# EDGAR Filing Document

**Accession Number:** 0000879535
**File Stem:** 0001752724-23-059021
**Filing Date:** 2023-3
**Character Count:** 96427
**Document Hash:** fa32c5b22fd0091f63e599f77de3c333
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-059021.hdr.sgml**: 20230317

**ACCESSION NUMBER**: 0001752724-23-059021

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230317

**DATE AS OF CHANGE**: 20230317

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DTF TAX-FREE INCOME 2028 TERM FUND INC
- **CENTRAL INDEX KEY:** 0000879535
- **IRS NUMBER:** 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:** 23741732

**BUSINESS ADDRESS:**
- **STREET 1:** 200 SOUTH WACKER DRIVE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 800-263-2610

**MAIL ADDRESS:**
- **STREET 1:** 200 S. WACKER DRIVE
- **STREET 2:** SUITE 500
- **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

## Nport-Ex

**DTF TAX-FREE INCOME 2028 TERM FUND INC.** 

**SCHEDULE OF INVESTMENTS** 

**January 31, 2023** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal <br>Amount**<br> **(000)** | **Description (a)** | **Value** |
|  | **LONG-TERM INVESTMENTS - 141.2%** |  |
|  | **Alabama - 2.3%** |  |
| $2000 | Jefferson Cnty. Brd. of Ed. Pub. Sch. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/01/46 | $2119661 |
|  | **Alaska - 0.3%** |  |
| 290 | Anchorage Elec. Util. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/36 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 12/01/24 @ $100 (b) | 302670 |
|  | **Arizona - 5.2%** |  |
| 1350 | Arizona Brd. of Regents Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona St. Univ., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/01/37 | 1442171 |
| 650 | Arizona St. Hlth. Fac. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HonorHealth Hosp. Proj., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/42 | 660706 |
| 1000 | Maricopa Cnty. Indl. Dev. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Hlth., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/01/34 | 1031809 |
| 190 | Northern Arizona Univ. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/01/40 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 6/01/24 @ $100 (b) | 196598 |
| 310 | Northern Arizona Univ. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/01/40 | 316459 |
| 1000 | Northern Arizona Univ. SPEED Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Stimulus Plan for Econ. and Edl. Dev.), |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/01/38 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 8/01/23 @ $100 (b) | 1012956 |
|  |  | 4660699 |
|  | **California - 17.7%** |  |
| 1260 | California St. Hlth. Facs. Fin. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kaiser Permanente, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/44 | 1266968 |
| 330 | California St. Hlth. Facs. Fin. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Providence St. Joseph Hlth., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/36 | 335464 |
| 1660 | California St. Hlth. Facs. Fin. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sutter Hlth., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/46 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 11/15/25 @ $100 (b) | 1788954 |

---

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

------

**DTF TAX-FREE INCOME 2028 TERM FUND INC.** 

**SCHEDULE OF INVESTMENTS — (Continued)** 

**January 31, 2023** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal <br>Amount**<br> **(000)** | **Description (a)** | **Value** |
| $1000 | California St. Gen. Oblig., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00% 10/01/28 | $1047415 |
| 1000 | California St. Pub. Wks. Brd. Lease Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dept. of Corrections and Rehab., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 9/01/29 | 1017293 |
| 600 | Contra Costa Cnty. Successor Agy. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to Redev. Agy., Tax Allocation, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/01/35, BAM | 658158 |
| 1000 | Garden Grove Successor Agy. to Agy. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cmty. Dev., Tax Allocation, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/31, BAM | 1080050 |
| 2000 | Gilroy Unified Sch. Dist. Gen. Oblig., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/01/41 | 2015075 |
| 280 | Lancaster Successor Agy. to Redev. Agy., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/01/33, AGM | 304427 |
| 250 | Palm Desert Successor Agy. to Redev. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agy., Tax Allocation, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28, BAM | 275841 |
| 1215 | San Marcos Successor Agy. to Redev. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agy., Tax Allocation, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/32 | 1296253 |
| 2000 | San Mateo Successor Agy. to Redev. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agy., Tax Allocation, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/01/30 | 2123230 |
| 1000 | Temple City Unified Sch. Dist. Gen. Oblig., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 8/01/43 | 1007240 |
| 1750 | Univ. of California Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 5/15/48 | 1753120 |
|  |  | 15969488 |
|  | **Colorado - 6.2%** |  |
| 925 | Colorado St. Bldg. Excellent Schs. Today COP, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/15/29 | 1040563 |
| 1000 | Denver City and Cnty. Arpt. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/30 | 1175212 |
| 2150 | Public Auth. for Colorado Energy, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Purch. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/15/28 | 2360512 |
| 1000 | Univ. of Colorado Enterprise Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/01/43 | 1008877 |
|  |  | 5585164 |

---

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

------

**DTF TAX-FREE INCOME 2028 TERM FUND INC.** 

**SCHEDULE OF INVESTMENTS — (Continued)** 

**January 31, 2023** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal <br>Amount**<br> **(000)** | **Description (a)** | **Value** |
|  | **Connecticut - 8.9%** |  |
| $935 | Connecticut St. Gen. Oblig., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/15/35 | $1040802 |
| 730 | Connecticut St. Gen. Oblig., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 4/15/38 | 749074 |
| 1265 | Connecticut St. Hlth. & Edl. Facs. Auth. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., Yale Univ., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/01/40 | 1436725 |
| 550 | Connecticut St. Hlth. & Edl. Facs. Auth. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rev., Yale-New Haven Hosp., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/01/48 | 552682 |
| 390 | Connecticut St. Hsg. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 5/15/33 | 384448 |
| 365 | Connecticut St. Hsg. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/15/33 | 362609 |
| 130 | Connecticut St. Hsg. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 5/15/38 | 93908 |
| 1250 | Hartford Cnty. Met. Dist. Clean Wtr. Proj. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/01/33 | 1487624 |
| 400 | Univ. of Connecticut Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/01/30 | 468483 |
| 1300 | Univ. of Connecticut Spec. Oblig. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/43 | 1410238 |
|  |  | 7986593 |
|  | **District of Columbia - 1.2%** |  |
| 1000 | District of Columbia Gen. Oblig., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/01/43 | 1085809 |
|  | **Florida - 22.1%** |  |
| 780 | Brevard Cnty. Sch. Brd. Ref. COP, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/01/32 | 856804 |
| 1000 | Central Florida Expwy. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/01/36 | 1017873 |
| 2350 | Florida St. Brd. of Gov. Florida State Univ. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dorm Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/01/33 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunded 5/01/23 @ $100 (b) | 2364418 |
| 1000 | Hillsborough Cnty. Aviation Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tampa Int'l. Arpt., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/44 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 10/01/24 @ $100 (b) | 1034591 |

