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DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS

January 31, 2025

(Unaudited)


Principal Amount (000)		Description (a)	Value

		LONG-TERM MUNCIPAL BOND INVESTMENTS - 92.5%

		Arizona - 2.6%
	$1,000	Maricopa Cnty. Indl. Dev. Auth. Rev.,
		Banner Hlth.,
		4.00%, 1/01/34		$1,007,387
	1,125	Salt River Proj. Agric. Impt. & Pwr.
		Dist. Rev.,
		5.00%, 1/01/30		1,237,613

				2,245,000


		Arkansas - 0.6%
	505	Bentonville Sales & Use Tax Rev.,
		5.00%, 11/01/26		522,482


		California - 1.6%
	330	California St. Hlth. Facs. Fin. Auth. Rev.,
		Providence St. Joseph Hlth.,
		4.00%, 10/01/36		328,770
	1,000	California St. Gen. Oblig.,
		5.00%, 8/01/28		1,074,296

				1,403,066


		Colorado - 7.5%
	1,000	Boulder Larimer & Weld Cntys., Saint Vrain
		Vly. Sch. Dist. RE-1J, Gen. Oblig.,
		5.00%, 12/15/34		1,161,669
	1,000	Denver City and Cnty. Arpt. Rev.,
		5.50%, 11/15/30		1,102,395
	1,795	Public Auth. for Colorado Energy,
		Natural Gas Purch. Rev.,
		6.25%, 11/15/28		1,884,697
	1,000	Regl. Transprtn. Dist. (Colorado) COP,
		5.00%, 6/01/26		1,029,630
	1,200	Regl. Transprtn. Dist. (Colorado),
		Denver Transit Partners Eagle P3 Proj. Rev.,
		5.00%, 1/15/28		1,251,852

				6,430,243


		Connecticut - 5.4%
	500	Connecticut St. Gen. Oblig.,
		5.00%, 1/15/26		510,825
	1,085	Connecticut St. Gen. Oblig.,
		5.00%, 9/15/31		1,218,680

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

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

January 31, 2025

(Unaudited)


Principal Amount (000)		Description (a)	Value

	$935	Connecticut St. Gen. Oblig.,
		5.00%, 9/15/35		$984,838
	1,415	Connecticut St. Hlth. & Edl. Facs. Auth.
		Rev., Yale Univ.,
		5.00%, 7/01/40
		(Mandatory put 2/01/28)		1,506,898
	390	Connecticut St. Hsg. Auth. Rev.,
		3.00%, 5/15/33		351,675

				4,572,916


		Florida - 10.1%
	2,000	Alachua Cnty. Hsg. Fin. Auth. Rev.,
		Harbor Cove Apartments,
		3.30%, 12/01/29
		(Mandatory put 6/01/27)		1,999,037
	1,020	Florida St. Atlantic Univ. Fin. Corp.
		Capital Impt. Rev.,
		5.00%, 7/01/25		1,028,613
	500	Marion Cnty. Sch. Brd. COP,
		5.00%, 6/01/27, AGM		522,410
	1,080	Miami Beach Hlth. Facs. Auth. Rev.,
		Mt. Sinai Med. Ctr.,
		5.00%, 11/15/39		1,080,230
	500	Miami Beach Redev. Agy. Rev.,
		5.00%, 2/01/40, AGM		502,570
	1,250	Miami-Dade Cnty. Ed. Facs. Auth. Rev.,
		Univ. of Miami,
		5.00%, 4/01/45
		Refunded 4/01/25 @ $100 (b)		1,254,047
	2,035	Seminole Cnty. Sales Tax Rev.,
		5.25%, 10/01/31, NRE		2,244,507

				8,631,414


		Georgia - 1%
	500	Georgia St. Gen. Oblig.,
		5.00%, 2/01/28		521,444
	300	Upper Oconee Basin Wtr. Auth. Rev.,
		5.00%, 7/01/29		326,611

				848,055


		Illinois - 8%
	500	Chicago Multi-Family Hsg. Rev.,
		Paul G. Stewart (Phases I and II),
		4.90%, 3/20/44, FHA		500,005

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

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

January 31, 2025

(Unaudited)


