DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS

July 31, 2023

(Unaudited)

 

        Principal        
Amount

(000)

      Description (a)    Value  

 

 

     

 

   

 

 

  
  

LONG-TERM INVESTMENTS - 98%

   
   Alaska - 0.3%   
  $290      Anchorage Elec. Util. Rev.,   
  

5.00%, 12/01/36

   
  

Prerefunded 12/01/24 @ $100 (b)

      $296,474  
     

 

 

  
   Arizona - 5%   
  1,350      Arizona Brd. of Regents Rev.,   
  

Arizona St. Univ.,

   
  

5.00%, 7/01/37

      1,398,336  
  650      Arizona St. Hlth. Fac. Auth. Rev.,   
  

HonorHealth Hosp. Proj.,

   
  

5.00%, 12/01/42

      651,704  
  1,000      Maricopa Cnty. Indl. Dev. Auth. Rev.,   
  

Banner Hlth.,

   
  

4.00%, 1/01/34

      1,009,744  
  310      Northern Arizona Univ. Rev.,   
  

5.00%, 6/01/40

      311,622  
  1,000      Northern Arizona Univ. SPEED Rev.,   
  

(Stimulus Plan for Econ. and Edl. Dev.),

   
  

5.00%, 8/01/38

   
  

Prerefunded 8/01/23 @ $100 (b)

      1,000,000  
     

 

 

  
        4,371,406  
     

 

 

  
   California - 13.2%   
  330      California St. Hlth. Facs. Fin. Auth. Rev.,   
  

Providence St. Joseph Hlth.,

   
  

4.00%, 10/01/36

      331,822  
  1,660      California St. Hlth. Facs. Fin. Auth. Rev.,   
  

Sutter Hlth.,

   
  

5.00%, 11/15/46

   
  

Prerefunded 11/15/25 @ $100 (b)

      1,736,089  
  1,000      California St. Gen. Oblig.,   
  

5.00% 10/01/28

      1,021,053  
  1,000      California St. Pub. Wks. Brd. Lease Rev.,   
  

Dept. of Corrections and Rehab.,

   
  

5.25%, 9/01/29

      1,001,407  
  1,000      Garden Grove Successor Agy. to Agy.   
  

Cmty. Dev., Tax Allocation,

   
  

5.00%, 10/01/31, BAM

      1,056,513  
  2,000      Gilroy Unified Sch. Dist. Gen. Oblig.,   
  

4.00%, 8/01/41

      2,006,044  

 

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

 

1

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2023

(Unaudited)

 

        Principal        
Amount

(000)

      Description (a)    Value  

 

 

     

 

   

 

 

  
  $1,215      San Marcos Successor Agy. to Redev.   
  

Agy., Tax Allocation,

   
  

5.00%, 10/01/32

      $1,261,658  
  2,000      San Mateo Successor Agy. to Redev.   
  

Agy., Tax Allocation,

   
  

5.00%, 8/01/30

      2,074,759  
  1,000      Temple City Unified Sch. Dist. Gen. Oblig.,   
  

4.00%, 8/01/43

      995,536  
     

 

 

  
        11,484,881  
     

 

 

  
   Colorado - 4%   
  1,000      Denver City and Cnty. Arpt. Rev.,   
  

5.50%, 11/15/30

      1,141,083  
  2,150      Public Auth. for Colorado Energy,   
  

Natural Gas Purch. Rev.,

   
  

6.25%, 11/15/28

      2,301,907  
     

 

 

  
        3,442,990  
     

 

 

  
   Connecticut - 6.3%   
  935      Connecticut St. Gen. Oblig.,   
  

5.00%, 9/15/35

      1,020,033  
  730      Connecticut St. Gen. Oblig.,   
  

4.00%, 4/15/38

      735,333  
  1,265      Connecticut St. Hlth. & Edl. Facs. Auth.   
  

Rev., Yale Univ.,

   
  

5.00%, 7/01/40

      1,384,377  
  550      Connecticut St. Hlth. & Edl. Facs. Auth.   
  

