DTF Tax-Free Income 2028 Term Fund Inc.
US ˙ NYSE ˙ US23334J1079

SecurityDTF / DTF Tax-Free Income 2028 Term Fund Inc.
InstitutionMorgan Stanley
Latest Disclosed Ownership82,776 shares
Latest Disclosed Value $ 947,787
Morgan Stanley reports 2.56% increase in ownership of DTF / DTF Tax-Free Income 2028 Term Fund Inc.

On May 15, 2026 - Morgan Stanley filed a 13F-HR form disclosing ownership of 82,776 shares of DTF Tax-Free Income 2028 Term Fund Inc. (US:DTF) valued at $947,785 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on May 27, 2026 disclosing 80,712 shares of DTF Tax-Free Income 2028 Term Fund Inc.. This represents a change in shares of 2.56% during the quarter. The current value of the position is $952,752 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-15 2026-03-31 13F DTF TAX-FREE INCOME 2028 TER COM 23334J107 82,776 2,064 2.56 948 2.82 0.0001
2026-05-27 2025-12-31 13F/A-1 DTF TAX-FREE INCOME 2028 TER COM 23334J107 80,712 1,501 1.89 922 1.77 0.0001
2026-02-13 2025-12-31 13F DTF TAX-FREE INCOME 2028 TER COM 23334J107 80,712 1,501 922
2026-05-27 2025-09-30 13F/A-1 DTF TAX-FREE INCOME 2028 TER COM 23334J107 79,211 4,019 5.34 905 7.61 0.0001
2025-11-14 2025-09-30 13F DTF TAX-FREE INCOME 2028 TER COM 23334J107 79,211 4,019 905 0.0001
2025-08-15 2025-06-30 13F DTF TAX-FREE INCOME 2028 TER COM 23334J107 75,192 -15,201 -16.82 841 -16.98 0.0001
2025-05-15 2025-03-31 13F DTF TAX-FREE INCOME 2028 TER COM 23334J107 90,393 -2,000 -2.16 1,013 -2.22 0.0001
2025-05-15 2024-12-31 13F/A-1 DTF TAX-FREE INCOME 2028 TER COM 23334J107 92,393 -21,000 -18.52 1,036 -18.87 0.0001
2025-02-14 2024-12-31 13F DTF TAX-FREE INCOME 2028 TER COM 23334J107 92,393 -21,000 1,036 0.0001
2025-05-14 2024-09-30 13F/A-2 DTF TAX-FREE INCOME 2028 TER COM 23334J107 113,393 -6,404 -5.35 1,278 -2.67 0.0001
2025-02-14 2024-09-30 13F/A-1 DTF TAX-FREE INCOME 2028 TER COM 23334J107 113,393 -6,404 1,278 0.0001
2024-11-14 2024-09-30 13F DTF TAX-FREE INCOME 2028 TER COM 23334J107 113,393 -6,404 1,278 0.0000
2025-05-14 2024-06-30 13F/A-2 DTF TAX-FREE INCOME 2028 TER COM 23334J107 119,797 7,016 6.22 1,313 8.25 0.0001
2024-10-17 2024-06-30 13F/A-1 DTF TAX-FREE INCOME 2028 TER COM 23334J107 119,797 7,016 1,313 0.0001
2024-08-14 2024-06-30 13F DTF TAX-FREE INCOME 2028 TER COM 23334J107 119,797 7,016 1,313 0.0001
2024-10-17 2024-03-31 13F/A-2 DTF TAX-FREE INCOME 2028 TER COM 23334J107 112,781 18,000 18.99 1,212 19.06 0.0001
2024-08-16 2024-03-31 13F/A-1 DTF TAX-FREE INCOME 2028 TER COM 23334J107 112,781 18,000 1,212 0.0000
2024-05-15 2024-03-31 13F DTF TAX-FREE INCOME 2028 TER COM 23334J107 112,781 18,000 1,212 0.0001
2024-08-16 2023-12-31 13F/A-1 DTF TAX-FREE INCOME 2028 TER COM 23334J107 94,781 19,651 26.16 1,019 27.09 0.0001
