DTF Tax-Free Income 2028 Term Fund (DTF) NPORT-P DTF Tax-Free Income 2028 Term Fund INC (Jan 2024 report)

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS

January 31, 2024

(Unaudited)

Principal   Amount (000)		Description (a)	Value
		LONG-TERM MUNICIPAL BOND INVESTMENTS - 97.5%
		Alabama - 1.3%
	$1,000	Jefferson Cnty. Swr. Rev.,
		5.00%, 10/01/28		$1,087,157
		Alaska - 0.3%
	290	Anchorage Elec. Util. Rev.,
		5.00%, 12/01/36
		Prerefunded 12/01/24 @ $100 (b)		294,231
		Arizona - 3.9%
	1,350	Arizona Brd. of Regents Rev.,
		Arizona St. Univ.,
		5.00%, 7/01/37		1,399,502
	650	Arizona St. Hlth. Fac. Auth. Rev.,
		HonorHealth Hosp. Proj.,
		5.00%, 12/01/42		651,723
	1,000	Maricopa Cnty. Indl. Dev. Auth. Rev.,
		Banner Hlth.,
		4.00%, 1/01/34		1,020,689
	310	Northern Arizona Univ. Rev.,
		5.00%, 6/01/40		310,521
				3,382,435
		Arkansas - 1.1%
	400	Bentonville Sales & Use Tax Rev.,
		5.00%, 11/01/24		405,204
	505	Bentonville Sales & Use Tax Rev.,
		5.00%, 11/01/26		532,215
				937,419
		California - 8.6%
	330	California St. Hlth. Facs. Fin. Auth. Rev.,
		Providence St. Joseph Hlth.,
		4.00%, 10/01/36		334,052
	1,660	California St. Hlth. Facs. Fin. Auth. Rev.,
		Sutter Hlth.,
		5.00%, 11/15/46
		Prerefunded 11/15/25 @ $100 (b)		1,722,088
	1,000	California St. Gen. Oblig.,
		5.00% 10/01/28		1,011,425
	1,000	Garden Grove Successor Agy. to Agy.
		Cmty. Dev., Tax Allocation,
		5.00%, 10/01/31, BAM		1,051,344

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)

January 31, 2024

(Unaudited)

Principal   Amount (000)		Description (a)	Value
	$1,215	San Marcos Successor Agy. to Redev.
		Agy., Tax Allocation,
		5.00%, 10/01/32		$1,255,859
	2,000	San Mateo Successor Agy. to Redev.
		Agy., Tax Allocation,
		5.00%, 8/01/30		2,063,660
				7,438,428
		Colorado - 6.3%
	1,000	Denver City and Cnty. Arpt. Rev.,
		5.50%, 11/15/30		1,144,058
	2,150	Public Auth. for Colorado Energy,
		Natural Gas Purch. Rev.,
		6.25%, 11/15/28		2,286,623
	1,000	Regl. Transprtn. Dist. (Colorado) COP,
		5.00%, 6/01/26		1,049,453
	950	Regl. Transprtn. Dist. (Colorado),
		Denver Transit Partners Eagle P3 Proj. Rev.,
		5.00%, 1/15/28		1,013,171
				5,493,305
		Connecticut - 5.5%
	500	Connecticut St. Gen. Oblig.,
		5.00%, 1/15/26		520,489
	935	Connecticut St. Gen. Oblig.,
		5.00%, 9/15/35		1,018,950
	730	Connecticut St. Gen. Oblig.,
		4.00%, 4/15/38		748,164
	1,415	Connecticut St. Hlth. & Edl. Facs. Auth.
		Rev., Yale Univ.,
		5.00%, 7/01/40		1,547,491
	550	Connecticut St. Hlth. & Edl. Facs. Auth.
		Rev., Yale-New Haven Hosp.,
		5.00%, 7/01/48		550,334
	390	Connecticut St. Hsg. Auth. Rev.,
		3.00%, 5/15/33		361,172
				4,746,600
		District of Columbia - 0.9%
	750	Washington Met. Area Transit Auth. Rev.,
		5.00%, 7/15/24		756,520
		Florida - 16.3%
	780	Brevard Cnty. Sch. Brd. Ref. COP,
		5.00%, 7/01/32		839,521