Principal Amount (000)		Description (a)	Value

	$250	Chicago Wtrwks. Rev.,
		5.00%, 11/01/30		$257,121
	665	Chicago Wtrwks. Rev.,
		5.25%, 11/01/32, AGM		697,937
	250	Chicago Wtrwks. Rev.,
		5.00%, 11/01/36, AGM		258,486
	1,405	Cook Cnty. Sales Tax Rev.,
		5.00%, 11/15/32		1,575,768
	170	Illinois St. Fin. Auth. Rev.,
		Advocate Hlth. Care Network,
		5.00%, 5/01/45
		Prerefunded 5/01/25 @ $100 (b)		170,838
	160	Illinois St. Gen. Oblig.,
		5.00%, 11/01/26		164,978
	1,000	Illinois St. Gen. Oblig.,
		5.00%, 2/01/27		1,034,944
	2,020	Illinois St. Gen. Oblig.,
		5.50%, 1/01/29		2,187,186

				6,847,263


		Kentucky - 5.6%
	530	Kenton Cnty. Arpt. Brd. Rev.,
		5.00%, 1/01/27		539,064
	3,180	Kentucky St. Tpk. Auth.,
		Econ. Dev. Road Rev.,
		5.00%, 7/01/26		3,275,813
	1,000	Rural Wtr. Financing Agy. Public Projs. Rev.,
		City of Millington, Tenn.,
		3.70%, 5/01/27		1,002,543

				4,817,420


		Louisiana - 2.6%
	2,000	Louisiana St. Gen. Oblig.,
		5.00%, 12/01/29		2,191,468


		Maine - 0.8%
	725	Maine St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,
		5.00%, 7/01/33		725,911


		Massachusetts - 0.3%
	250	Massachusetts Bay Transprtn. Auth. Rev.,
		5.00%, 7/01/27		263,920

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

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

January 31, 2025

(Unaudited)


Principal Amount (000)		Description (a)	Value

		Michigan - 4.3%
	$1,055	Great Lakes Wtr. Auth.,
		Wtr. Supply Sys. Rev.,
		5.00%, 7/01/28		$1,083,042
	550	Michigan St. Fin. Auth. Rev.,
		Corewell Hlth.,
		5.00%, 11/01/44		554,094
	540	Michigan St. Bldg. Auth. Rev.,
		4.00%, 10/15/36		543,889
	1,500	Wayne Cnty. Arpt. Auth. Rev.,
		5.00%, 12/01/45		1,505,916

				3,686,941


		Minnesota - 0.2%
	200	Minnesota St. Hsg. Fin. Agy.,
		2.70%, 7/01/44		147,189


		Nebraska - 2.4%
	1,925	Omaha Gen. Oblig.,
		5.25%, 4/01/27		2,024,958


		New Jersey - 4.7%
	820	New Jersey St. COVID-19 Gen. Oblig.
		Emergency Bonds,
		5.00%, 6/01/26		844,455
	295	New Jersey St. COVID-19 Gen. Oblig.
		Emergency Bonds,
		4.00%, 6/01/31		312,269
	2,500	New Jersey St. Transprtn. Trust Fund Auth.
		Rev.,
		5.00%, 6/15/33		2,835,738

				3,992,462


		New York - 5.2%
	500	New York City Transitional Fin. Auth. Rev.,
		5.00%, 11/01/27		530,346
	750	New York St. Dorm. Auth.,
		Personal Inc. Tax Rev.,
		5.00%, 03/15/28		801,657
	2,035	New York St. Dorm. Auth.,
		Personal Inc. Tax Rev.,
		5.00%, 03/15/31
		Refunded 3/15/25 @ $100 (b)		2,040,513

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

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

January 31, 2025

(Unaudited)


Principal Amount (000)		Description (a)	Value

	$500	New York St. Dorm. Auth. Rev.,
		5.00%, 10/01/26, AGM		$519,156
	500	New York St. Dorm. Auth. Rev.,
		5.00%, 10/01/36, AGM		556,906

				4,448,578


		North Carolina - 0.7%
	625	Raleigh-Durham Arpt. Auth. Rev.,
		5.00%, 05/01/26		627,962


		North Dakota - 2%
	1,550	Bismarck Gen. Oblig.,
		5.00%, 5/01/30		1,698,496


		Oklahoma - 5.4%
	1,345	Creek Cnty. Edl. Facs. Auth. Rev.,
		5.00%, 9/01/25, BAM		1,360,443
	2,000	Oklahoma St. Capitol Impt. Auth.,
		St. Facs. Rev.,
		5.00%, 7/01/26		2,058,857
	1,200	Oklahoma St. Wtr. Resources Brd.,
		Revolving Fund Rev.,
		5.00%, 4/01/26		1,231,084

