# EDGAR Filing Document

**Accession Number:** 0000879535
**File Stem:** 0000940400-25-002080
**Filing Date:** 2025-9
**Character Count:** 56215
**Document Hash:** 337b9074dfc3465ee8b9575e7f2bb8a5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002080.hdr.sgml**: 20250924

**ACCESSION NUMBER**: 0000940400-25-002080

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250924

**DATE AS OF CHANGE**: 20250924

**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:** 251336114

**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 July 31, 2025
(Unaudited)

($ reported in thousands)

---

| | | |
|:---|:---|:---|
| **Par Value** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Value** |
| **Municipal Bonds—95.3%** | **Municipal Bonds—95.3%** | **Municipal Bonds—95.3%** |
|  | &nbsp;&nbsp;&nbsp;**■ Alabama—1.0%** | &nbsp;&nbsp;&nbsp;**■ Alabama—1.0%** |
| 750 | Auburn University, Series B<br>5.000%, 6/1/33 <br>| &nbsp;&nbsp;$843 |
|  | &nbsp;&nbsp;&nbsp;**■ Arizona—1.2%** | &nbsp;&nbsp;&nbsp;**■ Arizona—1.2%** |
| 1000 | Maricopa County Industrial Development Authority, Banner Health Revenue,<br>4.000%, 1/1/34 <br>| 1004 |
|  | &nbsp;&nbsp;&nbsp;**■ Arkansas—0.6%** | &nbsp;&nbsp;&nbsp;**■ Arkansas—0.6%** |
| 505 | City of Bentonville Sales & Use Tax Revenue,<br>5.000%, 11/1/26 <br>| &nbsp;&nbsp;&nbsp;&nbsp;519 |
|  | &nbsp;&nbsp;&nbsp;**■ California—2.9%** | &nbsp;&nbsp;&nbsp;**■ California—2.9%** |
| 330 | California State Health Facilities Financing Authority, Providence St. Joseph Health Revenue, Series A<br>4.000%, 10/1/36 <br>| &nbsp;&nbsp;&nbsp;&nbsp;320 |
| 1000 | Inglewood Unified School District, General Obligation, Series B<br>5.000%, 8/1/28 <br>| 1069 |
| 1000 | State of California, General Obligation<br>5.000%, 8/1/28 <br>| 1077 |
|  |  | 2466 |
|  | &nbsp;&nbsp;&nbsp;**■ Colorado—7.5%** | &nbsp;&nbsp;&nbsp;**■ Colorado—7.5%** |
| 1000 | Boulder Larimer & Weld Counties St. Vrain Valley School District RE1J, General Obligation, Series 1J (ST AID WITHHLDG)<br>5.000%, 12/15/34 <br>| 1139 |
| 1000 | City & County of Denver, Airport System Revenue, Series D (AMT)<br>5.500%, 11/15/30 <br>| 1110 |
| 1795 | Public Authority For Colorado Energy, Natural Gas Purchase Revenue<br>6.250%, 11/15/28 <br>| 1882 |
| 1000 | Regional Transportation District, COP<br>5.000%, 6/1/26 <br>| 1020 |

