NPORT-EX 2 NPORT_19H7_72937868_0722.htm

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DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS

July 31, 2022

(Unaudited)

Principal         Amount (000)				Description (a)		Value
				LONG-TERM INVESTMENTS - 165.2%
				Alabama - 2.3%
	$2,000			Jefferson Cnty. Brd. of Ed. Pub. Sch.
				Warrants,
				5.00%, 2/01/46			$2,194,850
				Alaska - 1.1%
	750			Anchorage Gen. Oblig.,
				4.00%, 09/01/38			787,173
	290			Anchorage Elec. Util. Rev.,
				5.00%, 12/01/36
				Prerefunded 12/01/24 @ $100 (b)			311,936
							1,099,109
				Arizona - 5%
	1,350			Arizona Brd. of Regents Rev.,
				Arizona St. Univ.,
				5.00%, 7/01/37			1,476,974
	650			Arizona St. Hlth. Fac. Auth. Rev.,
				HonorHealth Hosp. Proj.,
				5.00%, 12/01/42			675,002
	1,000			Maricopa Cnty. Indl. Dev. Auth. Rev.,
				Banner Hlth.,
				4.00%, 1/01/34			1,020,752
	190			Northern Arizona Univ. Rev.,
				5.00%, 6/01/40
				Prerefunded 6/01/24 @ $100 (b)			201,144
	310			Northern Arizona Univ. Rev.,
				5.00%, 6/01/40			322,190
	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)			1,033,878
							4,729,940
				California - 18.9%
	1,260			California St. Hlth. Facs. Fin. Auth. Rev.,
				Kaiser Permanente,
				4.00%, 11/01/44			1,270,720
	330			California St. Hlth. Facs. Fin. Auth. Rev.,
				Providence St. Joseph Hlth.,
				4.00%, 10/01/36			333,831
	1,660			California St. Hlth. Facs. Fin. Auth. Rev.,
				Sutter Hlth.,
				5.00%, 11/15/46
				Prerefunded 11/15/25 @ $100 (b)			1,834,755

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

1

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2022

(Unaudited)

Principal         Amount (000)				Description (a)		Value
	$100			California St. Muni. Fin. Auth. Student
				Hsg. Rev., Bowles Hall Foundation,
				5.00%, 6/01/35			$102,781
	100			California St. Muni. Fin. Auth. Student
				Hsg. Rev., Orchard Park Student Hsg. Proj.,
				4.00%, 5/15/39, BAM			100,098
	100			California St. Muni. Fin. Auth. Student
				Hsg. Rev., Orchard Park Student Hsg. Proj.,
				4.00%, 5/15/40, BAM			99,853
	1,000			California St. Gen. Oblig.,
				5.00% 10/01/28			1,069,502
	1,000			California St. Pub. Wks. Brd. Lease Rev.,
				Dept. of Corrections and Rehab.,
				5.25%, 9/01/29			1,034,841
	600			Contra Costa Cnty. Successor Agy.
				to Redev. Agy., Tax Allocation,
				5.00%, 8/01/35, BAM			664,182
	1,000			Garden Grove Successor Agy. to Agy.
				Cmty. Dev., Tax Allocation,
				5.00%, 10/01/31, BAM			1,093,640
	2,000			Gilroy Unified Sch. Dist. Gen. Oblig.,
				4.00%, 8/01/41			2,035,450
	280			Lancaster Successor Agy. to Redev. Agy.,
				Tax Allocation,
				5.00%, 8/01/33, AGM			307,088
	250			Palm Desert Successor Agy. to Redev.
				Agy., Tax Allocation,
				5.00%, 10/01/28, BAM			280,195
	1,215			San Marcos Successor Agy. to Redev.
				Agy., Tax Allocation,
				5.00%, 10/01/32			1,317,091
	2,000			San Mateo Successor Agy. to Redev.
				Agy., Tax Allocation,
				5.00%, 8/01/30			2,149,625
	1,000			Santa Clarita Cmnty. Clg. Dist. Gen. Oblig.,
				3.00%, 8/01/49			837,262
	1,000			Temple City Unified Sch. Dist. Gen. Oblig.,
				4.00%, 8/01/43			1,013,541
	575			Univ. of California Rev.,
				5.00%, 5/15/46			656,968
	1,750			Univ. of California Rev.,
				4.00%, 5/15/48			1,783,639
							17,985,062