---

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

------

**DTF TAX-FREE INCOME 2028 TERM FUND INC.** 

**SCHEDULE OF INVESTMENTS — (Continued)** 

**January 31, 2023** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal <br>Amount**<br> **(000)** | **Description (a)** | **Value** |
| $500 | Lee Cnty. Tran. Fac. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/35, AGM | $514415 |
| 1080 | Miami Beach Hlth. Facs. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mt. Sinai Med. Ctr., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/39 | 1097104 |
| 500 | Miami Beach Redev. Agy. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/01/40, AGM | 503869 |
| 1250 | Miami-Dade Cnty. Ed. Facs. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univ. of Miami, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/01/45 | 1279540 |
| 2220 | Miami-Dade Cnty. Sch. Brd. Ref. COP, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/01/34 | 2340349 |
| 1000 | Reedy Creek Impvt. Dist. Gen. Oblig., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/01/38 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 6/01/23 @ $100 (b) | 1008567 |
| 2035 | Seminole Cnty. Sales Tax Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/31, NRE | 2412156 |
| 2190 | Seminole Cnty. Sch. Brd. COP, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/01/33 | 2350591 |
| 830 | S. Florida Wtr. Mgmt. Dist. COP, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/35 | 883612 |
| 470 | Tallahassee Hlth. Facs. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tallahassee Memorial Hlthcare., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/41 | 478810 |
| 665 | Tampa-Hillsborough Cnty. Expwy. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 7/01/42 | 667775 |
| 1000 | Tampa-Hillsborough Cnty. Expwy. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/01/47 | 1044343 |
|  |  | 19854817 |
|  | **Georgia - 0.6%** |  |
| 500 | Atlanta Arpt. Passenger Fac. Charge Gen. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/01/32 | 511975 |
|  | **Idaho - 0.3%** |  |
| 240 | Idaho St. Hlth. Facs. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Luke's Hlth. Sys., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 3/01/37 | 251177 |
|  | **Illinois - 17.2%** |  |
| 500 | Chicago Multi-Family Hsg. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paul G. Stewart (Phases I and II), |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 3/20/44, FHA | 500299 |

---

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

------

**DTF TAX-FREE INCOME 2028 TERM FUND INC.** 

**SCHEDULE OF INVESTMENTS — (Continued)** 

**January 31, 2023** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal <br>Amount**<br> **(000)** | **Description (a)** | **Value** |
| $1000 | Chicago O'Hare Intl. Arpt. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Customer Fac. Charge, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 1/01/30, AGM | $1002115 |
| 620 | Chicago O'Hare Intl. Arpt. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/01/42 | 656687 |
| 250 | Chicago Sales Tax Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/01/30 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 1/01/25 @ $100 (b) | 262403 |
| 250 | Chicago Wtrwks. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/30 | 263925 |
| 665 | Chicago Wtrwks. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/32, AGM | 731771 |
| 250 | Chicago Wtrwks. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/36, AGM | 263452 |
| 865 | Chicago Wtrwks. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/44 | 873285 |
| 170 | Illinois St. Fin. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advocate Hlth. Care Network, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/01/45 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 5/01/25 @ $100 (b) | 179243 |
| 1055 | Illinois St. Fin. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advocate Hlth. Care Network, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/01/45 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 5/01/25 @ $100 (b) | 1115924 |
| 525 | Illinois St. Fin. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northwestern Memorial Hlthcare., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/01/42 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 9/01/24 @ $100 (b) | 545945 |
| 1090 | Illinois St. Fin. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rush Univ. Med. Ctr., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/39 | 1055168 |
| 1000 | Illinois St. Gen. Oblig., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/01/27 | 1069510 |
| 2020 | Illinois St. Gen. Oblig., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 1/01/29 | 2251014 |
| 600 | Illinois St. Gen. Oblig., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/01/29 | 636503 |
| 1180 | Illinois St. Hsg. Dev. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 10/01/42 | 862049 |
| 750 | Illinois St. Toll Hwy. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/01/41 | 791136 |

---

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

------

**DTF TAX-FREE INCOME 2028 TERM FUND INC.** 

**SCHEDULE OF INVESTMENTS — (Continued)** 

**January 31, 2023** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal <br>Amount**<br> **(000)** | **Description (a)** | **Value** |
| $330 | Railsplitter Tobacco Settlement Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/01/27 | $355971 |
| 1000 | Sales Tax Securitization Corp. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/01/48 | 1042911 |
| 1000 | Univ. of Illinois Aux. Facs. Sys. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/01/34 | 1016507 |
|  |  | 15475818 |
|  | **Indiana - 4%** |  |
| 240 | Indiana St. Fin. Auth. Hosp. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana Univ. Hlth., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/28 | 251021 |
| 2000 | Indiana St. Fin. Auth. Hosp. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parkview Hlth., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/43 | 2084606 |
| 1120 | Indianapolis Local Public Impt. Bond Bank Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Arpt. Auth Proj., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 1/01/42 | 1227218 |
|  |  | 3562845 |
|  | **Kentucky - 1.1%** |  |
| 900 | Kentucky Bond Dev. Corp. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transient Room Tax Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/01/43 | 961591 |
|  | **Louisiana - 4.4%** |  |
| 1250 | Louisiana St. Stadium & Exposition Dist. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/01/30 | 1258723 |
| 605 | Louisiana St. Stadium & Exposition Dist. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/01/36 | 609072 |
| 1250 | Louisiana St. Tran. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/38 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 8/15/23 @ $100 (b) | 1267108 |
| 300 | New Orleans Swr. Svc. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/01/44 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 6/01/24 @ $100 (b) | 310018 |
| 500 | Port of New Orleans Brd. of |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commissioners Port Fac. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 4/01/33 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 4/01/23 @ $100 (b) | 501947 |
|  |  | 3946868 |
|  | **Maine - 2.4%** |  |
| 100 | Maine St. Hlth. & Hgr. Edl. Facs. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/01/33, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 7/01/23 @ $100 (b) | 101054 |

