<SEC-DOCUMENT>0000940400-25-002080.txt : 20250924
<SEC-HEADER>0000940400-25-002080.hdr.sgml : 20250924
<ACCEPTANCE-DATETIME>20250924112635
ACCESSION NUMBER:		0000940400-25-002080
CONFORMED SUBMISSION TYPE:	NPORT-P
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250731
FILED AS OF DATE:		20250924
DATE AS OF CHANGE:		20250924
PERIOD START:           	20251031

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DTF TAX-FREE INCOME 2028 TERM FUND INC
		CENTRAL INDEX KEY:			0000879535
		ORGANIZATION NAME:           	
		EIN:				363793962
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		NPORT-P
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-06416
		FILM NUMBER:		251336114

	BUSINESS ADDRESS:	
		STREET 1:		10 SOUTH WACKER DRIVE
		STREET 2:		SUITE 1900
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		312.917.6549

	MAIL ADDRESS:	
		STREET 1:		10 S. WACKER DRIVE
		STREET 2:		SUITE 1900
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DTF TAX-FREE INCOME INC
		DATE OF NAME CHANGE:	20030625

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DUFF & PHELPS UTILITIES TAX FREE INCOME INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>NPORT-P
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<DOCUMENT>
<TYPE>NPORT-EX
<SEQUENCE>2
<FILENAME>VIDP010VIRTUS073125.htm
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<DIV
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INC.</DIV>
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</TD><TD
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text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;"><DIV
style="float:left;">Auburn University, Series B</DIV><BR>
<DIV
style="float:left;">5.000%, 6/1/33 </DIV><HR
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</TD><TD
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text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">1,000
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<DIV
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text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">505
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</TD><TD
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<DIV
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</TD><TD
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</TD><TD
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width:17.58%;">519
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style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:11.70%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.13%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">California&#8212;2.9%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">330
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;"><DIV
style="float:left;">California State Health Facilities Financing Authority, Providence St. Joseph Health Revenue, Series A</DIV><BR>
<DIV
style="float:left;">4.000%, 10/1/36 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.58%;">320
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">1,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;"><DIV
style="float:left;">Inglewood Unified School District, General Obligation, Series B</DIV><BR>
<DIV
style="float:left;">5.000%, 8/1/28 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">1,069
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">1,000
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;"><DIV
style="float:left;">State of California, General Obligation</DIV><BR>
<DIV
style="float:left;">5.000%, 8/1/28 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">1,077
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.70%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:68.55%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">2,466
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.70%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.13%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Colorado&#8212;7.5%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">1,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;"><DIV
style="float:left;">Boulder Larimer &amp; Weld Counties St. Vrain Valley School District RE1J, General Obligation, Series 1J (ST AID WITHHLDG)</DIV><BR>
<DIV
style="float:left;">5.000%, 12/15/34 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">1,139
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">1,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;"><DIV
style="float:left;">City &amp; County of Denver, Airport System Revenue, Series D (AMT)</DIV><BR>
<DIV
style="float:left;">5.500%, 11/15/30 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">1,110
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">1,795
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;"><DIV
style="float:left;">Public Authority For Colorado Energy, Natural Gas Purchase Revenue</DIV><BR>
<DIV
style="float:left;">6.250%, 11/15/28 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">1,882
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">1,000
</TD><TD
style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:68.55%;"><DIV
style="float:left;">Regional Transportation District, COP</DIV><BR>
<DIV
style="float:left;">5.000%, 6/1/26 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.58%;">1,020
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="float:right;overflow:hidden;position:relative;width:49%;" type="Block">
<DIV
style="text-align:center;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.09%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.81%;">Par Value
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:69.18%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:2pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,200
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:2pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Regional Transportation District, Sales Tax Revenue, Series A</DIV><BR>
<DIV
style="float:left;">5.000%, 1/15/28 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:2pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:2pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.74%;">$1,244
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">6,395
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Connecticut&#8212;5.3%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">390
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Connecticut Housing Finance Authority, Housing Mortgage Finance Program Revenue, Series D-2 (AMT)</DIV><BR>
<DIV
