<SEC-DOCUMENT>0001193125-25-143437.txt : 20250620
<SEC-HEADER>0001193125-25-143437.hdr.sgml : 20250620
<ACCEPTANCE-DATETIME>20250620120806
ACCESSION NUMBER:		0001193125-25-143437
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20250430
FILED AS OF DATE:		20250620
DATE AS OF CHANGE:		20250620
EFFECTIVENESS DATE:		20250620

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:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06416
		FILM NUMBER:		251059835

	BUSINESS ADDRESS:	
		STREET 1:		10 SOUTH WACKER DRIVE
		STREET 2:		SUITE 1900
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		800-338-8214

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSRS
<SEQUENCE>1
<FILENAME>d942822dncsrs.htm
<DESCRIPTION>DTF TAX-FREE INCOME 2028 TERM FUND INC.
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<TITLE>DTF Tax-Free Income 2028 Term Fund Inc.</TITLE>
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<DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES
AND EXCHANGE COMMISSION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT STYLE="white-space:nowrap">N-CSR</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFIED SHAREHOLDER REPORT OF REGISTERED </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>MANAGEMENT INVESTMENT COMPANIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Investment Company Act file number <FONT STYLE="white-space:nowrap">811-06416</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>DTF <FONT STYLE="white-space:nowrap">Tax-Free</FONT> Income 2028 Term Fund Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in charter) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>10 South Wacker Drive, 19<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chicago, Illinois 60606 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) (Zip code) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Alan M. Meder</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DTF <FONT STYLE="white-space:nowrap">Tax-Free</FONT> Income 2028 Fund Inc.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>10 South Wacker Drive, 19<SUP STYLE="font-size:75%; vertical-align:top">th</SUP> Floor</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Chicago, Illinois 60606</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Adam D. Kanter, Esq.</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Mayer Brown LLP</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1999 K
Street, NW</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Washington, DC 20006-1101</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name and address of agent for service) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center><DIV STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</DIV></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code:
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">312-368-5510</FONT></FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Date of fiscal year end:
October&nbsp;31 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Date of reporting period: April&nbsp;30, 2025 </B></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;
</DIV><DIV STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</DIV>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Reports to Stockholders. </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Report to Shareholders is attached herewith. </P></TD></TR></TABLE>
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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
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<IMG src="g942822imgb94e0d041.gif" alt=" "> <DIV style="color:#FFFFFF;font-family:Times New Roman;font-size:24.5pt;font-style:Normal;font-weight:bold;left:303pt;line-height:25.5pt;position:absolute;text-decoration:none;text-transform:none;top:81pt;">DTF
Tax-Free Income 2028 Term Fund
Inc.</DIV><DIV style="color:#FFFFFF;font-family:Times New Roman;font-size:17.5pt;font-style:Normal;font-weight:bold;left:303pt;line-height:18.5pt;position:absolute;text-decoration:none;text-transform:none;top:142pt; ">Semi-Annual
Report</DIV><DIV style="color:#FFFFFF;font-family:Times New Roman;font-size:17.5pt;font-style:Normal;font-weight:bold;left:303pt;line-height:18.5pt;position:absolute;text-decoration:none;text-transform:none;top:162pt;">April 30, 2025</DIV></DIV>
</DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;text-align:center;text-decoration:none;text-transform:none;">LETTER TO SHAREHOLDERS</DIV>
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:4pt;text-align:right;text-decoration:none;text-transform:none;">JUNE 12, 2025</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Dear Fellow Shareholders:</DIV>
<DIV style="border:1pt solid black;margin-top:2pt;">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:20pt;text-align:center;text-decoration:none;text-transform:none;">IMPORTANT INFORMATION ABOUT YOUR FUND</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;padding-left:1.33%;text-align:left;text-decoration:none;text-transform:none;">FUND DIVIDEND</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;padding-left:1.33%;padding-right:1.33%;text-align:justify;text-decoration:none; text-transform:none;">As of
April 30, 2025, DTF Tax-Free Income 2028 Term Fund Inc. (the &#8220;DTF Fund&#8221; or the &#8220;Fund&#8221;) was paying a $0.39 per share annualized dividend and had a closing price of $11.19 per share. The Fund&#8217;s monthly distribution was
maintained at 3.25&#162; per share for the previous six months.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;padding-left:1.33%;padding-right:1.33%;text-align:justify;text-decoration:none; text-transform:none;">On March
6, 2023, the DTF Fund amended its distribution policy to allow the Fund&#8217;s monthly distribution to include return of capital as well as net investment income. While a portion of future monthly distributions is expected to come from return of
capital, the amended policy enables the Fund to maintain a more stable distribution, which is likely to be supportive of the Fund&#8217;s market price. A periodic return of capital also aligns with the short-term nature of the term structure of the
Fund. The Fund&#8217;s policy of making annual distributions of capital gains is unaffected by this change. Refer to the financial highlights section in this report for further information about the Fund&#8217;s distributions and its effect on net
asset value.</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;padding-left:1.33%;text-align:left;text-decoration:none;text-transform:none; ">BENCHMARK
CHANGE</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;padding-left:1.33%;padding-right:1.33%;text-align:justify;text-decoration:none; text-transform:none;">Reflective of
 the Fund&#8217;s remaining time horizon under its term structure, the Bloomberg U.S. Municipal Index is being replaced by the Bloomberg Municipal Bond 1 Year Index beginning with this report. The Bloomberg Municipal Bond 5 Year Index will remain as
a second benchmark. The investment adviser believes the use of this index, together with the Bloomberg Municipal Bond 5 Year Index, will allow for a more meaningful basis for performance evaluation as the DTF Fund moves closer to its March 1, 2028
termination date.</DIV> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">THE CURRENT MUNICIPAL
MARKET ENVIRONMENT</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">We begin our discussion of
the DTF Fund for the six months ended April 30, 2025, with a review of the municipal market environment in which the Fund invests.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The fixed income markets from November 2024 to
April 2025 can be best characterized by heightened volatility driven by policy shifts and global economic developments. Investors adapted by adjusting their portfolios to shorter duration and higher quality credits to navigate the evolving
landscape.</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">On a relative basis, during the
period, the Bloomberg U.S. Municipal Index, a broad-based measure of the municipal market (-0.78% ), underperformed all other fixed income classes; the Bloomberg Treasury Index (2.77%), the Bloomberg U.S. Aggregate Bond Index (2.57%), the Bloomberg
U.S. Government/Credit Index (2.39%), and the Bloomberg Corporate Index (1.64%).&#160; Municipal bond total return performance for the period was inversely correlated with maturity, with the Bloomberg Municipal Bond 1 Year Index providing the
highest return (1.29%) and the Bloomberg Municipal Long Bond Index (22 years+) (-2.24%) producing the lowest return.&#160; Buying activity</DIV> </DIV> <DIV style="margin-top:45pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">1</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
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<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:justify;text-decoration:none;text-transform:none;">in the front end of the curve remained solid and the
1&#8211;10-year part of the curve finished the period with positive returns. Meanwhile, an absence of buyers and an uncertain economic outlook caused underperformance of the long end.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Municipal supply continues to be robust. Through
April 30, 2025, tax-exempt new issuance totaled $154 billion, more than 16% higher year over year and 45% higher than the trailing five-year average. Overall demand has been positive in 2025, as evidenced by inflows into the sector tracking around
$6.7 billion through the end of April. Of particular note is that the majority of the inflows are into ETFs ($5.8 billion) rather than open end funds ($0.9 billion); when measured by credit quality, the flows appear more evenly distributed ($3.2
billion high yield vs. $3.5 billion investment grade).</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The underlying credit picture for the municipal
market remains broadly stable. As seen over the last several years, rating upgrades continued to exceed downgrades. However, the differential has decreased dramatically&#8212;at least for S&amp;P. In the first quarter of 2025, S&amp;P raised 228
municipal ratings and lowered 221, resulting in an upgrade-to-downgrade ratio of 1.03x. In fact, for several sectors, the number of ratings downgrades exceeded the number of upgrades, including higher education, healthcare, and water &amp;
sewer.</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Credit risk premiums, which refer to
the additional yield that investors expect to receive as compensation for buying lower- rated securities, were wider during the six-months ended April 30, 2025 for investment grade rated bonds (more so for BBB-rated bonds). In contrast, below
investment grade rated credit risk premiums were unchanged.&#160; Our investment strategy continues to focus on higher quality municipalities that exhibit value for the longer term. While the federal stimulus may have helped bolster the overall
economy and municipal fundamentals, we believe that credits are not created equal and need to be analyzed with a longer-term horizon in mind. Municipalities still face serious challenges in funding large capital expenditures to rebuild
America&#8217;s aging infrastructure, improve pension plan funding, and protect communities against climate change.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">LOOKING AHEAD</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">In our view, municipal bonds will likely remain
attractive in 2025, driven in large part by investor demand. Absolute rates remain near decade highs, and credit fundamentals remain stable. Supply is likely to be sizeable, but investor demand should continue to keep the market in balance. Further,
municipals continue to benefit from a lack of correlation to other asset classes, while defaults remain rare.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">THE FUND</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">In managing the DTF Fund, we continue to
emphasize our longstanding strategy of investing mostly in higher-quality, investment grade bonds. The portfolio is well distributed along the maturity and credit risk curves, with higher levels of &#8220;AA&#8221; rated bonds relative to the
Bloomberg Municipal Bond 5 Year Index.</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">As
of April 30, 2025, the Fund held more than 90% of its total assets in municipal bonds rated &#8220;A&#8221; or higher across multiple sectors and states. The Fund is diversified across various revenue sectors and general obligation bonds. More than
73% of the Fund is invested in revenue bonds as we prefer the dedicated revenue streams and the more settled legal protections these types of bonds have historically offered. Geographically, the Fund is well diversified with exposure to 28
states.</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Maturity and duration are measures
of the sensitivity of a fund&#8217;s portfolio to changes in interest rates. More specifically, duration refers to the percentage change in a bond&#8217;s price for a given change in rates (typically plus or minus 100 bps). In general, the greater
the duration of a portfolio, the greater is the potential percentage price</DIV> </DIV> <DIV style="margin-top:31pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">2</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
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<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">volatility for a given change in interest rates. As of April 30,
2025, the modified adjusted duration of the Fund&#8217;s portfolio was 3.1 years compared to 3.7 years for the Bloomberg Municipal 5 Year Index.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">In addition to the risk of disruptions in the
broader credit market, the level of interest rates can be a primary driver of total returns, including the DTF Fund&#8217;s. As a practical matter, it is not possible for the Fund to be completely insulated from turmoil in the global financial
markets or unexpected moves in interest rates. Any sudden or unexpected rise in interest rates would likely reduce the total return, as higher interest rates could be expected to depress the valuations of fixed-rate bonds held in a fund. Management
believes that over the long term, the diversification of the portfolio across multiple states and sectors, in addition to the distribution of assets along the yield curve, positions the Fund to take advantage of future opportunities while
potentially limiting credit risk and volatility.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">FUND PERFORMANCE</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The following table compares the DTF Fund&#8217;s
total return to the Bloomberg Municipal Bond 1 Year Index and Bloomberg Municipal 5 Year Index. It is important to note that the index returns stated below include no fees or expenses, whereas the DTF Fund&#8217;s NAV returns are net of fees and
expenses.</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The fund&#8217;s exposure to bonds
with maturities greater than 10 years was a detriment to performance while an overweight to AA-rated paper and an underweight to BBB-rated paper versus the benchmark were additive.</DIV> <DIV style="text-align:center;">
<TABLE style="border-bottom:0.5pt solid #000000;border-collapse:collapse;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:98.45%;" cellpadding="0" cellspacing="0">

<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:12pt;font-style:Normal;font-weight:bold;line-height:15pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:3pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:100%;" colspan="5">Total
 Return<SUP style="font-size:85%;font-style:Normal;text-transform:none;">1</SUP><BR> For the period indicated through April 30, 2025 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;line-height:10pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:2pt;text-align:left;vertical-align:bottom;width:49.79%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt; padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.58%;">Six
 Months </TD>
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt; padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:10.63%;">One
 Year </TD>
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt; padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.50%;">Five
 Years<BR> (annualized) </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:2pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.50%;">Ten
 Years<BR> (annualized) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:2pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:49.79%;">DTF
 Tax-Free Income 2028 Term Fund Inc. </TD>
<TD style="border-right:0.5pt solid #000000;line-height:9pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:12.58%;">&#160; </TD>
<TD style="border-right:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:10.63%;">&#160; </TD>
<TD style="border-right:0.5pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:13.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:13.50%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:11pt;padding-right:6pt; padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:49.79%;">Market
 Value<SUP style="font-size:85%;font-style:Normal;text-transform:none;">2</SUP> </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:12.58%;">1.7%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:10.63%;">7.0%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">-0.1%
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">1.2%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:11pt;padding-right:6pt; padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:49.79%;">Net
 Asset Value<SUP style="font-size:85%;font-style:Normal;text-transform:none;">3</SUP> </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:12.58%;">0.2%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:10.63%;">1.7%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">-1.2%
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">0.7%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:49.79%;">Bloomberg
 Municipal Bond 1 Year Index<SUP style="font-size:85%;font-style:Normal;text-transform:none;">4</SUP> </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:12.58%;">1.2%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:10.63%;">3.5%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:9.33pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">1.5%
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">1.4%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:center;width:49.79%;">Bloomberg
 Municipal Bond 5 Year Index<SUP style="font-size:85%;font-style:Normal;text-transform:none;">5</SUP> </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:12.58%;">0.4%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:10.63%;">2.8%
 </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:9.33pt;padding-right:6pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">1.2%
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:3pt;padding-left:6pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:center;white-space:nowrap;width:13.50%;">1.7%
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;padding-top:6pt;text-align:left;vertical-align:top;width:1.44%;">&#160; </TD>
<TD style="padding-top:6pt;text-align:left;vertical-align:top;width:99.22%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:1.44%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">1</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-top:1.25pt;text-align:justify;text-decoration:none;text-transform:none; vertical-align:top;width:99.22%;">Past
 performance is not indicative of future results. Current performance may be lower or higher than performance in historical periods. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:1.44%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">2</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-top:1.25pt;text-align:justify;text-decoration:none;text-transform:none; vertical-align:top;width:99.22%;">Total
 return on market value assumes a purchase of common stock at the opening market price on the first business day and a sale at the closing market price on the last business day of each period shown in the table and assumes reinvestment of dividends
at the actual reinvestment prices obtained under the terms of the DTF Fund&#8217;s dividend reinvestment plan. Total return on market value does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the sale of fund
shares. In addition, when buying or selling stock, you would ordinarily pay brokerage expenses. Because brokerage expenses and taxes are not reflected in the above calculations, your total return net of brokerage and tax expense would be lower than
the total returns on market value shown in the table. Source: Administrator of the DTF Fund. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:1.44%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">3</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-top:1.25pt;text-align:justify;text-decoration:none; text-transform:none;vertical-align:top;width:99.22%;">Total
 return on NAV uses the same methodology as is described in note 2, but with use of NAV for beginning, ending and reinvestment values. Because the DTF Fund&#8217;s expenses (ratios detailed on page 16 of this report) reduce the DTF Fund&#8217;s NAV,
they are already reflected in the DTF Fund&#8217;s total return on NAV shown in the table. NAV represents the underlying value of the DTF Fund&#8217;s net assets, but the market price per share may be higher or lower than the NAV. Source:
Administrator of the DTF Fund. </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:34pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">3</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <DIV style="width:100%;"> <DIV style="width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:6pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:1.44%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">4</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:3pt;padding-top:6pt;text-align:justify;text-decoration:none;text-transform:none; vertical-align:top;width:99.22%;">The
 Bloomberg Municipal Bond 1 Year Index is the 1 year component of the Bloomberg U.S. Municipal Index. It is designed to measure the one-to-two-year area of the tax-exempt bond market. The index is calculated on a total return basis with dividends
reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment. Source: Bloomberg. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:1.44%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">5</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-top:1.25pt;text-align:justify;text-decoration:none; text-transform:none;vertical-align:top;width:99.22%;">The
 Bloomberg Municipal Bond 5 Year Index is the 5 year component of the Bloomberg U.S. Municipal Index. It is designed to measure the four-to-six-year area of the tax-exempt bond market. The index is calculated on a total return basis with dividends
reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment. Source: Bloomberg.&#160; </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">BOARD OF DIRECTORS MEETINGS</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">At the regular March and June 2025 meetings of
the&#160;DTF Fund&#8217;s Board of Directors, the Board authorized the following monthly dividends:</DIV> <DIV style="text-align:center;">
<TABLE style="border-bottom:0.5pt solid #000000;border-collapse:collapse;border-left:0.5pt solid #000000;border-right:0.5pt solid #000000;border-top:0.5pt solid #000000;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.11%;" cellpadding="0" cellspacing="0">

<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:6pt;padding-right:9pt;padding-top:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.23%;">Cents
