DTF DTF Tax free Income 2028 Term Fund Inc

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS

July 31, 2024

(Unaudited)

 

Principal   Amount (000)				Description (a)		Value
				LONG-TERM MUNCIPAL BOND INVESTMENTS - 93.9%
				Alabama - 1.2%
	$1,000			Jefferson Cnty. Swr. Rev.,
				5.00%, 10/01/28			$1,061,102
				Arizona - 1.9%
	650			Arizona St. Hlth. Fac. Auth. Rev.,
				HonorHealth Hosp. Proj.,
				5.00%, 12/01/42
				Refunded 12/01/24 @ 100 (b)			653,988
	1,000			Maricopa Cnty. Indl. Dev. Auth. Rev.,
				Banner Hlth.,
				4.00%, 1/01/34			1,005,344
							1,659,332
				Arkansas - 1.1%
	400			Bentonville Sales & Use Tax Rev.,
				5.00%, 11/01/24			401,669
	505			Bentonville Sales & Use Tax Rev.,
				5.00%, 11/01/26			524,656
							926,325
				California - 3%
	330			California St. Hlth. Facs. Fin. Auth. Rev.,
				Providence St. Joseph Hlth.,
				4.00%, 10/01/36			330,134
	1,660			California St. Hlth. Facs. Fin. Auth. Rev.,
				Sutter Hlth.,
				5.00%, 11/15/46
				Prerefunded 11/15/25 @ $100 (b)			1,706,334
	500			Los Angeles Unified Sch. Dist. Gen. Oblig.,
				5.00%, 7/01/25			509,828
							2,546,296
				Colorado - 6.6%
	1,000			Denver City and Cnty. Arpt. Rev.,
				5.50%, 11/15/30			1,116,457
	2,150			Public Auth. for Colorado Energy,
				Natural Gas Purch. Rev.,
				6.25%, 11/15/28			2,260,372
	1,000			Regl. Transprtn. Dist. (Colorado) COP,
				5.00%, 6/01/26			1,036,662
	1,200			Regl. Transprtn. Dist. (Colorado),
				Denver Transit Partners Eagle P3 Proj. Rev.,
				5.00%, 1/15/28			1,256,789
							5,670,280

 

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

 

1

---

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2024

(Unaudited)

 

Principal   Amount (000)				Description (a)		Value
				Connecticut - 5.4%
	$500			Connecticut St. Gen. Oblig.,
				5.00%, 1/15/26			$514,858
	935			Connecticut St. Gen. Oblig.,
				5.00%, 9/15/35			996,692
	730			Connecticut St. Gen. Oblig.,
				4.00%, 4/15/38			736,773
	1,415			Connecticut St. Hlth. & Edl. Facs. Auth.
				Rev., Yale Univ.,
				5.00%, 7/01/40
				(Mandatory put 2/01/28)			1,517,511
	550			Connecticut St. Hlth. & Edl. Facs. Auth.
				Rev., Yale-New Haven Hosp.,
				5.00%, 7/01/48
				Refunded 9/27/24 @ $100 (b)			551,626
	390			Connecticut St. Hsg. Auth. Rev.,
				3.00%, 5/15/33			351,577
							4,669,037
				Florida - 14.2%
	1,020			Florida St. Atlantic Univ. Fin. Corp.
				Capital Impt. Rev.,
				5.00%, 7/01/25			1,036,941
	1,000			Hillsborough Cnty. Aviation Auth. Rev.,
				Tampa Int’I. Arpt.,
				5.00%, 10/01/44
				Prerefunded 10/01/24 @ $100 (b)			1,002,338
	500			Marion Cnty. Sch. Brd. COP,
				5.00%, 6/01/27, AGM			527,225
	1,080			Miami Beach Hlth. Facs. Auth. Rev.,
				Mt. Sinai Med. Ctr.,
				5.00%, 11/15/39			1,081,803
	500			Miami Beach Redev. Agy. Rev.,
				5.00%, 2/01/40, AGM			500,372
	1,250			Miami-Dade Cnty. Ed. Facs. Auth. Rev.,
				Univ. of Miami,
				5.00%, 4/01/45			1,255,503
	2,220			Miami-Dade Cnty. Sch. Brd. Ref. COP,
				5.00%, 2/01/34			2,269,606
	2,035			Seminole Cnty. Sales Tax Rev.,
				5.25%, 10/01/31, NRE			2,269,001
	2,190			Seminole Cnty. Sch. Brd. COP,
				5.00%, 7/01/33			2,254,249
							12,197,038