				4,650,384


		Pennsylvania - 3.2%
	1,000	Pennsylvania St. Gen. Oblig.,
		5.00%, 8/15/28		1,073,198
	315	Pittsburgh Gen. Oblig.,
		5.00%, 9/01/26		325,534
	400	York Cnty. Gen. Oblig.,
		5.00%, 6/01/30		441,093
	375	York Cnty. Gen. Oblig.,
		5.00%, 6/01/31		419,555
	400	York Cnty. Gen. Oblig.,
		5.00%, 6/01/32		451,520

				2,710,900


		Rhode Island - 2.5%
	400	Providence Public Bldgs. Auth. Rev.,
		5.00%, 9/15/28, AGC		424,497
	1,500	Rhode Island Commerce Corp. Rev.,
		Grant Anticipation Bonds,
		5.00%, 5/15/32		1,681,972

				2,106,469

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

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

January 31, 2025

(Unaudited)


Principal Amount (000)		Description (a)	Value

		South Carolina - 0.4%
	$350	South Carolina Public Svce. Auth. Rev.,
		5.00%, 12/01/28		$373,936


		Tennessee - 2.5%
	1,000	Memphis-Shelby Cnty. Arpt. Auth. Rev.,
		5.00%, 7/01/26		1,028,822
	1,000	Met. Govt. of Nashville and Davidson Cnty.
		Elec. Rev.,
		5.00%, 5/15/28		1,069,854

				2,098,676


		Texas - 10.5%
	350	Arlington Hgr. Ed. Fin. Corp. Ed. Rev.,
		Trinity Basin Preparatory Inc.,
		5.00%, 8/15/26, PSF		361,420
	600	Bexar Cnty. Hosp. Dist. Gen. Oblig.,
		5.00%, 2/15/25		600,412
	540	Fort Bend Cnty. Pub. Fac. Corp. Lease Rev.,
		5.00%, 3/01/25		540,927
	340	Fort Bend Cnty. Pub. Fac. Corp. Lease Rev.,
		5.00%, 3/01/26		347,734
	1,250	Grand Pkwy. Transprtn. Corp. Rev.,
		5.00%, 10/01/52
		(Mandatory put 4/01/28)		1,315,063
	1,000	Midland Indep. Sch. Dist. Gen. Oblig.,
		5.00%, 2/15/50, PSF		1,024,518
	735	New Braunfels Utility Sys. Rev.,
		5.00%, 7/01/28		783,906
	1,505	North Texas Twy. Auth. Rev.,
		7.00%, 9/01/43
		Prerefunded 9/01/31 @ $100 (b)		1,813,829
	1,500	Texas St. Gen. Oblig.,
		5.00%, 10/01/30		1,666,511
	500	Texas St. Transprtn. Commission Rev.,
		Central Texas Turnpike Sys.,
		5.00%, 8/15/31		556,074

				9,010,394


		Washington - 1.5%
	1,260	Port of Seattle Rev.,
		5.00%, 5/01/32		1,291,718

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

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

January 31, 2025

(Unaudited)


Principal Amount (000)		Description (a)	Value

		Wisconsin - 0.9%
	$250	Wisconsin St. Pub. Fin. Auth.,
		Solid Waste Disp. Rev.,
		2.875%, 5/01/27		$244,353
	495	Wisconsin St. Pub. Fin. Auth.,
		Tax-Exempt Pooled Secs. Rev.,
		4.00%, 8/01/59
		(Mandatory put 7/01/26)		495,187

				739,540


		Total Long-Term Investments
		(Cost $79,314,707)		$79,107,761


		SHORT-TERM MUNICIPAL BOND INVESTMENTS - 1.2%

		New Jersey - 1.2%
	1,000	Gloucester Cnty. Impt. Auth. Rev.,
		Rowan Univ.,
		4.00%, 2/27/25		1,000,412

		Total Short-Term Investments
		(Cost $1,000,000)		$1,000,412

		TOTAL INVESTMENTS - 93.7%
		(Cost $80,314,707)		$80,108,173
		Other assets less liabilities - 6.3%		5,388,984

		NET ASSETS - 100%		$85,497,157

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

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

January 31, 2025

(Unaudited)

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

AGC - Assured Guaranty Inc.*

AGM - Assured Guaranty Municipal Corp.*

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 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 of the Fund.

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)

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, 2025:


	Level 2
Municipal bonds	$	80,108,173

There were no Level 1 or Level 3 priced securities held at January 31, 2025 and there were no transfers into or out of Level 3 related to securities held at January 31, 2025.

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.