# EDGAR Filing Document

**Accession Number:** 0000879535
**File Stem:** 0000940400-25-013945
**Filing Date:** 2025-12
**Character Count:** 36833
**Document Hash:** c2b8c984a1b486ecd3e7f4b241be3509
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-013945.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0000940400-25-013945

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 20251219

**PERIOD START**: 20251031

**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:** 251587227

**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

## 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

  - **Telephone number:** 312-368-5510

**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:** 2025-10-31

- **b. Date as of which information is reported:** 2025-10-31

**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:** $87259261.42

**Total Liabilities:** $1986673.25

**Net Assets:** $85272588.17

**Delayed Delivery Securities:** $1825130.00

**Cash Not Reported:** $4637890.49

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -29.48131982 | **1-Year:** -842.40479930 | **5-Year:** -12845.86379000 | **10-Year:** -7886.78135300 | **30-Year:** -175.73372450

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000000000 | 0.52%                | 0.52%                | 0.02%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-22136.68               | $315466.13                                 |
| Month 2  | $0.00                    | $259164.42                                 |
| Month 3  | $0.00                    | $-95891.61                                 |

### 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      | $246169.13    | 0.29%             | 2027-05-01      | Fixed         | 2.88%                 | 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      | $1121565.40   | 1.32%             | 2030-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                          | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    160000 | PA      | $163228.82    | 0.19%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                 | State of Connecticut                                                       | CUSIP: 20772KEB1<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    935000 | PA      | $986428.09    | 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      | $791853.00    | 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      | $625988.69    | 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      | $1059867.30   | 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      | $515385.90    | 0.60%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                 | State of Connecticut                                                       | CUSIP: 20772KUZ0<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502195.80    | 0.59%             | 2026-01-15      | 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      | $370644.50    | 0.43%             | 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      | $510674.80    | 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      | $1183260.90   | 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      | $1994581.24   | 2.34%             | 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      | $1056623.20   | 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      | $1292544.24   | 1.52%             | 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      | $515720.95    | 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      | $1057704.10   | 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      | $1013992.80   | 1.19%             | 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      | $355769.26    | 0.42%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW BRAUNFELS TX UTILITY REVEN | City of New Braunfels TX Utility System Revenue                            | CUSIP: 642577ZU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $775204.79    | 0.91%             | 2028-07-01      | 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      | $155233.26    | 0.18%             | 2044-07-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST                   | State of Louisiana                                                         | CUSIP: 546417JK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2193390.00   | 2.57%             | 2029-12-01      | Fixed         | 5.00%                 | 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      | $374089.21    | 0.44%             | 2028-12-01      | Fixed         | 5.00%                 | 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        |   1795000 | PA      | $1864862.66   | 2.19%             | 2028-11-15      | Fixed         | 6.25%                 | 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      | $1012870.30   | 1.19%             | 2026-06-01      | 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      | $2000853.80   | 2.35%             | 2026-08-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION  | Central Texas Turnpike System                                              | CUSIP: 88283KBW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1118787.70   | 1.31%             | 2031-08-15      | 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      | $1456361.17   | 1.71%             | 2033-07-01      | Fixed         | 5.00%                 | 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      | $1070690.80   | 1.26%             | 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      | $1061176.10   | 1.24%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                       | State of Texas                                                             | CUSIP: 882725CR3<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045351.60   | 1.23%             | 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      | $1815720.80   | 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      | $1060985.20   | 1.24%             | 2028-08-01      | 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      | $865921.18    | 1.02%             | 2027-07-01      | Fixed         | 2.85%                 | 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      | $869484.75    | 1.02%             | 2033-06-01      | 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      | $2005493.40   | 2.35%             | 2029-12-01      | Variable      | 3.30%                 | 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      | $1080776.95   | 1.27%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SHELBY CNTY TN                 | County of Shelby TN                                                        | CUSIP: 8216863D2<br>LEI: 5493000UVZ1EF2SIPO10 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1033269.60   | 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      | $1702209.60   | 2.00%             | 2032-05-15      | 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      | $1004172.30   | 1.18%             | 2026-03-13      | Fixed         | 4.00%                 | 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      | $2029979.80   | 2.38%             | 2026-07-01      | Fixed         | 5.00%                 | 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      | $543718.28    | 0.64%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| YORK CNTY PA                   | County of York PA                                                          | CUSIP: 986370QY3<br>LEI: 549300PBUZSC8WBS4164 | Long             | DBT              | MUN               | US        |    375000 | PA      | $422862.79    | 0.50%             | 2031-06-01      | Fixed         | 5.00%                 | 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      | $777695.70    | 0.91%             | 2027-06-30      | 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      | $531699.02    | 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      | $260121.50    | 0.31%             | 2027-07-01      | 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      | $1431961.88   | 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      | $320776.25    | 0.38%             | 2026-09-01      | 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      | $789762.83    | 0.93%             | 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      | $1129221.71   | 1.32%             | 2026-06-01      | 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      | $989569.70    | 1.16%             | 2027-05-01      | Fixed         | 3.70%                 | 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      | $2875992.25   | 3.37%             | 2033-06-15      | Fixed         | 5.00%                 | 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      | $1486662.96   | 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      | $254976.35    | 0.30%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                        | CUSIP: 13063EDA1<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068297.80   | 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      | $1291693.28   | 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      | $2244626.16   | 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      | $1210949.16   | 1.42%             | 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      | $1227261.95   | 1.44%             | 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      | $423561.32    | 0.50%             | 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      | $1024467.00   | 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      | $500038.10    | 0.59%             | 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      | $1008443.00   | 1.18%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UPPER OCONEE BASIN GA WTR AUTH | Upper Oconee Basin Water Authority                                         | CUSIP: 916281CR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $326282.37    | 0.38%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                   | County of Maui HI                                                          | CUSIP: 577286AY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1066282.40   | 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      | $330560.70    | 0.39%             | 2036-10-01      | Fixed         | 4.00%                 | 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      | $1299995.00   | 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      | $523527.85    | 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      | $2179222.26   | 2.56%             | 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      | $692093.56    | 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      | $316253.92    | 0.37%             | 2031-06-01      | Fixed         | 4.00%                 | 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      | $516560.05    | 0.61%             | 2027-06-01      | Fixed         | 5.00%                 | 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      | $1052972.30   | 1.23%             | 2028-02-01      | 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      | $1049711.80   | 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      | $1308151.01   | 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      | $1241029.68   | 1.46%             | 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      | $725846.66    | 0.85%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PROVIDENCE RI PUBLIC BLDGS AUT | Providence Public Building Authority                                       | CUSIP: 74381MCV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $422664.16    | 0.50%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                       | State of Texas                                                             | CUSIP: 8827242E6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1670001.00   | 1.96%             | 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      | $1653767.40   | 1.94%             | 2040-05-01      | 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      | $342350.15    | 0.40%             | 2026-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-12-19

**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