2024-02-13 2023-12-31 13F DTF TAX-FREE INCOME 2028 TER COM 23334J107 94,781 19,651 1,019 0.0001
2023-11-15 2023-09-30 13F DTF TAX-FREE INCOME 2028 TER COM 23334J107 75,130 59,998 396.50 802 394.44 0.0001
2023-08-14 2023-06-30 13F DTF TAX-FREE INCOME 2028 TER COM 23334J107 15,132 -466 -2.99 163 -5.81 0.0000
2023-05-15 2023-03-31 13F DTF TAX-FREE INCOME 2028 TER COM 23334J107 15,598 500 3.31 173 4.88 0.0000
2023-02-14 2022-12-31 13F DTF TAX-FREE INCOME 2028 TER COM 23334J107 15,098 299 2.02 165 0.00 0.0000
2022-11-14 2022-09-30 13F DTF TAX-FREE INCOME 2028 TER COM 23334J107 14,799 226 1.55 164 -5.20 0.0000
2022-10-27 2022-06-30 13F/A-1 DTF TAX-FREE INCOME 2028 TER COM 23334J107 14,573 0 0.00 173 -8.47 0.0000
2022-08-15 2022-06-30 13F DTF TAX-FREE INCOME 2028 TER COM 23334J107 14,573 0 173 0.0000
2022-10-27 2022-03-31 13F/A-1 DTF TAX-FREE INCOME 2028 TER COM 23334J107 14,573 1,000 7.37 189 -2.58 0.0000
2022-05-13 2022-03-31 13F DTF TAX-FREE INCOME 2028 TER COM 23334J107 14,573 1,000 189 0.0000
2022-02-14 2021-12-31 13F DTF TAX-FREE INCOME COM 23334J107 13,573 4,921 56.88 194 55.20 0.0000
2021-11-15 2021-09-30 13F DTF TAX-FREE INCOME COM 23334J107 8,652 0 0.00 125 -3.85 0.0000
2021-08-23 2021-06-30 13F/A-1 DTF TAX-FREE INCOME COM 23334J107 8,652 1,865 27.48 130 34.02 0.0000
2021-08-16 2021-06-30 13F DTF TAX-FREE INCOME COM 23334J107 8,652 1,865 130 0.0000
2021-05-17 2021-03-31 13F DTF TAX-FREE INCOME COM 23334J107 6,787 0 0.00 97 -3.96 0.0000
2021-02-16 2020-12-31 13F DTF TAX-FREE INCOME COM 23334J107 6,787 -8,227 -54.80 101 -53.46 0.0000
2020-11-13 2020-09-30 13F DTF TAX-FREE INCOME COM 23334J107 15,014 -300 -1.96 217 -0.46 0.0000
2020-08-14 2020-06-30 13F DTF TAX-FREE INCOME COM 23334J107 15,314 -11,557 -43.01 218 -41.87 0.0000
2020-05-26 2020-03-31 13F/A-1 DTF TAX-FREE INCOME COM 23334J107 26,871 -14,366 -34.84 375 -38.52 0.0001
2020-05-15 2020-03-31 13F DTF TAX-FREE INCOME COM 23334J107 26,871 -14,366 375 28.8078
2020-02-14 2019-12-31 13F DTF TAX-FREE INCOME COM 23334J107 41,237 4,479 12.19 610 14.66 0.0001
2019-11-14 2019-09-30 13F DTF TAX-FREE INCOME COM 23334J107 36,758 1,249 3.52 532 8.35 0.0001
2019-08-14 2019-06-30 13F DTF TAX-FREE INCOME COM 23334J107 35,509 -15,207 -29.98 491 -26.83 0.0001
2019-05-15 2019-03-31 13F DTF TAX-FREE INCOME COM 23334J107 50,716 745 1.49 671 8.40 0.0002
2019-02-14 2018-12-31 13F DTF TAX-FREE INCOME COM 23334J107 49,971 -15,565 -23.75 619 -26.57 0.0002
2019-04-23 2018-09-30 13F/A-2 DTF TAX-FREE INCOME COM 23334J107 65,536 -1,965 -2.91 843 -6.23 0.0002
2018-11-20 2018-09-30 13F/A-1 DTF TAX-FREE INCOME COM 23334J107 65,536 0 843 0.0002
