklahoma Water Resources Board, <br> Clean Water Program Revenue <br>5.000%, 4/1/26 <br>| 1205 |
|  |  | 3227 |
|  | **◼ Oregon—1.2%** | **◼ Oregon—1.2%** |
| 1000 | &nbsp;&nbsp; Oregon State Lottery, Series A <br>5.000%, 4/1/28 <br>| 1058 |
|  | **◼ Pennsylvania—1.6%** | **◼ Pennsylvania—1.6%** |
| 1000 | &nbsp;&nbsp; City of Philadelphia, General <br> Obligation, Series C <br>5.000%, 8/1/28 <br>| 1062 |
| 315 | &nbsp;&nbsp; City of Pittsburgh, General Obligation <br>5.000%, 9/1/26 <br>| 320 |
|  |  | 1382 |
|  | **◼ Rhode Island—2.0%** | **◼ Rhode Island—2.0%** |
| 1500 | &nbsp;&nbsp; Rhode Island Commerce Corp., <br> Department of Transportation, Series A <br>5.000%, 5/15/32 <br>| 1707 |
|  | **◼ South Carolina—0.4%** | **◼ South Carolina—0.4%** |
| 350 | &nbsp;&nbsp; South Carolina Public Service <br> Authority, Series A <br>5.000%, 12/1/28 <br>| 375 |
|  | **◼ Tennessee—3.6%** | **◼ Tennessee—3.6%** |
| 1000 | &nbsp;&nbsp; County of Shelby, General Obligation, <br> Series A <br>5.000%, 4/1/27 <br>| 1032 |
| 1000 | &nbsp;&nbsp; Memphis-Shelby County Airport <br> Authority, Series D <br>5.000%, 7/1/26 <br>| 1010 |

---

---

| | | |
|:---|:---|:---|
| **Par** <br> **Value**<br>| **Description** | **Value** |
| 1000 | &nbsp;&nbsp; Metropolitan Government of Nashville <br> & Davidson County Electric Revenue, <br> Series B <br>5.000%, 5/15/28 <br>| $1061 |
|  |  | 3103 |
|  | **◼ Texas—10.3%** | **◼ Texas—10.3%** |
| 350 | &nbsp;&nbsp; Arlington Higher Education Finance <br> Corp., Trinity Basin Preparatory <br> Revenue (PSF-GTD Insured) <br>5.000%, 8/15/26 <br>| 355 |
| 750 | &nbsp;&nbsp; Central Texas Regional Mobility <br> Authority, Subordinate Lien Revenue, <br> Series B <br>5.000%, 1/1/28 <br>| 788 |
| 340 | &nbsp;&nbsp; Fort Bend County Public Facility Corp., <br>5.000%, 3/1/26 <br>| 341 |
| 1250 | &nbsp;&nbsp; Grand Parkway Transportation Corp., <br> Subordinate Tier Toll Revenue <br>5.000%, 10/1/52 <br>(Mandatory put 4/01/28)<sup>(1)</sup><br>| 1302 |
| 1350 | &nbsp;&nbsp; Klein Independent School District, <br> General Obligation, Series A <br>5.000%, 8/1/28 <br>| 1437 |
| 1505 | &nbsp;&nbsp; North Texas Tollway Authority, Special <br> Project System Revenue, Convertible <br> Capital Appreciation Bonds, Series C, <br>7.000%, 9/1/43 <br>(Pre-Refunded 9/1/31 @ 100)<sup>(2)</sup><br>| 1818 |
| 1000 | &nbsp;&nbsp; State of Texas, General Obligation <br>5.000%, 10/1/27 <br>| 1046 |
| 1500 | &nbsp;&nbsp; State of Texas, General Obligation <br>5.000%, 10/1/30 <br>| 1681 |
|  |  | 8768 |
|  | **◼ Washington—2.4%** | **◼ Washington—2.4%** |
| 750 | &nbsp;&nbsp; City of Seattle WA Municipal Light & <br> Power Revenue <br>5.000%, 2/1/28 <br>| 790 |

---

The accompanying note is an integral part of this financial statement.