---

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

------

**DTF TAX-FREE INCOME 2028 TERM FUND INC.** 

**SCHEDULE OF INVESTMENTS — (Continued)** 

**January 31, 2023** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal <br>Amount**<br> **(000)** | **Description (a)** | **Value** |
| $905 | Maine St. Hlth. & Hgr. Edl. Facs. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/01/33 | $908707 |
| 610 | Portland General Arpt. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/01/31 | 614771 |
| 540 | Portland General Arpt. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/01/32 | 544270 |
|  |  | 2168802 |
|  | **Maryland - 1.5%** |  |
| 500 | Maryland St. Cmnty. Dev. Admin., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dept. of Hsg. And Cmnty. Dev. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 9/01/41 | 339729 |
| 1000 | Maryland St. Hlth. & Hgr. Edl. Facs. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luminis Hlth., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/01/39 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 7/01/24 @ $100 (b) | 1034852 |
|  |  | 1374581 |
|  | **Massachusetts - 4.7%** |  |
| 1945 | Massachusetts St. Gen. Oblig., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 8/01/30, AMBAC | 2396725 |
| 700 | Massachusetts St. Hsg. Fin. Agy. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 12/01/40 | 523477 |
| 300 | Massachusetts St. Hsg. Fin. Agy. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/45 | 236238 |
| 1000 | Massachusetts St. Port Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/01/47 | 1032869 |
|  |  | 4189309 |
|  | **Michigan - 2.4%** |  |
| 550 | Michigan St. Fin. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beaumont Hlth. Credit Group, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/44 | 564138 |
| 540 | Michigan St. Bldg. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/36 | 553009 |
| 1020 | Michigan St. Hsg. Dev. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/01/45 | 780377 |
| 225 | Royal Oak Hosp. Fin. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beaumont Hlth. Credit Group, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/01/39 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 3/01/24 @ $100 (b) | 231193 |
|  |  | 2128717 |
|  | **Minnesota - 0.2%** |  |
| 200 | Minnesota St. Hsg. Fin. Agy., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 7/01/44 | 166425 |

---

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

------

**DTF TAX-FREE INCOME 2028 TERM FUND INC.** 

**SCHEDULE OF INVESTMENTS — (Continued)** 

**January 31, 2023** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal <br>Amount**<br> **(000)** | **Description (a)** | **Value** |
|  | **Mississippi - 0.7%** |  |
| $600 | Mississippi St. Gen. Oblig., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/39 | $617378 |
|  | **Nebraska - 2.4%** |  |
| 1925 | Omaha Gen. Oblig., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 4/01/27 | 2161207 |
|  | **New Jersey - 2.4%** |  |
| 400 | Camden Cnty. Impvt. Auth. Hlthcare. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Redev. Rev., Cooper Hlth. Sys., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/15/33 | 404304 |
| 295 | New Jersey St. COVID-19 Gen. Oblig. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Emergency Bonds, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 6/01/31 | 326137 |
| 1000 | New Jersey St. Tpk. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/01/34 | 1091487 |
| 305 | New Jersey St. Tpk. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/01/35 | 318026 |
|  |  | 2139954 |
|  | **New York - 5.4%** |  |
| 530 | Long Island Pwr. Auth. Elec. Sys. Gen. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 9/01/42 | 567669 |
| 510 | New York City Mun. Wtr. Fin. Auth. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wtr. & Swr. Sys. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustable Rate Bond, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/15/48 | 510000 |
| 2035 | New York St. Dorm. Auth., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Inc. Tax Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/31 | 2144037 |
| 900 | Port Auth. of New York and New Jersey Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/01/33 | 918832 |
| 500 | Triborough Bridge & Tunnel Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/30 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refunded 5/15/23 @ $100 (b) | 503554 |
| 195 | TSASC Inc. Tobacco Settlement Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/01/34 | 204969 |
|  |  | 4849061 |
|  | **North Carolina - 0.2%** |  |
| 185 | North Carolina St. Hsg. Fin. Agy. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 1/01/43 | 152985 |

---

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

------

**DTF TAX-FREE INCOME 2028 TERM FUND INC.** 

**SCHEDULE OF INVESTMENTS — (Continued)** 

**January 31, 2023** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal <br>Amount**<br> **(000)** | **Description (a)** | **Value** |
|  | **Ohio - 1.1%** |  |
| $570 | Northeast Ohio Regl. Swr. Dist. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/43 | $575836 |
| 495 | Ohio St. Hsg. Fin. Agy. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 9/01/45 | 391158 |
|  |  | 966994 |
|  | **Oregon - 2.4%** |  |
| 500 | Oregon St. Gen. Oblig., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 5/01/41 | 529938 |
| 570 | Port of Portland Intl. Arpt. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/01/32 | 583640 |
| 1000 | Washington Cnty. Sch. Dist. 48J |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Beaverton), Gen. Oblig. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/15/36 | 1082152 |
|  |  | 2195730 |
|  | **Pennsylvania - 2.8%** |  |
| 2000 | Delaware River Port Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 1/01/34 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 1/01/24 @ $100 (b) | 2045533 |
| 450 | Pennsylvania St. Tpk. Commission Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 12/01/38 | 515483 |
|  |  | 2561016 |
|  | **Rhode Island - 1.2%** |  |
| 1070 | Rhode Island St. Clean Wtr. Fin. Agy., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wtr. Poll. Control Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/32 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 10/01/24 @ $100 (b) | 1116791 |
|  | **South Carolina - 0.3%** |  |
| 290 | SCAGO Edl. Facs. Corp. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pickens Cnty. Sch. Dist., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/24 | 302087 |
|  | **Tennessee - 2.8%** |  |
| 250 | Chattanooga-Hamilton Cnty. Hosp. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Erlanger Hlth. Sys., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/34 | 255572 |
| 110 | Tennessee St. Hsg. Dev. Agy., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 7/01/32 | 109153 |
| 2000 | Tennessee St. Sch. Bond Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/42 | 2157824 |
|  |  | 2522549 |