---

---

| | | |
|:---|:---|:---|
| **Par Value** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Value** |
| 1200 | Regional Transportation District, Sales Tax Revenue, Series A<br>5.000%, 1/15/28 <br>| $1244 |
|  |  | &nbsp;&nbsp;&nbsp;6395 |
|  | &nbsp;&nbsp;&nbsp;**■ Connecticut—5.3%** | &nbsp;&nbsp;&nbsp;**■ Connecticut—5.3%** |
| 390 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Revenue, Series D-2 (AMT)<br>3.000%, 5/15/33 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 |
| 1415 | Connecticut State Health & Educational Facilities Authority, Yale University Revenue, Series C-1<br>5.000%, 7/1/40<br>(Mandatory put 2/01/28)<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;1498 |
| 500 | State of Connecticut, General Obligation, Series A<br>5.000%, 1/15/26 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 |
| 1085 | State of Connecticut, General Obligation, Series D<br>5.000%, 9/15/31 <br>| &nbsp;&nbsp;&nbsp;1214 |
| 935 | State of Connecticut, General Obligation, Series E<br>5.000%, 9/15/35 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975 |
|  |  | &nbsp;&nbsp;&nbsp;4543 |
|  | &nbsp;&nbsp;&nbsp;**■ Florida—9.0%** | &nbsp;&nbsp;&nbsp;**■ Florida—9.0%** |
| 2000 | Alachua County Housing Finance Authority, Harbor Cove Apartments Revenue<br>3.300%, 12/1/29<br>(Mandatory put 6/01/27)<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;2015 |
| 1255 | City of Gainesville Utilities System Revenue, Series A<br>5.000%, 10/1/32 <br>| &nbsp;&nbsp;&nbsp;1305 |
| 2035 | County of Seminole, Sales Tax Revenue, Series B (NATL Insured)<br>5.250%, 10/1/31 <br>| &nbsp;&nbsp;&nbsp;2232 |
| 500 | Marion County School Board COP, (AGM Insured)<br>5.000%, 6/1/27 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 |

---

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

------

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

#### SCHEDULE OF INVESTMENTS—(Continued)

#### July 31, 2025
(Unaudited)

($ reported in thousands)

---

| | | |
|:---|:---|:---|
| **Par Value** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Value** |
| 1080 | Miami Beach Health Facilities Authority, Mt. Sinai Medical Center,<br>5.000%, 11/15/39 <br>| $1080 |
| 500 | Miami Beach Redevelopment Agency, (AGM Insured)<br>5.000%, 2/1/40<br>(Refunded 8/7/25 @ 100)<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 |
|  |  | &nbsp;&nbsp;&nbsp;7653 |
|  | &nbsp;&nbsp;&nbsp;**■ Georgia—5.2%** | &nbsp;&nbsp;&nbsp;**■ Georgia—5.2%** |
| 1260 | Carroll City-County Hospital Authority, Tanner Medical Center Project Revenue (CNTY GTD Insured)<br>5.000%, 7/1/33 <br>| &nbsp;&nbsp;&nbsp;1420 |
| 1000 | Jackson County School District, General Obligation (ST AID WITHHLDG)<br>5.000%, 3/1/28 <br>| &nbsp;&nbsp;&nbsp;1065 |
| 1000 | Paulding County School District, General Obligation (ST AID WITHHLDG)<br>5.000%, 2/1/28 <br>| &nbsp;&nbsp;&nbsp;1061 |
| 500 | State of Georgia, General Obligation, Series A-2<br>5.000%, 2/1/28 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 |
| 300 | Upper Oconee Basin Water Authority,<br>5.000%, 7/1/29 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 |
|  |  | &nbsp;&nbsp;&nbsp;4393 |
|  | &nbsp;&nbsp;&nbsp;**■ Hawaii—1.3%** | &nbsp;&nbsp;&nbsp;**■ Hawaii—1.3%** |
| 1000 | County of Maui, General Obligation<br>5.000%, 9/1/28 <br>| &nbsp;&nbsp;&nbsp;1073 |
|  | &nbsp;&nbsp;&nbsp;**■ Illinois—6.9%** | &nbsp;&nbsp;&nbsp;**■ Illinois—6.9%** |
| 500 | City of Chicago, Multi-Family Housing Revenue, Paul G. Stewart Phases 1 & 2, Series F (AMT, GNMA FHA Insured)<br>4.900%, 3/20/44 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;454 |
| 250 | City of Chicago, Water Revenue, Second Lien<br>5.000%, 11/1/30 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 |