------

**DTF TAX-FREE INCOME 2028 TERM FUND INC.**

**SCHEDULE OF INVESTMENTS—(Continued)**

**January 31, 2026**

**(Unaudited)**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
| **Par** <br> **Value**<br>| **Description** | **Value** |
| 1260 | &nbsp;&nbsp; Port of Seattle, Intermediate Lien, <br> Series C (AMT) <br>5.000%, 5/1/32 <br>| $1292 |
|  |  | 2082 |
|  | **◼ Wisconsin—0.3%** | **◼ Wisconsin—0.3%** |
| 250 | &nbsp;&nbsp; Public Finance Authority, Waste <br> Management, Inc. Project Revenue <br> (AMT) <br>2.875%, 5/1/27 <br>| 249 |
| **Total Municipal Bonds** <br>**(Cost $80,468)** | **Total Municipal Bonds** <br>**(Cost $80,468)** | 81321 |
| **Total Long-Term** <br> **Investments—95.1%** <br>**(Cost $80,468)** | **Total Long-Term** <br> **Investments—95.1%** <br>**(Cost $80,468)** | **81321** |
| **Short-Term Investment—1.2%** | **Short-Term Investment—1.2%** | **Short-Term Investment—1.2%** |
| **Municipal Bond—1.2%** | **Municipal Bond—1.2%** | **Municipal Bond—1.2%** |
|  | **◼ New Jersey—1.2%** | **◼ New Jersey—1.2%** |
| 1000 | &nbsp;&nbsp; Monmouth County Improvement <br> Authority Governmental Pooled Loan <br> Project Revenue (CNTY GTD Insured) <br>4.000%, 3/13/26<br>| 1002 |
| **Total Short-Term Investment** <br>**(Cost $1,001)** | **Total Short-Term Investment** <br>**(Cost $1,001)** | 1002 |
| **TOTAL INVESTMENTS—96.3%** <br>**(Cost $81,469)** | **TOTAL INVESTMENTS—96.3%** <br>**(Cost $81,469)** | 82323 |
|  | Other assets less liabilities—3.7% | 3198 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $85521 |

---

The accompanying note is an integral part of this financial statement.

------

**DTF TAX-FREE INCOME 2028 TERM FUND INC.**

**SCHEDULE OF INVESTMENTS—(Continued)**

**January 31, 2026**

**(Unaudited)**

($ reported in thousands)

---

| | |
|:---|:---|
| AG | Assured Guaranty Inc. |
| AMT | Alternative Minimum Tax |
| CNTY GTD | County Guarantee Program |
| COP | Certificate of Participation |
| FHA | Federal Housing Authority |
| FHLMC | Federal Home Loan Mortgage Corporation ("Freddie Mac") |
| FNMA | Federal National Mortgage Association ("Fannie Mae") |
| GNMA | Government National Mortgage Association ("Ginnie Mae") |
| NATL | National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guarantee Program |
| ST AID WITHHLDG | State Aid Withholding |
| ST APPROP | State Appropriation  |
| ST INTERCEPT | State Intercept |
| ST RES FD GTY | State Resource Fund Guaranty |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Variable or step coupon security; interest rate shown reflects the rate in effect at January 31, 2026. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. 

<sup>(2)</sup> Prerefunded and refunded issues are secured by escrowed cash, U.S. government obligations, or other securities. 

The percentage shown for each investment category is the total value of that category as a percentage of the net assets applicable to common stock of the Fund.

The Fund's investments are carried at fair value which is defined as the price that the Fund might reasonably expect to receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The three-tier hierarchy of inputs established to classify fair value measurements for disclosure purposes is summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.)

Level 3—significant unobservable inputs (including the Investment Adviser's Valuation Committee's own assumptions in determining fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. For more information about the Fund's policy regarding valuation of investments and

------

**DTF TAX-FREE INCOME 2028 TERM FUND INC.**

**SCHEDULE OF INVESTMENTS—(Continued)**

**January 31, 2026**

**(Unaudited)**

($ reported in thousands)

other significant accounting policies, please refer to the Fund's most recent financial statements contained in its annual report.The following is a summary of the inputs used to value each of the Fund's investments at January 31, 2026:

---

| | |
|:---|:---|
|  | **Level 2** |
| Municipal Bonds | &nbsp;&nbsp; $82323 |
| Total investments | &nbsp;&nbsp; $82323 |

---

There were no Level 1 or Level 3 priced securities held at January 31, 2026 and there were no transfers into or out of Level 3 related to securities held at January 31, 2026.