---

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

------

**DTF TAX-FREE INCOME 2028 TERM FUND INC.** 

**SCHEDULE OF INVESTMENTS — (Continued)** 

**January 31, 2023** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal <br>Amount**<br> **(000)** | **Description (a)** | **Value** |
|  | **Texas - 12.1%** |  |
| $670 | Dallas Area Rapid Transit Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/41 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 12/01/25 @ $100 (b) | $720756 |
| 1250 | Houston Arpt. Sys. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 7/01/39 | 1360469 |
| 1410 | Houston Util. Sys. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/32 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 11/15/23 @ $100 (b) | 1438791 |
| 1625 | Keller Indep. Sch. Dist. Gen. Oblig., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 2/15/47, PSF | 1630729 |
| 1000 | Lewisville Indep. Sch. Dist. Gen. Oblig., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 8/15/39, PSF | 899257 |
| 1505 | North Texas Twy. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible CAB, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 9/01/43 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prerefunded 9/01/31 @ $100 (b) | 1946050 |
| 1135 | North Texas Twy. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 1/01/43 | 1122145 |
| 700 | San Antonio Indep. Sch. Dist. Sch. Bldg. |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen. Oblig., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 8/15/38, PSF | 755598 |
| 1000 | Texas St. Wtr. Development Brd. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; St. Wtr. Implementation Fund, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/47 | 997470 |
|  |  | 10871265 |
|  | **Vermont - 0.6%** |  |
| 500 | Vermont St. Edl. and Hlth. Bldg. Fin. Agy. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univ. of Vermont Med. Center, |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/35 | 526825 |
|  | **Virginia - 2.2%** |  |
| 2000 | Virginia St. College Bldg. Auth. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 2/01/23 | 2000000 |
|  | **Wisconsin - 1.9%** |  |
| 1400 | Wisconsin St. Pub. Fin. Auth. Hosp. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Renown Reg. Med. Ctr., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 6/01/40 | 1433658 |

---

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

------

**DTF TAX-FREE INCOME 2028 TERM FUND INC.** 

**SCHEDULE OF INVESTMENTS — (Continued)** 

**January 31, 2023** 

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal <br>Amount**<br> **(000)** | **Description (a)** | **Value** |
| $250 | Wisconsin St. Pub. Fin. Auth., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solid Waste Disp. Rev., |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 5/01/27 | $237227 |
|  |  | 1670885 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Long-Term Investments** |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $127,615,175) | 126957736 |
|  | **TOTAL INVESTMENTS - 141.2%** |  |
|  | (Cost $127,615,175) | $126957736 |
|  | Remarketable Variable Rate MuniFund Term<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Shares at liquidation value - (44.5)% | (40000000) |
|  | Other assets less other liabilities - 3.3% | 2940799 |
|  | **NET ASSETS APPLICABLE TO COMMON STOCK - 100.0%** | $89898535 |

---

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

AGM - Assured Guaranty Municipal Corp.\*

AMBAC - Ambac Assurance Corporation\*

BAM - Build America Mutual Assurance Company\*

CAB - Capital Appreciation Bond

COP - Certificate of Participation

FHA - Federal Housing Authority\*

NRE - National Public Finance Guarantee Corporation\*

PSF - Texas Permanent School Fund\*

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

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

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

**Note 1. Investment Valuation** 

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

Level 1 – quoted prices in active markets for identical securities

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

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)

------

**DTF TAX-FREE INCOME 2028 TERM FUND INC.** 

**SCHEDULE OF INVESTMENTS — (Continued)** 

**January 31, 2023** 

**(Unaudited)** 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in these securities. For more information about the Fund's policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund's most recent financial statements contained in its annual report. The following is a summary of the inputs used to value each of the Fund's investments at January 31, 2023:

---

| | |
|:---|:---|
| | **Level 2** |
|  Municipal bonds | $126957736 |

---

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.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** DTF Tax-Free Income 2028 Term Fund INC

- **b. Investment Company Act file number:** 811-06416

- **c. CIK number of Registrant:** 0000879535

- **d. LEI of Registrant:** 549300UTPMUSB8BKGI82

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 200 SOUTH WACKER DRIVE

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 800-338-8214

**Item A.2. Information about the Series.**

- **a. Name of Series:** DTF Tax-Free Income 2028 Term Fund INC

- **c. LEI of Series:** 549300UTPMUSB8BKGI82

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $129998969.64

**Total Liabilities:** $100434.16

**Net Assets:** $129898535.48

**Cash Not Reported:** $1419007.42

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -531.97000000 | **1-Year:** -7799.92000000 | **5-Year:** -23426.36000000 | **10-Year:** -16715.01000000 | **30-Year:** -3867.79000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -1.12000000 | **1-Year:** -152.05000000 | **5-Year:** -306.38000000 | **10-Year:** -688.34000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 4.19%                | -2.39%               | 3.50%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-412916.86              | $4596134.75                                |
| Month 2  | $0.00                    | $-250963.90                                |
| Month 3  | $0.00                    | $2415494.48                                |