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

2

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2022

(Unaudited)

Principal         Amount (000)				Description (a)		Value
				Colorado - 6.1%
	$925			Colorado St. Bldg. Excellent Schs. Today COP,
				5.00%, 3/15/29			$1,058,165
	320			Colorado St. Rural Colorado COP,
				4.00%, 12/15/40			326,082
	1,000			Eagle River Wtr. & Santn. Dist.
				Enterprise Wstwtr. Rev.,
				5.00%, 12/01/42
				Prerefunded 12/01/22 @ $100 (b)			1,011,526
	2,150			Public Auth. for Colorado Energy,
				Natural Gas Purch. Rev.,
				6.25%, 11/15/28			2,430,509
	1,000			Univ. of Colorado Enterprise Rev.,
				4.00%, 6/01/43			1,017,239
							5,843,521
				Connecticut - 10.5%
	935			Connecticut St. Gen. Oblig.,
				5.00%, 9/15/35			1,049,280
	730			Connecticut St. Gen. Oblig.,
				4.00%, 4/15/38			752,699
	500			Connecticut St. Hlth. & Edl. Facs. Auth.
				Rev., Univ. of New Haven,
				5.00%, 7/01/43			506,664
	1,265			Connecticut St. Hlth. & Edl. Facs. Auth.
				Rev., Yale Univ.,
				5.00%, 7/01/40			1,465,547
	550			Connecticut St. Hlth. & Edl. Facs. Auth.
				Rev., Yale-New Haven Hosp.,
				5.00%, 7/01/48			564,242
	250			Connecticut St. Hgr. Edu. Supplemental
				Loan Auth. Rev.,
				3.25%, 11/15/36			228,186
	390			Connecticut St. Hsg. Auth. Rev.,
				3.00%, 5/15/33			379,461
	370			Connecticut St. Hsg. Auth. Rev.,
				3.20%, 11/15/33			364,429
	135			Connecticut St. Hsg. Auth. Rev.,
				1.85%, 5/15/38			106,009
	1,255			Connecticut St. Spl. Tax Oblig. Rev.,
				3.125%, 5/01/40			1,154,748
	1,250			Hartford Cnty. Met. Dist. Clean Wtr. Proj. Rev.,
				5.00%, 2/01/33			1,487,048
	400			Univ. of Connecticut Rev.,
				5.00%, 5/01/30			470,438
	1,300			Univ. of Connecticut Spec. Oblig. Rev.,
				5.00%, 11/15/43			1,441,748
							9,970,499

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

3

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2022

(Unaudited)