Other information regarding the Fund is available on the Fund's website www.dpimc.com/dtf or the Securities and Exchange Commission's website at www.sec.gov.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** DTF TAX-FREE INCOME 2028 TERM FUND INC

- **b. Investment Company Act file number:** 811-06416

- **c. CIK number of Registrant:** 0000879535

- **d. LEI of Registrant:** 549300UTPMUSB8BKGI82

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 10 SOUTH WACKER DRIVE

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606-7453

  - **Telephone number:** 866-668-8552

**Item A.2. Information about the Series.**

- **a. Name of Series:** DTF Tax-Free Income 2028 Term Fund INC

- **c. LEI of Series:** 549300UTPMUSB8BKGI82

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $85685373.01

**Total Liabilities:** $163997.47

**Net Assets:** $85521375.54

**Cash Not Reported:** $1189312.83

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -27.00463983 | **1-Year:** -458.85901230 | **5-Year:** -8031.44984000 | **10-Year:** -7987.89630500 | **30-Year:** -2350.86483200

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -11.22887002 | **1-Year:** -15.38882149 | **5-Year:** -70.11664600 | **10-Year:** 0.00000000 | **30-Year:** -862.61301970

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 0.19%                | 0.27%                | 0.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-24690.49               | $30736.75                                  |
| Month 2  | $964.22                  | $66564.42                                  |
| Month 3  | $53567.55                | $311402.57                                 |