style="float:left;">3.000%, 5/15/33 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">350
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,415
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Connecticut State Health &amp; Educational Facilities Authority, Yale University Revenue, Series C-1</DIV><BR>
<DIV
style="float:left;">5.000%, 7/1/40</DIV><BR>
<DIV
style="float:left;">(Mandatory put 2/01/28)<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,498
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">500
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">State of Connecticut, General Obligation, Series A</DIV><BR>
<DIV
style="float:left;">5.000%, 1/15/26 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">506
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,085
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">State of Connecticut, General Obligation, Series D</DIV><BR>
<DIV
style="float:left;">5.000%, 9/15/31 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,214
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">935
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">State of Connecticut, General Obligation, Series E</DIV><BR>
<DIV
style="float:left;">5.000%, 9/15/35 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">975
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">4,543
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Florida&#8212;9.0%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">2,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Alachua County Housing Finance Authority, Harbor Cove Apartments Revenue</DIV><BR>
<DIV
style="float:left;">3.300%, 12/1/29</DIV><BR>
<DIV
style="float:left;">(Mandatory put 6/01/27)<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">2,015
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,255
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">City of Gainesville Utilities System Revenue, Series A</DIV><BR>
<DIV
style="float:left;">5.000%, 10/1/32 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,305
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">2,035
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">County of Seminole, Sales Tax Revenue, Series B (NATL Insured)</DIV><BR>
<DIV
style="float:left;">5.250%, 10/1/31 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">2,232
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">500
</TD><TD
style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Marion County School Board COP, (AGM Insured)</DIV><BR>
<DIV
style="float:left;">5.000%, 6/1/27 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">521
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="clear:both;">
<DIV
style="clear:both;padding-top:21pt;width:100%;" type="Block">
<DIV
style="clear:both;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying note is an
integral part of this financial statement.</DIV>
</DIV>
</DIV>
<DIV
style="padding-top:0.79pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">1</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND
INC.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF
INVESTMENTS&#8212;(Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">July 31, 2025</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">(Unaudited)</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in thousands)</DIV>
</DIV>
<DIV
style="margin-top:5pt;">
<DIV
style="float:left;overflow:hidden;position:relative;width:49%;" type="Block">
<DIV
style="text-align:center;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.09%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.81%;">Par Value
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:69.18%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:2pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,080
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:2pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Miami Beach Health Facilities Authority, Mt. Sinai Medical Center,</DIV><BR>
<DIV
style="float:left;">5.000%, 11/15/39 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:2pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:17.74%;">$1,080
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">500
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Miami Beach Redevelopment Agency, (AGM Insured)</DIV><BR>
<DIV
style="float:left;">5.000%, 2/1/40</DIV><BR>
<DIV
style="float:left;">(Refunded 8/7/25 @ 100)<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(2)</SUP></DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">500
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">7,653
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Georgia&#8212;5.2%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,260
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Carroll City-County Hospital Authority, Tanner Medical Center Project Revenue (CNTY GTD Insured)</DIV><BR>
<DIV
style="float:left;">5.000%, 7/1/33 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,420
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Jackson County School District, General Obligation (ST AID WITHHLDG)</DIV><BR>
<DIV
style="float:left;">5.000%, 3/1/28 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,065
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Paulding County School District, General Obligation (ST AID WITHHLDG)</DIV><BR>
<DIV
style="float:left;">5.000%, 2/1/28 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,061
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">500
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">State of Georgia, General Obligation, Series A-2</DIV><BR>
<DIV
style="float:left;">5.000%, 2/1/28 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">519
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">300
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Upper Oconee Basin Water Authority,</DIV><BR>
<DIV
style="float:left;">5.000%, 7/1/29 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">328
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">4,393
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Hawaii&#8212;1.3%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">County of Maui, General Obligation</DIV><BR>
<DIV
style="float:left;">5.000%, 9/1/28 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,073
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Illinois&#8212;6.9%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">500