2018-11-14 2018-09-30 13F DTF TAX-FREE INCOME COM 23334J107 65,536 -1,965 843
2019-04-23 2018-06-30 13F/A-1 DTF TAX-FREE INCOME COM 23334J107 67,501 1,412 2.14 899 2.16 0.0002
2018-08-14 2018-06-30 13F DTF TAX-FREE INCOME COM 23334J107 67,501 1,412 899
2019-04-23 2018-03-31 13F/A-1 DTF TAX-FREE INCOME COM 23334J107 66,089 6,237 10.42 880 4.51 0.0002
2018-05-14 2018-03-31 13F DTF TAX-FREE INCOME COM 23334J107 66,089 6,237 880
2019-04-23 2017-12-31 13F/A-1 DTF TAX-FREE INCOME COM 23334J107 59,852 30,478 103.76 842 100.48 0.0002
2018-02-14 2017-12-31 13F DTF TAX-FREE INCOME COM 23334J107 59,852 30,478 842
2017-11-14 2017-09-30 13F DTF TAX-FREE INCOME COM 23334J107 29,374 11,637 65.61 420 62.16 0.0001
2017-08-11 2017-06-30 13F DTF TAX-FREE INCOME COM 23334J107 17,737 -935 -5.01 259 -6.83 0.0001
2017-05-22 2017-03-31 13F/A-1 DTF TAX-FREE INCOME COM 23334J107 18,672 962 5.43 278 8.59 0.0001
2017-05-12 2017-03-31 13F DTF TAX-FREE INCOME COM 23334J107 18,672 278
2017-02-22 2016-12-31 13F/A-1 DTF TAX-FREE INCOME COM 23334J107 17,710 -10,314 -36.80 256 -43.98 0.0001
2017-02-13 2016-12-31 13F DTF TAX-FREE INCOME COM 23334J107 17,710 256
2016-11-10 2016-09-30 13F DTF TAX-FREE INCOME COM 23334J107 28,024 -8,893 -24.09 457 -26.05 0.0002
2016-08-12 2016-06-30 13F DTF TAX-FREE INCOME COM 23334J107 36,917 -27,235 -42.45 618 -38.99 0.0002
2016-05-12 2016-03-31 13F DTF TAX-FREE INCOME COM 23334J107 64,152 5,987 10.29 1,013 15.24 0.0004
2016-02-09 2015-12-31 13F DTF TAX-FREE INCOME COM 23334J107 58,165 -4,800 -7.62 879 -4.46 0.0003
2016-02-08 2015-09-30 13F/A-1 DTF TAX-FREE INCOME COM 23334J107 62,965 -959 -1.50 920 0.44 0.0003
2015-11-09 2015-09-30 13F DTF TAX-FREE INCOME COM 23334J107 62,965 920
2015-08-12 2015-06-30 13F DTF TAX-FREE INCOME COM 23334J107 63,924 27,896 77.43 916 66.55 0.0003
2015-05-14 2015-03-31 13F DTF TAX-FREE INCOME COM 23334J107 36,028 1,494 4.33 550 3.58 0.0002
2015-02-13 2014-12-31 13F DTF TAX-FREE INCOME COM 23334J107 34,534 2,417 7.53 531 9.94 0.0002
2014-12-16 2014-09-30 13F/A-1 DTF TAX-FREE INCOME COM 23334J107 32,117 3,224 11.16 483 2.55 0.0002
2014-11-14 2014-09-30 13F DTF TAX-FREE INCOME COM 23334J107 32,117 483
2014-08-12 2014-06-30 13F DTF TAX-FREE INCOME COM 23334J107 28,893 -18,499 -39.03 471 -32.81 0.0008
2014-05-13 2014-03-31 13F DTF TAX-FREE INCOME COM 23334J107 47,392 8,186 20.88 701 27.45 0.0003
2014-02-13 2013-12-31 13F DTF TAX-FREE INCOME COM 23334J107 39,206 11,306 40.52 550 37.84 0.0002
2013-11-13 2013-09-30 13F DTF TAX-FREE INCOME INC COM COM 23334J107 27,900 8,736 45.59 399 38.06 0.0002
2013-08-08 2013-06-30 13F DTF TAX-FREE INCOME INC COM COM 23334J107 19,164 19,164 289 0.0001
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.