Rev., Yale-New Haven Hosp.,

   
  

5.00%, 7/01/48

      546,278  
  390      Connecticut St. Hsg. Auth. Rev.,   
  

3.00%, 5/15/33

      363,410  
  1,250      Hartford Cnty. Met. Dist. Clean Wtr. Proj. Rev.,   
  

5.00%, 2/01/33

      1,440,207  
     

 

 

  
        5,489,638  
     

 

 

  
   Florida - 16%   
  780      Brevard Cnty. Sch. Brd. Ref. COP,   
  

5.00%, 7/01/32

      840,609  
  1,000      Central Florida Expwy. Auth. Rev.,   
  

4.00%, 7/01/36

      1,005,288  
  1,000      Hillsborough Cnty. Aviation Auth. Rev.,   
  

Tampa Int’l. Arpt.,

   
  

5.00%, 10/01/44

   
  

Prerefunded 10/01/24 @ $100 (b)

      1,015,313  

 

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

 

2

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2023

(Unaudited)

 

        Principal        
Amount

(000)

      Description (a)    Value  

 

 

     

 

   

 

 

  
  $1,080      Miami Beach Hlth. Facs. Auth. Rev.,   
  

Mt. Sinai Med. Ctr.,

   
  

5.00%, 11/15/39

      $1,085,843  
  500      Miami Beach Redev. Agy. Rev.,   
  

5.00%, 2/01/40, AGM

      501,876  
  1,250      Miami-Dade Cnty. Ed. Facs. Auth. Rev.,   
  

Univ. of Miami,

   
  

5.00%, 4/01/45

      1,267,204  
  2,220      Miami-Dade Cnty. Sch. Brd. Ref. COP,   
  

5.00%, 2/01/34

      2,292,525  
  2,035      Seminole Cnty. Sales Tax Rev.,   
  

5.25%, 10/01/31, NRE

      2,338,220  
  2,190      Seminole Cnty. Sch. Brd. COP,   
  

5.00%, 7/01/33

      2,280,094  
  830      S. Florida Wtr. Mgmt. Dist. COP,   
  

5.00%, 10/01/35

      859,385  
  470      Tallahassee Hlth. Facs. Rev.,   
  

Tallahassee Memorial Hlthcare.,

   
  

5.00%, 12/01/41

      467,623  
     

 

 

  
        13,953,980  
     

 

 

  
   Georgia - 0.6%   
  500      Atlanta Arpt. Passenger Fac. Charge Gen. Rev.,   
  

5.00%, 1/01/32

      503,324  
     

 

 

  
   Illinois - 13.3%   
  500      Chicago Multi-Family Hsg. Rev.,   
  

Paul G. Stewart (Phases I and II),

   
  

4.90%, 3/20/44, FHA

      500,160  
  1,000      Chicago O’Hare Intl. Arpt. Rev.,   
  

Customer Fac. Charge,

   
  

5.125%, 1/01/30, AGM

      1,003,187  
  250      Chicago Sales Tax Rev.,   
  

5.00%, 1/01/30

   
  

Prerefunded 1/01/25 @ $100 (b)

      255,721  
  250      Chicago Wtrwks. Rev.,   
  

5.00%, 11/01/30

      261,600  
  665      Chicago Wtrwks. Rev.,   
  

5.25%, 11/01/32, AGM

      718,185  
  250      Chicago Wtrwks. Rev.,   
  

5.00%, 11/01/36, AGM

      262,725  
  865      Chicago Wtrwks. Rev.,   
  

5.00%, 11/01/44

      871,489  

 

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

 

3

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2023

(Unaudited)

 

        Principal        
Amount

(000)

      Description (a)    Value  

 

 

     

 

   

 

 

  
  $1,000      Cook Cnty. Gen. Oblig.,   
  

5.00%, 11/15/24

      $1,018,351  
  170      Illinois St. Fin. Auth. Rev.,   
  

Advocate Hlth. Care Network,

   
  

5.00%, 5/01/45

   
  

Prerefunded 5/01/25 @ $100 (b)

      174,322  
  1,055      Illinois St. Fin. Auth. Rev.,   
  

Advocate Hlth. Care Network,

   
  

5.00%, 5/01/45

   
  

Prerefunded 5/01/25 @ $100 (b)

      1,083,626  
  525      Illinois St. Fin. Auth. Rev.,   
  

Northwestern Memorial Hlthcare.,

   
  

5.00%, 9/01/42

   
  

Prerefunded 9/01/24 @ $100 (b)