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">City of Chicago, Multi-Family Housing Revenue, Paul G. Stewart Phases 1 &amp; 2, Series F (AMT, GNMA FHA Insured)</DIV><BR>
<DIV
style="float:left;">4.900%, 3/20/44 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">454
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">250
</TD><TD
style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">City of Chicago, Water Revenue, Second Lien</DIV><BR>
<DIV
style="float:left;">5.000%, 11/1/30 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">255
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="float:right;overflow:hidden;position:relative;width:49%;" type="Block">
<DIV
style="text-align:center;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.09%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.81%;">Par Value
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:69.18%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:2pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">665
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:2pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">City of Chicago, Water Revenue, Second Lien (AGM Insured)</DIV><BR>
<DIV
style="float:left;">5.250%, 11/1/32 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:6.25pt;padding-top:2pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.74%;">$690
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">County of Cook, Sales Tax Revenue,</DIV><BR>
<DIV
style="float:left;">5.000%, 11/15/32 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,112
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">State of Illinois, General Obligation</DIV><BR>
<DIV
style="float:left;">5.000%, 2/1/27 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,031
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">2,020
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">State of Illinois, General Obligation</DIV><BR>
<DIV
style="float:left;">5.500%, 1/1/29 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">2,183
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">160
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">State of Illinois, General Obligation, Series D</DIV><BR>
<DIV
style="float:left;">5.000%, 11/1/26 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">164
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">5,889
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Kentucky&#8212;3.3%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">530
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Kenton County Airport Board,</DIV><BR>
<DIV
style="float:left;">5.000%, 1/1/27 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">535
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,265
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Kentucky State Property &amp; Building Commission, Series B (ST APPROP)</DIV><BR>
<DIV
style="float:left;">5.000%, 11/1/26 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,304
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Rural Water Financing Agency, Public Projects Construction Revenue, Series A</DIV><BR>
<DIV
style="float:left;">3.700%, 5/1/27 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,001
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">2,840
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Louisiana&#8212;2.6%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">2,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">State of Louisiana, General Obligation, Series C</DIV><BR>
<DIV
style="float:left;">5.000%, 12/1/29 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">2,207
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Maine&#8212;0.9%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">725
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Maine Health &amp; Higher Educational Facilities Authority, Series A (ST INTERCEPT ST RES FD GTY)</DIV><BR>
<DIV
style="float:left;">5.000%, 7/1/33 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">726
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Massachusetts&#8212;0.3%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">250
</TD><TD
style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Massachusetts Bay Transportation Authority, Sales Tax Revenue, Series A</DIV><BR>
<DIV
style="float:left;">5.000%, 7/1/27 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">262
</TD></TR></TABLE>
</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;">&nbsp;
<DIV
style="clear:both;padding-top:18pt;width:100%;" type="Block">
<DIV
style="clear:both;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying note is an
integral part of this financial statement.</DIV>
</DIV>
</DIV>
<DIV
style="padding-top:0.79pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">2</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND
INC.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF
INVESTMENTS&#8212;(Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">July 31, 2025</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">(Unaudited)</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in thousands)</DIV>
</DIV>
<DIV
style="margin-top:5pt;">
<DIV
style="float:left;overflow:hidden;position:relative;width:49%;" type="Block">
<DIV
style="text-align:center;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.09%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.81%;">Par Value
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:69.18%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:2pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Michigan&#8212;1.9%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,055
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Great Lakes Water Authority Water Supply System Revenue, Senior Lien, Series C</DIV><BR>
<DIV
style="float:left;">5.000%, 7/1/28 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:17.74%;">$1,077
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">540
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Michigan State Building Authority, Facilities Program Lease Revenue, Series I</DIV><BR>
<DIV
style="float:left;">4.000%, 10/15/36 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">541
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,618
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Minnesota&#8212;2.5%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">200
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Minnesota Housing Finance Agency, Series E (GNMA/FNMA/FHLMC Insured)</DIV><BR>
<DIV