 

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

 

2

---

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2024

(Unaudited)

 

Principal   Amount (000)				Description (a)		Value
				Illinois - 11.8%
	$500			Chicago Multi-Family Hsg. Rev.,
				Paul G. Stewart (Phases I and II),
				4.90%, 3/20/44, FHA			$500,125
	250			Chicago Sales Tax Rev.,
				5.00%, 1/01/30
				Prerefunded 1/01/25 @ $100 (b)			251,830
	250			Chicago Wtrwks. Rev.,
				5.00%, 11/01/30			258,123
	665			Chicago Wtrwks. Rev.,
				5.25%, 11/01/32, AGM			701,962
	250			Chicago Wtrwks. Rev.,
				5.00%, 11/01/36, AGM			260,924
	865			Chicago Wtrwks. Rev.,
				5.00%, 11/01/44			866,223
	1,100			Cook Cnty. Gen. Oblig.,
				5.00%, 11/15/24			1,104,691
	170			Illinois St. Fin. Auth. Rev.,
				Advocate Hlth. Care Network,
				5.00%, 5/01/45
				Prerefunded 5/01/25 @ $100 (b)			172,077
	1,055			Illinois St. Fin. Auth. Rev.,
				Advocate Hlth. Care Network,
				5.00%, 5/01/45
				Prerefunded 5/01/25 @ $100 (b)			1,067,890
	525			Illinois St. Fin. Auth. Rev.,
				Northwestern Memorial Hlthcare.,
				5.00%, 9/01/42
				Prerefunded 9/01/24 @ $100 (b)			525,739
	160			Illinois St. Gen. Oblig.,
				5.00%, 11/01/26			166,115
	1,000			Illinois St. Gen. Oblig.,
				5.00%, 2/01/27			1,042,250
	2,020			Illinois St. Gen. Oblig.,
				5.50%, 1/01/29			2,205,635
	1,000			Univ. of Illinois Aux. Facs. Sys. Rev.,
				5.00%, 4/01/34
				Refunded 9/09/24 @ $100 (b)			1,001,786
							10,125,370
				Indiana - 0.3%
	240			Indiana St. Fin. Auth. Hosp. Rev.,
				Indiana Univ. Hlth.,
				5.00%, 12/01/28			241,145

 

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

 

3

---

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2024

(Unaudited)

 

Principal   Amount (000)				Description (a)		Value
				Kentucky - 5.6%
	$530			Kenton Cnty. Arpt. Brd. Rev.,
				5.00%, 1/01/27			$542,923
	3,180			Kentucky St. Tpk. Auth.,
				Econ. Dev. Road Rev.,
				5.00%, 7/01/26			3,300,096
	1,000			Rural Wtr. Financing Agy. Public Projs. Rev.,
				City of Millington, Tenn.,
				3.70%, 5/01/27			1,002,733
							4,845,752
				Maine - 0.8%
	725			Maine St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,
				5.00%, 7/01/33			725,731
				Massachusetts - 2.9%
	250			Massachusetts Bay Transprtn. Auth. Rev.,
				5.00%, 7/01/27			265,030
	1,945			Massachusetts St. Gen. Oblig.,
				5.50%, 8/01/30, AMBAC			2,199,964
							2,464,994
				Michigan - 1.3%
	550			Michigan St. Fin. Auth. Rev.,
				Corewell Hlth.,
				5.00%, 11/01/44			554,561
	540			Michigan St. Bldg. Auth. Rev.,
				4.00%, 10/15/36			545,412
							1,099,973
				Minnesota - 0.2%
	200			Minnesota St. Hsg. Fin. Agy.,
				2.70%, 7/01/44			156,338
				Nebraska - 2.4%
	1,925			Omaha Gen. Oblig.,
				5.25%, 4/01/27			2,040,253
				New Jersey - 3.2%
	500			Bergen Cnty. Gen. Oblig.,
				4.00%, 3/01/27			514,072
	820			New Jersey St. COVID-19 Gen. Oblig.
				Emergency Bonds,
				5.00%, 6/01/26			850,776
	295			New Jersey St. COVID-19 Gen. Oblig.
				Emergency Bonds,
				4.00%, 6/01/31			312,986