 Per<BR> Share </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:9pt;padding-top:4pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:9pt;padding-right:9pt;padding-top:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.88%;">Record
<BR> Date </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:9pt;padding-top:4pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:9pt; padding-right:9pt;padding-top:4pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.88%;">Payable
<BR> Date </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:9pt;padding-top:4pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:9pt;padding-right:9pt;padding-top:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.25%;">Cents
 Per<BR> Share </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:9pt;padding-top:4pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:9pt;padding-right:9pt;padding-top:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:15.88%;">Record
<BR> Date </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:9pt;padding-top:4pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:9pt;padding-right:6pt;padding-top:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.88%;">Payable
<BR> Date </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:9pt;padding-top:1.88pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:11.23%;">3.25
 </TD>
<TD style="line-height:0pt;padding-right:9pt;padding-top:1.88pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:9pt;padding-right:9pt;padding-top:1.88pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:top;width:15.88%;">April
 15 </TD>
<TD style="line-height:0pt;padding-right:9pt;padding-top:1.88pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:9pt;padding-right:9pt;padding-top:1.88pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:top;width:15.88%;">April
 30 </TD>
<TD style="line-height:0pt;padding-right:9pt;padding-top:1.88pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:9pt;padding-right:9pt;padding-top:1.88pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:13.25%;">3.25
 </TD>
<TD style="line-height:0pt;padding-right:9pt;padding-top:1.88pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:9pt;padding-right:9pt;padding-top:1.88pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:top;width:15.88%;">July
 15 </TD>
<TD style="line-height:0pt;padding-right:9pt;padding-top:1.88pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:9pt;padding-right:6pt;padding-top:1.88pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:top;width:17.88%;">July
 31 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:6pt;padding-right:9pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:11.23%;">3.25
 </TD>
<TD style="line-height:0pt;padding-right:9pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:top;width:15.88%;">May
 15 </TD>
<TD style="line-height:0pt;padding-right:9pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:top;width:15.88%;">May
 30 </TD>
<TD style="line-height:0pt;padding-right:9pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:13.25%;">3.25
 </TD>
<TD style="line-height:0pt;padding-right:9pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:top;width:15.88%;">August
 15 </TD>
<TD style="line-height:0pt;padding-right:9pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:9pt;padding-right:6pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:top;width:17.88%;">August
 29 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:4pt;padding-left:6pt;padding-right:9pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.23%;">3.25
 </TD>
<TD style="line-height:0pt;padding-bottom:4pt;padding-right:9pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:4pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:top;width:15.88%;">June
 16 </TD>
<TD style="line-height:0pt;padding-bottom:4pt;padding-right:9pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-right:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:4pt;padding-left:9pt;padding-right:9pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:top;width:15.88%;">June
 30 </TD>
<TD style="line-height:0pt;padding-bottom:4pt;padding-right:9pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:4pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:13.25%;">3.25
 </TD>
<TD style="line-height:0pt;padding-bottom:4pt;padding-right:9pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:4pt;padding-left:9pt;padding-right:9pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:top;width:15.88%;">September
 15 </TD>
<TD style="line-height:0pt;padding-bottom:4pt;padding-right:9pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:4pt;padding-left:9pt;padding-right:6pt;padding-top:1.25pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:top;width:17.88%;">September
 30 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">ABOUT YOUR FUND</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund&#8217;s investment objective is current
income exempt from regular federal income tax consistent with the preservation of capital. The Fund seeks to achieve its investment objective by investing primarily (at least 80% of its total assets) in a diversified portfolio of investment-grade
tax-exempt obligations. The Fund may not invest more than 25% of its total assets (taken at market value at the time of each investment) in the securities of issuers in a single industry; provided that, for purposes of this restriction, tax exempt
securities of issuers that are states, municipalities or their political subdivisions are not considered to be the securities of issuers in any single industry.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">PORTFOLIO MANAGEMENT TEAM</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">On May 16, 2025, Phillip Hooks, departed the
firm. Dusty Self will continue as CIO and portfolio manager and will continue to be supported by senior analyst Angela Kukoda, and analyst Christopher Gonzales.&#160; Please be assured that our commitment to the integrity and performance of your
fund remains unchanged.</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:6pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:4pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:62.93%;">Dusty
 L. Self<BR> Vice President and Chief Investment Officer </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:top; width:37.07%;">David D. Grumhaus,
Jr.<BR> President and Chief Executive Officer </TD> </TR> </TABLE> </DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Certain statements in this report are
forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio
managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market
and other factors. The Fund disclaims any obligation to update publicly or revise any forward looking statements or views expressed herein.</DIV> </DIV> <DIV style="margin-top:24pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">4</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS
<FONT style="text-transform:uppercase;"><br>April 30, 2025</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">(Unaudited)</DIV> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in thousands)</DIV> </DIV>
<DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:separate;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.70%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:68.55%;">Description
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-top:0pt SOLID #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-top:2pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:top;width:100%;" colspan="5">Municipal
 Bonds&#8212;97.8% </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:11.70%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.13%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Alabama&#8212;1.0%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">750
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;">
<DIV style="float:left;">Auburn University, Series B</DIV><BR> <DIV style="float:left;">5.000%, 6/1/33
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:6.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.58%;">$838
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:11.70%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.13%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Arizona&#8212;2.6%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">1,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;">
<DIV style="float:left;">Maricopa County Industrial Development Authority, Banner Health Revenue,</DIV><BR> <DIV style="float:left;">4.000%, 1/1/34
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.58%;">997
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">1,125
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;">
<DIV style="float:left;">Salt River Project Agricultural Improvement &amp; Power District, Series A</DIV><BR> <DIV style="float:left;">5.000%, 1/1/30
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">1,221
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.70%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:68.55%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">2,218
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.70%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.13%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Arkansas&#8212;0.6%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">505
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;">
<DIV style="float:left;">City of Bentonville Sales &amp; Use Tax Revenue,</DIV><BR> <DIV style="float:left;">5.000%, 11/1/26
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.58%;">519
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:11.70%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.13%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">California&#8212;2.9%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">330
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;">
<DIV style="float:left;">California State Health Facilities Financing Authority, Providence St. Joseph Health Revenue, Series A</DIV><BR> <DIV style="float:left;">4.000%, 10/1/36
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.58%;">321
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">1,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;">
<DIV style="float:left;">Inglewood Unified School District, General Obligation, Series B</DIV><BR> <DIV style="float:left;">5.000%, 8/1/28
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">1,057
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">1,000
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;">
<DIV style="float:left;">State of California, General Obligation</DIV><BR> <DIV style="float:left;">5.000%, 8/1/28
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">1,061
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.70%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:68.55%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">2,439
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.70%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.13%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Colorado&#8212;7.5%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">1,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;">
<DIV style="float:left;">Boulder Larimer &amp; Weld Counties St. Vrain Valley School District RE1J, General Obligation, Series 1J </DIV><DIV><BR>(ST AID WITHHLDG)</DIV> <DIV style="float:left;">5.000%, 12/15/34
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">1,129
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">1,000
 </TD>
<TD style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:68.55%;">
<DIV style="float:left;">City &amp; County of Denver, Airport System Revenue, Series D (AMT)</DIV><BR> <DIV style="float:left;">5.500%, 11/15/30
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:17.58%;">1,100
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.81%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:69.18%;">Description
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:2pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,795
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Public Authority For Colorado Energy, Natural Gas Purchase Revenue</DIV><BR> <DIV style="float:left;">6.250%, 11/15/28
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:2pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:17.74%;">$1,872
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Regional Transportation District, COP</DIV><BR> <DIV style="float:left;">5.000%, 6/1/26
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,021
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,200
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Regional Transportation District, Sales Tax Revenue, Series A</DIV><BR> <DIV style="float:left;">5.000%, 1/15/28
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">1,238
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">6,360
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Connecticut&#8212;5.3%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">390
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Connecticut Housing Finance Authority, Housing Mortgage Finance Program Revenue, Series D-2 (AMT)</DIV><BR> <DIV style="float:left;">3.000%, 5/15/33
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">344
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,415
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Connecticut State Health &amp; Educational Facilities Authority, Yale University Revenue, Series C-1</DIV><BR> <DIV style="float:left;">5.000%, 7/1/40</DIV><BR> <DIV style="float:left;">(Mandatory put 2/01/28)<SUP
 style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,487
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">500
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">State of Connecticut, General Obligation, Series A</DIV><BR> <DIV style="float:left;">5.000%, 1/15/26
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">506
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,085
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">State of Connecticut, General Obligation, Series D</DIV><BR> <DIV style="float:left;">5.000%, 9/15/31
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,197
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">935
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">State of Connecticut, General Obligation, Series E</DIV><BR> <DIV style="float:left;">5.000%, 9/15/35
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">971
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">4,505
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Florida&#8212;10.2%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">2,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Alachua County Housing Finance Authority, Harbor Cove Apartments Revenue</DIV><BR> <DIV style="float:left;">3.300%, 12/1/29</DIV><BR> <DIV style="float:left;">(Mandatory put 6/01/27)<SUP
 style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,996
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,255
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">City of Gainesville Utilities System Revenue, Series A</DIV><BR> <DIV style="float:left;">5.000%, 10/1/32
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,299
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">2,035
 </TD>
<TD style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">County of Seminole, Sales Tax Revenue, Series B (NATL Insured)</DIV><BR> <DIV style="float:left;">5.250%, 10/1/31
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">2,215
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="clear:both;"> <DIV style="clear:both;padding-top:5pt;width:100%;" type="Block">
<DIV style="clear:both;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of these
financial statements.</DIV> </DIV> </DIV> <DIV style="padding-top:0.79pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">5</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS&#8212;(Continued)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">April 30, 2025</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">(Unaudited)</DIV> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in thousands)</DIV> </DIV>
<DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.81%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:69.18%;">Description
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:2pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,020
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Florida Atlantic University Finance Corp., Student Housing Project Revenue, Series A</DIV><BR> <DIV style="float:left;">5.000%, 7/1/25
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:2pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:17.74%;">$1,022
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">500
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Marion County School Board COP, (AGM Insured)</DIV><BR> <DIV style="float:left;">5.000%, 6/1/27
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">518
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,080
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Miami Beach Health Facilities Authority,</DIV><BR> <DIV style="float:left;">5.000%, 11/15/39
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,080
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">500
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Miami Beach Redevelopment Agency, (AGM Insured)</DIV><BR> <DIV style="float:left;">5.000%, 2/1/40
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">503
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">8,633
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Georgia&#8212;2.7%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,260
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Carroll City-County Hospital Authority, Tanner Medical Centre Project Revenue (CNTY GTD Insured)</DIV><BR> <DIV style="float:left;">5.000%, 7/1/33
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,406
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">500
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">State of Georgia, General Obligation, Series A-2</DIV><BR> <DIV style="float:left;">5.000%, 2/1/28
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">517
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">300
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Upper Oconee Basin Water Authority,</DIV><BR> <DIV style="float:left;">5.000%, 7/1/29
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">323
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">2,246
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Illinois&#8212;8.0%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">500
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">City of Chicago, Multi-Family Housing Revenue, Paul G. Stewart Phases 1 &amp; 2, Series F </DIV><DIV><BR>(GNMA FHA Insured)</DIV> <DIV style="float:left;">4.900%, 3/20/44
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">468
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">250
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">City of Chicago, Water Revenue, Second Lien</DIV><BR> <DIV style="float:left;">5.000%, 11/1/30
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">254
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">665
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">City of Chicago, Water Revenue, Second Lien (AGM Insured)</DIV><BR> <DIV style="float:left;">5.250%, 11/1/32
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">689
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">250
 </TD>
<TD style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">City of Chicago, Water Revenue, Second Lien, Series 2017-2 (AGM Insured)</DIV><BR> <DIV style="float:left;">5.000%, 11/1/36
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">256
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.81%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:69.18%;">Description
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:2pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,405
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">County of Cook, Sales Tax Revenue,</DIV><BR> <DIV style="float:left;">5.000%, 11/15/32
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:2pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:17.74%;">$1,544
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">170
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Illinois Finance Authority, Advocate Health Care Revenue</DIV><BR> <DIV style="float:left;">5.000%, 5/1/45</DIV><BR> <DIV style="float:left;">Prerefunded 5/1/25 @ 100<SUP
 style="font-size:85%;font-style:Normal;text-transform:none;">(2)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">170
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">State of Illinois, General Obligation</DIV><BR> <DIV style="float:left;">5.000%, 2/1/27
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,026
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">2,020
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">State of Illinois, General Obligation</DIV><BR> <DIV style="float:left;">5.500%, 1/1/29
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">2,147
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">160
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">State of Illinois, General Obligation, Series D</DIV><BR> <DIV style="float:left;">5.000%, 11/1/26
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">163
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">6,717
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Kentucky&#8212;7.2%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">530
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Kenton County Airport Board,</DIV><BR> <DIV style="float:left;">5.000%, 1/1/27
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">536
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,265
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Kentucky State Property &amp; Building Commission, Series B (ST APPROP)</DIV><BR> <DIV style="float:left;">5.000%, 11/1/26
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,297
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">3,180
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Kentucky Turnpike Authority, Revitalization Projects Revenue, Series B</DIV><BR> <DIV style="float:left;">5.000%, 7/1/26
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">3,255
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Rural Water Financing Agency, Public Projects Construction Revenue, Series A</DIV><BR> <DIV style="float:left;">3.700%, 5/1/27
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">1,001
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">6,089
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Louisiana&#8212;2.6%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">2,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">State of Louisiana, General Obligation, Series C</DIV><BR> <DIV style="float:left;">5.000%, 12/1/29
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">2,154
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Maine&#8212;0.9%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">725
 </TD>
<TD style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Maine Health &amp; Higher Educational Facilities Authority, Series A (ST INTERCEPT ST RES FD GTY)</DIV><BR> <DIV style="float:left;">5.000%, 7/1/33
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">725
 </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;padding-top:15pt;width:100%;" type="Block">
<DIV style="clear:both;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of these
financial statements.</DIV> </DIV> </DIV> <DIV style="padding-top:0.79pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">6</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS&#8212;(Continued)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">April 30, 2025</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">(Unaudited)</DIV> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in thousands)</DIV> </DIV>
<DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.81%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:69.18%;">Description
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Massachusetts&#8212;2.2%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">250
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Massachusetts Bay Transportation Authority, Sales Tax Revenue, Series A</DIV><BR> <DIV style="float:left;">5.000%, 7/1/27
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:6.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.74%;">$261
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,500
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Massachusetts Clean Water Trust</DIV><BR> <DIV style="float:left;">5.000%, 2/1/40
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,596
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,857
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Michigan&#8212;2.8%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,055
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Great Lakes Water Authority Water Supply System Revenue, Senior Lien, Series C</DIV><BR> <DIV style="float:left;">5.000%, 7/1/28
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,075
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">540
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Michigan State Building Authority, Facilities Program Lease Revenue, Series I</DIV><BR> <DIV style="float:left;">4.000%, 10/15/36
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">540
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">750
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Wayne County Airport Authority Revenue, Series D</DIV><BR> <DIV style="float:left;">5.000%, 12/1/45
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">751
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">2,366
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Minnesota&#8212;2.5%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">200
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Minnesota Housing Finance Agency, Series E (GNMA/FNMA/FHLMC Insured)</DIV><BR> <DIV style="float:left;">2.700%, 7/1/44
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">144
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">2,000
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Minnesota Rural Water Finance Authority, Inc.,</DIV><BR> <DIV style="float:left;">3.300%, 8/1/26
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,998
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">2,142
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Nebraska&#8212;2.4%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,925
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">City of Omaha, General Obligation</DIV><BR> <DIV style="float:left;">5.250%, 4/1/27
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">2,007
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">New Jersey&#8212;4.6%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">2,500
 </TD>
<TD style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">New Jersey Transportation Trust Fund Authority, Series A</DIV><BR> <DIV style="float:left;">5.000%, 6/15/33
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:17.74%;">2,738
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.81%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:69.18%;">Description
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:2pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">820
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">State of, New Jersey, General Obligation, Sales Tax Revenue</DIV><BR> <DIV style="float:left;">5.000%, 6/1/26
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:6.25pt;padding-top:2pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.74%;">$837
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">295
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">State of, New Jersey, General Obligation, Sales Tax Revenue</DIV><BR> <DIV style="float:left;">4.000%, 6/1/31
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">307
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">3,882
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">New York&#8212;4.7%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">500
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">New York City Transitional Finance Authority, Future Tax Secured Subordinate Revenue, Series A-1</DIV><BR> <DIV style="float:left;">5.000%, 11/1/27
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">525
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,500
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">New York City Transitional Finance Authority, Future Tax Secured Subordinate Revenue, Series G-1</DIV><BR> <DIV style="float:left;">5.000%, 5/1/40
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,611
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">750
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">New York State Dormitory Authority, Income Tax Revenue, Series A</DIV><BR> <DIV style="float:left;">5.000%, 3/15/28
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">789
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">500
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">New York State Dormitory Authority, Series A (AGM ST AID WITHHLDG Insured)</DIV><BR> <DIV style="float:left;">5.000%, 10/1/26
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">515
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">500
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">New York State Dormitory Authority, Series A (AGM ST AID WITHHLDG Insured)</DIV><BR> <DIV style="float:left;">5.000%, 10/1/36
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">542
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">3,982
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">North Carolina&#8212;0.7%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">625
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Raleigh Durham Airport Authority, Series A</DIV><BR> <DIV style="float:left;">5.000%, 5/1/26
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">626
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Oklahoma&#8212;5.5%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,345
 </TD>
<TD style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Creek County Educational Facilities Authority, Sapulpa Public Schools Project Revenue (BAM Insured)</DIV><BR> <DIV style="float:left;">5.000%, 9/1/25
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:17.74%;">1,351
 </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;padding-top:26pt;width:100%;" type="Block">
<DIV style="clear:both;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of these
financial statements.</DIV> </DIV> </DIV> <DIV style="padding-top:0.79pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">7</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS&#8212;(Continued)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">April 30, 2025</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">(Unaudited)</DIV> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in thousands)</DIV> </DIV>
<DIV style="margin-top:5pt;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.81%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:69.18%;">Description
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:2pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">2,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Oklahoma Capitol Improvement Authority, Series A</DIV><BR> <DIV style="float:left;">5.000%, 7/1/26
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:2pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:17.74%;">$2,045
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,200
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Oklahoma Water Resources Board, Clean Water Program Revenue</DIV><BR> <DIV style="float:left;">5.000%, 4/1/26
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">1,222
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">4,618
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Oregon&#8212;1.2%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Oregon State Lottery, Series A</DIV><BR> <DIV style="float:left;">5.000%, 4/1/28
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,055
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Pennsylvania&#8212;2.1%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">315
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">City of Pittsburgh, General Obligation</DIV><BR> <DIV style="float:left;">5.000%, 9/1/26
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">323
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Commonwealth of Pennsylvania, General Obligation</DIV><BR> <DIV style="float:left;">5.000%, 8/15/28
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,059
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">375
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">County of York, General Obligation</DIV><BR> <DIV style="float:left;">5.000%, 6/1/31
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">413
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,795
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Rhode Island&#8212;2.5%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">400
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Providence Public Building Authority, Capital Improvement Program Revenue, Series A (AGC Insured)</DIV><BR> <DIV style="float:left;">5.000%, 9/15/28
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">420
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,500
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Rhode Island Commerce Corp., Department of Transportation, Series A</DIV><BR> <DIV style="float:left;">5.000%, 5/15/32
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">1,655
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">2,075
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">South Carolina&#8212;0.4%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">350
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">South Carolina Public Service Authority, Series A</DIV><BR> <DIV style="float:left;">5.000%, 12/1/28
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">370
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Tennessee&#8212;3.7%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
 </TD>
<TD style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">County of Shelby, General Obligation, Series A</DIV><BR> <DIV style="float:left;">5.000%, 4/1/27
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,036
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="float:right;overflow:hidden;position:relative;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.09%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.81%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:69.18%;">Description
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:2pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Memphis-Shelby County Airport Authority, Series D</DIV><BR> <DIV style="float:left;">5.000%, 7/1/26
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:2pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;width:17.74%;">$1,021
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Metropolitan Government of Nashville &amp; Davidson County Electric Revenue, </DIV><DIV><BR>Series B</DIV> <DIV style="float:left;">5.000%, 5/15/28
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">1,059
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">3,116
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Texas&#8212;8.6%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">350
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Arlington Higher Education Finance Corp., Trinity Basin Preparatory Revenue (PSF-GTD Insured)</DIV><BR> <DIV style="float:left;">5.000%, 8/15/26
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">358
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Central Texas Turnpike System, Senior Lien, Series C</DIV><BR> <DIV style="float:left;">5.000%, 8/15/31
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,090
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">735
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">City of New Braunfels Utility System Revenue,</DIV><BR> <DIV style="float:left;">5.000%, 7/1/28
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">776
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">340
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Fort Bend County Public Facility Corp.,</DIV><BR> <DIV style="float:left;">5.000%, 3/1/26
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">345
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,250
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Grand Parkway Transportation Corp., Subordinate Tier Toll Revenue</DIV><BR> <DIV style="float:left;">5.000%, 10/1/52</DIV><BR> <DIV style="float:left;">(Mandatory put 4/01/28)<SUP
 style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,298
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,505
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">North Texas Tollway Authority, Special Project System Revenue, Convertible Capital Appreciation Bonds, </DIV><DIV>Series C, <BR>7.000%, 9/1/43</DIV> <DIV style="float:left;">Prerefunded 9/1/31 @ 100<SUP
 style="font-size:85%;font-style:Normal;text-transform:none;">(2)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,783
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,500
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">State of Texas, General Obligation</DIV><BR> <DIV style="float:left;">5.000%, 10/1/30
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">1,637
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">7,287
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Washington&#8212;1.5%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,260
 </TD>
<TD style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:69.18%;">
<DIV style="float:left;">Port of Seattle, Intermediate Lien, Series C (AMT)</DIV><BR> <DIV style="float:left;">5.000%, 5/1/32
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,277
 </TD></TR></TABLE> </DIV> </DIV> </DIV> <DIV style="clear:both;">&nbsp; <DIV style="clear:both;padding-top:26pt;width:100%;" type="Block">
<DIV style="clear:both;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of these
financial statements.</DIV> </DIV> </DIV> <DIV style="padding-top:0.79pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">8</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS&#8212;(Continued)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">April 30, 2025</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">(Unaudited)</DIV> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in thousands)</DIV> </DIV>
<DIV style="margin-top:5pt;width:49%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.70%;">Par
 Value </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:68.55%;">Description
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">Value
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:11.70%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:2pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.13%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">Wisconsin&#8212;0.9%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">495
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;">
<DIV style="float:left;">Public Finance Authority Revenue</DIV><BR> <DIV style="float:left;">4.000%, 8/1/59</DIV><BR> <DIV style="float:left;">(Mandatory put
7/01/26)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt; line-height:12pt;padding-bottom:1pt;padding-left:16.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.58%;">$494
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">250
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;">
<DIV style="float:left;">Public Finance Authority, Waste Management, Inc. Project Revenue (AMT)</DIV><BR> <DIV style="float:left;">2.875%, 5/1/27
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:21pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.58%;">243
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.70%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:68.55%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:21pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">737
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:3.5pt;padding-left:5pt;padding-right:4pt;padding-top:1.95pt;text-align:left; text-decoration:none;text-indent:-5pt;text-transform:uppercase;vertical-align:top;width:82.25%;" colspan="3">Total
 Municipal Bonds<BR> <FONT style="text-transform:none;">(Cost $83,543)</FONT> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:9.75pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">82,635
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:3.5pt;padding-left:5pt;padding-right:4pt;padding-top:1.95pt;text-align:left; text-decoration:none;text-indent:-5pt;text-transform:uppercase;vertical-align:top;width:82.25%;" colspan="3">Total
 Long-Term Investments&#8212;97.8%<BR> <FONT style="text-transform:none;">(Cost $83,543)</FONT> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:3.5pt;padding-left:9.75pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">82,635
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-top:1.95pt;text-align:left;text-decoration:none;text-transform:uppercase; vertical-align:top;width:100%;" colspan="5">Short-Term
Investment&#8212;1.2% </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:uppercase; vertical-align:top;width:100%;" colspan="5">Municipal
 Bond&#8212;1.2% </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:11.70%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:88.13%;" colspan="3">&#9632;
<FONT style="padding-left:6.85pt;"></FONT>&#8199;<FONT style="text-transform:uppercase;">New Jersey&#8212;1.2%</FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">1,000
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;">
<DIV style="float:left;">Monmouth County Improvement Authority Governmental Pooled Loan Project Revenue </DIV><DIV><BR>(CNTY GTD Insured)</DIV> <DIV style="float:left;">4.000%,
3/13/26</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:14.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.58%;">1,006
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:3.5pt;padding-left:5pt;padding-right:4pt;padding-top:1.95pt;text-align:left; text-decoration:none;text-indent:-5pt;text-transform:uppercase;vertical-align:top;width:82.25%;" colspan="3">Total
 Short-Term Investment<BR> <FONT style="text-transform:none;">(Cost $1,010)</FONT> </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:14.25pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">1,006
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.70%;">&#160; </TD>
<TD style="padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:68.55%;">&#160; </TD>
<TD style="padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-bottom:1pt;padding-top:1.95pt;text-align:right;vertical-align:bottom;width:17.58%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:5pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-5pt;text-transform:none;vertical-align:top;width:82.25%;" colspan="3">TOTAL
 INVESTMENTS&#8212;99.0%<BR> (Cost $84,553) </TD>
<TD style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:9.75pt;padding-top:1pt;text-align:right;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">83,641
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:11.70%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:68.55%;">
<DIV style="float:left;">Other&#160;assets&#160;less&#160;
liabilities&#8212;1.0%</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:21pt;padding-top:1pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">851
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1.62pt;padding-left:0pt;padding-right:4pt;padding-top:1.95pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:82.25%;" colspan="3">NET
 ASSETS&#8212;100.0% </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.62pt;padding-left:4pt;padding-top:1.95pt; text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.58%;">$
<FONT style="padding-left:1.25pt;">84,492</FONT> </TD></TR></TABLE> </DIV> </DIV> <DIV style="width:100%;" type="Block"> </DIV> <DIV style="margin-top:104pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:106pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of
these financial statements.</DIV> </DIV> <DIV style="margin-top:0.79pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">9</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS&#8212;(Continued)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">April 30, 2025</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">(Unaudited)</DIV> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in thousands)</DIV> </DIV>
<DIV style="margin-top:5pt;width:100%;" type="Block"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;padding-top:6pt;text-align:left;vertical-align:top;width:16.21%;">&#160; </TD>
<TD style="padding-top:6pt;text-align:left;vertical-align:top;width:84.46%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">AGC
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:84.46%;">Assured
 Guaranty Corp. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">AGM
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:84.46%;">Assured
 Guaranty Municipal Corp. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">AMT
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:84.46%;">Alternative
 Minimum Tax </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">BAM
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:84.46%;">Build
 America Municipal Insured </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:16.21%;">CNTY
 GTD </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:84.46%;">County
 Guarantee Program </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">COP
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:84.46%;">Certificate
 of Participation </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">FHA
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:84.46%;">Federal
 Housing Authority </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">FHLMC
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:84.46%;">Federal
 Home Loan Mortgage Corporation (&#8220;Freddie Mac&#8221;) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">FNMA
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:84.46%;">Federal
 National Mortgage Association (&#8220;Fannie Mae&#8221;) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">GNMA
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:84.46%;">Government
 National Mortgage Association (&#8220;Ginnie Mae&#8221;) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">NATL
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:84.46%;">National
 Public Finance Guarantee Corp. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">PSF-GTD
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:84.46%;">Permanent
 School Fund Guarantee Program </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:16.21%;">ST
 AID WITHHLDG </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:84.46%;">State
 Aid Withholding </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:16.21%;">ST
 APPROP </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:84.46%;">State
 Appropriation </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:16.21%;">ST
 INTERCEPT </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:84.46%;">State
 Intercept </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:16.21%;">ST
 RES FD GTY </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:84.46%;">State
 Resource Fund Guaranty </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:6pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:2.61%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.06%;">Variable
 or step coupon security; interest rate shown reflects the rate in effect at April 30, 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.
</TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:2.61%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(2)</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:98.06%;">Prerefunded
 and refunded issues are secured by escrowed&#160;cash, U.S. government obligations, or other securities. </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:8pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund&#8217;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:</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Level 1&#8212;quoted prices in active markets for
identical securities</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Level 2&#8212;other
significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Level 3&#8212;significant unobservable inputs
(including the Investment Adviser&#8217;s Valuation Committee&#8217;s own assumptions in determining fair value of investments)</DIV> </DIV> <DIV style="margin-top:15pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of these financial
statements.</DIV> </DIV> <DIV style="margin-top:0.79pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">10</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS&#8212;(Continued)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">April 30, 2025</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">(Unaudited)</DIV> </DIV>
<DIV style="margin-top:7pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The inputs or methodology used for valuing
securities are not necessarily an indication of the risk associated with investing in these securities. The following is a summary of the inputs used to value each of the Fund&#8217;s investments at April 30, 2025:</DIV>
<DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:6pt;padding-top:6pt;text-align:left;vertical-align:bottom;width:92.17%;">&#160; </TD>
<TD style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-top:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:9.17%;">Level
 2 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:6pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:92.17%;">
<DIV style="float:left;">Municipal
Bonds</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-top:2.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.17%;">$83,641
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.38pt;padding-left:0pt;padding-right:6pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:92.17%;">
<DIV style="float:left;">Total
investments</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.38pt;padding-left:6pt;padding-top:2pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.17%;">$83,641
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">There were no Level 1 or
Level 3 priced securities held&#160;at&#160;April 30, 2025 and there were no transfers into or out of Level 3&#160;related&#160;to&#160;securities&#160;held&#160;at April 30, 2025.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">&#160;&#160;</DIV> </DIV>
<DIV style="width:48.76%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:bottom;width:100%;" colspan="3">Summary
 of Ratings<BR> as a Percentage of Long-Term Investments </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:6pt; padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none;vertical-align:bottom;width:88.07%;">Rating
 * </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:1.25pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2.5pt;padding-left:6pt;padding-top:1.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.67%;">%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.07%;">
<DIV style="float:left;">AAA</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:2pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:6pt;padding-top:2pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.67%;">11.5
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.07%;">
<DIV style="float:left;">AA</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:6pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.67%;">45.6
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.07%;">
<DIV style="float:left;">A</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:6pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.67%;">30.1
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.07%;">
<DIV style="float:left;">BBB</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:10.5pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.67%;">1.6
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.07%;">
<DIV style="float:left;">BB</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:10.5pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.67%;">0.0
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.07%;">
<DIV style="float:left;">B</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-right:6pt;padding-top:1.25pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:10.5pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.67%;">0.0
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.07%;">
<DIV style="float:left;">NR</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:1.25pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-top:1.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.67%;">11.2
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:1.38pt;padding-right:6pt;padding-top:2pt;text-align:left;vertical-align:bottom;width:88.07%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:1.38pt;padding-right:6pt;padding-top:2pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.38pt;padding-left:8.25pt;padding-top:2pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.67%;">100
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:1pt;width:100%;" type="Block">
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:13%;" align="Left"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:6pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:1.67%;">*
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-top:6pt;text-align:justify;text-decoration:none; text-transform:none;vertical-align:top;width:99.00%;">Individual
 ratings are grouped based on the lower rating of Standard &amp; Poor&#8217;s Financial Services LLC (&#8220;S&amp;P&#8221;) or Moody&#8217;s Investors Service, Inc. (&#8220;Moody&#8217;s&#8221;) and are expressed using the S&amp;P ratings scale. If
a particular security is rated by either S&amp;P or Moody&#8217;s, but not both, then the single rating is used. If a particular security is not rated by either S&amp;P or Moody&#8217;s, then a rating from Fitch Ratings, Inc. is used, if available.
The Fund does not evaluate these ratings but simply assigns them to the appropriate credit quality category as determined by the ratings agencies, as applicable. Securities that have not been rated by S&amp;P, Moody&#8217;s or Fitch totaled 11.2% of
the portfolio at the end of the reporting period. </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:76pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:93pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of
these financial statements.</DIV> </DIV> <DIV style="margin-top:0.79pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">11</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF INVESTMENTS&#8212;(Continued)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">April 30, 2025</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">(Unaudited)</DIV> </DIV> <DIV style="width:49%;" type="Block">
<DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:bottom;width:100%;" colspan="2">Portfolio
 Composition<BR> as a Percentage of Long-Term Investments </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:3pt;padding-right:6pt;padding-top:1.25pt;text-align:left;vertical-align:bottom;width:88.01%;">&#160; </TD>
<TD style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-top:1.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.73%;">%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:2.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:88.01%;">
<DIV style="float:left;">General
Obligation</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:10.5pt;padding-top:2.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.73%;">24.6
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.01%;">
<DIV style="float:left;">Appropriation</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:15pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.73%;">9.0
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:88.01%;">
<DIV style="float:left;">Dedicated
Tax</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:15pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.73%;">8.9
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:88.01%;">
<DIV style="float:left;">Water &amp;
Sewer</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:15pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.73%;">7.7
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.01%;">
<DIV style="float:left;">Leasing</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:15pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.73%;">7.2
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.01%;">
<DIV style="float:left;">Transportation</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:15pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.73%;">6.4
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.01%;">
<DIV style="float:left;">Healthcare</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:15pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.73%;">5.4
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.01%;">
<DIV style="float:left;">Airport</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:15pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.73%;">4.8
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:88.01%;">
<DIV style="float:left;">Higher
Education</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:15pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.73%;">4.4
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:88.01%;">
<DIV style="float:left;">Special Tax
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.25pt;padding-left:15pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.73%;">4.2
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:6pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:88.01%;">
<DIV style="float:left;">Other</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:10.5pt;padding-top:1.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.73%;">17.4
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-bottom:1.38pt;padding-right:6pt;padding-top:2pt;text-align:left;vertical-align:bottom;width:88.01%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.38pt;padding-left:6pt;padding-top:2pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:14.73%;">100.0
 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:298pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of these financial
statements.</DIV> </DIV> <DIV style="margin-top:0.79pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">12</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">STATEMENT OF ASSETS AND LIABILITIES</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">April 30, 2025</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">(Unaudited)</DIV> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">(Reported in thousands except shares and per share
amounts)</DIV> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:9pt;text-align:left;text-decoration:none; text-transform:uppercase;vertical-align:bottom;white-space:nowrap;width:89.30%;">Assets
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;text-align:center;vertical-align:bottom;width:12.70%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:5pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:89.30%;">
<DIV style="float:left;">Investments at value (cost $84,553)
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:9pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:12.70%;">$
<FONT style="padding-left:3.33pt;"></FONT>83,641 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:5pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:89.30%;">
<DIV style="float:left;">Cash
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:22.33pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:12.70%;">1,841
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:5pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:89.30%;">Receivables
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:12.70%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:89.30%;">
<DIV style="float:left;">Interest</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:22.33pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:12.70%;">1,167
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:5pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:89.30%;">
<DIV style="float:left;">Prepaid expenses
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:34.83pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:12.70%;">17
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:20pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:89.30%;">
<DIV style="float:left;">Total
assets</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:17.33pt;padding-top:2pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.70%;">86,666
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;white-space:nowrap;width:89.30%;">Liabilities
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:12.70%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:5pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:89.30%;">Payables
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:12.70%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:89.30%;">
<DIV style="float:left;">Investment securities purchased
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:22.33pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:12.70%;">2,083
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:89.30%;">
<DIV style="float:left;">Investment advisory fees&#8201;(Note
3)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:34.83pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:12.70%;">35
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:89.30%;">
<DIV style="float:left;">Administrative fees (Note
3)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:39.83pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:12.70%;">9
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:89.30%;">
<DIV style="float:left;">Accrued
expenses</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:34.83pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:12.70%;">47
<FONT style="padding-left:3.33pt;"></FONT> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:20pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:89.30%;">
<DIV style="float:left;">Total
liabilities</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:22.33pt;padding-top:2pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:12.70%;">2,174
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:2.62pt;padding-left:0pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:89.30%;">
<DIV style="float:left;">Net
Assets</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.62pt;padding-left:9pt;padding-top:2pt; text-align:center;text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:12.70%;">$
<FONT style="padding-left:3.33pt;"></FONT>84,492 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:9pt;padding-top:2.62pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;white-space:nowrap;width:89.30%;">CAPITAL:
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-top:2.62pt;text-align:center;vertical-align:bottom;width:12.70%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:89.30%;">
<DIV style="float:left;">Common stock ($0.01 par value; 599,996,750 shares authorized and 7,029,567 shares issued and
outstanding)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:9pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:12.70%;">$
<FONT style="padding-left:20.83pt;"></FONT>70 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:89.30%;">
<DIV style="float:left;">Additional paid-in
capital</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:17.33pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:12.70%;">94,904
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:89.30%;">
<DIV style="float:left;">Total distributable earnings (accumulated
losses)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:14pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:12.70%;">(10,482)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.62pt;padding-left:10pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:89.30%;">
<DIV style="float:left;">Net
Assets</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.62pt;padding-left:9pt;padding-top:2pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.70%;">$
<FONT style="padding-left:3.33pt;"></FONT>84,492 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-bottom:1.25pt;padding-right:9pt;padding-top:2.62pt;text-align:left;vertical-align:bottom;width:89.30%;">&#160; </TD>
<TD style="padding-bottom:1.25pt;padding-top:2.62pt;text-align:center;vertical-align:bottom;width:12.70%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.38pt;padding-left:0pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:89.30%;">
<DIV style="float:left;">NET ASSET
VALUE</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.38pt;padding-left:9pt;padding-top:1.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.70%;">$
<FONT style="padding-left:8.33pt;"></FONT>12.02 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:139pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of these financial
statements.</DIV> </DIV> <DIV style="margin-top:0.79pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">13</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">STATEMENT OF OPERATIONS</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">FOR THE SIX MONTHS ENDED
<FONT style="text-transform:uppercase;">April 30, 2025</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">(Unaudited)</DIV> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in thousands)</DIV> </DIV>
<DIV style="width:100%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:9pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:90.04%;">INVESTMENT
 INCOME: </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;text-align:center;vertical-align:bottom;width:11.96%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:90.04%;">
<DIV style="float:left;">Interest
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:9pt;padding-top:1.25pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:11.96%;">$1,369
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:90.04%;">EXPENSES:
 </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:11.96%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:90.04%;">
<DIV style="float:left;">Investment advisory fees (Note
3)&#8201;</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:21.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:11.96%;">212
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:90.04%;">
<DIV style="float:left;">Administrative fees (Note
3)&#8201;</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:26.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:11.96%;">54
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:90.04%;">
<DIV style="float:left;">Professional
fees</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:26.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:11.96%;">97
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:90.04%;">
<DIV style="float:left;">Reports to shareholders&#8201;
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:26.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:11.96%;">30
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:90.04%;">
<DIV style="float:left;">Transfer agent
fees</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:26.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:11.96%;">25
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:90.04%;">
<DIV style="float:left;">Custodian fees
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:26.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:11.96%;">14
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:90.04%;">
<DIV style="float:left;">Directors&#8217; fees (Note
3)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:31.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:11.96%;">5
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:90.04%;">
<DIV style="float:left;">Accounting agent
fees</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:31.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:11.96%;">2
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:90.04%;">
<DIV style="float:left;">Other
expenses</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:26.5pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:11.96%;">15
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:20pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:90.04%;">
<DIV style="float:left;">Total
expenses</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:21.5pt;padding-top:2pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:11.96%;">454
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:20pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:90.04%;">
<DIV style="float:left;">Net investment income
(loss)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:21.5pt;padding-top:2pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:11.96%;">915
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.25pt;padding-left:0pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:90.04%;">REALIZED
 AND UNREALIZED GAIN (LOSS): </TD>
<TD style="line-height:0pt;padding-bottom:1.25pt;padding-top:2pt;text-align:center;vertical-align:bottom;width:11.96%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.25pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:90.04%;">
<DIV style="float:left;">Net realized gain (loss) on
investments</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:1.25pt;padding-left:23.17pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:11.96%;">(52)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:10pt;padding-right:9pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:90.04%;">
<DIV style="float:left;">Net change in unrealized appreciation / depreciation on
investments</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:18.17pt;padding-top:1.25pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:11.96%;">(685)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:20pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:90.04%;">
<DIV style="float:left;">Net realized and unrealized gain