Principal         Amount (000)				Description (a)		Value
				District of Columbia - 1.1%
	$1,000			District of Columbia Gen. Oblig.,
				5.00%, 6/01/43			$1,104,067
				Florida - 23.2%
	780			Brevard Cnty. Sch. Brd. Ref. COP,
				5.00%, 7/01/32			860,666
	750			Broward Cnty. Port Fac. Rev.,
				4.00%, 9/01/49			730,200
	1,000			Central Florida Expwy. Auth. Rev.,
				4.00%, 7/01/36			1,024,319
	1,175			Escambia Cnty. Hlth. Fac. Auth. Rev.,
				Baptist Hosp.,
				3.00%, 8/15/50, AGM			915,762
	2,350			Florida St. Brd. of Gov. Florida State Univ.
				Dorm Rev.,
				5.00%, 5/01/33			2,396,050
	1,000			Hillsborough Cnty. Aviation Auth. Rev.,
				Tampa Int’l. Arpt.,
				5.00%, 10/01/44
				Prerefunded 10/01/24 @ $100 (b)			1,055,270
	500			Lee Cnty. Tran. Fac. Rev.,
				5.00%, 10/01/35, AGM			531,890
	1,080			Miami Beach Hlth. Facs. Auth. Rev.,
				Mt. Sinai Med. Ctr.,
				5.00%, 11/15/39			1,109,348
	500			Miami Beach Redev. Agy. Rev.,
				5.00%, 2/01/40, AGM			520,456
	1,250			Miami-Dade Cnty. Ed. Facs. Auth. Rev.,
				Univ. of Miami,
				5.00%, 4/01/45			1,291,061
	2,220			Miami-Dade Cnty. Sch. Brd. Ref. COP,
				5.00%, 2/01/34			2,374,154
	250			Miami-Dade Cnty. Aviation Rev.,
				5.00%, 10/01/32
				Prerefunded 10/01/22 @ $100 (b)			251,446
	1,000			Reedy Creek Impvt. Dist. Gen. Oblig.,
				5.00%, 6/01/38
				Prerefunded 6/01/23 @ $100 (b)			1,028,855
	2,035			Seminole Cnty. Sales Tax Rev.,
				5.25%, 10/01/31, NRE			2,424,270
	2,190			Seminole Cnty. Sch. Brd. COP,
				5.00%, 7/01/33			2,420,114

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

4

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2022

(Unaudited)

Principal         Amount (000)				Description (a)		Value
	$830			S. Florida Wtr. Mgmt. Dist. COP,
				5.00%, 10/01/35			$908,954
	470			Tallahassee Hlth. Facs. Rev.,
				Tallahassee Memorial Hlthcare.,
				5.00%, 12/01/41			487,700
	665			Tampa-Hillsborough Cnty. Expwy. Auth. Rev.,
				4.00%, 7/01/42			674,706
	1,000			Tampa-Hillsborough Cnty. Expwy. Auth. Rev.,
				5.00%, 7/01/47			1,072,574
							22,077,795
				Georgia - 0.5%
	500			Atlanta Arpt. Passenger Fac. Charge Gen. Rev.,
				5.00%, 1/01/32			518,422
				Idaho - 0.3%
	240			Idaho St. Hlth. Facs. Auth. Rev.,
				St. Luke’s Hlth. Sys.,
				5.00%, 3/01/37			260,804
				Illinois - 18.3%
	500			Chicago Multi-Family Hsg. Rev.,
				Paul G. Stewart (Phases I and II),
				4.90%, 3/20/44, FHA			501,113
	1,000			Chicago O’Hare Intl. Arpt. Rev.,
				Customer Fac. Charge,
				5.125%, 1/01/30, AGM			1,012,469
	620			Chicago O’Hare Intl. Arpt. Rev.,
				5.25%, 1/01/42			673,234
	250			Chicago Sales Tax Rev.,
				5.00%, 1/01/30
				Prerefunded 1/01/25 @ $100 (b)			268,551
	250			Chicago Wtrwks. Rev.,
				5.00%, 11/01/30			266,210
	665			Chicago Wtrwks. Rev.,
				5.25%, 11/01/32, AGM			746,393
	250			Chicago Wtrwks. Rev.,
				5.00%, 11/01/36, AGM			275,131
	865			Chicago Wtrwks. Rev.,
				5.00%, 11/01/44			888,637
	170			Illinois St. Fin. Auth. Rev.,
				Advocate Hlth. Care Network,
				5.00%, 5/01/45
				Prerefunded 5/01/25 @ $100 (b)			183,715

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

5

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2022

(Unaudited)