---

---

| | | |
|:---|:---|:---|
| **Par Value** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Value** |
| 665 | City of Chicago, Water Revenue, Second Lien (AGM Insured)<br>5.250%, 11/1/32 <br>| &nbsp;&nbsp;$690 |
| 1000 | County of Cook, Sales Tax Revenue,<br>5.000%, 11/15/32 <br>| 1112 |
| 1000 | State of Illinois, General Obligation<br>5.000%, 2/1/27 <br>| 1031 |
| 2020 | State of Illinois, General Obligation<br>5.500%, 1/1/29 <br>| 2183 |
| 160 | State of Illinois, General Obligation, Series D<br>5.000%, 11/1/26 <br>| &nbsp;&nbsp;&nbsp;&nbsp;164 |
|  |  | 5889 |
|  | &nbsp;&nbsp;&nbsp;**■ Kentucky—3.3%** | &nbsp;&nbsp;&nbsp;**■ Kentucky—3.3%** |
| 530 | Kenton County Airport Board,<br>5.000%, 1/1/27 <br>| &nbsp;&nbsp;&nbsp;&nbsp;535 |
| 1265 | Kentucky State Property & Building Commission, Series B (ST APPROP)<br>5.000%, 11/1/26 <br>| 1304 |
| 1000 | Rural Water Financing Agency, Public Projects Construction Revenue, Series A<br>3.700%, 5/1/27 <br>| 1001 |
|  |  | 2840 |
|  | &nbsp;&nbsp;&nbsp;**■ Louisiana—2.6%** | &nbsp;&nbsp;&nbsp;**■ Louisiana—2.6%** |
| 2000 | State of Louisiana, General Obligation, Series C<br>5.000%, 12/1/29 <br>| 2207 |
|  | &nbsp;&nbsp;&nbsp;**■ Maine—0.9%** | &nbsp;&nbsp;&nbsp;**■ Maine—0.9%** |
| 725 | Maine Health & Higher Educational Facilities Authority, Series A (ST INTERCEPT ST RES FD GTY)<br>5.000%, 7/1/33 <br>| &nbsp;&nbsp;&nbsp;&nbsp;726 |
|  | &nbsp;&nbsp;&nbsp;**■ Massachusetts—0.3%** | &nbsp;&nbsp;&nbsp;**■ Massachusetts—0.3%** |
| 250 | Massachusetts Bay Transportation Authority, Sales Tax Revenue, Series A<br>5.000%, 7/1/27 <br>| &nbsp;&nbsp;&nbsp;&nbsp;262 |

---

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

------

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

#### SCHEDULE OF INVESTMENTS—(Continued)

#### July 31, 2025
(Unaudited)

($ reported in thousands)

---

| | | |
|:---|:---|:---|
| **Par Value** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;&nbsp;**■ Michigan—1.9%** | &nbsp;&nbsp;&nbsp;**■ Michigan—1.9%** |
| 1055 | Great Lakes Water Authority Water Supply System Revenue, Senior Lien, Series C<br>5.000%, 7/1/28 <br>| $1077 |
| 540 | Michigan State Building Authority, Facilities Program Lease Revenue, Series I<br>4.000%, 10/15/36 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 |
|  |  | &nbsp;&nbsp;&nbsp;1618 |
|  | &nbsp;&nbsp;&nbsp;**■ Minnesota—2.5%** | &nbsp;&nbsp;&nbsp;**■ Minnesota—2.5%** |
| 200 | Minnesota Housing Finance Agency, Series E (GNMA/FNMA/FHLMC Insured)<br>2.700%, 7/1/44 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 |
| 2000 | Minnesota Rural Water Finance Authority, Inc.,<br>3.300%, 8/1/26 <br>| &nbsp;&nbsp;&nbsp;2004 |
|  |  | &nbsp;&nbsp;&nbsp;2144 |
|  | &nbsp;&nbsp;&nbsp;**■ Nebraska—2.4%** | &nbsp;&nbsp;&nbsp;**■ Nebraska—2.4%** |
| 1925 | City of Omaha, General Obligation<br>5.250%, 4/1/27 <br>| &nbsp;&nbsp;&nbsp;2014 |
|  | &nbsp;&nbsp;&nbsp;**■ New Jersey—6.2%** | &nbsp;&nbsp;&nbsp;**■ New Jersey—6.2%** |
| 2500 | New Jersey Transportation Trust Fund Authority, Series A<br>5.000%, 6/15/33 <br>| &nbsp;&nbsp;&nbsp;2771 |
| 1000 | New Jersey Turnpike Authority, Series B<br>5.000%, 1/1/28 <br>| &nbsp;&nbsp;&nbsp;1057 |
| 1115 | State of, New Jersey, General Obligation, Sales Tax Revenue<br>5.000%, 6/1/26 <br>| &nbsp;&nbsp;&nbsp;1139 |
| 295 | State of, New Jersey, General Obligation, Sales Tax Revenue<br>4.000%, 6/1/31 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 |
|  |  | &nbsp;&nbsp;&nbsp;5280 |