(loss)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:18.17pt;padding-top:2pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:11.96%;">(737)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:1.38pt;padding-left:0pt;padding-right:9pt;padding-top:2pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:90.04%;">
<DIV style="float:left;">NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.38pt;padding-left:9pt;padding-top:2pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.96%;">$
<FONT style="padding-left:7.5pt;"></FONT>178 </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:198pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of these financial
statements.</DIV> </DIV> <DIV style="margin-top:0.79pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">14</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <DIV style="width:100%;"> <DIV style="width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">STATEMENTS OF CHANGES IN NET ASSETS </DIV> </DIV>
<DIV style="margin-top:7pt;width:91.78%;" type="Block"> <DIV style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in
thousands)</DIV> </DIV> <DIV style="width:100%;" type="Block"> <DIV style="text-align:center;">
<TABLE style="border-collapse:separate;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:2.5pt;padding-right:9pt;text-align:left;vertical-align:bottom;width:65.70%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:9pt;padding-right:9pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:16.29%;">For
 the<BR> six months ended<BR> April 30, 2025<BR> (Unaudited) </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:9pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:9pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.96%;">For
 the<BR> year ended<BR> October 31, 2024 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:0.80pt;padding-left:0pt;padding-right:9pt;padding-top:1.55pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;white-space:nowrap;width:65.70%;">OPERATIONS:
 </TD>
<TD style="border-top:0.5pt SOLID #000000;line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:1.55pt;text-align:center;vertical-align:bottom;width:16.29%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:1.55pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-top:0.5pt SOLID #000000;line-height:0pt;padding-bottom:0.80pt;padding-top:1.55pt;text-align:center;vertical-align:bottom;width:17.96%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.80pt;padding-left:10pt;padding-right:9pt;padding-top:0.80pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:65.70%;">
<DIV style="float:left;">Net investment income
(loss)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.80pt;padding-left:9pt;padding-right:9pt;padding-top:0.80pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:16.29%;">$
<FONT style="padding-left:12.5pt;"></FONT>915 </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.80pt;padding-left:9pt;padding-top:0.80pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:17.96%;">$
<FONT style="padding-left:5pt;"></FONT>2,116 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.80pt;padding-left:10pt;padding-right:9pt;padding-top:0.80pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:65.70%;">
<DIV style="float:left;">Net realized gain
(loss)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:0.80pt;padding-left:28.17pt;padding-right:9pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:16.29%;">(52)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:0.80pt;padding-left:23.17pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:17.96%;">(523)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:10pt;padding-right:9pt;padding-top:0.80pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:65.70%;">
<DIV style="float:left;">Net change in unrealized appreciation / depreciation
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:23.17pt;padding-right:9pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.29%;">(685)
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:19pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.96%;">2,638
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:20pt;padding-right:9pt;padding-top:1.55pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:65.70%;">
<DIV style="float:left;">Net increase (decrease) in net assets applicable to common stock resulting from
operations</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:26.5pt;padding-right:9pt; padding-top:1.55pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.29%;">178
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:9pt;padding-top:1.55pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:19pt;padding-top:1.55pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.96%;">4,231
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:0.80pt;padding-left:0pt;padding-right:9pt;padding-top:1.55pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:65.70%;">DISTRIBUTIONS
 TO&#160;STOCKHOLDERS: </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:1.55pt;text-align:center;vertical-align:bottom;width:16.29%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:1.55pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-top:1.55pt;text-align:center;vertical-align:bottom;width:17.96%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.80pt;padding-left:10pt;padding-right:9pt;padding-top:0.80pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:65.70%;">
<DIV style="float:left;">Net investment income and capital
gains</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:0.80pt;padding-left:23.17pt;padding-right:9pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:16.29%;">(915)
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">*</SUP> </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:0.80pt;padding-left:15.67pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:17.96%;">(2,116)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.80pt;padding-left:10pt;padding-right:9pt;padding-top:0.80pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:65.70%;">
<DIV style="float:left;">In excess of net investment
income</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:0.80pt;padding-left:23.17pt;padding-right:9pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:16.29%;">(456)
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">*</SUP> </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:0.80pt;padding-left:31.5pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.96%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:10pt;padding-right:9pt;padding-top:0.80pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:65.70%;">
<DIV style="float:left;">Return of
capital</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:31.5pt;padding-right:9pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.29%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:23.17pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.96%;">(626)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:20pt;padding-right:9pt;padding-top:1.55pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:65.70%;">
<DIV style="float:left;">Decrease in net assets from distributions
to&#160;
stockholders</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:15.67pt;padding-right:9pt; padding-top:1.55pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.29%;">(1,371)
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:9pt;padding-top:1.55pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:15.67pt;padding-top:1.55pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.96%;">(2,742)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:0.80pt;padding-left:5pt;padding-right:9pt;padding-top:1.55pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:65.70%;">
<DIV style="float:left;">Total increase (decrease) in net
assets</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:0.80pt;padding-left:15.67pt;padding-right:9pt;padding-top:1.55pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;
white-space:nowrap;width:16.29%;">(1,193)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:1.55pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:13pt; line-height:13pt;padding-bottom:0.80pt;padding-left:19pt;padding-top:1.55pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.96%;">1,489
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;padding-bottom:0.80pt;padding-left:0pt;padding-right:9pt;padding-top:0.80pt;text-align:left; text-decoration:none;text-transform:uppercase;vertical-align:bottom;width:65.70%;">NET
 ASSETS: </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:bottom;width:16.29%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.80pt;padding-top:0.80pt;text-align:center;vertical-align:bottom;width:17.96%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:2.5pt;padding-left:10pt;padding-right:9pt;padding-top:0.80pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:65.70%;">
<DIV style="float:left;">Beginning of
period</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:14pt;padding-right:9pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.29%;">85,685
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:9pt;padding-top:0.80pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:10pt;font-size:10pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:13pt;line-height:13pt;padding-bottom:2.5pt;padding-left:14pt;padding-top:0.80pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.96%;">84,196
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.38pt;padding-left:10pt;padding-right:9pt;padding-top:1.55pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:65.70%;">
<DIV style="float:left;">End of
period</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.38pt;padding-left:9pt;padding-right:9pt; padding-top:1.55pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:16.29%;">$84,492
 </TD>
<TD style="line-height:0pt;padding-bottom:1.38pt;padding-right:9pt;padding-top:1.55pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:1.38pt;padding-left:9pt;padding-top:1.55pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.96%;">$85,685
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:right;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;padding-top:6pt;text-align:left;vertical-align:top;width:1.62%;">&#160; </TD>
<TD style="padding-top:6pt;text-align:left;vertical-align:top;width:99.03%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:1.62%;">*
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:3pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:99.03%;">Allocations
 to net investment income, net realized gain and/or return of capital will be determined at fiscal year end. </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:216pt;width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of these financial
statements.</DIV> </DIV> <DIV style="width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">15</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <DIV style="width:100%;"> <DIV style="width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">FINANCIAL HIGHLIGHTS&#8212;SELECTED PER SHARE DATA AND RATIOS</DIV>
</DIV> <DIV style="margin-top:4pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:18pt;text-align:left;text-decoration:none;text-transform:none;">The table below provides information about income
and capital changes for a share of common stock outstanding throughout the periods indicated (excluding supplemental data provided below):</DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.25pt;padding-right:1.5pt;text-align:left;vertical-align:bottom;width:48.61%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:1.5pt;padding-right:1.5pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.77%;" rowspan="2">For
 the<BR> six months<BR> ended<BR> April 30, 2025<BR> <FONT style="font-size:10pt;line-height:13pt;">(Unaudited)</FONT> </TD>
<TD style="border-bottom:0pt solid #000000;line-height:0pt;padding-bottom:1.25pt;padding-right:1.5pt;text-align:center;vertical-align:top;width:2.00%;" rowspan="2">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.25pt;padding-left:1.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:40.83%;" colspan="9">For
 the year ended October 31, </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left;vertical-align:bottom;width:48.61%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">2024
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">2023
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.44%;">2022
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.44%;">2021
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1.25pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.44%;">2020
 </TD>
<TD style="border-bottom:0pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-top:1.25pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:0%;">&#160;
 </TD> </TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">PER
 SHARE DATA: </TD>
<TD style="line-height:8pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.77%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:5.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:5.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:6.94%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:6.44%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.25pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-top:1.25pt;text-align:center;vertical-align:bottom;width:8.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">
<DIV style="float:left;">Net asset value, beginning of
period</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.77%;">$
<FONT style="padding-left:4pt;"></FONT>12.19 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:5.50%;">$
<FONT style="padding-left:4pt;"></FONT>11.98 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:5.50%;">$
<FONT style="padding-left:4pt;"></FONT>11.93 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:8pt;"></FONT>15.72 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.44%;">$
<FONT style="padding-left:8pt;"></FONT>15.79 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:1.5pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.44%;">$
<FONT style="padding-left:8pt;"></FONT>15.75 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">
<DIV style="float:left;">Net investment income
(loss)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.77%;">0.13
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">0.30
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">0.22
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">0.33
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.44%;">0.43
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-top:1pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.44%;">0.44
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">
<DIV style="float:left;">Net realized and unrealized gain
(loss)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:10.84pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.77%;">(0.10)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:13.5pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">0.30
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:13.5pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">0.22
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(3.57)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.44%;">(0.01)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:17.5pt;padding-top:0.75pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.44%;">0.08
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:8pt;padding-right:1.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-indent:-4pt;text-transform:none;vertical-align:bottom;width:48.61%;">Net
 increase (decrease) from investment operations applicable to common stock </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:13.5pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.77%;">0.03
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:13.5pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">0.60
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:13.5pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">0.44
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(3.24)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:17.5pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.44%;">0.42
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:17.5pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.44%;">0.52
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">Distributions
 on common stock: </TD>
<TD style="line-height:8pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:8.77%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:5.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:5.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:6.94%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:6.44%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-top:1pt;text-align:center;vertical-align:bottom;width:8.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">
<DIV style="float:left;">Net investment
income</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:10.84pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.77%;">(0.13)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:10.84pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">(0.30)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:10.84pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">(0.30)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:14.84pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(0.39)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:14.84pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.44%;">(0.49)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:14.84pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.44%;">(0.48)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">
<DIV style="float:left;">In excess of net investment income
</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade"> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:10.84pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.77%;">(0.07)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:0.75pt;padding-left:19.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:5.50%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:0.75pt;padding-left:19.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:5.50%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:0.75pt;padding-left:23.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:6.94%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:0.75pt;padding-left:23.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:6.44%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:0.75pt;padding-left:23.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:8.44%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">
<DIV style="float:left;">Net realized
gain</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:0.75pt;padding-left:19.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:8.77%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:0.75pt;padding-left:19.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:5.50%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:11pt; line-height:11pt;padding-bottom:0.75pt;padding-left:19.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:5.50%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:14.84pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(0.16)
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:23.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.44%;">&#8212;
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP> </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:23.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.44%;">&#8212;
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP> </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">
<DIV style="float:left;">Return of
capital</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:19.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.77%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:10.84pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">(0.09)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:10.84pt;padding-right:1.5pt; padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">(0.09)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:23.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:23.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.44%;">&#8212;
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:8pt;font-size:8pt;font-style:Normal;font-style:Normal;font-weight:Normal; font-weight:Normal;line-height:11pt;line-height:11pt;padding-bottom:1.5pt;padding-left:23.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:8.44%;">&#8212;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:4pt;padding-right:1.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">Total
 distributions </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:10.84pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.77%;">(0.20)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:10.84pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">(0.39)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:10.84pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">(0.39)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(0.55)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.44%;">(0.49)
 </TD>
<TD style="line-height:0pt;padding-bottom:1.5pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.5pt;padding-left:14.84pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.44%;">(0.48)
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:0pt;padding-right:1.5pt;padding-top:1pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">
<DIV style="float:left;">Net asset value, end of
period</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.77%;">$
<FONT style="padding-left:4pt;"></FONT>12.02 </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:5.50%;">$
<FONT style="padding-left:4pt;"></FONT>12.19 </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:5.50%;">$
<FONT style="padding-left:4pt;"></FONT>11.98 </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:8pt;"></FONT>11.93 </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.44%;">$
<FONT style="padding-left:8pt;"></FONT>15.72 </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:1.5pt;padding-top:1pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-top:1pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.44%;">$
<FONT style="padding-left:8pt;"></FONT>15.79 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:0pt;padding-right:1.5pt;padding-top:1.62pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">
<DIV style="float:left;">Per share market value, end of
period</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.77%;">$