      534,099  
  1,000      Illinois St. Gen. Oblig.,   
  

5.00%, 2/01/27

      1,051,538  
  2,020      Illinois St. Gen. Oblig.,   
  

5.50%, 1/01/29

      2,238,443  
  600      Illinois St. Gen. Oblig.,   
  

5.00%, 2/01/29

      631,978  
  1,000      Univ. of Illinois Aux. Facs. Sys. Rev.,   
  

5.00%, 4/01/34

      1,003,650  
     

 

 

  
        11,609,074  
     

 

 

  
   Indiana - 0.3%   
  240      Indiana St. Fin. Auth. Hosp. Rev.,   
  

Indiana Univ. Hlth.,

   
  

5.00%, 12/01/28

      245,919  
     

 

 

  
   Louisiana - 1.8%   
  1,250      Louisiana St. Tran. Auth. Rev.,   
  

5.00%, 8/15/38

   
  

Prerefunded 8/15/23 @ $100 (b)

      1,250,717  
  300      New Orleans Swr. Svc. Rev.,   
  

5.00%, 6/01/44

   
  

Prerefunded 6/01/24 @ $100 (b)

      304,170  
     

 

 

  
        1,554,887  
     

 

 

  
   Maine - 1%   
  905      Maine St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,   
  

5.00%, 7/01/33

      905,641  
     

 

 

  
   Maryland - 1.2%   
  1,000      Maryland St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,   
  

Luminis Hlth.,

   
  

5.00%, 7/01/39

   
  

Prerefunded 7/01/24 @ $100 (b)

      1,014,945  
     

 

 

  

 

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

 

4

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2023

(Unaudited)

 

        Principal        
Amount

(000)

      Description (a)    Value  

 

 

     

 

   

 

 

  
   Massachusetts - 2.6%   
  $1,945      Massachusetts St. Gen. Oblig.,   
  

5.50%, 8/01/30, AMBAC

      $2,262,446  
     

 

 

  
  

Michigan - 3.5%

   
  1,630      Great Lakes Wtr. Auth., Sewage Disposal   
  

Sys. Rev.,

   
  

5.00%, 7/01/33

      1,699,230  
  550      Michigan St. Fin. Auth. Rev.,   
  

Corewell Hlth.,

   
  

5.00%, 11/01/44

      558,012  
  540      Michigan St. Bldg. Auth. Rev.,   
  

4.00%, 10/15/36

      548,235  
  225      Royal Oak Hosp. Fin. Auth. Rev.,   
  

Corewell Hlth.,

   
  

5.00%, 9/01/39

   
  

Prerefunded 3/01/24 @ $100 (b)

      226,958  
     

 

 

  
        3,032,435  
     

 

 

  
  

Minnesota - 0.2%

   
  200      Minnesota St. Hsg. Fin. Agy.,   
  

2.70%, 7/01/44

      158,323  
     

 

 

  
  

Nebraska - 2.4%

   
  1,925      Omaha Gen. Oblig.,   
  

5.25%, 4/01/27

      2,085,148  
     

 

 

  
  

New Jersey - 2.2%

   
  400      Camden Cnty. Impvt. Auth. Hlthcare.   
  

Redev. Rev., Cooper Hlth. Sys.,

   
  

5.00%, 2/15/33

      401,796  
  295      New Jersey St. COVID-19 Gen. Oblig.   
  

Emergency Bonds,

   
  

4.00%, 6/01/31

      314,534  
  1,125      New Jersey St. Tpk. Auth. Rev.,   
  

5.00%, 1/01/34

      1,191,732  
     

 

 

  
        1,908,062  
     

 

 

  
  

New York - 3.4%

   
  2,035      New York St. Dorm. Auth.,   
  

Personal Inc. Tax Rev.,

   
  

5.00%, 03/15/31

      2,091,615  
  900      Port Auth. of New York and New Jersey Rev.,   
  

5.00%, 6/01/33

      904,590  
     

 

 

  
        2,996,205  
     

 

 

  

 

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

 

5

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2023

(Unaudited)

 

        Principal        
Amount

(000)

      Description (a)    Value  

 

 

     

 

   

 

 

  
   Oregon - 1.9%   
  $570      Port of Portland Intl. Arpt. Rev.,   
  

5.00%, 7/01/32

      $575,631  
  1,000      Washington Cnty. Sch. Dist. 48J   
  

(Beaverton), Gen. Oblig.