---

---

| | | |
|:---|:---|:---|
| **Par Value** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;&nbsp;**■ New York—4.0%** | &nbsp;&nbsp;&nbsp;**■ New York—4.0%** |
| 500 | New York City Transitional Finance Authority, Future Tax Secured Subordinate Revenue, Series A-1<br>5.000%, 11/1/27 <br>| &nbsp;&nbsp;$528 |
| 1500 | New York City Transitional Finance Authority, Future Tax Secured Subordinate Revenue, Series G-1<br>5.000%, 5/1/40 <br>| 1579 |
| 750 | New York State Dormitory Authority, Income Tax Revenue, Series A<br>5.000%, 3/15/28 <br>| &nbsp;&nbsp;&nbsp;&nbsp;800 |
| 500 | New York State Dormitory Authority, Series A (AGM ST AID WITHHLDG Insured)<br>5.000%, 10/1/26 <br>| &nbsp;&nbsp;&nbsp;&nbsp;515 |
|  |  | 3422 |
|  | &nbsp;&nbsp;&nbsp;**■ North Carolina—1.8%** | &nbsp;&nbsp;&nbsp;**■ North Carolina—1.8%** |
| 870 | North Carolina Housing Finance Agency<br>2.850%, 7/1/27 <br>| &nbsp;&nbsp;&nbsp;&nbsp;869 |
| 625 | Raleigh Durham Airport Authority, Series A<br>5.000%, 5/1/26 <br>| &nbsp;&nbsp;&nbsp;&nbsp;626 |
|  |  | 1495 |
|  | &nbsp;&nbsp;&nbsp;**■ Oklahoma—5.4%** | &nbsp;&nbsp;&nbsp;**■ Oklahoma—5.4%** |
| 1345 | Creek County Educational Facilities Authority, Sapulpa Public Schools Project Revenue (BAM Insured)<br>5.000%, 9/1/25 <br>| 1347 |
| 2000 | Oklahoma Capitol Improvement Authority, Series A<br>5.000%, 7/1/26 <br>| 2044 |
| 1200 | Oklahoma Water Resources Board, Clean Water Program Revenue<br>5.000%, 4/1/26 <br>| 1220 |
|  |  | 4611 |

---

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

------

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

#### SCHEDULE OF INVESTMENTS—(Continued)

#### July 31, 2025
(Unaudited)

($ reported in thousands)

