DTF Insider Purchase: 1,400 Shares Reported on Form 4

Rhea-AI Filing Summary

David D. Grumhaus, Jr., President and CEO of Duff & Phelps Investment Management Co., reported a purchase of 1,400 shares of DTF Tax-Free Income 2028 Term Fund Inc. (DTF) common stock on 08/25/2025 at a price of $11.34 per share. Following the transaction, he beneficially owned 6,652 shares directly. The Form 4 was signed on 08/26/2025.

The filing also discloses that 238.403 shares were acquired since his last Form 4 through a dividend reinvestment plan that meets Rule 16a-11; the total number of shares held through that plan is 246. The report is filed individually by the reporting person and contains no derivative transactions or amendments noted.

Positive

• Reporting person acquired 1,400 shares of DTF at $11.34 per share on 08/25/2025
• Post-transaction beneficial ownership is reported as 6,652 shares (direct)
• Disclosure includes 238.403 shares acquired since last Form 4 via a Rule 16a-11 dividend reinvestment plan; 246 plan shares total
• Form is signed by the reporting person and filed individually, listing President and CEO as relationship

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider purchased 1,400 DTF shares at $11.34, bringing direct beneficial ownership to 6,652 shares; includes dividend reinvestment activity.

The transaction is a straightforward open-market purchase reported on Form 4, showing incremental insider ownership rather than any sale or derivative activity. The disclosure that 238.403 shares were added via a Rule 16a-11 dividend reinvestment plan (total 246 plan shares) clarifies prior accumulation through dividend reinvestment. No amendments or additional securities classes are reported, and the filing is by one reporting person who is identified as President and CEO. For investors, this is routine insider activity providing transparency about executive holdings.

Corporate Governance Expert

TL;DR: Filing documents a single non-derivative purchase by the CEO; disclosure is complete for the items reported.

The Form 4 meets Section 16 reporting requirements by listing the transaction date, transaction code, number of shares acquired, price, and post-transaction beneficial ownership. It also includes the required explanation for shares acquired via a dividend reinvestment plan and carries a manual signature. There are no joint filings, option grants, or disposals disclosed. From a governance perspective, this is a routine, compliant insider disclosure without ancillary governance events reported.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Grumhaus David D Jr.

(Last) (First) (Middle)

DUFF & PHELPS INVESTMENT MANAGEMENT CO.

10 S. WACKER DR., 19TH FLOOR

(Street)

CHICAGO IL 60606

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DTF TAX-FREE INCOME 2028 TERM FUND INC [ DTF ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/25/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common stock	08/25/2025		P		1,400	A	$11.34	6,652(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes 238.403 shares acquired by the reporting person since his last Form 4 filing through a dividend reinvestment plan meeting the requirements of Rule 16a-11 promulgated under the Securities Exchange Act of 1934. Total number of shares held through the plan is 246.

Remarks:

	/s/ David D. Grumhaus, Jr.	08/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did the DTF insider report on Form 4?

The filing reports a purchase of 1,400 shares of DTF common stock on 08/25/2025 at $11.34 per share.

How many DTF shares does the reporting person beneficially own after the trade?

The reporting person beneficially owns 6,652 shares following the reported transaction.

Does the Form 4 show any derivative transactions or sales?

No; the filing shows only a non-derivative acquisition and does not report any derivative transactions or dispositions.

Were any shares acquired through dividend reinvestment?

Yes; the filing states 238.403 shares were acquired since the last Form 4 via a dividend reinvestment plan, and 246 shares are held through that plan in total.

Who filed the Form 4 and what is their relationship to the issuer?

The Form 4 was filed by David D. Grumhaus, Jr. individually; his relationship is listed as Officer with title President and CEO.