 

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

 

4

---

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2024

(Unaudited)

 

Principal   Amount (000)				Description (a)		Value
	$1,000			New Jersey St. Transprtn. Trust Fund Auth.
				Rev.,
				5.00%, 12/15/28			$1,080,633
							2,758,467
				New York - 5.2%
	500			New York City Transitional Fin. Auth. Rev.,
				5.00%, 11/01/27			533,022
	750			New York St. Dorm. Auth.,
				Personal Inc. Tax Rev.,
				5.00%, 03/15/28			806,409
	2,035			New York St. Dorm. Auth.,
				Personal Inc. Tax Rev.,
				5.00%, 03/15/31			2,054,382
	500			New York St. Dorm. Auth. Rev.,
				5.00%, 10/01/26, AGM			522,269
	500			New York St. Dorm. Auth. Rev.,
				5.00%, 10/01/36, AGM			566,739
							4,482,821
				North Carolina - 1.8%
	925			North Carolina St. Tpk. Auth. Rev.,
				Monroe Expressway Sys.,
				5.00%, 01/01/25			932,995
	625			Raleigh-Durham Arpt. Auth. Rev.,
				5.00%, 05/01/26			633,299
							1,566,294
				Oklahoma - 5.4%
	1,345			Creek Cnty. Edl. Facs. Auth. Rev.,
				5.00%, 9/01/25, BAM			1,370,694
	2,000			Oklahoma St. Capitol Impt. Auth.,
				St. Facs. Rev.,
				5.00%, 7/01/26			2,072,880
	1,200			Oklahoma St. Wtr. Resources Brd.,
				Revolving Fund Rev.,
				5.00%, 4/01/26			1,240,448
							4,684,022
				Oregon - 1.9%
	570			Port of Portland Intl. Arpt. Rev.,
				5.00%, 7/01/32
				Refunded 11/12/24 @ $100 (b)			570,317
	1,000			Washington Cnty. Sch. Dist. 48J
				(Beaverton), Gen. Oblig.
				5.00%, 6/15/36			1,044,145
							1,614,462

 

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

 

5

---

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2024

(Unaudited)

 

