[Form 4] DTF Tax-Free Income 2028 Term Fund Inc. Insider Trading Activity

Rhea-AI Filing Summary

Mark G. Kahrer, a director at Duff & Phelps Investment Management Co., reported a purchase of 1,000 shares of DTF Tax-Free Income 2028 Term Fund Inc. (DTF) on 08/15/2025 at a reported price of $11.3458 per share. The Form 4 shows beneficial ownership of 1,000 shares following the transaction and is signed 08/18/2025.

Insights

Financial Analyst

TL;DR: Insider purchase of 1,000 DTF shares is a small, routine director purchase and appears immaterial to valuation.

The filing shows a Section 16 purchase (code P) of 1,000 common shares at $11.3458 on 08/15/2025, leaving the reporting person with 1,000 shares beneficially owned. For most funds, a 1,000-share purchase at this price is unlikely to materially affect the fund's market cap or imply a significant change in insider exposure. The transaction is properly reported on Form 4 and signed 08/18/2025.

Corporate Governance Expert

TL;DR: Director reporting a small purchase demonstrates routine insider compliance but is not a material governance event.

The report identifies Mark G. Kahrer as a director and shows a direct purchase of 1,000 shares, with ownership reported as direct (D). The filing meets Section 16 disclosure requirements and includes a manual signature. There is no indication of related-party transactions, plan-based trades, or amendments, and no governance concerns arise from the disclosed activity alone.

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^*

Kahrer Mark G.

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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	08/15/2025		P		1,000	A	$11.3458	1,000	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:

Remarks:

	/s/ Mark G. Kahrer	08/18/2025
	** 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

Who reported the transaction for DTF?

The reporting person is Mark G. Kahrer, identified as a Director at Duff & Phelps Investment Management Co.

What transaction was reported on the Form 4 for DTF?

A purchase (transaction code P) of 1,000 common shares of DTF on 08/15/2025 at $11.3458 per share.

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

The Form 4 reports 1,000 shares beneficially owned following the reported purchase.

When was the Form 4 signed and filed?

The Form 4 includes the reporting person's signature dated 08/18/2025.

Does the filing indicate indirect ownership or special arrangements?

No. The filing lists the ownership form as Direct (D) and does not disclose any indirect beneficial ownership or plan-based trades.