style="float:left;">2.700%, 7/1/44 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">140
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">2,000
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Minnesota Rural Water Finance Authority, Inc.,</DIV><BR>
<DIV
style="float:left;">3.300%, 8/1/26 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">2,004
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">2,144
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Nebraska&#8212;2.4%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,925
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">City of Omaha, General Obligation</DIV><BR>
<DIV
style="float:left;">5.250%, 4/1/27 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">2,014
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">New Jersey&#8212;6.2%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">2,500
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">New Jersey Transportation Trust Fund Authority, Series A</DIV><BR>
<DIV
style="float:left;">5.000%, 6/15/33 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">2,771
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">New Jersey Turnpike Authority, Series B</DIV><BR>
<DIV
style="float:left;">5.000%, 1/1/28 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,057
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,115
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">State of, New Jersey, General Obligation, Sales Tax Revenue</DIV><BR>
<DIV
style="float:left;">5.000%, 6/1/26 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,139
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">295
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">State of, New Jersey, General Obligation, Sales Tax Revenue</DIV><BR>
<DIV
style="float:left;">4.000%, 6/1/31 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">313
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">5,280
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="float:right;overflow:hidden;position:relative;width:49%;" type="Block">
<DIV
style="text-align:center;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.09%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.81%;">Par Value
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:69.18%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:2pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">New York&#8212;4.0%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">500
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">New York City Transitional Finance Authority, Future Tax Secured Subordinate Revenue, Series A-1</DIV><BR>
<DIV
style="float:left;">5.000%, 11/1/27 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:6.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.74%;">$528
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,500
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">New York City Transitional Finance Authority, Future Tax Secured Subordinate Revenue, Series G-1</DIV><BR>
<DIV
style="float:left;">5.000%, 5/1/40 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,579
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">750
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">New York State Dormitory Authority, Income Tax Revenue, Series A</DIV><BR>
<DIV
style="float:left;">5.000%, 3/15/28 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">800
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">500
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">New York State Dormitory Authority, Series A (AGM ST AID WITHHLDG Insured)</DIV><BR>
<DIV
style="float:left;">5.000%, 10/1/26 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">515
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">3,422
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">North Carolina&#8212;1.8%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">870
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">North Carolina Housing Finance Agency</DIV><BR>
<DIV
style="float:left;">2.850%, 7/1/27 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">869
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">625
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Raleigh Durham Airport Authority, Series A</DIV><BR>
<DIV
style="float:left;">5.000%, 5/1/26 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">626
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,495
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Oklahoma&#8212;5.4%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,345
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Creek County Educational Facilities Authority, Sapulpa Public Schools Project Revenue (BAM Insured)</DIV><BR>
<DIV
style="float:left;">5.000%, 9/1/25 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,347
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">2,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Oklahoma Capitol Improvement Authority, Series A</DIV><BR>
<DIV
style="float:left;">5.000%, 7/1/26 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">2,044
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,200
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Oklahoma Water Resources Board, Clean Water Program Revenue</DIV><BR>
<DIV
style="float:left;">5.000%, 4/1/26 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,220
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">4,611
</TD></TR></TABLE>
</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;">&nbsp;
<DIV
style="clear:both;padding-top:34pt;width:100%;" type="Block">
<DIV
style="clear:both;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying note is an
integral part of this financial statement.</DIV>
</DIV>
</DIV>
<DIV
style="padding-top:0.79pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">3</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND
INC.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF
INVESTMENTS&#8212;(Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">July 31, 2025</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">(Unaudited)</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in thousands)</DIV>
</DIV>
<DIV
style="margin-top:5pt;">
<DIV
style="float:left;overflow:hidden;position:relative;width:49%;" type="Block">
<DIV
style="text-align:center;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.09%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.81%;">Par Value