---

| | | |
|:---|:---|:---|
| **Par Value** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;&nbsp;**■ Oregon—1.3%** | &nbsp;&nbsp;&nbsp;**■ Oregon—1.3%** |
| 1000 | Oregon State Lottery, Series A<br>5.000%, 4/1/28 <br>| $1066 |
|  | &nbsp;&nbsp;&nbsp;**■ Pennsylvania—2.1%** | &nbsp;&nbsp;&nbsp;**■ Pennsylvania—2.1%** |
| 1000 | City of Philadelphia, General Obligation, Series C<br>5.000%, 8/1/28 <br>| &nbsp;&nbsp;&nbsp;1069 |
| 315 | City of Pittsburgh, General Obligation<br>5.000%, 9/1/26 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323 |
| 375 | County of York, General Obligation<br>5.000%, 6/1/31 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 |
|  |  | &nbsp;&nbsp;&nbsp;1811 |
|  | &nbsp;&nbsp;&nbsp;**■ Rhode Island—2.5%** | &nbsp;&nbsp;&nbsp;**■ Rhode Island—2.5%** |
| 400 | Providence Public Building Authority, Capital Improvement Program Revenue, Series A (AGC Insured)<br>5.000%, 9/15/28 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 |
| 1500 | Rhode Island Commerce Corp., Department of Transportation, Series A<br>5.000%, 5/15/32 <br>| &nbsp;&nbsp;&nbsp;1675 |
|  |  | &nbsp;&nbsp;&nbsp;2100 |
|  | &nbsp;&nbsp;&nbsp;**■ South Carolina—0.4%** | &nbsp;&nbsp;&nbsp;**■ South Carolina—0.4%** |
| 350 | South Carolina Public Service Authority, Series A<br>5.000%, 12/1/28 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 |
|  | &nbsp;&nbsp;&nbsp;**■ Tennessee—3.7%** | &nbsp;&nbsp;&nbsp;**■ Tennessee—3.7%** |
| 1000 | County of Shelby, General Obligation, Series A<br>5.000%, 4/1/27 <br>| &nbsp;&nbsp;&nbsp;1042 |
| 1000 | Memphis-Shelby County Airport Authority, Series D<br>5.000%, 7/1/26 <br>| &nbsp;&nbsp;&nbsp;1021 |
| 1000 | Metropolitan Government of Nashville & Davidson County Electric Revenue, Series B<br>5.000%, 5/15/28 <br>| &nbsp;&nbsp;&nbsp;1068 |
|  |  | &nbsp;&nbsp;&nbsp;3131 |

---

---

| | | |
|:---|:---|:---|
| **Par Value** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;&nbsp;**■ Texas—10.4%** | &nbsp;&nbsp;&nbsp;**■ Texas—10.4%** |
| 350 | Arlington Higher Education Finance Corp., Trinity Basin Preparatory Revenue (PSF-GTD Insured)<br>5.000%, 8/15/26 <br>| &nbsp;&nbsp;$358 |
| 1000 | Central Texas Turnpike System, Second Tier, Series C<br>5.000%, 8/15/31 <br>| 1105 |
| 735 | City of New Braunfels Utility System Revenue,<br>5.000%, 7/1/28 <br>| &nbsp;&nbsp;&nbsp;&nbsp;781 |
| 340 | Fort Bend County Public Facility Corp.,<br>5.000%, 3/1/26 <br>| &nbsp;&nbsp;&nbsp;&nbsp;345 |
| 1250 | Grand Parkway Transportation Corp., Subordinate Tier Toll Revenue<br>5.000%, 10/1/52<br>(Mandatory put 4/01/28)<sup>(1)</sup><br>| 1313 |
| 1350 | Klein Independent School District, General Obligation, Series A<br>5.000%, 8/1/28 <br>| 1442 |
| 1505 | North Texas Tollway Authority, Special Project System Revenue, Convertible Capital Appreciation Bonds, Series C,<br>7.000%, 9/1/43<br>(Pre-Refunded 9/1/31 @ 100)<sup>(2)</sup><br>| 1802 |
| 1500 | State of Texas, General Obligation<br>5.000%, 10/1/30 <br>| 1667 |
|  |  | 8813 |
|  | &nbsp;&nbsp;&nbsp;**■ Washington—2.4%** | &nbsp;&nbsp;&nbsp;**■ Washington—2.4%** |
| 750 | City of Seattle WA Municipal Light & Power Revenue<br>5.000%, 2/1/28 <br>| &nbsp;&nbsp;&nbsp;&nbsp;796 |
| 1260 | Port of Seattle, Intermediate Lien, Series C (AMT)<br>5.000%, 5/1/32 <br>| 1286 |
|  |  | 2082 |