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)

January 31, 2024

(Unaudited)

Principal   Amount (000)		Description (a)	Value
	$1,000	Hillsborough Cnty. Aviation Auth. Rev.,
		Tampa Int’l. Arpt.,
		5.00%, 10/01/44
		Prerefunded 10/01/24 @ $100 (b)		$1,009,778
	700	Jacksonville Spl. Rev.,
		5.00%, 10/01/25		725,415
	500	Jacksonville Spl. Rev.,
		5.00%, 10/01/26		527,846
	1,080	Miami Beach Hlth. Facs. Auth. Rev.,
		Mt. Sinai Med. Ctr.,
		5.00%, 11/15/39		1,086,805
	500	Miami Beach Redev. Agy. Rev.,
		5.00%, 2/01/40, AGM		500,360
	1,250	Miami-Dade Cnty. Ed. Facs. Auth. Rev.,
		Univ. of Miami,
		5.00%, 4/01/45		1,255,515
	2,220	Miami-Dade Cnty. Sch. Brd. Ref. COP,
		5.00%, 2/01/34		2,294,498
	2,035	Seminole Cnty. Sales Tax Rev.,
		5.25%, 10/01/31, NRE		2,335,545
	2,190	Seminole Cnty. Sch. Brd. COP,
		5.00%, 7/01/33		2,280,115
	830	S. Florida Wtr. Mgmt. Dist. COP,
		5.00%, 10/01/35		854,781
	470	Tallahassee Hlth. Facs. Rev.,
		Tallahassee Memorial Hlthcare.,
		5.00%, 12/01/41		473,783
				14,183,962
		Illinois - 12.5%
	500	Chicago Multi-Family Hsg. Rev.,
		Paul G. Stewart (Phases I and II),
		4.90%, 3/20/44, FHA		500,206
	250	Chicago Sales Tax Rev.,
		5.00%, 1/01/30
		Prerefunded 1/01/25 @ $100 (b)		254,159
	250	Chicago Wtrwks. Rev.,
		5.00%, 11/01/30		261,321
	665	Chicago Wtrwks. Rev.,
		5.25%, 11/01/32, AGM		718,258
	250	Chicago Wtrwks. Rev.,
		5.00%, 11/01/36, AGM		265,705

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)

January 31, 2024

(Unaudited)

Principal   Amount (000)		Description (a)	Value
	$865	Chicago Wtrwks. Rev.,
		5.00%, 11/01/44		$869,688
	1,100	Cook Cnty. Gen. Oblig.,
		5.00%, 11/15/24		1,114,263
	170	Illinois St. Fin. Auth. Rev.,
		Advocate Hlth. Care Network,
		5.00%, 5/01/45
		Prerefunded 5/01/25 @ $100 (b)		173,649
	1,055	Illinois St. Fin. Auth. Rev.,
		Advocate Hlth. Care Network,
		5.00%, 5/01/45
		Prerefunded 5/01/25 @ $100 (b)		1,078,294
	525	Illinois St. Fin. Auth. Rev.,
		Northwestern Memorial Hlthcare.,
		5.00%, 9/01/42
		Prerefunded 9/01/24 @ $100 (b)		530,363
	160	Illinois St. Gen. Oblig.,
		5.00%, 11/01/26		167,802
	1,000	Illinois St. Gen. Oblig.,
		5.00%, 2/01/27		1,052,045
	2,020	Illinois St. Gen. Oblig.,
		5.50%, 1/01/29		2,245,657
	600	Illinois St. Gen. Oblig.,
		5.00%, 2/01/29		632,714
	1,000	Univ. of Illinois Aux. Facs. Sys. Rev.,
		5.00%, 4/01/34		1,001,130
				10,865,254
		Indiana - 0.3%
	240	Indiana St. Fin. Auth. Hosp. Rev.,
		Indiana Univ. Hlth.,
		5.00%, 12/01/28		243,604
		Kentucky - 3.8%
	3,180	Kentucky St. Tpk. Auth.,
		Econ. Dev. Road Rev.,
		5.00%, 7/01/26		3,339,096
		Louisiana - 0.3%
	300	New Orleans Swr. Svc. Rev.,
		5.00%, 6/01/44
		Prerefunded 6/01/24 @ $100 (b)		301,793