### Schedule of Portfolio Investments

| Name                           | Title                                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PUBLIC FIN AUTH WI SOL WST DIS | Public Finance Authority                                                   | CUSIP: 74445MAB5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $248751.35    | 0.29%             | 2027-05-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| MONTGOMERY AL WTRWKS & SAN SWR | Montgomery Water Works & Sanitary Sewer Board                              | CUSIP: 613105MN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $312339.00    | 0.37%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                          | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    160000 | PA      | $162912.88    | 0.19%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R | State of Connecticut Special Tax Revenue                                   | CUSIP: 207758Y23<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $779500.35    | 0.91%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                 | State of Connecticut                                                       | CUSIP: 20772KEB1<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    935000 | PA      | $988545.49    | 1.16%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO | New York State Dormitory Authority                                         | CUSIP: 64990F5X8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    750000 | PA      | $793344.60    | 0.93%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RALEIGH DURHAM NC ARPT AUTH AR | Raleigh Durham Airport Authority                                           | CUSIP: 751073JT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $626290.44    | 0.73%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET GOVT NASHVILLE & DAVIDSONC | Metropolitan Government of Nashville & Davidson County TN Electric Revenue | CUSIP: 592030S50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1060582.80   | 1.24%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST                     | State of Georgia                                                           | CUSIP: 373385AL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $513805.85    | 0.60%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HS | Connecticut Housing Finance Authority                                      | CUSIP: 20775C2M5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    390000 | PA      | $373861.29    | 0.44%             | 2033-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES | New York State Dormitory Authority                                         | CUSIP: 65000BW53<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |    500000 | PA      | $509261.00    | 0.60%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOULDER LARIMER & WELD CNTYS C | Boulder Larimer & Weld Counties St Vrain Valley School District Re1J       | CUSIP: 101565L72<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1190470.60   | 1.39%             | 2034-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA NE                       | City of Omaha NE                                                           | CUSIP: 681712PR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $1992146.12   | 2.33%             | 2027-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JACKSON CNTY GA SCH DIST       | Jackson County School District/GA                                          | CUSIP: 466784EB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056458.80   | 1.24%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C | Kentucky State Property & Building Commission                              | CUSIP: 49151FNK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1290907.07   | 1.51%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BENTONVILLE AR SALES & USE TAX | City of Bentonville AR Sales & Use Tax Revenue                             | CUSIP: 083422DP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $514452.14    | 0.60%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST DEPT OF ADMIN SVCS L | Oregon State Lottery                                                       | CUSIP: 68607V6A8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1058023.60   | 1.24%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MEMPHIS-SHELBY CNTY TN ARPT AU | Memphis-Shelby County Airport Authority                                    | CUSIP: 586111PY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010494.20   | 1.18%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARLINGTON TX HGR EDU FIN CORP  | Arlington Higher Education Finance Corp                                    | CUSIP: 041807EM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $354719.09    | 0.41%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST                   | State of Louisiana                                                         | CUSIP: 546417JK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2200492.40   | 2.57%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY       | Minnesota Housing Finance Agency                                           | CUSIP: 60416S6R6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    200000 | PA      | $157224.52    | 0.18%             | 2044-07-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST EN | Public Authority for Colorado Energy                                       | CUSIP: 744387AC5<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   1405000 | PA      | $1486912.76   | 1.74%             | 2028-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A | South Carolina Public Service Authority                                    | CUSIP: 8371513M9<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    350000 | PA      | $374868.17    | 0.44%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL TRANSPRTN DIST CO COPS    | Regional Transportation District                                           | CUSIP: 75913TKP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008738.50   | 1.18%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARROLL CITY-CNTY GA HOSP AUTH | Carroll City-County Hospital Authority                                     | CUSIP: 144709LM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1461491.39   | 1.71%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST RURAL WTR FIN AUT | Minnesota Rural Water Finance Authority Inc                                | CUSIP: 60411PBE0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000946.40   | 2.34%             | 2026-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP | Great Lakes Water Authority Water Supply System Revenue                    | CUSIP: 39081JAH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1066382.08   | 1.25%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INGLEWOOD CA UNIF SCH DIST     | Inglewood Unified School District                                          | CUSIP: 457110NS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069215.80   | 1.25%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL PARK DIST           | Chicago Park District                                                      | CUSIP: 1676155N9<br>LEI: 549300DNSTZGBZLIU409 | Long             | DBT              | MUN               | US        |    500000 | PA      | $511689.35    | 0.60%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                       | State of Texas                                                             | CUSIP: 882725CR3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1046349.50   | 1.22%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE      | North Texas Tollway Authority                                              | CUSIP: 66285WHF6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1818281.25   | 2.13%             | 2043-09-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                | City of Philadelphia PA                                                    | CUSIP: 717813C31<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1062510.60   | 1.24%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUBURN UNIV AL GEN FEE REVENUE | Auburn University                                                          | CUSIP: 050589SV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $872283.98    | 1.02%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST HSG FIN AGY  | North Carolina Housing Finance Agency                                      | CUSIP: 658207TT2<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    870000 | PA      | $870947.43    | 1.02%             | 2027-07-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FL HLTH FACS AUTH  | Miami Beach Health Facilities Authority                                    | CUSIP: 593211EW1<br>LEI: 549300MFT7I1HF5VL403 | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1080977.72   | 1.26%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALACHUA CNTY FL HSG FIN AUTH M | Alachua County Housing Finance Authority                                   | CUSIP: 01068LAS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2013142.80   | 2.35%             | 2029-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TN                 | County of Shelby TN                                                        | CUSIP: 8216863D2<br>LEI: 5493000UVZ1EF2SIPO10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031674.10   | 1.21%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND COMMERCE CORP REV | Rhode Island Commerce Corp                                                 | CUSIP: 762232BX3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1706562.45   | 2.00%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST CAPITOL IMPT AUTH  | Oklahoma Capitol Improvement Authority                                     | CUSIP: 679088MR2<br>LEI: 549300LYHYBINTZ5AY71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2022095.20   | 2.36%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MONMOUTH CNTY NJ IMPT AUTH REV | Monmouth County Improvement Authority/The                                  | CUSIP: 60956PS78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1001878.80   | 1.17%             | 2026-03-13      