Principal         Amount (000)				Description (a)		Value
	$1,055			Illinois St. Fin. Auth. Rev.,
				Advocate Hlth. Care Network,
				5.00%, 5/01/45
				Prerefunded 5/01/25 @ $100 (b)			$1,147,509
	520			Illinois St. Fin. Auth. Rev.,
				Northwestern Memorial Hlthcare.,
				5.00%, 8/15/37
				Prerefunded 8/15/22 @ $100 (b)			520,668
	525			Illinois St. Fin. Auth. Rev.,
				Northwestern Memorial Hlthcare.,
				5.00%, 9/01/42
				Prerefunded 9/01/24 @ $100 (b)			560,183
	1,090			Illinois St. Fin. Auth. Rev.,
				Rush Univ. Med. Ctr.,
				4.00%, 11/15/39			1,075,740
	1,000			Illinois St. Fin. Auth. Rev.,
				Rush Univ. Med. Ctr.,
				5.00%, 11/15/39			1,045,772
	1,000			Illinois St. Gen. Oblig.,
				5.00%, 2/01/27			1,094,404
	2,020			Illinois St. Gen. Oblig.,
				5.50%, 1/01/29			2,298,707
	600			Illinois St. Gen. Oblig.,
				5.00%, 2/01/29			647,610
	1,180			Illinois St. Hsg. Dev. Auth. Rev.,
				2.375%, 10/01/42			924,625
	750			Illinois St. Toll Hwy. Auth. Rev.,
				5.00%, 1/01/41			802,004
	330			Railsplitter Tobacco Settlement Auth. Rev.,
				5.00%, 6/01/27			361,848
	1,000			Sales Tax Securitization Corp. Rev.,
				5.00%, 1/01/48			1,074,071
	1,000			Univ. of Illinois Aux. Facs. Sys. Rev.,
				5.00%, 4/01/34			1,034,357
							17,402,951
				Indiana - 2.5%
	240			Indiana St. Fin. Auth. Hosp. Rev.,
				Indiana Univ. Hlth.,
				5.00%, 12/01/28			255,002
	2,000			Indiana St. Fin. Auth. Hosp. Rev.,
				Parkview Hlth.,
				5.00%, 11/01/43			2,146,254
							2,401,256
				Kentucky - 1%
	900			Kentucky Bond Dev. Corp.
				Transient Room Tax Rev.,
				5.00%, 9/01/43			994,180

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

6

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2022

(Unaudited)

Principal         Amount (000)				Description (a)		Value
				Louisiana - 5.3%
	$1,250			Louisiana St. Stadium & Exposition Dist. Rev.,
				5.00%, 7/01/30			$1,288,249
	605			Louisiana St. Stadium & Exposition Dist. Rev.,
				5.00%, 7/01/36			622,953
	1,250			Louisiana St. Tran. Auth. Rev.,
				5.00%, 8/15/38
				Prerefunded 8/15/23 @ $100 (b)			1,293,978
	300			New Orleans Swr. Svc. Rev.,
				5.00%, 6/01/44
				Prerefunded 6/01/24 @ $100 (b)			318,156
	500			Port of New Orleans Brd. of
				Commissioners Port Fac. Rev.,
				5.00%, 4/01/33
				Prerefunded 4/01/23 @ $100 (b)			509,965
	1,000			Terrebonne Parish Consol. Wtrwks.
				Dist. No. 1 Rev.,
				5.00%, 11/01/37
				Prerefunded 11/01/22 @ $100 (b)			1,008,659
							5,041,960
				Maine - 2.3%
	100			Maine St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,
				5.00%, 7/01/33,
				Prerefunded 7/01/23 @ $100 (b)			103,115
	905			Maine St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,
				5.00%, 7/01/33			929,933
	610			Portland General Arpt. Rev.,
				5.00%, 7/01/31			621,725
	540			Portland General Arpt. Rev.,
				5.00%, 7/01/32			549,818
							2,204,591
				Maryland - 1.5%
	500			Maryland St. Cmnty. Dev. Admin.,
				Dept. of Hsg. And Cmnty. Dev. Rev.,
				1.95%, 9/01/41			372,202
	1,000			Maryland St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,
				Luminis Hlth.,
				5.00%, 7/01/39
				Prerefunded 7/01/24 @ $100 (b)			1,061,083
							1,433,285
				Massachusetts - 8.3%
	3,000			Massachusetts St. Bay Trans. Auth. Rev.,
				5.50%, 7/01/29, NRE			3,652,395