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)

January 31, 2024

(Unaudited)

Principal   Amount (000)		Description (a)	Value
		Maine - 0.8%
	$725	Maine St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,
		5.00%, 7/01/33		$725,675
		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)		1,006,955
		Massachusetts - 2.6%
	1,945	Massachusetts St. Gen. Oblig.,
		5.50%, 8/01/30, AMBAC		2,272,006
		Michigan - 3.4%
	1,630	Great Lakes Wtr. Auth., Sewage Disposal
		Sys. Rev.,
		5.00%, 7/01/33		1,703,220
	550	Michigan St. Fin. Auth. Rev.,
		Corewell Hlth.,
		5.00%, 11/01/44		553,509
	540	Michigan St. Bldg. Auth. Rev.,
		4.00%, 10/15/36		550,877
	225	Royal Oak Hosp. Fin. Auth. Rev.,
		Corewell Hlth.,
		5.00%, 9/01/39
		Prerefunded 3/01/24 @ $100 (b)		225,278
				3,032,884
		Minnesota - 0.2%
	200	Minnesota St. Hsg. Fin. Agy.,
		2.70%, 7/01/44		156,920
		Nebraska - 2.4%
	1,925	Omaha Gen. Oblig.,
		5.25%, 4/01/27		2,073,707
		New Jersey - 3.2%
	400	Camden Cnty. Impvt. Auth. Hlthcare.
		Redev. Rev., Cooper Hlth. Sys.,
		5.00%, 2/15/33
		Prerefunded 2/15/24 @ $100 (b)		400,206
	820	New Jersey St. COVID-19 Gen. Oblig.
		Emergency Bonds,
		5.00%, 6/01/26		860,931

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)

January 31, 2024

(Unaudited)

Principal   Amount (000)		Description (a)	Value
	$295	New Jersey St. COVID-19 Gen. Oblig.
		Emergency Bonds,
		4.00%, 6/01/31		$321,746
	1,125	New Jersey St. Tpk. Auth. Rev.,
		5.00%, 1/01/34		1,188,538
				2,771,421
		New York - 2.4%
	2,035	New York St. Dorm. Auth.,
		Personal Inc. Tax Rev.,
		5.00%, 03/15/31		2,075,095
		Oregon - 1.9%
	570	Port of Portland Intl. Arpt. Rev.,
		5.00%, 7/01/32		570,349
	1,000	Washington Cnty. Sch. Dist. 48J
		(Beaverton), Gen. Oblig.
		5.00%, 6/15/36		1,060,949
				1,631,298
		Rhode Island - 1.2%
	1,070	Rhode Island St. Clean Wtr. Fin. Agy.,
		Wtr. Poll. Control Rev.,
		5.00%, 10/01/32
		Prerefunded 10/01/24 @ $100 (b)		1,083,284
		South Carolina - 2.1%
	1,500	Charleston Edl. Excellence Fin. Corp. Rev.,
		Charleston Cnty. Sch. Dist.
		5.00%, 12/01/24		1,523,738
	290	SCAGO Edl. Facs. Corp. Rev.,
		Pickens Cnty. Sch. Dist.,
		5.00%, 12/01/24		294,231
				1,817,969
		Tennessee - 2.8%
	250	Chattanooga-Hamilton Cnty. Hosp. Auth. Rev.,
		Erlanger Hlth. Sys.,
		5.00%, 10/01/34		251,803
	1,000	Memphis-Shelby Cnty. Arpt. Auth. Rev.,
		5.00%, 7/01/26		1,048,598
	1,000	Met. Govt. of Nashville and Davidson Cnty.
		Elec. Rev.,
		5.00%, 5/15/28		1,099,447
				2,399,848