### Schedule of Portfolio Investments

| Name                                                         | Title                                                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UNIV OF CONNECTICUT CT REVENUE                               | University of Connecticut                                               | CUSIP: 914225HG5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1410237.79   | 1.09%             | 2043-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILLSBOROUGH CNTY FL AVIATION AUTH                           | Hillsborough County Aviation Authority                                  | CUSIP: 432308E91<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034591.20   | 0.80%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FL HLTH FACS AUTH                                | Miami Beach Health Facilities Authority                                 | CUSIP: 593211EW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1080000 | PA      | $1097103.53   | 0.84%             | 2039-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                               | State of Connecticut                                                    | CUSIP: 20772KGG8<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    730000 | PA      | $749073.88    | 0.58%             | 2038-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL FL EXPRESSWAY AUTH SR LIEN REVENUE                    | Central Florida Expressway Authority                                    | CUSIP: 153476BW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017873.30   | 0.78%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY BOND DEV CORP TRANSIENT ROOM TAX REVENUE            | Kentucky Bond Development Corp                                          | CUSIP: 491214AW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $961590.78    | 0.74%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REV                  | Connecticut State Health & Educational Facilities Authority             | CUSIP: 20774YND5<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |    550000 | PA      | $552682.35    | 0.43%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE HSG DEV AGY RSDL FING PROGRAM REVENUE              | Tennessee Housing Development Agency                                    | CUSIP: 880461NJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $109152.64    | 0.08%             | 2032-07-01      | Fixed         | 3.63%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST                                             | Commonwealth of Massachusetts                                           | CUSIP: 57582NUZ6<br>LEI: 5493001N1YCXNI1O7K10 | Long             | DBT              | MUN               | US        |   1945000 | PA      | $2396725.08   | 1.85%             | 2030-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PALM DESERT CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION        | Palm Desert Redevelopment Agency Successor Agency                       | CUSIP: 696624AM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $275840.95    | 0.21%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TALLAHASSEE FL HLTH FACS REVENUE                             | City of Tallahassee FL                                                  | CUSIP: 874485DJ1<br>LEI: 549300MPY4HDPK8B1G15 | Long             | DBT              | MUN               | US        |    470000 | PA      | $478809.63    | 0.37%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC SYS REVENUE                     | Long Island Power Authority                                             | CUSIP: 542691AT7<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |    530000 | PA      | $567668.85    | 0.44%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA STADIUM & EXPOSITION DIST LA                       | Louisiana Stadium & Exposition District                                 | CUSIP: 546410BN0<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1258723.38   | 0.97%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE                                  | City of Houston TX Airport System Revenue                               | CUSIP: 442349DE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1360469.50   | 1.05%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROYAL OAK MI HOSP FIN AUTH                                   | Royal Oak Hospital Finance Authority                                    | CUSIP: 780486HD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $231192.79    | 0.18%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ATLANTA GA ARPT PASSENGER FAC CHARGE REVENUE                 | City of Atlanta GA Airport Passenger Facility Charge                    | CUSIP: 04780TCY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511974.55    | 0.39%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE                                 | Michigan Finance Authority                                              | CUSIP: 59447THF3<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    550000 | PA      | $564137.92    | 0.43%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST WTR DEV BRD                                         | Texas Water Development Board                                           | CUSIP: 882854B76<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $997469.50    | 0.77%             | 2047-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                  | State of Illinois                                                       | CUSIP: 452151YD9<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2020000 | PA      | $2251013.66   | 1.73%             | 2029-01-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TAMPA-HILLSBOROUGH CNTY FL EXPRESSWAY AUTH                   | Tampa-Hillsborough County Expressway Authority                          | CUSIP: 875301FP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044343.10   | 0.80%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT NEW ORLEANS LA BRD OF COMMISSIONERS PORT FAC REVENUE    | Port New Orleans Board of Commissioners                                 | CUSIP: 734782CS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $501946.60    | 0.39%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE                   | California State Public Works Board                                     | CUSIP: 13068LHA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1017293.30   | 0.78%             | 2029-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MIAMI BEACH FL REDEV AGY                                     | Miami Beach Redevelopment Agency                                        | CUSIP: 593237FQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503869.20    | 0.39%             | 2040-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST                                               | State of Connecticut                                                    | CUSIP: 20772KEB1<br>LEI: 5493007GRO6CU0IKP741 | Long             | DBT              | MUN               | US        |    935000 | PA      | $1040801.51   | 0.80%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CONNECTICUT CT                                       | University of Connecticut                                               | CUSIP: 9142332W0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $468482.72    | 0.36%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA NE                                                     | City of Omaha NE                                                        | CUSIP: 681712PR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1925000 | PA      | $2161207.32   | 1.66%             | 2027-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                                    | City of Chicago IL Waterworks Revenue                                   | CUSIP: 167736P84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263451.75    | 0.20%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                                 | Illinois Finance Authority                                              | CUSIP: 45203HZS4<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    525000 | PA      | $545944.82    | 0.42%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON CNTY OR SCH DIST #48J BEAVERTON                   | Washington & Multnomah Counties School District No 48J Beaverton        | CUSIP: 938429U96<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1082152.00   | 0.83%             | 2036-06-15      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY MUNI WTR FIN AUTH WTR & SWR SYS REVENUE     | New York City Municipal Water Finance Authority                         | CUSIP: 64972GCQ5<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |    510000 | PA      | $510000.00    | 0.39%             | 2048-06-15      | Floating      | 1.25%                 | No            |                  2 | On Loan: No      |