---

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

------

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

#### SCHEDULE OF INVESTMENTS—(Continued)

#### July 31, 2025
(Unaudited)

($ reported in thousands)

---

| | | |
|:---|:---|:---|
| **Par Value** | &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Value** |
|  | &nbsp;&nbsp;&nbsp;**■ Wisconsin—0.3%** | &nbsp;&nbsp;&nbsp;**■ Wisconsin—0.3%** |
| 250 | Public Finance Authority, Waste Management, Inc. Project Revenue (AMT)<br>2.875%, 5/1/27 <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$246 |
| **Total Municipal Bonds<br> (Cost $81,056)** | **Total Municipal Bonds<br> (Cost $81,056)** | &nbsp;&nbsp;&nbsp;&nbsp;81022 |
| **Total Long-Term Investments—95.3%<br> (Cost $81,056)** | **Total Long-Term Investments—95.3%<br> (Cost $81,056)** | &nbsp;&nbsp;&nbsp;&nbsp;**81022** |
| **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%** |
|  | &nbsp;&nbsp;&nbsp;**■ New Jersey—1.2%** | &nbsp;&nbsp;&nbsp;**■ New Jersey—1.2%** |
| 1000 | Monmouth County Improvement Authority Governmental Pooled Loan Project Revenue (CNTY GTD Insured)<br>4.000%, 3/13/26<br>| &nbsp;&nbsp;&nbsp;&nbsp;1008 |
| **Total Short-Term Investment<br> (Cost $1,007)** | **Total Short-Term Investment<br> (Cost $1,007)** | &nbsp;&nbsp;&nbsp;&nbsp;1008 |
| **TOTAL INVESTMENTS—96.5%<br> (Cost $82,063)** | **TOTAL INVESTMENTS—96.5%<br> (Cost $82,063)** | &nbsp;&nbsp;&nbsp;&nbsp;82030 |
|  | Other assets less liabilities—3.5%<br>| &nbsp;&nbsp;&nbsp;&nbsp;3018 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | $85048 |

---

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

------

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

#### SCHEDULE OF INVESTMENTS—(Continued)

#### July 31, 2025
(Unaudited)

($ reported in thousands)

---

| | |
|:---|:---|
| AGC | Assured Guaranty Corp. |
| AGM | Assured Guaranty Municipal Corp. |
| AMT | Alternative Minimum Tax |
| BAM | Build America Municipal Insured |
| CNTY GTD | County Guarantee Program |
| COP | Certificate of Participation |
| FHA | Federal Housing Authority |
| 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 |

---

<sup>(1)</sup> Variable or step coupon security; interest rate shown reflects the rate in effect at July 31, 2025. 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)

#### July 31, 2025
(Unaudited)

other significant accounting policies, please refer to the Fund's most recent financial statements contained in its semi-annual report. The following is a summary of the inputs used to value each of the Fund's investments at July 31, 2025:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;**Level 2** |
| Municipal Bonds<br>| &nbsp;&nbsp;$82030 |
| Total investments<br>| &nbsp;&nbsp;$82030 |

---

There were no Level 1 or Level 3 priced securities held at July 31, 2025 and there were no transfers into or out of Level 3 related to securities held at July 31, 2025.