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:69.18%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:2pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Oregon&#8212;1.3%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Oregon State Lottery, Series A</DIV><BR>
<DIV
style="float:left;">5.000%, 4/1/28 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;width:17.74%;">$1,066
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Pennsylvania&#8212;2.1%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">City of Philadelphia, General Obligation, Series C</DIV><BR>
<DIV
style="float:left;">5.000%, 8/1/28 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,069
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">315
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">City of Pittsburgh, General Obligation</DIV><BR>
<DIV
style="float:left;">5.000%, 9/1/26 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">323
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">375
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">County of York, General Obligation</DIV><BR>
<DIV
style="float:left;">5.000%, 6/1/31 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">419
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,811
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Rhode Island&#8212;2.5%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">400
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Providence Public Building Authority, Capital Improvement Program Revenue, Series A (AGC Insured)</DIV><BR>
<DIV
style="float:left;">5.000%, 9/15/28 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">425
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,500
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Rhode Island Commerce Corp., Department of Transportation, Series A</DIV><BR>
<DIV
style="float:left;">5.000%, 5/15/32 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">1,675
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">2,100
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">South Carolina&#8212;0.4%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">350
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">South Carolina Public Service Authority, Series A</DIV><BR>
<DIV
style="float:left;">5.000%, 12/1/28 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:15.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">376
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Tennessee&#8212;3.7%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">County of Shelby, General Obligation, Series A</DIV><BR>
<DIV
style="float:left;">5.000%, 4/1/27 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,042
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Memphis-Shelby County Airport Authority, Series D</DIV><BR>
<DIV
style="float:left;">5.000%, 7/1/26 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">1,021
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Metropolitan Government of Nashville &amp; Davidson County Electric Revenue, Series B</DIV><BR>
<DIV
style="float:left;">5.000%, 5/15/28 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.74%;">1,068
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:8.5pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">3,131
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="float:right;overflow:hidden;position:relative;width:49%;" type="Block">
<DIV
style="text-align:center;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:99.09%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.81%;">Par Value
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:69.18%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:2pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Texas&#8212;10.4%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">350
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Arlington Higher Education Finance Corp., Trinity Basin Preparatory Revenue (PSF-GTD Insured)</DIV><BR>
<DIV
style="float:left;">5.000%, 8/15/26 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:6.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.74%;">$358
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,000
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Central Texas Turnpike System, Second Tier, Series C</DIV><BR>
<DIV
style="float:left;">5.000%, 8/15/31 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,105
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">735
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">City of New Braunfels Utility System Revenue,</DIV><BR>
<DIV
style="float:left;">5.000%, 7/1/28 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">781
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">340
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Fort Bend County Public Facility Corp.,</DIV><BR>
<DIV
style="float:left;">5.000%, 3/1/26 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">345
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,250
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Grand Parkway Transportation Corp., Subordinate Tier Toll Revenue</DIV><BR>
<DIV
style="float:left;">5.000%, 10/1/52</DIV><BR>
<DIV
style="float:left;">(Mandatory put 4/01/28)<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP></DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,313
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,350
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Klein Independent School District, General Obligation, Series A</DIV><BR>
<DIV
style="float:left;">5.000%, 8/1/28 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,442
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,505
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">North Texas Tollway Authority, Special Project System Revenue, Convertible Capital Appreciation Bonds, Series C,</DIV><BR>
<DIV
style="float:left;">7.000%, 9/1/43</DIV><BR>
<DIV
style="float:left;">(Pre-Refunded 9/1/31 @ 100)<SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(2)</SUP></DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:4.50pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,802
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,500
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">State of Texas, General Obligation</DIV><BR>
<DIV
style="float:left;">5.000%, 10/1/30 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,667
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">8,813
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1.95pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.94%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Washington&#8212;2.4%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">750