| DENVER CITY & CNTY CO ARPT REVENUE                           | City & County of Denver CO Airport System Revenue                       | CUSIP: 249182SY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1175211.80   | 0.90%             | 2030-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TAMPA-HILLSBOROUGH CNTY FL EXPRESSWAY AUTH                   | Tampa-Hillsborough County Expressway Authority                          | CUSIP: 875301GL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $667775.38    | 0.51%             | 2042-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF ILLINOIS IL REVENUES                                 | University of Illinois                                                  | CUSIP: 914353G84<br>LEI: 549300VD8PPC4Q5HK850 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016507.40   | 0.78%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BREVARD CNTY FL SCH BRD COPS                                 | Brevard County School District                                          | CUSIP: 107431LB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $856803.87    | 0.66%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | Connecticut Housing Finance Authority                                   | CUSIP: 20775HET6<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    130000 | PA      | $93908.05     | 0.07%             | 2038-05-15      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| PORT OF PORTLAND OR ARPT REVENUE                             | Port of Portland OR Airport Revenue                                     | CUSIP: 735240F81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $583640.44    | 0.45%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALES TAX SECURITIZATION CORP IL                             | Sales Tax Securitization Corp                                           | CUSIP: 79467BBM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042910.70   | 0.80%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AZ UNIV                                                | Northern Arizona University                                             | CUSIP: 664754Z27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1012956.40   | 0.78%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX UTILITY SYS REVENUE                               | City of Houston TX Combined Utility System Revenue                      | CUSIP: 4424352M4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1410000 | PA      | $1438790.65   | 1.11%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | Connecticut Housing Finance Authority                                   | CUSIP: 20775C2M5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    390000 | PA      | $384447.77    | 0.30%             | 2033-05-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OREGON ST                                                    | State of Oregon                                                         | CUSIP: 68609BSD0<br>LEI: 549300R5SUGZRD8KP359 | Long             | DBT              | MUN               | US        |    500000 | PA      | $529938.40    | 0.41%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH HSG MTGE FIN PROGRAM             | Connecticut Housing Finance Authority                                   | CUSIP: 20775CXK5<br>LEI: 5493003DXX0NRJKSH186 | Long             | DBT              | MUN               | US        |    365000 | PA      | $362608.63    | 0.28%             | 2033-11-15      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| IDAHO ST HLTH FACS AUTH REVENUE                              | Idaho Health Facilities Authority                                       | CUSIP: 451295ZW2<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    240000 | PA      | $251176.54    | 0.19%             | 2037-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | California Health Facilities Financing Authority                        | CUSIP: 13032UFL7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    330000 | PA      | $335464.27    | 0.26%             | 2036-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RAILSPLITTER IL TOBACCO SETTLEMENT AUTH                      | Railsplitter Tobacco Settlement Authority                               | CUSIP: 75076PAZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $355971.46    | 0.27%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA ST HLTH FACS AUTH                                    | Arizona Health Facilities Authority                                     | CUSIP: 040507PS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $660705.70    | 0.51%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC AUTH FOR COLORADO ST ENERGY NATURAL GAS PURCHASE REVE | Public Authority for Colorado Energy                                    | CUSIP: 744387AC5<br>LEI: 549300C6IJKXQOMRAB11 | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2360512.09   | 1.82%             | 2028-11-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST BRD OF GOVERNORS FLORIDA ST UNIV DORM REVENUE     | Florida State University Housing Facility Revenue                       | CUSIP: 34157RCU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2350000 | PA      | $2364418.43   | 1.82%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST CLG BLDG AUTH EDUCTNL FACS REVENUE               | Virginia College Building Authority                                     | CUSIP: 927781QU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2000000.00   | 1.54%             | 2023-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                                 | Illinois Finance Authority                                              | CUSIP: 45204FCE3<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    170000 | PA      | $179243.02    | 0.14%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY HSG REVENUE                     | Massachusetts Housing Finance Agency                                    | CUSIP: 57587A4S4<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    300000 | PA      | $236238.27    | 0.18%             | 2045-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGEREVENUE                         | Ohio Housing Finance Agency                                             | CUSIP: 67756QG68<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    495000 | PA      | $391157.56    | 0.30%             | 2045-09-01      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL SCH BRD COPS                                | Seminole County School Board                                            | CUSIP: 816692MZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2190000 | PA      | $2350590.95   | 1.81%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GILROY CA UNIF SCH DIST                                      | Gilroy Unified School District                                          | CUSIP: 376087ER9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2015074.80   | 1.55%             | 2041-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI SOL WST DISP REVENUE                      | Public Finance Authority                                                | CUSIP: 74445MAB5<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |    250000 | PA      | $237227.18    | 0.18%             | 2027-05-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVENUE                             | Indiana Finance Authority                                               | CUSIP: 45471ANP3<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    240000 | PA      | $251021.40    | 0.19%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA-HAMILTON CNTY TN HOSP AUTH HOSP REVENUE          | Chattanooga-Hamilton County Hospital Authority                          | CUSIP: 162362HW0<br>LEI: 549300BFNMBLLM3M6C70 | Long             | DBT              | MUN               | US        |    250000 | PA      | $255572.28    | 0.20%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEMPLE CITY CA UNIF SCH DIST                                 | Temple City Unified School District                                     | CUSIP: 879828MV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1007239.70   | 0.78%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND ME ARPT REVENUE                                     | City of Portland ME General Airport Revenue                             | CUSIP: 736564CY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $544269.51    | 0.42%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MF HSG REVENUE                                    | City of Chicago IL                                                      | CUSIP: 167570PC8<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500298.70    | 0.39%             | 2044-03-20      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| DALLAS TX AREA RAPID TRANSIT SALES TAX REVENUE               | Dallas Area Rapid Transit                                               | CUSIP: 235241RU2<br>LEI: 75YWM81F2R6UQGJIEW47 | Long             | DBT              | MUN               | US        |    670000 | PA      | $720755.58    | 0.55%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST TRANSPRTN AUTH                                  | Louisiana State Transportation Authority                                | CUSIP: 54651TAW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1267107.88   | 0.98%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CAMDEN CNTY NJ IMPT AUTH HLTHCARE REDEV REVENUE              | Camden County Improvement Authority/The                                 | CUSIP: 13281QBT1<br>LEI: 549300UTQBT9ZE0QFB15 | Long             | DBT              | MUN               | US        |    400000 | PA      | $404303.68    | 0.31%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF COLORADO CO ENTERPRISE REVENUE                       | University of Colorado                                                  | CUSIP: 91417KY70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008877.50   | 0.78%             | 2043-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NTHRN AZ UNIV                                                | Northern Arizona University                                             | CUSIP: 6647547J1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $196597.98    | 0.15%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | California Health Facilities Financing Authority                        | CUSIP: 13032UCK2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1660000 | PA      | $1788953.61   | 1.38%             | 2046-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ARIZONA BRD OF RGTS ST UNIV SYS REVENUE                      | Arizona State University                                                | CUSIP: 04048RQK5<br>LEI: 254900BLZ1MCZ5JLK411 | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1442171.39   | 1.11%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                                | State of California                                                     | CUSIP: 13063CMT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1047414.80   | 0.81%             | 2028-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF CALIFORNIA CA REVENUES                               | University of California                                                | CUSIP: 