<FONT style="padding-left:4pt;"></FONT>11.19 </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:5.50%;">$
<FONT style="padding-left:4pt;"></FONT>11.19 </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:5.50%;">$
<FONT style="padding-left:4pt;"></FONT>10.51 </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:8pt;"></FONT>10.79 </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-right:1.5pt; padding-top:1.62pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:6.44%;">$
<FONT style="padding-left:8pt;"></FONT>14.26 </TD>
<TD style="line-height:0pt;padding-bottom:1.62pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:1.62pt;padding-left:1.5pt;padding-top:1.62pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:8.44%;">$
<FONT style="padding-left:8pt;"></FONT>14.21 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:0.75pt;padding-left:4pt;padding-right:1.5pt;padding-top:1.62pt;text-align:left; text-decoration:none;text-indent:-4pt;text-transform:none;vertical-align:bottom;width:48.61%;">RATIOS
 TO AVERAGE NET ASSETS APPLICABLE TO&#160;COMMON STOCK: </TD>
<TD style="line-height:8pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:bottom;width:8.77%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:bottom;width:5.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:bottom;width:5.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:bottom;width:6.94%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:bottom;width:6.44%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:1.62pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-top:1.62pt;text-align:center;vertical-align:bottom;width:8.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">
<DIV style="float:left;">Operating
expenses</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.77%;">1.07%*
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">0.97%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">2.72%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">3.13%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.44%;">2.37%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.44%;">2.27%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">
<DIV style="float:left;">Operating expenses, without
leverage</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.77%;">1.07%*
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">0.97%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">1.18%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">1.32%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.44%;">1.46%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.44%;">1.17%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">
<DIV style="float:left;">Net investment
income</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.77%;">2.16%*
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">2.46%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">1.79%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">2.39%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.44%;">2.57%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.44%;">2.83%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">SUPPLEMENTAL
 DATA: </TD>
<TD style="line-height:8pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:bottom;width:8.77%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:bottom;width:5.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:bottom;width:5.50%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:bottom;width:6.94%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:bottom;width:6.44%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-top:0.75pt;text-align:center;vertical-align:bottom;width:8.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">
<DIV style="float:left;">Total return on market
value<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(2)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.77%;">1.73%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:9.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">10.30%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">0.91%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:10.84pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(21.04)%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.44%;">3.62%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.44%;">3.62%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">
<DIV style="float:left;">Total return on net asset
value<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(2)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.77%;">0.20%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">5.03%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:13.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">3.62%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:10.84pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">(21.10)%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.44%;">2.54%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:17.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.44%;">3.39%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">
<DIV style="float:left;">Portfolio turnover
rate</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:19.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.77%;">24%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:19.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">59%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:19.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">27%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:27.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">7%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:23.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.44%;">10%
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:23.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.44%;">13%
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left;vertical-align:bottom;width:48.61%;">&#160; </TD>
<TD style="padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:bottom;width:8.77%;">&#160; </TD>
<TD style="padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:bottom;width:5.50%;">&#160; </TD>
<TD style="padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:bottom;width:5.50%;">&#160; </TD>
<TD style="padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:bottom;width:6.94%;">&#160; </TD>
<TD style="padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:bottom;width:6.44%;">&#160; </TD>
<TD style="padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="padding-bottom:0.75pt;padding-top:0.75pt;text-align:center;vertical-align:bottom;width:8.44%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">
<DIV style="float:left;">Net assets applicable to common stock, end of period (000&#8217;s
omitted)</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.77%;">$84,492
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">$85,685
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">$84,196
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:4pt;"></FONT>83,859 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.44%;">$110,483
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.44%;">$134,501
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;width:48.61%;">
<DIV style="float:left;">Preferred stock outstanding, end of period (000&#8217;s
omitted)<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(3)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:8.77%;">$
<FONT style="padding-left:14pt;"></FONT>&#8212; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:5.50%;">$
<FONT style="padding-left:14pt;"></FONT>&#8212; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:5.50%;">$
<FONT style="padding-left:14pt;"></FONT>&#8212; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:6.94%;">$
<FONT style="padding-left:4pt;"></FONT>65,000 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:6.44%;">$
<FONT style="padding-left:4pt;"></FONT>65,000 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:8.44%;">$
<FONT style="padding-left:4pt;"></FONT>65,000 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:48.61%;">
<DIV style="float:left;">Asset&#160;coverage&#160;on&#160;preferred&#160;
stock<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(4)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:8.77%;">$
<FONT style="padding-left:14pt;"></FONT>&#8212; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:5.50%;">$
<FONT style="padding-left:14pt;"></FONT>&#8212; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:5.50%;">$
<FONT style="padding-left:14pt;"></FONT>&#8212; </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">$229,013
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.44%;">$269,973
 </TD>
<TD style="line-height:0pt;padding-bottom:0.75pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:0.75pt;padding-left:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.44%;">$306,925
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:bottom;width:48.61%;">
<DIV style="float:left;">Asset coverage ratio on preferred
stock<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(5)</SUP></DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
 </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:8.77%;">&#8212;%
 </TD>
<TD style="line-height:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">&#8212;%
 </TD>
<TD style="line-height:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:5.50%;">&#8212;%
 </TD>
<TD style="line-height:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.94%;">229%
 </TD>
<TD style="line-height:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;white-space:nowrap;width:6.44%;">270%
 </TD>
<TD style="line-height:0pt;padding-right:1.5pt;padding-top:0.75pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:19.5pt;padding-top:0.75pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:bottom;white-space:nowrap;width:8.44%;">307%
 </TD></TR></TABLE> </DIV> <HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:0.5pt solid #000000;height:0.5pt;width:9%;" align="Left"> <DIV style="text-align:left;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="padding-right:3pt;padding-top:6pt;text-align:left;vertical-align:top;width:1.78%;">&#160; </TD>
<TD style="padding-top:6pt;text-align:left;vertical-align:top;width:98.87%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:1.78%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">*</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;white-space:nowrap;width:98.87%;">Annualized.&#160;
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:1.78%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.25pt;text-align:left;text-decoration:none;text-transform:none; vertical-align:top;width:98.87%;">Amount
 per share is less than $0.01. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:1.78%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(2)</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.25pt;text-align:justify;text-decoration:none;text-transform:none; vertical-align:top;width:98.87%;">Total
 return on market value assumes a purchase of common stock at the opening market price on the first business day and a sale at the closing market price on the last business day of each period shown in the table and assumes reinvestment of dividends
at the actual reinvestment prices obtained under the terms of the Fund&#8217;s dividend reinvestment plan. Total return on market value does not reflect the deduction of taxes that a shareholder may pay on fund distributions or the sale of fund
shares. In addition, when buying or selling stock, you would ordinarily pay brokerage expenses. Because brokerage expenses and taxes are not reflected in the above calculations, your total return net of brokerage and tax expense would be lower than
the total return on market value shown in the table. Total return on net asset value uses the same methodology, but with use of net asset value for beginning, ending and reinvestment values. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:1.78%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(3)</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.25pt;text-align:justify;text-decoration:none;text-transform:none; vertical-align:top;width:98.87%;">During
 the year ended October 31, 2023, the Fund voluntarily redeemed all 650 of its Series 2050 Remarketable Variable Rate MuniFund Term Preferred Shares at 100% of its liquidation preference plus accrued dividends. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:1.78%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(4)</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.25pt;text-align:justify;text-decoration:none;text-transform:none; vertical-align:top;width:98.87%;">Represents
 value of net assets applicable to common stock plus preferred stock outstanding at period end divided by the preferred stock outstanding at period end, calculated per $100 liquidation preference per share of preferred stock. </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:3pt;padding-left:0pt;padding-right:3pt;padding-top:1.25pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:1.78%;">
<SUP style="font-size:85%;font-style:Normal;text-transform:none;">(5)</SUP> </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:3pt;padding-left:3pt;padding-top:1.25pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:98.87%;">Represents
 value of net assets applicable to common stock plus preferred stock outstanding at period end divided by the preferred stock outstanding at period end. </TD></TR></TABLE> </DIV> </DIV> <DIV style="width:91.78%;" type="Block"> </DIV>
<DIV style="margin-top:49pt;width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:57pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying notes are an integral part of
these financial statements.</DIV> </DIV> <DIV style="width:91.78%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">16</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS <FONT
 style="text-transform:uppercase;"><br>April 30, 2025</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">(Unaudited)</DIV> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;1.&nbsp;Organization</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">DTF Tax-Free Income 2028 Term Fund Inc. (the
&#8220;Fund&#8221;) was incorporated under the laws of the State of Maryland on September 24, 1991. The Fund commenced operations on November 29, 1991 as a diversified, closed-end management investment company registered under the Investment Company
Act of 1940, as amended (the &#8220;1940 Act&#8221;). The Fund&#8217;s investment objective is current income exempt from regular federal income tax consistent with preservation of capital.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund will terminate on or before March 1,
2028 unless (i) within 12 months prior to that date, the Fund conducts a tender offer for all of its outstanding shares at 100% of their net asset value, (ii) the results of the tender offer leave the Fund with net assets of at least $75 million and
(iii) a majority of the entire Board of Directors votes to reinstate the Fund&#8217;s perpetual existence.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;2.&nbsp;Significant Accounting
Policies</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The Fund is an investment company
that follows the accounting and reporting guidance of Accounting Standards Codification (&#8220;ASC&#8221;) Topic 946 applicable to Investment Companies.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The following are the significant accounting
policies of the Fund:</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
Valuation:<FONT style="font-style:Normal;"> Debt securities are generally valued based on the evaluated bid using prices provided by one or more dealers regularly making a market in that security, an independent pricing service, or quotes from
broker dealers, when such prices are believed to reflect the fair value of such securities and are generally classified as Level 2. The relative liquidity of some securities in the Fund&#8217;s portfolio may adversely affect the ability of the Fund
to accurately value such securities. The Fund&#8217;s Board of Directors has designated the Investment Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the 1940 Act. Any securities for which it is determined
that market prices are unavailable or inappropriate are fair valued using the Investment Adviser&#8217;s Valuation Committee&#8217;s own assumptions and are classified as Level 2 or 3 based on the valuation inputs.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
Transactions and Investment Income:<FONT style="font-style:Normal;"> Securities transactions are recorded on the trade date. Realized gains and losses on sales of securities are determined on the identified cost basis. Interest income is recorded on
the accrual basis. The Fund amortizes premiums and accretes discounts on securities using the effective interest method. Premiums on securities are amortized over the period remaining until first call date, if any, or if none, the remaining life of
the security and discounts are accreted over the remaining life of the security for financial reporting purposes.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal
Income Taxes:<FONT style="font-style:Normal;"> It is the Fund&#8217;s intention to comply with requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;) applicable to regulated investment companies and to
distribute substantially all of its taxable income and capital gains to its shareholders. Therefore, no provision for federal income or excise taxes is required. Management of the Fund has concluded that there are no significant uncertain tax
positions that would require recognition in the financial statements. The Fund&#8217;s U.S. federal income tax returns are generally subject to examination by the Internal Revenue Service for a period of three years after they are
filed.</FONT></DIV> </DIV> <DIV style="margin-top:31pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">17</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Continued)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">April 30, 2025</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">(Unaudited)</DIV> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:7pt;text-align:left;text-decoration:none;text-transform:none;">State and local tax returns and/or other filings may
be subject to examination for different periods, depending upon the rules of each applicable jurisdiction.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
and Distributions:<FONT style="font-style:Normal;"> The Fund declares and pays dividends on its common stock monthly. Net capital gains, if any, in excess of capital loss&#160;carryforwards are expected to be distributed annually. Dividends and
distributions are recorded on the ex-dividend date.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The amount and timing of distributions are generally
determined in accordance with federal tax regulations, which may differ from U.S. generally accepted accounting principles.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use of
Estimates:<FONT style="font-style:Normal;">&#160;The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the
financial statements and accompanying notes. Actual results could differ from those estimates.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;3.&nbsp;Agreements and Management
Arrangements</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">($&#160;reported&#160;in&#160;thousands)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adviser:<FONT
 style="font-style:Normal;"> The Fund has an Advisory Agreement with Duff &amp; Phelps Investment Management Co. (the &#8220;Adviser&#8221;), an indirect, wholly owned subsidiary of Virtus Investment Partners, Inc. (&#8220;Virtus&#8221;). The
investment advisory fee is payable monthly at an annual rate of 0.50% of the Fund&#8217;s average weekly managed assets, which is defined as the average weekly value of the total assets of the Fund minus the sum of all accrued liabilities of the
Fund (other than the aggregate amount of any outstanding borrowings or other indebtedness constituting financial leverage).</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Administrator: <FONT style="font-style:Normal;">Effective March 1, 2025, the Fund has an Administration Agreement with Virtus Fund Services, LLC (the &#8220;Administrator&#8221;), an indirect, wholly owned subsidiary of Virtus. The administration fee
is payable monthly at an annual rate of 0.10% of the first $3 billion of the Fund&#8217;s average weekly managed assets, and 0.08% of the Fund&#8217;s average weekly managed assets over $3 billion. Prior to March 1, 2025, the Fund maintained an
Administration Agreement with Robert W. Baird &amp; Co. Incorporated, which had a quarterly fee payable at an annual rate of 0.14% of the Fund&#8217;s average weekly net assets, which was defined as the average weekly value of the total assets of
the Fund minus the sum of all accrued liabilities of the Fund (including the aggregate amount of any outstanding borrowings or other indebtedness constituting financial leverage).</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors:<FONT
 style="font-style:Normal;"> The Fund pays each director not affiliated with the Adviser an annual fee. Total fees paid to directors for the six months ended April 30, 2025 were $5.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;4.&nbsp;Investment Transactions</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">($&#160;reported&#160;in&#160;thousands)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Purchases and sales of investment securities for the
six months ended April 30, 2025 were $20,066 and $19,450, respectively.</DIV> </DIV> <DIV style="margin-top:31pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">18</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <DIV style="width:100%;"> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND INC.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">NOTES TO FINANCIAL STATEMENTS (Continued)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">April 30, 2025</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">(Unaudited)</DIV> </DIV> <DIV style="width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;5.&nbsp;Distributions and Tax
Information</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in thousands)</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">At April 30, 2025, the approximate federal tax cost