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

  - **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:** 2025-07-31

**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:** $86188401.27

**Total Liabilities:** $1152779.22

**Net Assets:** $85035622.05

**Delayed Delivery Securities:** $1072050.00

**Cash Not Reported:** $3275982.49

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -22.67716191 | **1-Year:** -928.33961200 | **5-Year:** -13538.05043000 | **10-Year:** -9261.41899800 | **30-Year:** -163.31098810

**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 | 0.44%                | 0.60%                | 0.43%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-53311.44               | $284329.62                                 |
| Month 2  | $-10497.37               | $369238.46                                 |
| Month 3  | $-34347.39               | $224435.49                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 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      | $1109595.30   | 1.30%             | 2030-11-15      | Fixed         | 5.50%                 | 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      | $626093.56    | 0.74%             | 2026-05-01      | 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      | $1061369.20   | 1.25%             | 2028-02-01      | 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      | $1674631.65   | 1.97%             | 2032-05-15      | 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      | $2015117.20   | 2.37%             | 2029-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| CREEK CNTY OK EDUCTNL FACS AUT | Creek County Educational Facilities Authority                              | CUSIP: 225472AZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1345000 | PA      | $1347370.56   | 1.58%             | 2025-09-01      | 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      | $540902.02    | 0.64%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                 | State of Connecticut                                                       | CUSIP: 20772KEB1<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    935000 | PA      | $974395.66    | 1.15%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| YORK CNTY PA                   | County of York PA                                                          | CUSIP: 986370QY3<br>LEI: 549300PBUZSC8WBS4164 | Long             | DBT              | MUN               | US        |    375000 | PA      | $419416.20    | 0.49%             | 2031-06-01      | 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      | $869065.71    | 1.02%             | 2027-07-01      | Fixed         | 2.85%                 | 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      | $534795.65    | 0.63%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                          | CUSIP: 452152G88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031520.30   | 1.21%             | 2027-02-01      | Fixed         | 5.00%                 | 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      | $1219471.92   | 1.43%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                  | State of California                                                        | CUSIP: 13063EDA1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1076338.10   | 1.27%             | 2028-08-01      | 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      | $320313.02    | 0.38%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                       | State of Texas                                                             | CUSIP: 8827242E6<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1666756.05   | 1.96%             | 2030-10-01      | 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      | $453803.00    | 0.53%             | 2044-03-20      | Fixed         | 4.90%                 | 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      | $1057462.60   | 1.24%             | 2028-01-01      | 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      | $1076717.91   | 1.27%             | 2028-07-01      | 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      | $425399.04    | 0.50%             | 2028-09-15      | 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      | $2014342.14   | 2.37%             | 2027-04-01      | Fixed         | 5.25%                 | 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      | $1881386.17   | 2.21%             | 2028-11-15      | Fixed         | 6.25%                 | 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      | $1105237.20   | 1.30%             | 2031-08-15      | 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      | $2770539.75   | 3.26%             | 2033-06-15      | 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      | $2003948.00   | 2.36%             | 2026-08-01      | Fixed         | 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      | $1041684.00   | 1.22%             | 2027-04-01      | 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      | $1069027.10   | 1.26%             | 2028-08-01      | 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      | $1419698.83   | 1.67%             | 2033-07-01      | 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      | $1304128.98   | 1.53%             | 2026-11-01      | 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      | $262340.65    | 0.31%             | 2027-07-01      | 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      | $799766.70    | 0.94%             | 2028-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FL HLTH FACS AUTH  | Miami Beach Health Facilities Authority                                    | CUSIP: 593211EW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1079962.96   | 1.27%             | 2039-11-15      | 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      | $520476.15    | 0.61%             | 2027-06-01      | 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      | $1139165.60   | 1.34%             | 2034-12-15      | 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      | $350380.76    | 0.41%             | 2033-05-15      | Fixed         | 3.00%                 | 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      | $1065756.20   | 1.25%             | 2028-04-01      | 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      | $843180.53    | 0.99%             | 2033-06-01      | 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      | $1244251.08   | 1.46%             | 2028-01-15      | 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      | $358208.06    | 0.42%             | 2026-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                 | State of