91412HBC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1753120.25   | 1.35%             | 2048-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GARDEN GROVE CA AGY CMNTY DEVSUCCESSOR AGY TAX ALLOCATION    | Garden Grove Agency Community Development Successor Agency              | CUSIP: 365250BD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1080049.80   | 0.83%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH                                | Illinois State Toll Highway Authority                                   | CUSIP: 452252LX5<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |    750000 | PA      | $791135.78    | 0.61%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHEAST OH REGL SWR DIST                                   | Northeast Ohio Regional Sewer District                                  | CUSIP: 663903HP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $575836.34    | 0.44%             | 2043-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KELLER TX INDEP SCH DIST                                     | Keller Independent School District/TX                                   | CUSIP: 487694SV4<br>LEI: 549300BS0JDJPR8KUN68 | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1630729.10   | 1.26%             | 2047-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TURNPIKE REVENUE                 | New Jersey Turnpike Authority                                           | CUSIP: 6461396S9<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1091486.90   | 0.84%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL SCH BRD                                   | School Board of Miami-Dade County/The                                   | CUSIP: 59333MU60<br>LEI: 549300J3U4QVT6U3O129 | Long             | DBT              | MUN               | US        |   2220000 | PA      | $2340349.09   | 1.80%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMISSION TURNPIKE REVENUE         | Pennsylvania Turnpike Commission                                        | CUSIP: 709223XW6<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |    450000 | PA      | $515482.97    | 0.40%             | 2038-12-01      | Floating      | 6.38%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST                                                | State of New Jersey                                                     | CUSIP: 646039YQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $326136.96    | 0.25%             | 2031-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LANCASTER CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION          | Lancaster Redevelopment Agency Successor Agency                         | CUSIP: 513802DW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | PA      | $304426.64    | 0.23%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MINNESOTA ST HSG FIN AGY                                     | Minnesota Housing Finance Agency                                        | CUSIP: 60416S6R6<br>LEI: 549300R89XDTQBK4GE22 | Long             | DBT              | MUN               | US        |    200000 | PA      | $166424.68    | 0.13%             | 2044-07-01      | Fixed         | 2.70%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH HOSP REVENUE                             | Indiana Finance Authority                                               | CUSIP: 45471ARL8<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2084605.80   | 1.60%             | 2043-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEWISVILLE TX INDEP SCH DIST                                 | Lewisville Independent School District                                  | CUSIP: 52882PDW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $899256.60    | 0.69%             | 2039-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | Chicago O'Hare International Airport                                    | CUSIP: 167593LM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1002115.20   | 0.77%             | 2030-01-01      | Fixed         | 5.13%                 | No            |                  2 | On Loan: No      |
| TSASC INC NY                                                 | TSASC Inc/NY                                                            | CUSIP: 898526FC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $204969.18    | 0.16%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                                    | City of Chicago IL Waterworks Revenue                                   | CUSIP: 167736C70<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    865000 | PA      | $873284.88    | 0.67%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAINE HLTH & HGR EDUCTNL FACSAUTH REVENUE                    | Maine Health & Higher Educational Facilities Authority                  | CUSIP: 56042RCN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    905000 | PA      | $908707.06    | 0.70%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA STADIUM & EXPOSITION DIST LA                       | Louisiana Stadium & Exposition District                                 | CUSIP: 546410BV2<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |    605000 | PA      | $609072.26    | 0.47%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                                    | City of Chicago IL Waterworks Revenue                                   | CUSIP: 167736E45<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $263924.88    | 0.20%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH SF MTGE REVENUE                     | Michigan State Housing Development Authority                            | CUSIP: 594654JH9<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   1020000 | PA      | $780377.21    | 0.60%             | 2045-12-01      | Fixed         | 2.80%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST HSG FIN AGY                                | North Carolina Housing Finance Agency                                   | CUSIP: 65821FHS8<br>LEI: EC4EE0PS5OP5O69B5C39 | Long             | DBT              | MUN               | US        |    185000 | PA      | $152985.16    | 0.12%             | 2043-01-01      | Fixed         | 2.85%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL WTRWKS REVENUE                                    | City of Chicago IL Waterworks Revenue                                   | CUSIP: 167736L21<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    665000 | PA      | $731771.19    | 0.56%             | 2032-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL BRD OF EDU PUBLIC SCH WARRANTS             | Jefferson County Board of Education/AL                                  | CUSIP: 472649AX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2119661.00   | 1.63%             | 2046-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI ST                                               | State of Mississippi                                                    | CUSIP: 605581LY1<br>LEI: 549300JRWW5RFQUB7P94 | Long             | DBT              | MUN               | US        |    600000 | PA      | $617378.04    | 0.48%             | 2039-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VERMONT ST EDUCTNL & HLTH BLDGS FING AGY REVENUE             | Vermont Educational & Health Buildings Financing Agency                 | CUSIP: 924166HX2<br>LEI: 549300ZC1ZW1EUIIV708 | Long             | DBT              | MUN               | US        |    500000 | PA      | $526825.25    | 0.41%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| REEDY CREEK FL IMPT DIST                                     | Reedy Creek Improvement District                                        | CUSIP: 758449PB2<br>LEI: 549300DLSKH6SZ96KV94 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1008567.30   | 0.78%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SEMINOLE CNTY FL SALES TAX REVENUE                           | County of Seminole FL Sales Tax Revenue                                 | CUSIP: 816691EW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2412155.91   | 1.86%             | 2031-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAINE HLTH & HGR EDUCTNL FACSAUTH REVENUE                    | Maine Health & Higher Educational Facilities Authority                  | CUSIP: 56042RBV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101054.27    | 0.08%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL TRANSPRTN FAC REVENUE                            | County of Lee FL Transportation Facilities Revenue                      | CUSIP: 523523LE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514415.45    | 0.40%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ANCHORAGE AK ELEC UTILITY REVENUE                            | City of Anchorage AK Electric Revenue                                   | CUSIP: 033177YY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $302670.04    | 0.23%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TENNESSEE ST SCH BOND AUTH                                   | Tennessee State School Bond Authority                                   | CUSIP: 880558JT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2157824.20   | 1.66%             | 2042-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARTFORD CNTY CT MET DIST CLEAN WTR PROJ REVENUE             | Hartford County Metropolitan District Clean Water Project Revenue       | CUSIP: 416498DX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1487624.00   | 1.15%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST CLEAN WTR FINAGY WTR POLL CONTROL REVENUE    | Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund | CUSIP: 76218TTY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1116790.67   | 0.86%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY HSG REVENUE                     | Massachusetts Housing Finance Agency                                    | CUSIP: 57587A8C5<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    700000 | PA      | $523477.43    | 0.40%             | 2040-12-01      | Fixed         | 2.30%                 | No            |                  2 | On Loan: No      |