and aggregate gross unrealized appreciation (depreciation)&#160;were&#160;as follows:</DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:69.01%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:9pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:6pt;text-align:left;vertical-align:bottom;width:21.25%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:6pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:12.79%;">Federal
<BR> Tax Cost </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:6pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.96%;">Unrealized
<BR> Appreciation </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-right:6pt; padding-top:6pt;text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:19.64%;">Unrealized
<BR> (Depreciation) </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:22.36%;">Net
 Unrealized<BR> Appreciation<BR> (Depreciation) </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2pt;text-align:left;vertical-align:bottom;width:21.25%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:12.79%;">$84,552
 </TD>
<TD style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:17.96%;">$349
 </TD>
<TD style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-right:6pt;padding-top:2pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:19.64%;">$(1,260)
 </TD>
<TD style="line-height:0pt;padding-bottom:6pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:6pt;padding-top:2pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:22.36%;">$(911)
 </TD></TR></TABLE> </DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">At October 31, 2024,
the Fund had unused capital loss carryforwards available to offset future capital gains, if any, to the extent permitted by the Internal Revenue Code. The character and amounts of the carryforwards are given in the table below. These capital losses
are not subject to expiration.</DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:23.76%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:31pt;padding-right:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:45.93%;">Short-Term
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:52.07%;">Long-Term
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:31pt;padding-right:6pt;padding-top:2pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:bottom;width:45.93%;">$101
 </TD>
<TD style="line-height:0pt;padding-right:6pt;padding-top:2pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:6pt;padding-top:2pt;text-align:center;text-decoration:none;text-transform:none; vertical-align:bottom;width:52.07%;">$8,961
 </TD></TR></TABLE> </DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;6.&nbsp;Indemnifications</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Under the Fund&#8217;s organizational documents,
its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts that provide general indemnifications to
other parties. The Fund&#8217;s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not occurred. However, the Fund has not had prior claims or losses pursuant to these
arrangements and expects the risk of loss to be remote.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:12pt;text-align:left;text-decoration:none;text-transform:none;">Note&nbsp;7.&nbsp;Subsequent Events</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Management has evaluated the impact of all
subsequent events on the Fund through the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in these financial statements other than the matter disclosed
below.</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">On May 9, 2025, Computershare Trust
Company, N.A. (&#8220;Computershare&#8221;) replaced Equiniti Trust Company, LLC as the Fund&#8217;s Transfer Agent and Dividend Disbursing Agent. Computershare&#8217;s appointment was approved by the Fund&#8217;s Board of Directors on December 12,
2024.</DIV> </DIV> <DIV style="margin-top:69pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">19</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:3pt;text-align:center;text-decoration:none;text-transform:none;">RENEWAL OF INVESTMENT ADVISORY AGREEMENT
(Unaudited)</DIV> <HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Under Section 15(c) of the Investment Company Act
of 1940 (the &#8220;1940 Act&#8221;), the terms of the Fund&#8217;s investment advisory agreement must be reviewed and approved at least annually by the Board of Directors of the Fund (the &#8220;Board&#8221;), including a majority of the directors
who are not &#8220;interested persons&#8221; of the Fund, as defined in section 2(a)(19) of the 1940 Act (the &#8220;Independent Directors&#8221;). Section 15(c) of the 1940 Act also requires the Fund&#8217;s directors to request and evaluate, and
the Fund&#8217;s investment adviser to furnish, such information as may reasonably be necessary to evaluate the terms of the investment advisory agreement. To assist the Board with this responsibility, the Board has appointed a Contracts Committee,
which is composed of the Independent Directors of the Fund and acts under a written charter that was most recently amended on December 17, 2015. A copy of the charter is available on the Fund&#8217;s website at www.dpimc.com/dtf and in print to any
shareholder, upon request.</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Contracts
Committee, assisted by the advice of independent legal counsel, conducted an annual review of the terms of the Fund&#8217;s contractual arrangements, including the investment advisory agreement with Duff &amp; Phelps Investment Management Co. (the
&#8220;Adviser&#8221;). Set forth below is a description of the Contracts Committee&#8217;s annual review of the Fund&#8217;s investment advisory agreement, which provided the material basis for the Board&#8217;s decision to continue the investment
advisory agreement.</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">In the course of the
Contracts Committee&#8217;s review, the members of the Contracts Committee considered all of the information they deemed appropriate, including informational materials furnished by the Adviser in response to requests made by independent counsel on
behalf of the Contracts Committee. In arriving at its recommendation that continuation of the investment advisory agreement was in the best interests of the Fund and its shareholders, the Contracts Committee took into account all factors that it
deemed relevant, without identifying any single factor or group of factors as all-important or controlling. Among the factors considered by the Contracts Committee, and the conclusion reached with respect to each, were the following:</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Nature, extent, and quality of services.<FONT
 style="font-weight:Normal;"> The Contracts Committee considered the nature, extent and quality of the services provided to the Fund by the Adviser. Among other materials, the Adviser furnished the Contracts Committee with a copy of its most recent
investment adviser registration form (Form ADV). In evaluating the quality of the Adviser&#8217;s services, the Contracts Committee noted the various complexities involved in the operations of the Fund and concluded that the Adviser is consistently
providing high-quality services to the Fund in an increasingly complex environment. The Contracts Committee also considered the Fund&#8217;s investment performance as discussed below. The Contracts Committee also took into account its evaluation of
the quality of the Adviser&#8217;s code of ethics and compliance program. The Contracts Committee also considered the consistent quality of the services being provided by the Adviser. In light of the foregoing, the Contracts Committee concluded that
it was generally satisfied with the nature, extent and quality of the services provided to the Fund by the Adviser.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Investment performance of the Fund and the Adviser.<FONT
 style="font-weight:Normal;"> The Contracts Committee reviewed the Fund&#8217;s investment performance over time and compared that performance to other funds in its peer group. In making its comparisons, the Contracts Committee utilized data
provided by the Adviser and a report from Broadridge (&#8220;Broadridge&#8221;), an independent provider of investment company data.&#160; As reported by Broadridge, the Fund&#8217;s net asset value (&#8220;NAV&#8221;) total return ranked below the
median among all leveraged closed-end general and insured municipal debt funds for the 1-, 3- and 5-year periods ended June 30, 2024.&#160; The Adviser provided the Contracts Committee with performance information for the Fund for various periods,
measured against two benchmarks: the Bloomberg Municipal Bond Index and the Lipper Leveraged Municipal Debt Funds Average (the Fund&#8217;s category as determined by Thomson Reuters Lipper). The Committee noted that the Fund&#8217;s NAV total return
and market value total return had each underperformed both the Bloomberg Municipal Bond Index and the Bloomberg Municipal Bond 5 Year Index for the 1-, 3- and 5-year periods ended June 30, 2024.&#160; The Committee further noted that the
Fund&#8217;s total return on both an NAV basis and market value basis had underperformed compared to the Lipper Leveraged Municipal Debt Fund Average for the&#160; 1-, 3- and 5-year periods ended June 30, 2024. In evaluating the</FONT></DIV> </DIV>
<DIV style="margin-top:26pt;width:100%;" type="Block"> <DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">20</DIV>
</DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:justify;text-decoration:none;text-transform:none;">Fund&#8217;s performance, the Contracts Committee further
considered the Adviser&#8217;s explanation that the fixed-income investments comprising certain of the benchmarks include higher yielding, lower-quality bonds in which the Fund is not permitted to invest.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Costs of services and profits realized.<FONT
 style="font-weight:Normal;"> The Contracts Committee considered the reasonableness of the compensation paid to the Adviser, in both absolute and comparative terms, and also the profits realized by the Adviser and its affiliates from its
relationship with the Fund. To facilitate this analysis, the Contracts Committee retained Broadridge to furnish a report comparing the Fund&#8217;s management fee (defined as the sum of the advisory fee and administration fee) and other expenses to
the similar expenses of other municipal debt funds selected by Broadridge (the &#8220;Broadridge expense group&#8221;). The Contracts Committee reviewed, among other things, information provided by Broadridge comparing the Fund&#8217;s contractual
management fee rate (at common asset levels) and actual management fee rate (reflecting fee waivers, if any) as a percentage of total assets and as a percentage of assets attributable to common stock to other funds in its Broadridge expense group.
Based on the data provided on management fee rates, the Contracts Committee noted that: (i) the Fund&#8217;s contractual management fee rate at a common asset level was slightly above but close to the median of its Broadridge expense group; (ii) the
actual total expense rate was below the median of its Broadridge expense group on the basis of assets attributable to common stock and on a total asset basis; and (iii) the actual management fee rate was below the median of its Broadridge expense
group on the basis of assets attributable to common stock, but higher than the median on a total asset basis.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">In reviewing expense ratio comparisons between
the Fund and other funds in the peer group selected by Broadridge, the Contracts Committee considered leverage-related expenses separately from other expenses.&#160;&#160; The Contracts Committee noted that the Broadridge report was for the period
ended June 30, 2024, which included such leverage-related expenses; however it was also noted that the Fund had subsequently ceased using leverage following the redemption of all of the Fund&#8217;s outstanding preferred shares on July 31, 2023 and
that accordingly its use of leverage for the period ended June 30, 2024 constituted only a single month.&#160; The Contracts Committee noted that leverage-related expenses are not conducive to direct comparisons between funds, because the
leverage-related expenses on a fund&#8217;s income statement are significantly affected by the amount, type and tenor of the leverage used by each fund, among other factors.&#160; Also, unlike all the other expenses of the Fund (and other funds)
which are incurred in return for a service, leverage expenses are incurred in return for the receipt of additional capital that is then invested by the Fund (and other funds using leverage) in additional portfolio securities that produce revenue
directly offsetting the leverage expenses.&#160; Accordingly, in evaluating the cost of the Fund&#8217;s leverage, the Contracts Committee considered the specific benefits to the Fund&#8217;s common shareholders of maintaining such leverage, noting
that the Fund&#8217;s management and the Board regularly monitor the amount, form, terms and risks of the Fund&#8217;s leverage.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Adviser also furnished the Contracts
Committee with copies of its financial statements, and the financial statements of its parent company, Virtus Investment Partners, Inc. The Adviser also provided information regarding the revenue and expenses related to its management of the Fund,
and the methodology used by the Adviser in allocating such revenue and expenses among its various clients. In reviewing those financial statements and other materials, the Contracts Committee examined the profitability of the investment advisory
agreement to the Adviser and determined that the profitability of that contract was reasonable in light of the services rendered to the Fund. The Contracts Committee considered that the Adviser must be able to compensate its employees at competitive
levels in order to attract and retain high-quality personnel to provide high-quality service to the Fund. The Contracts Committee concluded that the investment advisory fee was the product of arm&#8217;s length bargaining and that it was fair and
reasonable to the Fund.</DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Economies of scale.<FONT
 style="font-weight:Normal;"> The Contracts Committee considered whether the Fund has appropriately benefited from any economies of scale. The Contracts Committee concluded that currently the Fund is not sufficiently large to realize benefits from
economies of scale with fee breakpoints. The Contracts Committee encouraged the Adviser to</FONT></DIV> </DIV> <DIV style="margin-top:28pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">21</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">continue to work towards reducing costs by leveraging relationships
with service providers across the complex of funds advised by the Adviser.</DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Comparison with other advisory contracts.<FONT
 style="font-weight:Normal;"> The Contracts Committee also received comparative information from the Adviser with respect to its standard fee schedule for investment advisory clients other than the Fund. The Contracts Committee noted that, among all
accounts managed by the Adviser, the Fund&#8217;s advisory fee rate is higher than the Adviser&#8217;s standard fee schedule. However, the Contracts Committee noted that the services provided by the Adviser to the Fund are significantly more
extensive and demanding than the services provided by the Adviser to its non-investment company, institutional accounts. Specifically, in providing services to the Fund, the Contracts Committee considered that the Adviser needs to: (1) comply with
the 1940 Act, the Sarbanes-Oxley Act and other federal securities laws and New York Stock Exchange requirements, (2) provide for and oversee external reporting (including semi-annual reports to shareholders, annual audited financial statements and
disclosure of proxy voting), tax compliance and reporting (which are particularly complex for investment companies), requirements of Section 19 of the 1940 Act relating to the source of distributions, (3) prepare for and attend meetings of the Board
and its committees, (4) communicate with Board and committee members between meetings, (5) communicate with a retail shareholder base consisting of thousands of investors and (6) respond to unanticipated issues in the financial markets or regulatory
environment that can impact the Fund. Based on the fact that the Adviser only provides the foregoing services to its investment company clients and not to its institutional account clients, the Contracts Committee concluded that the management fees
charged to the Fund are reasonable compared to those charged to other clients of the Adviser, when the nature and scope of the services provided to the Funds are taken into account. Furthermore, the Contracts Committee noted that many of the
Adviser&#8217;s other clients would not be considered &#8220;like accounts&#8221; of the Fund because these accounts are not of similar size and do not have the same investment objectives as, or possess other characteristics similar to, the
Fund.</FONT></DIV> <DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Indirect benefits.<FONT
 style="font-weight:Normal;"> The Contracts Committee considered possible sources of indirect benefits to the Adviser from its relationship to the Fund, and enhanced reputation that may aid in obtaining new clients. As a fixed-income fund, the
Contracts Committee noted that the Fund does not utilize affiliates of the Adviser for brokerage purposes.</FONT></DIV>
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Conclusion.<FONT style="font-weight:Normal;"> Based
upon its evaluation of all material factors, including the foregoing, and assisted by the advice of independent legal counsel, the Contracts Committee concluded that the continued retention of the Adviser as investment adviser to the Fund was in the
best interests of the Fund and its shareholders. Accordingly, the Contracts Committee recommended to the full Board that the investment advisory agreement with the Adviser be continued for a one-year term ending March 1, 2026. On December 11, 2024,
the Contracts Committee presented its recommendations, and the criteria on which they were based, to the full Board, whereupon the Board, including all of the Independent Directors voting separately, accepted the Contracts Committee&#8217;s
recommendations and unanimously approved the continuation of the current investment advisory agreement with the Adviser for a one-year term ending March 1, 2026.</FONT></DIV> </DIV> <DIV style="margin-top:166pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">22</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
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<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:3pt;text-align:center;text-decoration:none;text-transform:none;">INFORMATION ABOUT PROXY VOTING BY THE FUND
(Unaudited)</DIV> <HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">Although the Fund does not typically hold voting
securities, a description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling the Administrator toll-free at (866) 668-8552 or is
available on the Fund&#8217;s website www.dpimc.com/dtf or on the SEC&#8217;s website www.sec.gov.</DIV>
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:3pt;text-align:center;text-decoration:none;text-transform:none;">INFORMATION ABOUT THE FUND&#8217;S PORTFOLIO
HOLDINGS (Unaudited)</DIV> <HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund files its complete schedule of portfolio
holdings with the SEC for the first and third fiscal quarters (January 31 and July 31) as an exhibit to Form NPORT-P. The Fund&#8217;s Form NPORT-P is available on the SEC&#8217;s website at www.sec.gov. In addition, the Fund&#8217;s schedule of
portfolio holdings is available without charge, upon request, by calling the Administrator toll-free at (866) 668-8552 or is available on the Fund&#8217;s website at www.dpimc.com/dtf.</DIV>
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:3pt;text-align:center;text-decoration:none;text-transform:none;">ADDITIONAL INFORMATION (Unaudited)</DIV>
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Notice is hereby given in accordance with Section
23(c) of the 1940 Act that the Fund may from time to time purchase its shares of common stock in the open market.</DIV>
<HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:3pt;text-align:center;text-decoration:none;text-transform:none;">REPORT ON ANNUAL MEETING OF SHAREHOLDERS
(Unaudited)</DIV> <HR noshade="noshade" style="background-color:#000000;border-bottom:0pt;border-left:0pt;border-right:0pt;border-top:1pt solid #000000;height:1pt;width:100%;" align="Left">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">The Annual Meeting of Shareholders of the Fund was
held on March 10, 2025. The following is a description of each matter voted upon at the meeting and the number of votes cast on each matter:</DIV> <DIV style="text-align:center;">
<TABLE style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:96.67%;" cellpadding="0" cellspacing="0">
<TR style="page-break-inside:avoid;">
<TD style="line-height:8pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:bottom;width:69.66%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-right:3pt;padding-top:6pt; text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:13.17%;">Shares
<BR> Voted For </TD>
<TD style="line-height:0pt;padding-bottom:2pt;padding-right:3pt;padding-top:6pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:2pt;padding-left:3pt;padding-top:6pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:bottom;width:15.17%;">Shares
<BR> Withheld </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:69.66%;">1.&#8201;Election
 of directors* </TD>
<TD style="line-height:9pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:13.17%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-top:3.12pt;text-align:left;vertical-align:top;width:15.17%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:69.66%;">Directors
 elected by the holders of the Fund&#8217;s common stock to serve until the Annual Meeting in the year 2028 and until their successors are duly elected and qualified: </TD>
<TD style="line-height:9pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:13.17%;">&#160; </TD>
<TD style="line-height:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="line-height:0pt;padding-top:2.5pt;text-align:left;vertical-align:top;width:15.17%;">&#160; </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:69.66%;">
<DIV style="float:left;">George R.