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

7

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2022

(Unaudited)

Principal         Amount (000)				Description (a)		Value
	$1,945			Massachusetts St. Gen. Oblig.,
				5.50%, 8/01/30, AMBAC			$2,384,830
	700			Massachusetts St. Hsg. Fin. Agy. Rev.,
				2.30%, 12/01/40			560,551
	300			Massachusetts St. Hsg. Fin. Agy. Rev.,
				3.00%, 12/01/45			255,497
	1,000			Massachusetts St. Port Auth. Rev.,
				5.00%, 7/01/47			1,056,795
							7,910,068
				Michigan - 2.3%
	550			Michigan St. Fin. Auth. Rev.,
				Beaumont Hlth. Credit Group,
				5.00%, 11/01/44			577,700
	540			Michigan St. Bldg. Auth. Rev.,
				4.00%, 10/15/36			562,146
	1,020			Michigan St. Hsg. Dev. Auth. Rev.,
				2.80%, 12/01/45			844,714
	225			Royal Oak Hosp. Fin. Auth. Rev.,
				Beaumont Hlth. Credit Group,
				5.00%, 9/01/39
				Prerefunded 3/01/24 @ $100 (b)			236,717
							2,221,277
				Minnesota - 0.2%
	200			Minnesota St. Hsg. Fin. Agy.,
				2.70%, 7/01/44			169,918
				Mississippi - 0.6%
	600			Mississippi St. Gen. Oblig.,
				4.00%, 10/01/39			626,346
				Nebraska - 2.3%
	1,925			Omaha Gen. Oblig.,
				5.25%, 4/01/27			2,213,177
				New Jersey - 3%
	400			Camden Cnty. Impvt. Auth. Hlthcare.
				Redev. Rev., Cooper Hlth. Sys.,
				5.00%, 2/15/33			409,306
	295			New Jersey St. COVID-19 Gen. Oblig.
				Emergency Bonds,
				4.00%, 6/01/31			325,781
	305			New Jersey St. Tpk. Auth. Rev.,
				4.00%, 1/01/35			318,170
	1,750			Tobacco Settlement Financing Corp. Rev.,
				5.25%, 6/01/46			1,851,469
							2,904,726

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

8

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2022

(Unaudited)

Principal         Amount (000)				Description (a)		Value
				New York - 11.7%
	$235			Long Island Pwr. Auth. Elec. Sys. Gen. Rev.,
				5.00%, 9/01/42
				Prerefunded 9/01/22 @ $100 (b)			$235,691
	530			Long Island Pwr. Auth. Elec. Sys. Gen. Rev.,
				5.00%, 9/01/42			582,993
	450			Long Island Pwr. Auth. Elec. Sys. Gen. Rev.,
				5.00%, 9/01/42
				Prerefunded 9/01/22 @ $100 (b)			451,322
	15			Long Island Pwr. Auth. Elec. Sys. Gen. Rev.,
				5.00%, 9/01/42			15,037
	600			New York Cntys. Tobacco Trust VI Rev.,
				5.00%, 6/01/45			604,302
	3,000			New York City Hsg. Dev. Corp.,
				Sustainable Dev. Bonds,
				2.40%, 11/01/46			2,235,811
	100			New York City Indl. Dev. Agy.,
				Queens Baseball Stadium Proj. Rev.,
				3.00%, 01/01/37, AGM			90,201
	100			New York City Indl. Dev. Agy.,
				Queens Baseball Stadium Proj. Rev.,
				3.00%, 01/01/39, AGM			89,592
	1,250			New York City Indl. Dev. Agy.,
				Queens Baseball Stadium Proj. Rev.,
				3.00%, 01/01/46, AGM			1,034,962
	510			New York City Mun. Wtr. Fin. Auth.
				Wtr. & Swr. Sys. Rev.,
				Adjustable Rate Bond,
				1.89%, 06/15/48			510,000
	1,185			New York City Transitional Fin. Auth. Rev.,
				3.00%, 5/01/45			1,033,394
	2,035			New York St. Dorm. Auth.,
				Personal Inc. Tax Rev.,
				5.00%, 03/15/31			2,183,629
	900			Port Auth. of New York and New Jersey Rev.,
				5.00%, 6/01/33			936,395
	500			Triborough Bridge & Tunnel Auth. Rev.,
				5.00%, 11/15/30			511,819
	195			TSASC Inc. Tobacco Settlement Rev.,
				5.00%, 6/01/34			206,713
	400			Utility Debt Securitization Auth.,
				Restructuring Rev.,
				5.00%, 12/15/31			417,225
							11,139,086