| S FL WTR MGMT DIST COPS                                      | South Florida Water Management District                                 | CUSIP: 83786PCU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    830000 | PA      | $883611.86    | 0.68%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSONAL INCOME TAX REVENUE         | New York State Dormitory Authority                                      | CUSIP: 64990EYL5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2035000 | PA      | $2144036.93   | 1.65%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE                 | Chicago O'Hare International Airport                                    | CUSIP: 167593WQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $656687.14    | 0.51%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JERSEY NY                        | Port Authority of New York & New Jersey                                 | CUSIP: 73358WRA4<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |    900000 | PA      | $918832.14    | 0.71%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REV                  | Connecticut State Health & Educational Facilities Authority             | CUSIP: 20774Y3C9<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   1265000 | PA      | $1436725.27   | 1.11%             | 2040-07-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX INDEP SCH DIST                                | San Antonio Independent School District/TX                              | CUSIP: 796269WY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $755598.13    | 0.58%             | 2038-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST HLTH & HGR EDUCTNL FACS AUTH REVENUE             | Maryland Health & Higher Educational Facilities Authority               | CUSIP: 574218TJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1034852.30   | 0.80%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                  | State of Illinois                                                       | CUSIP: 452152H20<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    600000 | PA      | $636502.92    | 0.49%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL AUTH REVENUES                  | Triborough Bridge & Tunnel Authority                                    | CUSIP: 89602NG73<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |    500000 | PA      | $503553.75    | 0.39%             | 2030-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EDUCTNL FACS AUTH REVENUE                 | Miami-Dade County Educational Facilities Authority                      | CUSIP: 59333AMA6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1279539.88   | 0.99%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST HSG DEV AUTH REVENUE                             | Illinois Housing Development Authority                                  | CUSIP: 45203MDB4<br>LEI: 54930053Z6M9JVHBQZ16 | Long             | DBT              | MUN               | US        |   1180000 | PA      | $862049.00    | 0.66%             | 2042-10-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| DELAWARE RIVER PORT AUTH PA & NJ                             | Delaware River Port Authority                                           | CUSIP: 246352GJ1<br>LEI: 549300OBM31KJO8JR048 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2045533.40   | 1.57%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA                                             | District of Columbia                                                    | CUSIP: 25476FWG9<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085809.00   | 0.84%             | 2043-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                                 | Illinois Finance Authority                                              | CUSIP: 45203HP71<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1090000 | PA      | $1055167.63   | 0.81%             | 2039-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI HOSP REVENUE                              | Public Finance Authority                                                | CUSIP: 74442CBS2<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1433657.68   | 1.10%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONTRA COSTA CNTY CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION  | Contra Costa County Redevelopment Agency Successor Agency               | CUSIP: 212263AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $658157.82    | 0.51%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST BLDG EXCELLENT SCHS TODAY COPS                   | State of Colorado                                                       | CUSIP: 19668QKE4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $1040563.21   | 0.80%             | 2029-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SCAGO SC EDUCTNL FACS CORP FOR PICKENS SCH DIST              | SCAGO Educational Facilities Corp for Pickens School District           | CUSIP: 80585TCA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | PA      | $302087.29    | 0.23%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW ORLEANS LA SEWAGE SVC REVENUE                            | City of New Orleans LA Sewerage Service Revenue                         | CUSIP: 647719NF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $310017.60    | 0.24%             | 2044-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANAPOLIS IN LOCAL PUBLIC IMPT BOND BANK                  | Indianapolis Local Public Improvement Bond Bank                         | CUSIP: 45528U5K3<br>LEI: 549300LX8ESJHDSESB87 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1227218.38   | 0.94%             | 2042-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NTHRN AZ UNIV                                                | Northern Arizona University                                             | CUSIP: 6647547K8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $316459.07    | 0.24%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST PORT AUTH                                   | Massachusetts Port Authority                                            | CUSIP: 575896SQ9<br>LEI: 254900JRR8IDSSKWCL90 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032869.30   | 0.80%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV             | Maryland Community Development Administration                           | CUSIP: 57419TQF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $339728.90    | 0.26%             | 2041-09-01      | Fixed         | 1.95%                 | No            |                  2 | On Loan: No      |
| SAN MARCOS CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION         | San Marcos Redevelopment Agency Successor Agency                        | CUSIP: 79876CAS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1215000 | PA      | $1296253.13   | 1.00%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                  | State of Illinois                                                       | CUSIP: 452152G88<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1069510.30   | 0.82%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL SALES TAX REVENUE                                 | City of Chicago IL                                                      | CUSIP: 16768TKC7<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |    250000 | PA      | $262402.63    | 0.20%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING AUTH REVENUE                    | California Health Facilities Financing Authority                        | CUSIP: 13032UMN5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1260000 | PA      | $1266967.93   | 0.98%             | 2044-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH REVENUE                                | Michigan State Building Authority                                       | CUSIP: 594615FU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $553009.25    | 0.43%             | 2036-10-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                                    | North Texas Tollway Authority                                           | CUSIP: 66285WWC6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1135000 | PA      | $1122144.99   | 0.86%             | 2043-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH                               | Maricopa County Industrial Development Authority                        | CUSIP: 56682HCG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031809.20   | 0.79%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE                                 | Illinois Finance Authority                                              | CUSIP: 45204FCG8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1115924.14   | 0.86%             | 2045-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN MATEO CA REDEV AGY SUCCESSOR AGY TAX ALLOCATION          | San Mateo Redevelopment Agency Successor Agency                         | CUSIP: 799014AJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2123230.00   | 1.63%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH                                  | New Jersey Turnpike Authority                                           | CUSIP: 6461397J8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |    305000 | PA      | $318026.12    | 0.24%             | 2035-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE                                    | North Texas Tollway Authority                                           | CUSIP: 66285WHF6<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   1505000 | PA      | $1946050.03   | 1.50%             | 2043-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PORTLAND ME ARPT REVENUE                                     | City of Portland ME General Airport Revenue                             | CUSIP: 736564CX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    610000 | PA      | $614771.24    | 0.47%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** DTF Tax-Free Income 2028 Term Fund INC

**Signature:** Dianna Wengler

**Name of Signer:** Dianna Wengler

**Title:** Vice President and Assistant Secretary