Connecticut                                                       | CUSIP: 20772KRV3<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |   1085000 | PA      | $1214077.13   | 1.43%             | 2031-09-15      | 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      | $796026.90    | 0.94%             | 2028-02-01      | 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      | $139841.60    | 0.16%             | 2044-07-01      | Fixed         | 2.70%                 | 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      | $1021236.70   | 1.20%             | 2026-07-01      | Fixed         | 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      | $255091.30    | 0.30%             | 2030-11-01      | 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      | $519252.80    | 0.61%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SOL WST DIS | Public Finance Authority                                                   | CUSIP: 74445MAB5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $246107.40    | 0.29%             | 2027-05-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| COOK CNTY IL SALES TAX REVENUE | County of Cook IL Sales Tax Revenue                                        | CUSIP: 213248EF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1111636.70   | 1.31%             | 2032-11-15      | 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      | $1020266.80   | 1.20%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY CITY TRANSITIONAL  | New York City Transitional Finance Authority                               | CUSIP: 64972JHS0<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1578803.40   | 1.86%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                 | State of Connecticut                                                       | CUSIP: 20772KUZ0<br>LEI: 549300PHW5BZHA7BEX81 | Long             | DBT              | MUN               | US        |    500000 | PA      | $505659.55    | 0.59%             | 2026-01-15      | 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      | $1073374.50   | 1.26%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                | City of Philadelphia PA                                                    | CUSIP: 717813C31<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068762.90   | 1.26%             | 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      | $1286074.44   | 1.51%             | 2032-05-01      | 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      | $1068053.00   | 1.26%             | 2028-05-15      | 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      | $1007683.30   | 1.19%             | 2026-03-13      | Fixed         | 4.00%                 | 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      | $519484.56    | 0.61%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FL REDEV AGY       | Miami Beach Redevelopment Agency                                           | CUSIP: 593237FQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500188.45    | 0.59%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                          | CUSIP: 452152Q61<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    160000 | PA      | $164273.02    | 0.19%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                  | State of New Jersey                                                        | CUSIP: 646039YQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $312709.56    | 0.37%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PITTSBURGH PA                  | City of Pittsburgh PA                                                      | CUSIP: 725209RW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    315000 | PA      | $323201.91    | 0.38%             | 2026-09-01      | 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      | $1138871.04   | 1.34%             | 2026-06-01      | 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      | $1801925.51   | 2.12%             | 2043-09-01      | Fixed         | 7.00%                 | 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      | $726002.10    | 0.85%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY CITY TRANSITIONAL  | New York City Transitional Finance Authority                               | CUSIP: 64972JJJ8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |    500000 | PA      | $528423.80    | 0.62%             | 2027-11-01      | 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      | $2044305.60   | 2.40%             | 2026-07-01      | 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      | $344644.09    | 0.41%             | 2026-03-01      | 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      | $375518.82    | 0.44%             | 2028-12-01      | 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      | $1498182.33   | 1.76%             | 2040-07-01      | Variable      | 5.00%                 | 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      | $1064847.00   | 1.25%             | 2028-03-01      | Fixed         | 5.00%                 | 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      | $515131.05    | 0.61%             | 2026-10-01      | 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      | $780585.29    | 0.92%             | 2028-07-01      | 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      | $2231450.96   | 2.62%             | 2031-10-01      | Fixed         | 5.25%                 | 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      | $1313222.25   | 1.54%             | 2052-10-01      | Variable      | 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      | $1305355.37   | 1.54%             | 2032-10-01      | 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      | $2207391.60   | 2.60%             | 2029-12-01      | Fixed         | 5.00%                 | 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      | $328073.28    | 0.39%             | 2029-07-01      | 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      | $1442426.94   | 1.70%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                          | CUSIP: 452151YD9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2183158.83   | 2.57%             | 2029-01-01      | Fixed         | 5.50%                 | 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      | $1003660.60   | 1.18%             | 2034-01-01      | Fixed         | 4.00%                 | 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      | $689572.55    | 0.81%             | 2032-11-01      | Fixed         | 5.25%                 | 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      | $1001559.60   | 1.18%             | 2027-05-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-18

**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