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH REVENUE  | Michigan State Building Authority                                          | CUSIP: 594615FU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $543323.75    | 0.64%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH SLOPE BORO AK            | Borough of North Slope AK                                                  | CUSIP: 662523X53<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $777125.25    | 0.91%             | 2027-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KLEIN TX INDEP SCH DIST        | Klein Independent School District                                          | CUSIP: 498531VS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1436715.63   | 1.68%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PITTSBURGH PA                  | City of Pittsburgh PA                                                      | CUSIP: 725209RW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $319783.94    | 0.37%             | 2026-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTON CNTY KY ARPT BRD        | Kenton County Airport Board                                                | CUSIP: 491026UP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $531035.62    | 0.62%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST BAY TRANSPRTN | Massachusetts Bay Transportation Authority Sales Tax Revenue               | CUSIP: 575579T31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259726.73    | 0.30%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT COLLINS-LOVELAND CO WTR D | Fort Collins-Loveland Water District                                       | CUSIP: 347163BY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1310473.88   | 1.53%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEATTLE WA MUNI LIGHT & PWR RE | City of Seattle WA Municipal Light & Power Revenue                         | CUSIP: 812643C51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $789854.48    | 0.92%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                  | State of New Jersey                                                        | CUSIP: 646039YK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1125219.87   | 1.32%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST  | New Jersey Transportation Trust Fund Authority                             | CUSIP: 64613CEK0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2898613.00   | 3.39%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RURAL WTR FING AGY KY PUBLIC P | Rural Water Financing Agency                                               | CUSIP: 781741AV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $998476.90    | 1.17%             | 2027-05-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL  | Connecticut State Health & Educational Facilities Authority                | CUSIP: 20774Y3C9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1487922.03   | 1.74%             | 2040-07-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE      | City of Chicago IL Waterworks Revenue                                      | CUSIP: 167736E45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $254530.35    | 0.30%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R | Central Texas Regional Mobility Authority                                  | CUSIP: 155498PJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $787772.85    | 0.92%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                        | CUSIP: 13063EDA1<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1072018.70   | 1.25%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE     | Port of Seattle WA                                                         | CUSIP: 735389ZU5<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1292127.35   | 1.51%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL SALES TAX REV | County of Seminole FL Sales Tax Revenue                                    | CUSIP: 816691EW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2244979.03   | 2.63%             | 2031-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST WTR RESOURCE BRD R | Oklahoma Water Resources Board                                             | CUSIP: 67919PUJ0<br>LEI: 5493007CUNXW5UX11C71 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1205201.04   | 1.41%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                 | State of Connecticut                                                       | CUSIP: 20772KRV3<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1236081.04   | 1.45%             | 2031-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BEAVER AR WTR DIST BENTON & WA | Beaver Water District of Benton & Washington Counties                      | CUSIP: 075388EU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    410000 | PA      | $422919.55    | 0.49%             | 2027-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                          | CUSIP: 452152G88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1024271.00   | 1.20%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MF HSG REVENUE      | City of Chicago IL                                                         | CUSIP: 167570PC8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500080.35    | 0.58%             | 2044-03-20      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH | Maricopa County Industrial Development Authority                           | CUSIP: 56682HCG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008157.80   | 1.18%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                   | County of Maui HI                                                          | CUSIP: 577286AY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069024.20   | 1.25%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                           | CUSIP: 13032UFL7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    330000 | PA      | $330616.18    | 0.39%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FRANKLIN CNTY OH HOSP FACS REV | County of Franklin OH                                                      | CUSIP: 353187EZ6<br>LEI: 549300VCBUC1RZE7KL42 | Long             | DBT              | MUN               | US        |    580000 | PA      | $605833.37    | 0.71%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GRAND PARKWAY TRANSPRTN CORP T | Grand Parkway Transportation Corp                                          | CUSIP: 38611TDR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1302577.13   | 1.52%             | 2052-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue    | CUSIP: 64972JJJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $523173.60    | 0.61%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                          | CUSIP: 452151YD9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2184072.08   | 2.55%             | 2029-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE      | City of Chicago IL Waterworks Revenue                                      | CUSIP: 167736L21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $691975.13    | 0.81%             | 2032-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                  | State of New Jersey                                                        | CUSIP: 646039YQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $319373.58    | 0.37%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PAULDING CNTY GA SCH DIST      | Paulding County School District                                            | CUSIP: 703600GG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052998.80   | 1.23%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARION CNTY FL SCH BRD COPS    | Marion County School Board                                                 | CUSIP: 56879EGT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $516144.90    | 0.60%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU | New Jersey Turnpike Authority                                              | CUSIP: 646140JK0<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1050133.10   | 1.23%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GAINESVILLE FL UTILITIES SYS R | City of Gainesville FL Utilities System Revenue                            | CUSIP: 362848UE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1305795.25   | 1.53%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REGL CO TRANSPRTN DIST PRIV AC | Regional Transportation District                                           | CUSIP: 759151BC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1243070.76   | 1.45%             | 2028-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE HLTH & HGR EDUCTNL FACSA | Maine Health & Higher Educational Facilities Authority                     | CUSIP: 56042RCN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $726222.21    | 0.85%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FORT BEND CNTY TX PUB FAC CORP | Fort Bend County Texas Public Facility Corp                                | CUSIP: 34687KAB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $340700.74    | 0.40%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                       | State of Texas                                                             | CUSIP: 8827242E6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1681372.05   | 1.97%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL  | New York City Transitional Finance Authority Future Tax Secured Revenue    | CUSIP: 64972JHS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1663289.85   | 1.94%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTHORITY A C | Southeast Energy Authority A Cooperative District                          | CUSIP: 84136HCQ4<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |    350000 | PA      | $363077.12    | 0.42%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REV | City & County of Denver CO Airport System Revenue                          | CUSIP: 249182SY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1125630.30   | 1.32%             | 2030-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-31

**Name of Applicant:** DTF TAX-FREE INCOME 2028 TERM FUND INC

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer