Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public)

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS

July 31, 2023

(Unaudited)

 

Principal         Amount (000)				Description (a)		Value
				LONG-TERM INVESTMENTS - 98%
				Alaska - 0.3%
	$290			Anchorage Elec. Util. Rev.,
				5.00%, 12/01/36
				Prerefunded 12/01/24 @ $100 (b)			$296,474
				Arizona - 5%
	1,350			Arizona Brd. of Regents Rev.,
				Arizona St. Univ.,
				5.00%, 7/01/37			1,398,336
	650			Arizona St. Hlth. Fac. Auth. Rev.,
				HonorHealth Hosp. Proj.,
				5.00%, 12/01/42			651,704
	1,000			Maricopa Cnty. Indl. Dev. Auth. Rev.,
				Banner Hlth.,
				4.00%, 1/01/34			1,009,744
	310			Northern Arizona Univ. Rev.,
				5.00%, 6/01/40			311,622
	1,000			Northern Arizona Univ. SPEED Rev.,
				(Stimulus Plan for Econ. and Edl. Dev.),
				5.00%, 8/01/38
				Prerefunded 8/01/23 @ $100 (b)			1,000,000
							4,371,406
				California - 13.2%
	330			California St. Hlth. Facs. Fin. Auth. Rev.,
				Providence St. Joseph Hlth.,
				4.00%, 10/01/36			331,822
	1,660			California St. Hlth. Facs. Fin. Auth. Rev.,
				Sutter Hlth.,
				5.00%, 11/15/46
				Prerefunded 11/15/25 @ $100 (b)			1,736,089
	1,000			California St. Gen. Oblig.,
				5.00% 10/01/28			1,021,053
	1,000			California St. Pub. Wks. Brd. Lease Rev.,
				Dept. of Corrections and Rehab.,
				5.25%, 9/01/29			1,001,407
	1,000			Garden Grove Successor Agy. to Agy.
				Cmty. Dev., Tax Allocation,
				5.00%, 10/01/31, BAM			1,056,513
	2,000			Gilroy Unified Sch. Dist. Gen. Oblig.,
				4.00%, 8/01/41			2,006,044

 

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

 

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DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2023

(Unaudited)

 

Principal         Amount (000)				Description (a)		Value
	$1,215			San Marcos Successor Agy. to Redev.
				Agy., Tax Allocation,
				5.00%, 10/01/32			$1,261,658
	2,000			San Mateo Successor Agy. to Redev.
				Agy., Tax Allocation,
				5.00%, 8/01/30			2,074,759
	1,000			Temple City Unified Sch. Dist. Gen. Oblig.,
				4.00%, 8/01/43			995,536
							11,484,881
				Colorado - 4%
	1,000			Denver City and Cnty. Arpt. Rev.,
				5.50%, 11/15/30			1,141,083
	2,150			Public Auth. for Colorado Energy,
				Natural Gas Purch. Rev.,
				6.25%, 11/15/28			2,301,907
							3,442,990
				Connecticut - 6.3%
	935			Connecticut St. Gen. Oblig.,
				5.00%, 9/15/35			1,020,033
	730			Connecticut St. Gen. Oblig.,
				4.00%, 4/15/38			735,333
	1,265			Connecticut St. Hlth. & Edl. Facs. Auth.
				Rev., Yale Univ.,
				5.00%, 7/01/40			1,384,377
	550			Connecticut St. Hlth. & Edl. Facs. Auth.
				Rev., Yale-New Haven Hosp.,
				5.00%, 7/01/48			546,278
	390			Connecticut St. Hsg. Auth. Rev.,
				3.00%, 5/15/33			363,410
	1,250			Hartford Cnty. Met. Dist. Clean Wtr. Proj. Rev.,
				5.00%, 2/01/33			1,440,207
							5,489,638
				Florida - 16%
	780			Brevard Cnty. Sch. Brd. Ref. COP,
				5.00%, 7/01/32			840,609
	1,000			Central Florida Expwy. Auth. Rev.,
				4.00%, 7/01/36			1,005,288
	1,000			Hillsborough Cnty. Aviation Auth. Rev.,
				Tampa Int’l. Arpt.,
				5.00%, 10/01/44
				Prerefunded 10/01/24 @ $100 (b)			1,015,313

 

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

 

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DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2023

(Unaudited)

 

Principal         Amount (000)				Description (a)		Value
	$1,080			Miami Beach Hlth. Facs. Auth. Rev.,
				Mt. Sinai Med. Ctr.,
				5.00%, 11/15/39			$1,085,843
	500			Miami Beach Redev. Agy. Rev.,
				5.00%, 2/01/40, AGM			501,876
	1,250			Miami-Dade Cnty. Ed. Facs. Auth. Rev.,
				Univ. of Miami,
				5.00%, 4/01/45			1,267,204
	2,220			Miami-Dade Cnty. Sch. Brd. Ref. COP,
				5.00%, 2/01/34			2,292,525
	2,035			Seminole Cnty. Sales Tax Rev.,
				5.25%, 10/01/31, NRE			2,338,220
	2,190			Seminole Cnty. Sch. Brd. COP,
				5.00%, 7/01/33			2,280,094
	830			S. Florida Wtr. Mgmt. Dist. COP,
				5.00%, 10/01/35			859,385
	470			Tallahassee Hlth. Facs. Rev.,
				Tallahassee Memorial Hlthcare.,
				5.00%, 12/01/41			467,623
							13,953,980
				Georgia - 0.6%
	500			Atlanta Arpt. Passenger Fac. Charge Gen. Rev.,
				5.00%, 1/01/32			503,324
				Illinois - 13.3%
	500			Chicago Multi-Family Hsg. Rev.,
				Paul G. Stewart (Phases I and II),
				4.90%, 3/20/44, FHA			500,160
	1,000			Chicago O’Hare Intl. Arpt. Rev.,
				Customer Fac. Charge,
				5.125%, 1/01/30, AGM			1,003,187
	250			Chicago Sales Tax Rev.,
				5.00%, 1/01/30
				Prerefunded 1/01/25 @ $100 (b)			255,721
	250			Chicago Wtrwks. Rev.,
				5.00%, 11/01/30			261,600
	665			Chicago Wtrwks. Rev.,
				5.25%, 11/01/32, AGM			718,185
	250			Chicago Wtrwks. Rev.,
				5.00%, 11/01/36, AGM			262,725
	865			Chicago Wtrwks. Rev.,
				5.00%, 11/01/44			871,489

 

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

 

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DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2023

(Unaudited)

 

Principal         Amount (000)				Description (a)		Value
	$1,000			Cook Cnty. Gen. Oblig.,
				5.00%, 11/15/24			$1,018,351
	170			Illinois St. Fin. Auth. Rev.,
				Advocate Hlth. Care Network,
				5.00%, 5/01/45
				Prerefunded 5/01/25 @ $100 (b)			174,322
	1,055			Illinois St. Fin. Auth. Rev.,
				Advocate Hlth. Care Network,
				5.00%, 5/01/45
				Prerefunded 5/01/25 @ $100 (b)			1,083,626
	525			Illinois St. Fin. Auth. Rev.,
				Northwestern Memorial Hlthcare.,
				5.00%, 9/01/42
				Prerefunded 9/01/24 @ $100 (b)			534,099
	1,000			Illinois St. Gen. Oblig.,
				5.00%, 2/01/27			1,051,538
	2,020			Illinois St. Gen. Oblig.,
				5.50%, 1/01/29			2,238,443
	600			Illinois St. Gen. Oblig.,
				5.00%, 2/01/29			631,978
	1,000			Univ. of Illinois Aux. Facs. Sys. Rev.,
				5.00%, 4/01/34			1,003,650
							11,609,074
				Indiana - 0.3%
	240			Indiana St. Fin. Auth. Hosp. Rev.,
				Indiana Univ. Hlth.,
				5.00%, 12/01/28			245,919
				Louisiana - 1.8%
	1,250			Louisiana St. Tran. Auth. Rev.,
				5.00%, 8/15/38
				Prerefunded 8/15/23 @ $100 (b)			1,250,717
	300			New Orleans Swr. Svc. Rev.,
				5.00%, 6/01/44
				Prerefunded 6/01/24 @ $100 (b)			304,170
							1,554,887
				Maine - 1%
	905			Maine St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,
				5.00%, 7/01/33			905,641
				Maryland - 1.2%
	1,000			Maryland St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,
				Luminis Hlth.,
				5.00%, 7/01/39
				Prerefunded 7/01/24 @ $100 (b)			1,014,945