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">City of Seattle WA Municipal Light &amp; Power Revenue</DIV><BR>
<DIV
style="float:left;">5.000%, 2/1/28 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:10.75pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;white-space:nowrap;
width:17.74%;">796
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.81%;">1,260
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:69.18%;"><DIV
style="float:left;">Port of Seattle, Intermediate Lien, Series C (AMT)</DIV><BR>
<DIV
style="float:left;">5.000%, 5/1/32 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">1,286
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:11.81%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:right;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:bottom;width:69.18%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.02%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.74%;">2,082
</TD></TR></TABLE>
</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;">&nbsp;
<DIV
style="clear:both;padding-top:20pt;width:100%;" type="Block">
<DIV
style="clear:both;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying note is an
integral part of this financial statement.</DIV>
</DIV>
</DIV>
<DIV
style="padding-top:0.79pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">4</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND
INC.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF
INVESTMENTS&#8212;(Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">July 31, 2025</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">(Unaudited)</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in thousands)</DIV>
</DIV>
<DIV
style="margin-top:5pt;width:49%;" type="Block">
<DIV
style="text-align:center;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:11.70%;">Par Value
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:68.55%;">Description
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;text-align:center;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3.5pt;padding-left:4pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">Value
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:11.70%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:2pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:2pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.13%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">Wisconsin&#8212;0.3%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">250
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;"><DIV
style="float:left;">Public Finance Authority, Waste Management, Inc. Project Revenue (AMT)</DIV><BR>
<DIV
style="float:left;">2.875%, 5/1/27 </DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;font-weight:Normal;line-height:12pt;
line-height:12pt;padding-bottom:1pt;padding-left:16.5pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;vertical-align:bottom;width:17.58%;">$246
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:3.5pt;padding-left:5pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-indent:-5pt;text-transform:uppercase;vertical-align:top;width:82.25%;" colspan="3">Total Municipal Bonds<BR>
<FONT
style="text-transform:none;">(Cost $81,056)</FONT>
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:9.75pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">81,022
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:3.5pt;padding-left:5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;
text-decoration:none;text-indent:-5pt;text-transform:uppercase;vertical-align:top;width:82.25%;" colspan="3">Total Long-Term Investments&#8212;95.3%<BR>
<FONT
style="text-transform:none;">(Cost $81,056)</FONT>
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:3.5pt;padding-left:9.75pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">81,022
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-top:1.95pt;text-align:left;text-decoration:none;text-transform:uppercase;
vertical-align:top;width:100%;" colspan="5">Short-Term Investment&#8212;1.2%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-left:0pt;padding-top:1pt;text-align:left;text-decoration:none;text-transform:uppercase;
vertical-align:top;width:100%;" colspan="5">Municipal Bond&#8212;1.2%
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:11.70%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:4pt;padding-top:1pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:bottom;width:88.13%;" colspan="3">&#9632;<FONT
style="padding-left:6.85pt;"></FONT>&#8199;<FONT
style="text-transform:uppercase;">New Jersey&#8212;1.2%</FONT>
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:0pt;padding-right:4pt;padding-top:1pt;text-align:right;
text-decoration:none;text-transform:none;vertical-align:top;white-space:nowrap;width:11.70%;">1,000
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:68.55%;"><DIV
style="float:left;">Monmouth County Improvement Authority Governmental Pooled Loan Project Revenue (CNTY GTD Insured)</DIV><BR>
<DIV
style="float:left;">4.000%, 3/13/26</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;color:#000000;font-family:Times New Roman;font-family:Times New Roman;font-size:9pt;font-size:9pt;font-style:Normal;font-style:Normal;font-weight:Normal;
font-weight:Normal;line-height:12pt;line-height:12pt;padding-bottom:3.5pt;padding-left:14.25pt;padding-top:1pt;text-align:right;text-decoration:none;text-decoration:none;text-transform:none;text-transform:none;
vertical-align:bottom;white-space:nowrap;width:17.58%;">1,008
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:3.5pt;padding-left:5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;
text-decoration:none;text-indent:-5pt;text-transform:uppercase;vertical-align:top;width:82.25%;" colspan="3">Total Short-Term Investment<BR>
<FONT
style="text-transform:none;">(Cost $1,007)</FONT>
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:14.25pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">1,008
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1pt;padding-left:5pt;padding-right:4pt;padding-top:1.95pt;text-align:left;
text-decoration:none;text-indent:-5pt;text-transform:none;vertical-align:top;width:82.25%;" colspan="3">TOTAL INVESTMENTS&#8212;96.5%<BR>
(Cost $82,063)
</TD><TD
style="line-height:0pt;padding-bottom:1pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1pt;padding-left:9.75pt;padding-top:1.95pt;text-align:right;text-decoration:none;
text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">82,030
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="line-height:9pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:11.70%;">&#160;
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:right;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:4pt;padding-right:4pt;padding-top:1pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:68.55%;"><DIV
style="float:left;">Other&#160;assets&#160;less&#160;liabilities&#8212;3.5%</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="line-height:0pt;padding-bottom:3.5pt;padding-right:4pt;padding-top:1pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:0.30pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:3.5pt;padding-left:14.25pt;padding-top:1pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:17.58%;">3,018
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:bold;line-height:12pt;padding-bottom:1.62pt;padding-left:0pt;padding-right:4pt;padding-top:1.95pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:82.25%;" colspan="3">NET ASSETS&#8212;100.0%
</TD><TD
style="line-height:0pt;padding-bottom:1.62pt;padding-right:4pt;padding-top:1.95pt;text-align:left;vertical-align:top;width:2.00%;">&#160;
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.62pt;padding-left:4pt;padding-top:1.95pt;
text-align:right;text-decoration:none;text-transform:none;vertical-align:bottom;width:17.58%;">$<FONT
style="padding-left:1.25pt;">85,048</FONT>
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:161pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:164pt;text-align:center;text-decoration:none;text-transform:none;">The accompanying note
is an integral part of this financial statement.</DIV>
</DIV>
<DIV
style="margin-top:0.79pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;text-align:center;text-decoration:none;text-transform:none;">5</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND
INC.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF
INVESTMENTS&#8212;(Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">July 31, 2025</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">(Unaudited)</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Arial;font-size:7pt;font-style:Normal;font-weight:Normal;line-height:10pt;margin-top:5pt;text-align:left;text-decoration:none;text-transform:none;">($ reported in thousands)</DIV>
</DIV>
<DIV
style="margin-top:5pt;width:100%;" type="Block">
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="padding-right:3pt;padding-top:6pt;text-align:left;vertical-align:top;width:16.21%;">&#160;
</TD><TD
style="padding-top:6pt;text-align:left;vertical-align:top;width:84.46%;">&#160;
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">AGC
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:84.46%;">Assured Guaranty Corp.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">AGM
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:84.46%;">Assured Guaranty Municipal Corp.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">AMT
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:84.46%;">Alternative Minimum Tax
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">BAM
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:84.46%;">Build America Municipal Insured
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:16.21%;">CNTY GTD
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:84.46%;">County Guarantee Program
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">COP
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:84.46%;">Certificate of Participation
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">FHA
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:84.46%;">Federal Housing Authority
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">GNMA
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:84.46%;">Government National Mortgage Association (&#8220;Ginnie Mae&#8221;)
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">NATL
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:84.46%;">National Public Finance Guarantee Corp.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;white-space:nowrap;width:16.21%;">PSF-GTD
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:84.46%;">Permanent School Fund Guarantee Program
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:16.21%;">ST AID WITHHLDG
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:84.46%;">State Aid Withholding
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:16.21%;">ST APPROP
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:84.46%;">State Appropriation
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:16.21%;">ST INTERCEPT
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:84.46%;">State Intercept
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:16.21%;">ST RES FD GTY
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:Normal;line-height:11pt;padding-bottom:6pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:84.46%;">State Resource Fund Guaranty
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;text-align:left;text-decoration:none;text-transform:none;">&nbsp;&nbsp;&nbsp;&nbsp;</DIV>
<DIV
style="text-align:left;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:0pt;padding-right:3pt;padding-top:6pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:2.61%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(1)</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-left:3pt;padding-top:6pt;text-align:left;text-decoration:none;text-transform:none;
vertical-align:top;width:98.06%;">Variable or step coupon security; interest rate shown reflects the rate in effect at July 31, 2025. For securities based on a published reference rate and spread, the reference rate
and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market
conditions. These securities do not indicate a reference rate and spread in their description above.
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:0pt;padding-right:3pt;padding-top:1.75pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:top;width:2.61%;"><SUP
style="font-size:85%;font-style:Normal;text-transform:none;">(2)</SUP>
</TD><TD
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;padding-bottom:6pt;padding-left:3pt;padding-top:1.75pt;text-align:left;text-decoration:none;
text-transform:none;vertical-align:top;width:98.06%;">Prerefunded and refunded issues are secured by escrowed&#160;cash, U.S. government obligations, or other securities.