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)

January 31, 2024

(Unaudited)

Principal   Amount (000)		Description (a)	Value
		Texas - 7.6%
	$350	Arlington Hgr. Ed. Fin. Corp. Ed. Rev.,
		Trinity Basin Preparatory Inc.,
		5.00%, 8/15/26, PSF		$367,300
	600	Bexar Cnty. Hosp. Dist. Gen. Oblig.,
		5.00%, 2/15/25		611,937
	670	Dallas Area Rapid Transit Rev.,
		5.00%, 12/01/41
		Prerefunded 12/01/25 @ $100 (b)		695,247
	540	Fort Bend Cnty. Pub. Fac. Corp. Lease Rev.,
		5.00%, 3/01/25		551,868
	340	Fort Bend Cnty. Pub. Fac. Corp. Lease Rev.,
		5.00%, 3/01/26		354,673
	1,250	Grand Pkwy. Transprtn. Corp. Rev.,
		5.00%, 10/01/52		1,336,564
	735	New Braunfels Utility Sys. Rev.,
		5.00%, 7/01/28		806,868
	1,505	North Texas Twy. Auth. Rev.,
		7.00%, 9/01/43
		Prerefunded 9/01/31 @ $100 (b)		1,899,496
				6,623,953
		Vermont - 0.6%
	500	Vermont St. Edl. and Hlth. Bldg. Fin. Agy. Rev.,
		Univ. of Vermont Med. Center,
		5.00%, 12/01/35		515,744
		Washington - 1.5%
	1,260	Port of Seattle Rev.,
		5.00%, 5/01/32		1,310,549
		Wisconsin - 2.5%
	1,400	Wisconsin St. Pub. Fin. Auth. Hosp. Rev.,
		Renown Reg. Med. Ctr.,
		5.00%, 6/01/40		1,428,221
	250	Wisconsin St. Pub. Fin. Auth.,
		Solid Waste Disp. Rev.,
		2.875%, 5/01/27		238,206

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)

January 31, 2024

(Unaudited)

Principal   Amount (000)		Description (a)	Value
	$500	Wisconsin St. Pub. Fin. Auth.,
		Tax-Exempt Pooled Secs. Rev.,
		4.00%, 8/01/59		$495,605
				2,162,032
		Total Long-Term Investments
		(Cost $84,355,848)		$84,729,144
		SHORT-TERM MUNICIPAL BOND INVESTMENTS - 1%
		Massachusetts - 1%
	850	Quincy Gen. Oblig.,
		4.50%, 7/05/24		854,276
		Total Short-Term Investments
		(Cost $853,362)		$854,276
		TOTAL INVESTMENTS - 98.5%
		(Cost $85,209,210)		$85,583,420
		Other assets less liabilities - 1.5%		1,284,619
		NET ASSETS - 100%		$86,868,039

(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*

COP - Certificate of Participation

FHA - Federal Housing Authority*

NRE - National Public Finance Guarantee Corporation*

PSF - Texas Permanent School Fund*

* 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 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 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.

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 Investment Adviser’s Valuation Committee’s own assumptions in determining fair value of investments)

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DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

January 31, 2024

(Unaudited)

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 annual report. The following is a summary of the inputs used to value each of the Fund’s investments at January 31, 2024:

	Level 2
Municipal bonds	$	85,583,420

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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