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

9

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2022

(Unaudited)

Principal         Amount (000)				Description (a)		Value
				North Carolina - 0.2%
	$195			North Carolina St. Hsg. Fin. Agy. Rev.,
				2.85%, 1/01/43			$165,667
				Ohio - 1.9%
	775			Buckeye Tobacco Settlement Fin. Auth. Rev.,
				4.00%, 6/01/48			747,117
	570			Northeast Ohio Regl. Swr. Dist. Rev.,
				4.00%, 11/15/43			579,459
	505			Ohio St. Hsg. Fin. Agy. Rev.,
				2.45%, 9/01/45			444,990
							1,771,566
				Oregon - 2.4%
	500			Oregon St. Gen. Oblig.,
				5.00%, 5/01/41			542,127
	570			Port of Portland Intl. Arpt. Rev.,
				5.00%, 7/01/32			592,484
	1,000			Washington Cnty. Sch. Dist. 48J
				(Beaverton), Gen. Oblig.
				5.00%, 6/15/36			1,114,317
							2,248,928
				Pennsylvania - 4.3%
	2,000			Delaware River Port Auth. Rev.,
				5.00%, 1/01/34
				Prerefunded 1/01/24 @ $100 (b)			2,095,921
	850			Pennsylvania St. Tpk. Commission
				Oil Franchise Tax Rev.,
				5.00%, 12/01/46			942,072
	450			Pennsylvania St. Tpk. Commission Rev.,
				6.375%, 12/01/38			528,110
	500			Pennsylvania St. Tpk. Commission Rev.,
				4.00%, 12/01/46			492,388
							4,058,491
				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)			1,145,549
				South Carolina - 2.5%
	2,000			Charleston Cnty. Spl. Source Rev.,
				5.00%, 12/01/32
				Prerefunded 12/01/23 @ $100 (b)			2,090,326

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

10

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2022

(Unaudited)