Aylward</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:13.17%;">5,004,553
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:3pt;padding-top:2.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:3pt;padding-top:2.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:15.17%;">752,408
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:3pt;padding-top:2.5pt;text-align:left; text-decoration:none;text-transform:none;vertical-align:top;width:69.66%;">
<DIV style="float:left;">Mark G.
Kahrer</DIV><HR style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;" noshade="noshade">
</TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:3pt;padding-right:3pt;padding-top:2.5pt;text-align:center; text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:13.17%;">5,085,321
 </TD>
<TD style="line-height:0pt;padding-bottom:2.5pt;padding-right:3pt;padding-top:2.5pt;text-align:center;vertical-align:top;width:2.00%;">&#160; </TD>
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:3pt;padding-top:2.5pt;text-align:center;text-decoration:none; text-transform:none;vertical-align:top;white-space:nowrap;width:15.17%;">671,640
 </TD></TR>
<TR style="page-break-inside:avoid;">
<TD style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3pt;padding-left:0pt;padding-top:2.5pt;text-align:left;text-decoration:none; text-transform:none;vertical-align:top;width:100%;" colspan="4">*Directors
 whose term of office continued beyond this meeting are as follows: Mareil&#233; B. Cusack, Donald C. Burke&#160; and Eileen A. Moran (Chairperson). </TD></TR></TABLE> </DIV> </DIV> <DIV style="margin-top:153pt;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">23</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
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<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">THIS PAGE INTENTIONALLY LEFT BLANK.</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <DIV style="width:100%;"> <DIV style="float:right;margin-right:0%;overflow:hidden;position:relative;width:100%;" type="Block">
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<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <DIV style="width:100%;"> <DIV style="float:right;margin-right:0%;overflow:hidden;position:relative;width:100%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">THIS PAGE INTENTIONALLY LEFT BLANK.</DIV> </DIV> </DIV>
<DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV> <HR style="margin-bottom:0pt;">
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
  <DIV style="width:100%;"> <DIV style="float:left;overflow:hidden;position:relative;width:49%;" type="Block">
<DIV style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:bold;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Board of Directors</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">EILEEN A. MORAN<BR> Chair</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">GEORGE R. AYLWARD</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">DONALD C. BURKE</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">MAREIL&#201; B. CUSACK</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">MARK G. KAHRER</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Officers</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">DAVID D. GRUMHAUS, JR.<BR> President and Chief Executive
Officer</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">DANIEL J. PETRISKO, CFA<BR> Executive Vice
President and Assistant Secretary</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">DUSTY L. SELF<BR> Vice
President and Chief Investment Officer</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">ALAN M. MEDER,
CFA, CPA<BR> Treasurer and Assistant Secretary</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">KATHLEEN
L. HEGYI<BR> Chief Compliance Officer</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">KATHRYN L.
SANTORO<BR> Vice President and Secretary</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">JENNIFER S.
FROMM<BR> Vice President and Assistant Secretary</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">W.
PATRICK BRADLEY, CPA<BR> Vice President and Assistant Treasurer</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">NIKITA K. THAKER, CPA<BR> Vice President and Assistant
Treasurer</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">TIMOTHY P. RIORDAN<BR> Vice President</DIV>
</DIV> <DIV style="float:right;overflow:hidden;position:relative;width:48%;" type="Block">
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">DTF Tax-Free Income 2028 Term Fund Inc.</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Common stock traded on the New York<BR> Stock Exchange under
the symbol DTF</DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Shareholder inquiries please contact:<BR>
Fund Services at (866) 668-8552 or<BR> Email at Duff@virtus.com</DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Investment Adviser<BR> <FONT style="font-weight:Normal;">Duff
&amp; Phelps Investment Management Co.<BR> 10 South Wacker Drive, 19<SUP style="font-size:85%;font-style:Normal;text-transform:none;">th</SUP> Floor<BR> Chicago, IL 60606<BR> (312) 368-5510</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Administrator<BR> <FONT style="font-weight:Normal;">Virtus Fund
Services, LLC<BR> One Financial Plaza<BR> Hartford, CT 06103</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Transfer Agent and Dividend Disbursing Agent<BR> <FONT
 style="font-weight:Normal;">Computershare<BR> P.O. Box 43078<BR> Providence, RI 02940-3078</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Custodian<BR> <FONT style="font-weight:Normal;">The Bank of New
York Mellon</FONT></DIV> <DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Legal Counsel<BR> <FONT
 style="font-weight:Normal;">Mayer Brown LLP</FONT></DIV>
<DIV style="color:#000000;font-family:Arial;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Independent Registered Public Accounting Firm<BR> <FONT
 style="font-weight:Normal;">Ernst &amp; Young LLP</FONT></DIV> </DIV> </DIV> <DIV style="clear:both;font-size:12pt;height:0pt;"> </DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Reports to Stockholders (cont.). </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Code of Ethics. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Response not required for semi-annual report. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Audit Committee Financial Expert. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Response not required for semi-annual report. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Principal Accountant Fees and Services. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Response not required for semi-annual report. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Audit Committee of Listed Registrants. </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Response not required for semi-annual report. </P></TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Investments. </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is
included as part of the report to shareholders filed under Item 1(a) of this form. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Financial Highlights for <FONT STYLE="white-space:nowrap">Open-End</FONT>
Management Investment Companies. </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable for <FONT STYLE="white-space:nowrap">Closed-End</FONT> Management Investment Companies.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable for <FONT STYLE="white-space:nowrap">Closed-End</FONT> Management Investment Companies.
</P></TD></TR></TABLE>
</DIV>


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<DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Changes in and Disagreements with Accountants for <FONT STYLE="white-space:nowrap">Open-End</FONT>
Management Investment Companies. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable for <FONT STYLE="white-space:nowrap">Closed-End</FONT> Management Investment
Companies. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Proxy Disclosures for <FONT STYLE="white-space:nowrap">Open-End</FONT> Management Investment Companies.
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable for <FONT STYLE="white-space:nowrap">Closed-End</FONT> Management Investment Companies. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;10.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Remuneration Paid to Directors, Officers, and Others of <FONT STYLE="white-space:nowrap">Open-End</FONT>
Management Investment Companies. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable for <FONT STYLE="white-space:nowrap">Closed-End</FONT> Management Investment
Companies. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;11.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Statement Regarding Basis for Approval of Investment Advisory Contract. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information required by this Item is included as part of the semi-annual report to shareholders filed under Item 1 of this Form <FONT
STYLE="white-space:nowrap">N-CSRS.</FONT> </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;12.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Disclosure of Proxy Voting Policies and Procedures for <FONT STYLE="white-space:nowrap">Closed-End</FONT>
Management Investment Companies. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Response not required for semi-annual report. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;13.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Portfolio Managers of <FONT STYLE="white-space:nowrap">Closed-End</FONT> Management Investment Companies.
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) Response not required for semi-annual report. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(b) On May&nbsp;16, 2025, the Fund announced that Philip Hooks, CFA, stepped down as portfolio manager.&nbsp;Dusty Self, senior portfolio manager, will remain
as portfolio manager of the Fund.</P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;14.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Purchases of Equity Securities by <FONT STYLE="white-space:nowrap">Closed-End</FONT> Management Investment
Company and Affiliated Purchasers. </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(a) Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;15.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Submission of Matters to a Vote of Security Holders. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">No changes to the procedures by which shareholders may recommend nominees to the registrant&#146;s board of directors have been implemented after the
registrant last provided disclosure in response to the requirements of Item 22(b)(15) of Schedule 14A (<I>i.e.,</I> in the registrant&#146;s proxy statement dated January&nbsp;24, 2025) or this Item. </P>
</DIV>


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<DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;16.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Controls and Procedures. </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The registrant&#146;s principal executive officer and principal financial officer have concluded that the
registrant&#146;s disclosure controls and procedures (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(c)</FONT> under the Investment Company Act of 1940 (the &#147;1940 Act&#148;)) are effective, based on an evaluation of those controls
and procedures made as of a date within 90 days of the filing date of this report as required by Rule <FONT STYLE="white-space:nowrap">30a-3(b)</FONT> under the 1940 Act and Rule <FONT STYLE="white-space:nowrap">13a-15(b)</FONT> under the Exchange
Act. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">There has been no change in the registrant&#146;s internal control over financial reporting (as defined in Rule
<FONT STYLE="white-space:nowrap">30a-3(d)</FONT> under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over
financial reporting. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;17.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Disclosure of Securities Lending Activities for <FONT STYLE="white-space:nowrap">Closed-End</FONT>
Management Investment Companies. </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&#8201;18.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Recovery of Erroneously Awarded Compensation. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Not Applicable. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&#8201;19. Exhibits.
</B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(a)(1)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(a)(2)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Not applicable. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(a)(3)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><A HREF="d942822dex99a3.htm">Certifications pursuant to Rule <FONT STYLE="white-space:nowrap">30a-2(a)</FONT> under
 the 1940 Act and Section&nbsp;302 of the Sarbanes-Oxley Act of 2002 are attached hereto. </A> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(a)(4)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">There were no written solicitations to purchase securities under Rule
<FONT STYLE="white-space:nowrap">23c-1</FONT> under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(a)(5)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">There was no change in the Registrant&#146;s independent public accountant during the period covered by the
report. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><A HREF="d942822dex99b.htm">Certifications pursuant to Rule <FONT STYLE="white-space:nowrap">30a-2(b)</FONT> under
 the 1940 Act and Section&nbsp;906 of the Sarbanes-Oxley Act of 2002 are attached hereto. </A> </P></TD></TR></TABLE>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD WIDTH="9%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="44%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">(Registrant)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">DTF <FONT STYLE="white-space:nowrap">Tax-Free</FONT> Income 2028 Term Fund Inc.</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="18%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="40%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="39%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By&nbsp;(Signature&nbsp;and&nbsp;Title)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David D. Grumhaus, Jr.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5">David D. Grumhaus, Jr., President and Chief Executive Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5">(Principal Executive Officer)</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5">June&nbsp;18, 2025</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has
been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="18%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="40%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="39%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By&nbsp;(Signature&nbsp;and&nbsp;Title)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David D. Grumhaus, Jr.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5">David D. Grumhaus, Jr., President and Chief Executive Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5">(Principal Executive Officer)</TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5">June&nbsp;18, 2025</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="18%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="25%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By&nbsp;(Signature&nbsp;and&nbsp;Title)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">/s/ Alan M. Meder</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Alan M. Meder, Treasurer and Assistant Secretary</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Principal Financial Officer)</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="3%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="31%"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5">June&nbsp;18, 2025</TD></TR>
</TABLE>
</DIV>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(3)
<SEQUENCE>2
<FILENAME>d942822dex99a3.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>
<HTML><HEAD>
<TITLE>Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 99.CERT </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 302 CERTIFICATIONS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, David D.
Grumhaus, Jr., certify that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">I have reviewed this report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of DTF <FONT
STYLE="white-space:nowrap">Tax-Free</FONT> Income 2028 Term Fund Inc.; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(c)</FONT> under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
<FONT STYLE="white-space:nowrap">30a-3(d)</FONT> under the Investment Company Act of 1940) for the registrant and have: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </P></TD></TR></TABLE>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and
the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions): </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant&#146;s internal control over financial reporting. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="29%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="28%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="16%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="24%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: June&nbsp;18, 2025</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David D. Grumhaus, Jr.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">David D. Grumhaus, Jr., President and Chief Executive Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">(Principal Executive Officer)</TD></TR>
</TABLE>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SECTION 302 CERTIFICATIONS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, Alan M. Meder, certify that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">I have reviewed this report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of DTF <FONT
STYLE="white-space:nowrap">Tax-Free</FONT> Income 2028 Term Fund Inc.; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The registrant&#146;s other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(c)</FONT> under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule
<FONT STYLE="white-space:nowrap">30a-3(d)</FONT> under the Investment Company Act of 1940) for the registrant and have: </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </P></TD></TR></TABLE>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Disclosed in this report any change in the registrant&#146;s internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The registrant&#146;s other certifying officer(s) and I have disclosed to the registrant&#146;s auditors and
the audit committee of the registrant&#146;s board of directors (or persons performing the equivalent functions): </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="6%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant&#146;s internal control over financial reporting. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="26%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="24%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="21%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date: June&nbsp;18, 2025</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Alan M. Meder</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Alan M. Meder, Treasurer and Assistant Secretary</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">(Principal Financial Officer)</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
</DIV>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(B)
<SEQUENCE>3
<FILENAME>d942822dex99b.htm
<DESCRIPTION>CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>
<HTML><HEAD>
<TITLE>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT 99.906CERT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTIFICATION PURSUANT TO </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18
U.S.C. SECTION 1350, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AS ADOPTED PURSUANT TO </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In
connection with the Semi-Annual Report of DTF <FONT STYLE="white-space:nowrap">Tax-Free</FONT> Income 2028 Term Fund Inc. (the &#147;Company&#148;) on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> for the period ended April&nbsp;30, 2025 as
filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, David D. Grumhaus, Jr., President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906
of the Sarbanes-Oxley Act of 2002, that: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of
1934; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the
Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: June 18, 2025 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David D. Grumhaus, Jr.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">David D. Grumhaus, Jr.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">President and Chief Executive Officer</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Principal Executive Officer)</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Section&nbsp;906 certification is being furnished to the SEC, rather than filed with the SEC, as&nbsp;permitted
under applicable SEC rules. </P>
</DIV>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">CERTIFICATION PURSUANT TO </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 U.S.C. SECTION 1350, </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AS ADOPTED
PURSUANT TO </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In connection with the Semi-Annual Report of DTF <FONT STYLE="white-space:nowrap">Tax-Free</FONT> Income 2028 Term Fund Inc. (the &#147;Company&#148;) on Form
<FONT STYLE="white-space:nowrap">N-CSR</FONT> for the period ended April&nbsp;30, 2025 as filed with the Securities and Exchange Commission on the date hereof (the &#147;Report&#148;), I, Alan M. Meder, Treasurer and Assistant Secretary of the
Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to ss. 906 of the Sarbanes-Oxley Act of 2002, that: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. The Report fully complies
with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. The information contained in the Report fairly presents,
in all material respects, the financial condition and results of operations of the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: June 18, 2025 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Alan M. Meder</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Alan M. Meder</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Treasurer and Assistant Secretary</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">(Principal Financial Officer)</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Section&nbsp;906 certification is being furnished to the SEC, rather than filed with the SEC, as&nbsp;permitted
under applicable SEC rules. </P>
</DIV>

</BODY></HTML>
</TEXT>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