 

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

 

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DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2023

(Unaudited)

 

Principal         Amount (000)				Description (a)		Value
				Massachusetts - 2.6%
	$1,945			Massachusetts St. Gen. Oblig.,
				5.50%, 8/01/30, AMBAC			$2,262,446
				Michigan - 3.5%
	1,630			Great Lakes Wtr. Auth., Sewage Disposal
				Sys. Rev.,
				5.00%, 7/01/33			1,699,230
	550			Michigan St. Fin. Auth. Rev.,
				Corewell Hlth.,
				5.00%, 11/01/44			558,012
	540			Michigan St. Bldg. Auth. Rev.,
				4.00%, 10/15/36			548,235
	225			Royal Oak Hosp. Fin. Auth. Rev.,
				Corewell Hlth.,
				5.00%, 9/01/39
				Prerefunded 3/01/24 @ $100 (b)			226,958
							3,032,435
				Minnesota - 0.2%
	200			Minnesota St. Hsg. Fin. Agy.,
				2.70%, 7/01/44			158,323
				Nebraska - 2.4%
	1,925			Omaha Gen. Oblig.,
				5.25%, 4/01/27			2,085,148
				New Jersey - 2.2%
	400			Camden Cnty. Impvt. Auth. Hlthcare.
				Redev. Rev., Cooper Hlth. Sys.,
				5.00%, 2/15/33			401,796
	295			New Jersey St. COVID-19 Gen. Oblig.
				Emergency Bonds,
				4.00%, 6/01/31			314,534
	1,125			New Jersey St. Tpk. Auth. Rev.,
				5.00%, 1/01/34			1,191,732
							1,908,062
				New York - 3.4%
	2,035			New York St. Dorm. Auth.,
				Personal Inc. Tax Rev.,
				5.00%, 03/15/31			2,091,615
	900			Port Auth. of New York and New Jersey Rev.,
				5.00%, 6/01/33			904,590
							2,996,205

 

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

 

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DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2023

(Unaudited)

 

Principal         Amount (000)				Description (a)		Value
				Oregon - 1.9%
	$570			Port of Portland Intl. Arpt. Rev.,
				5.00%, 7/01/32			$575,631
	1,000			Washington Cnty. Sch. Dist. 48J
				(Beaverton), Gen. Oblig.
				5.00%, 6/15/36			1,060,684
							1,636,315
				Pennsylvania - 2.3%
	2,000			Delaware River Port Auth. Rev.,
				5.00%, 1/01/34
				Prerefunded 1/01/24 @ $100 (b)			2,014,262
				Rhode Island - 1.3%
	1,070			Rhode Island St. Clean Wtr. Fin. Agy.,
				Wtr. Poll. Control Rev.,
				5.00%, 10/01/32
				Prerefunded 10/01/24 @ $100 (b)			1,091,295
				South Carolina - 2.1%
	1,500			Charleston Edl. Excellence Fin. Corp. Rev.,
				Charleston Cnty. Sch. Dist.,
				5.00%, 12/01/24			1,531,395
	290			SCAGO Edl. Facs. Corp. Rev.,
				Pickens Cnty. Sch. Dist.,
				5.00%, 12/01/24			295,562
							1,826,957
				Tennessee - 2.7%
	250			Chattanooga-Hamilton Cnty. Hosp. Auth. Rev.,
				Erlanger Hlth. Sys.,
				5.00%, 10/01/34			252,751
	2,000			Tennessee St. Sch. Bond Auth. Rev.,
				5.00%, 11/01/42			2,109,333
							2,362,084
				Texas - 6.4%
	600			Bexar Cnty. Hosp. Dist. Gen. Oblig.,
				5.00%, 2/15/25			615,010
	670			Dallas Area Rapid Transit Rev.,
				5.00%, 12/01/41
				Prerefunded 12/01/25 @ $100 (b)			698,423
	1,410			Houston Util. Sys. Rev.,
				5.00%, 11/15/32
				Prerefunded 11/15/23 @ $100 (b)			1,416,604

 

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

 

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DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2023

(Unaudited)

 

Principal         Amount (000)				Description (a)		Value
	$1,505			North Texas Twy. Auth. Rev.,
				Convertible CAB,
				0.00%, 9/01/43
				Prerefunded 9/01/31 @ $100 (b)			$1,894,653
	1,000			Texas St. Wtr. Development Brd. Rev.,
				St. Wtr. Implementation Fund,
				4.00%, 10/15/47			972,792
							5,597,482
				Vermont - 0.6%
	500			Vermont St. Edl. and Hlth. Bldg. Fin. Agy. Rev.,
				Univ. of Vermont Med. Center,
				5.00%, 12/01/35			518,441
				Washington - 1.5%
	1,260			Port of Seattle Rev.,
				5.00%, 5/01/32			1,323,460
				Wisconsin - 1.9%
	1,400			Wisconsin St. Pub. Fin. Auth. Hosp. Rev.,
				Renown Reg. Med. Ctr.,
				5.00%, 6/01/40			1,418,168
	250			Wisconsin St. Pub. Fin. Auth.,
				Solid Waste Disp. Rev.,
				2.875%, 5/01/27			233,419
							1,651,587
				Total Long-Term Investments
				(Cost $85,648,776)			85,337,661
				TOTAL INVESTMENTS - 98%
				(Cost $85,648,776)			$85,337,661
				Other assets less liabilities - 2%			1,759,595
				NET ASSETS - 100%			$87,097,256

 

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

 

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DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2023

(Unaudited)

 

(a) The following abbreviations are used in the portfolio descriptions:

AGM - Assured Guaranty Municipal Corp.*

AMBAC - Ambac Assurance Corporation*

BAM - Build America Mutual Assurance Company*

CAB - Capital Appreciation Bond

COP - Certificate of Participation

FHA - Federal Housing Authority*

NRE - National Public Finance Guarantee Corporation*

* Indicates an obligation of credit support, in whole or in part.

(b) Prerefunded issues are secured by escrowed cash, U.S. government obligations, or other securities.

The percentage shown for each investment category is the total value of that category as a percentage of the net assets applicable to common stock of the Fund.

Note 1. Investment Valuation

The Fund’s investments are carried at fair value which is defined as the price that the Fund might reasonably expect to receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment.

The three-tier hierarchy of inputs established to classify fair value measurements for disclosure purposes is summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.)

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. For more information about the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements contained in its semi-annual report. The following is a summary of the inputs used to value each of the Fund’s investments at July 31, 2023:

 

		Level 2
Municipal bonds		$	85,337,661

There were no Level 1 or Level 3 priced securities held and there were no transfers into or out of Level 3.

Other information regarding the Fund is available on the Fund’s website at www.dpimc.com/dtf or the Securities and Exchange Commission’s website at www.sec.gov.

 

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