Principal   Amount (000)				Description (a)		Value
				Pennsylvania - 0.4%
	$315			Pittsburgh Gen. Oblig.,
				5.00%, 9/01/26			$327,760
				Rhode Island - 1.2%
	1,070			Rhode Island St. Clean Wtr. Fin. Agy.,
				Wtr. Poll. Control Rev.,
				5.00%, 10/01/32
				Prerefunded 10/01/24 @ $100 (b)			1,073,225
				South Carolina - 0.8%
	290			SCAGO Edl. Facs. Corp. Rev.,
				Pickens Cnty. Sch. Dist.,
				5.00%, 12/01/24			291,438
	350			South Carolina Public Svce. Auth. Rev.,
				5.00%, 12/01/28			375,978
							667,416
				Tennessee - 2.7%
	250			Chattanooga-Hamilton Cnty. Hosp. Auth. Rev.,
				Erlanger Hlth. Sys.,
				5.00%, 10/01/34			250,294
	1,000			Memphis-Shelby Cnty. Arpt. Auth. Rev.,
				5.00%, 7/01/26			1,034,697
	1,000			Met. Govt. of Nashville and Davidson Cnty.
				Elec. Rev.,
				5.00%, 5/15/28			1,077,363
							2,362,354
				Texas - 8.6%
	350			Arlington Hgr. Ed. Fin. Corp. Ed. Rev.,
				Trinity Basin Preparatory Inc.,
				5.00%, 8/15/26, PSF			363,887
	600			Bexar Cnty. Hosp. Dist. Gen. Oblig.,
				5.00%, 2/15/25			605,857
	540			Fort Bend Cnty. Pub. Fac. Corp. Lease Rev.,
				5.00%, 3/01/25			546,175
	340			Fort Bend Cnty. Pub. Fac. Corp. Lease Rev.,
				5.00%, 3/01/26			350,264
	1,250			Grand Pkwy. Transprtn. Corp. Rev.,
				5.00%, 10/01/52
				(Mandatory put 4/01/28)			1,321,979
	1,000			Midland Indep. Sch. Dist. Gen. Oblig.,
				5.00%, 2/15/50, PSF			1,035,442
	735			New Braunfels Utility Sys. Rev.,
				5.00%, 7/01/28			788,965

 

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

 

6

---

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2024

(Unaudited)

 

Principal   Amount (000)				Description (a)		Value
	$1,505			North Texas Twy. Auth. Rev.,
				7.00%, 9/01/43
				Prerefunded 9/01/31 @ $100 (b)			$1,834,179
	500			Texas St. Transprtn. Commission Rev.,
				Central Texas Turnpike Sys.,
				5.00%, 8/15/31			555,580
							7,402,328
				Washington - 1.5%
	1,260			Port of Seattle Rev.,
				5.00%, 5/01/32			1,301,231
				Wisconsin - 2.5%
	1,400			Wisconsin St. Pub. Fin. Auth. Hosp. Rev.,
				Renown Reg. Med. Ctr.,
				5.00%, 6/01/40			1,413,523
	250			Wisconsin St. Pub. Fin. Auth.,
				Solid Waste Disp. Rev.,
				2.875%, 5/01/27			240,906
	495			Wisconsin St. Pub. Fin. Auth.,
				Tax-Exempt Pooled Secs. Rev.,
				4.00%, 8/01/59
				(Mandatory put 7/01/26)			493,674
							2,148,103
				Total Long-Term Investments
				(Cost $80,895,266)			$80,817,449
				SHORT-TERM MUNICIPAL BOND INVESTMENTS - 2.4%
				California - 1.2%
	1,000			Los Angeles TRAN,
				5.00%, 6/26/25			1,018,744
				New Jersey - 1.2%
	1,000			Gloucester Cnty. Impt. Auth. Rev.,
				Rowan Univ.,
				4.00%, 2/27/25			1,001,943
				Total Short-Term Investments
				(Cost $2,016,075)			$2,020,687
				TOTAL INVESTMENTS - 96.3%
				(Cost $82,911,341)			$82,838,136
				Other assets less liabilities - 3.7%			3,200,735
				NET ASSETS - 100%			$86,038,871

 

 

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

 

7

---

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2024

(Unaudited)

 

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

AGM - Assured Guaranty Municipal Corp.*

AMBAC - Ambac Assurance Corporation*

BAM - Build America Mutual Assurance Company*

COP - Certificate of Participation

FHA - Federal Housing Authority*

NRE - National Public Finance Guarantee Corporation*

PSF - Texas Permanent School Fund*

TRAN - Tax and Revenue Anticipation Note

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

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

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

Note 1. Investment Valuation

The Fund’s investments are carried at fair value which is defined as the price that the Fund might reasonably expect to receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The three-tier hierarchy of inputs established to classify fair value measurements for disclosure purposes is summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. For more information about the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements contained in its semi-annual report. The following is a summary of the inputs used to value each of the Fund’s investments at July 31, 2024:

 

		Level 2
Municipal bonds		$	82,838,136

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

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

 

 

8

---