Principal         Amount (000)				Description (a)		Value
	$290			SCAGO Edl. Facs. Corp. Rev.,
				Pickens Cnty. Sch. Dist.,
				5.00%, 12/01/24			$310,489
							2,400,815
				Tennessee - 3.3%
	250			Chattanooga-Hamilton Cnty. Hosp. Auth. Rev.,
				Erlanger Hlth. Sys.,
				5.00%, 10/01/34			256,809
	135			Tennessee St. Hsg. Dev. Agy.,
				3.625%, 7/01/32			136,156
	245			Tennessee St. Hsg. Dev. Agy.,
				3.90%, 7/01/42			242,750
	280			Tennessee St. Hsg. Dev. Agy.,
				4.00%, 7/01/43			283,568
	2,000			Tennessee St. Sch. Bond Auth. Rev.,
				5.00%, 11/01/42			2,199,877
							3,119,160
				Texas - 16.6%
	500			Carrollton-Farmers Branch Indep. Sch. Dist. Gen. Oblig.,
				3.00%, 2/15/41, PSF			487,179
	1,000			Central Texas Regl. Mobility Auth. Rev.,
				4.00%, 1/01/38			1,017,113
	500			Cypress-Fairbanks Indep. Sch. Dist. Gen. Oblig.,
				2.25%, 2/15/43, PSF			376,437
	500			Cypress-Fairbanks Indep. Sch. Dist. Gen. Oblig.,
				2.25%, 2/15/44, PSF			371,627
	550			Cypress-Fairbanks Indep. Sch. Dist. Gen. Oblig.,
				2.25%, 2/15/45, PSF			404,139
	670			Dallas Area Rapid Transit Rev.,
				5.00%, 12/01/41
				Prerefunded 12/01/25 @ $100 (b)			739,967
	1,250			Houston Arpt. Sys. Rev.,
				5.00%, 7/01/39			1,371,308
	1,410			Houston Util. Sys. Rev.,
				5.00%, 11/15/32
				Prerefunded 11/15/23 @ $100 (b)			1,470,845
	1,625			Keller Indep. Sch. Dist. Gen. Oblig.,
				4.00%, 2/15/47, PSF			1,655,505

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

11

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2022

(Unaudited)

Principal         Amount (000)				Description (a)		Value
	$1,000			Klein Indep. Sch. Dist. Gen. Oblig.,
				3.00%, 8/01/46, PSF			$894,375
	1,000			Lewisville Indep. Sch. Dist. Gen. Oblig.,
				3.00%, 8/15/39, PSF			962,904
	1,505			North Texas Twy. Auth. Rev.,
				Convertible CAB,
				0.00%, 9/01/43
				Prerefunded 9/01/31 @ $100 (b)			1,908,301
	1,135			North Texas Twy. Auth. Rev.,
				4.00%, 1/01/43			1,149,307
	700			San Antonio Indep. Sch. Dist. Sch. Bldg.
				Gen. Oblig.,
				5.00%, 8/15/38, PSF			772,134
	250			Spring Branch Indep. Sch. Dist. Sch. Bldg.
				Gen. Oblig.,
				3.00%, 2/01/43, PSF			233,202
	1,000			Texas St. Wtr. Development Brd. Rev.,
				St. Wtr. Implementation Fund,
				4.00%, 10/15/47			1,014,329
	1,000			Upper Trinity Reg. Wtr. Dist. Rev.,
				4.00%, 8/01/37, AGM
				Refunded 8/26/22 @ $100 (b)			1,001,703
							15,830,375
				Vermont - 0.6%
	500			Vermont St. Edl. and Hlth. Bldg. Fin. Agy. Rev.,
				Univ. of Vermont Med. Center,
				5.00%, 12/01/35			532,220
				Virginia - 2.1%
	2,000			Virginia St. College Bldg. Auth. Rev.,
				5.00%, 2/01/23			2,034,473
				Wisconsin - 1.8%
	1,400			Wisconsin St. Pub. Fin. Auth. Hosp. Rev.,
				Renown Reg. Med. Ctr.,
				5.00%, 6/01/40			1,462,278

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

12

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2022

(Unaudited)

Principal         Amount (000)				Description (a)		Value
	$250			Wisconsin St. Pub. Fin. Auth.,
				Solid Waste Disp. Rev.,
				2.875%, 5/01/27			$244,605
							1,706,883
				Total Long-Term Investments
				(Cost $159,200,240)			157,461,017
				TOTAL INVESTMENTS - 165.2%
				(Cost $159,200,240)			157,461,017
				Remarketable Variable Rate MuniFund Term     Preferred Shares at liquidation value - (68.2)%			(65,000,000)
				Other assets less other liabilities - 3.0%			2,845,203
				NET ASSETS APPLICABLE TO COMMON STOCK - 100.0%			$95,306,220

(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*

PSF - Texas Permanent School Fund*

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

(b) Prerefunded and refunded 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, 2022:

		Level 2
Municipal bonds		$	157,461,017

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.

13