</TD></TR></TABLE>
</DIV>
</DIV>
<DIV
style="margin-top:8pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">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.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">The Fund&#8217;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:</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Level 1&#8212;quoted
prices in active markets for identical securities</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Level 2&#8212;other
significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:2pt;text-align:left;text-decoration:none;text-transform:none;">Level 3&#8212;significant
unobservable inputs (including the Investment Adviser&#8217;s Valuation Committee&#8217;s own assumptions in determining fair value of investments)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:justify;text-decoration:none;text-transform:none;">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&#8217;s policy regarding valuation of
investments and</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:0.79pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:24pt;text-align:center;text-decoration:none;text-transform:none;">6</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
<HR
style="margin-bottom:0pt;">
<!--PAGE BREAK-->
<DIV
style="width:100%;">
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">DTF TAX-FREE INCOME 2028 TERM FUND
INC.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">SCHEDULE OF
INVESTMENTS&#8212;(Continued)</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:uppercase;">July 31, 2025</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:11pt;font-style:Normal;font-weight:bold;line-height:14pt;text-align:center;text-decoration:none;text-transform:none;">(Unaudited)</DIV>
</DIV>
<DIV
style="margin-top:7pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:19pt;text-align:justify;text-decoration:none;text-transform:none;">other significant
accounting policies, please refer to the Fund&#8217;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&#8217;s investments
at July 31, 2025:</DIV>
<DIV
style="text-align:center;">
<TABLE
style="border-collapse:collapse;empty-cells:show;margin-left:auto;margin-right:auto;margin-top:0pt;width:100%;" cellpadding="0" cellspacing="0">
<TR
style="page-break-inside:avoid;"><TD
style="line-height:8pt;padding-bottom:3pt;padding-right:6pt;padding-top:4pt;text-align:left;vertical-align:bottom;width:92.17%;">&#160;
</TD><TD
style="border-bottom:1pt solid #000000;color:#000000;font-family:Times New Roman;font-size:8pt;font-style:Normal;font-weight:bold;line-height:11pt;padding-bottom:3pt;padding-left:6pt;padding-top:4pt;text-align:center;
text-decoration:none;text-transform:none;vertical-align:bottom;width:9.17%;">Level 2
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:0pt;padding-right:6pt;padding-top:2.25pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:92.17%;"><DIV
style="float:left;">Municipal Bonds</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:0.5pt solid #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:2.5pt;padding-left:6pt;padding-top:2.25pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;width:9.17%;">$82,030
</TD></TR>
<TR
style="page-break-inside:avoid;"><TD
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.38pt;padding-left:0pt;padding-right:6pt;padding-top:2pt;text-align:left;
text-decoration:none;text-transform:none;vertical-align:bottom;width:92.17%;"><DIV
style="float:left;">Total investments</DIV><HR
style="background-color:transparent;border-bottom:dotted medium Black;border-left:transparent;border-right:transparent;border-top:transparent;margin-bottom:-5pt;margin-top:5pt;padding-top:3pt;vertical-align:auto;"
noshade="noshade">
</TD><TD
style="border-bottom:medium double #000000;color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;padding-bottom:1.38pt;padding-left:6pt;padding-top:2pt;
text-align:center;text-decoration:none;text-transform:none;vertical-align:bottom;white-space:nowrap;width:9.17%;">$82,030
</TD></TR></TABLE>
</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">There were no Level 1 or
Level 3 priced securities held&#160;at&#160;July 31, 2025 and there were no transfers into or out of Level 3&#160;related&#160;to&#160;securities&#160;held&#160;at July 31, 2025.</DIV>
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">Other information
regarding the Fund is available on the Fund&#8217;s website&#160;www.dpimc.com/dtf or the Securities and Exchange Commission&#8217;s website at www.sec.gov.</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:10pt;font-style:Normal;font-weight:Normal;line-height:13pt;margin-top:6pt;text-align:left;text-decoration:none;text-transform:none;">&#160;&#160;</DIV>
</DIV>
<DIV
style="width:100%;" type="Block">
</DIV>
<DIV
style="margin-top:0.79pt;width:100%;" type="Block">
<DIV
style="color:#000000;font-family:Times New Roman;font-size:9pt;font-style:Normal;font-weight:Normal;line-height:12pt;margin-top:342pt;text-align:center;text-decoration:none;text-transform:none;">7</DIV>
</DIV>
</DIV>
<DIV
style="clear:both;font-size:12pt;height:0pt;">
</DIV>
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</SEC-DOCUMENT>