   
  

5.00%, 6/15/36

      1,060,684  
     

 

 

  
        1,636,315  
     

 

 

  
  

Pennsylvania - 2.3%

   
  2,000      Delaware River Port Auth. Rev.,   
  

5.00%, 1/01/34

   
  

Prerefunded 1/01/24 @ $100 (b)

      2,014,262  
     

 

 

  
  

Rhode Island - 1.3%

   
  1,070      Rhode Island St. Clean Wtr. Fin. Agy.,   
  

Wtr. Poll. Control Rev.,

   
  

5.00%, 10/01/32

   
  

Prerefunded 10/01/24 @ $100 (b)

      1,091,295  
     

 

 

  
  

South Carolina - 2.1%

   
  1,500      Charleston Edl. Excellence Fin. Corp. Rev.,   
  

Charleston Cnty. Sch. Dist.,

   
  

5.00%, 12/01/24

      1,531,395  
  290      SCAGO Edl. Facs. Corp. Rev.,   
  

Pickens Cnty. Sch. Dist.,

   
  

5.00%, 12/01/24

      295,562  
     

 

 

  
        1,826,957  
     

 

 

  
  

Tennessee - 2.7%

   
  250      Chattanooga-Hamilton Cnty. Hosp. Auth. Rev.,   
  

Erlanger Hlth. Sys.,

   
  

5.00%, 10/01/34

      252,751  
  2,000      Tennessee St. Sch. Bond Auth. Rev.,   
  

5.00%, 11/01/42

      2,109,333  
     

 

 

  
        2,362,084  
     

 

 

  
  

Texas - 6.4%

   
  600      Bexar Cnty. Hosp. Dist. Gen. Oblig.,   
  

5.00%, 2/15/25

      615,010  
  670      Dallas Area Rapid Transit Rev.,   
  

5.00%, 12/01/41

   
  

Prerefunded 12/01/25 @ $100 (b)

      698,423  
  1,410      Houston Util. Sys. Rev.,   
  

5.00%, 11/15/32

   
  

Prerefunded 11/15/23 @ $100 (b)

      1,416,604  

 

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

 

6

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2023

(Unaudited)

 

        Principal        
Amount

(000)

      Description (a)    Value  

 

 

     

 

   

 

 

  
  $1,505      North Texas Twy. Auth. Rev.,   
  

Convertible CAB,

   
  

0.00%, 9/01/43

   
  

Prerefunded 9/01/31 @ $100 (b)

      $1,894,653  
  1,000      Texas St. Wtr. Development Brd. Rev.,   
  

St. Wtr. Implementation Fund,

   
  

4.00%, 10/15/47

      972,792  
     

 

 

  
        5,597,482  
     

 

 

  
  

Vermont - 0.6%

   
  500      Vermont St. Edl. and Hlth. Bldg. Fin. Agy. Rev.,   
  

Univ. of Vermont Med. Center,

   
  

5.00%, 12/01/35

      518,441  
     

 

 

  
  

Washington - 1.5%

   
  1,260      Port of Seattle Rev.,   
  

5.00%, 5/01/32

      1,323,460  
     

 

 

  
  

Wisconsin - 1.9%

   
  1,400      Wisconsin St. Pub. Fin. Auth. Hosp. Rev.,   
  

Renown Reg. Med. Ctr.,

   
  

5.00%, 6/01/40

      1,418,168  
  250     

Wisconsin St. Pub. Fin. Auth.,

   
  

Solid Waste Disp. Rev.,

   
  

2.875%, 5/01/27

      233,419  
     

 

 

  
        1,651,587  
     

 

 

  
  

Total Long-Term Investments

   
  

(Cost $85,648,776)

      85,337,661  
     

 

 

  
  

TOTAL INVESTMENTS - 98%

   
  

(Cost $85,648,776)

      $85,337,661  
  

Other assets less liabilities - 2%

      1,759,595  
     

 

 

  
   NET ASSETS - 100%      $87,097,256  
     

 

 

  

 

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

 

7

DTF TAX-FREE INCOME 2028 TERM FUND INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2023

(Unaudited)

 

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

AGM - Assured Guaranty Municipal Corp.*

AMBAC - Ambac Assurance Corporation*

BAM - Build America Mutual Assurance Company*

CAB - Capital Appreciation Bond

COP - Certificate of Participation

FHA - Federal Housing Authority*

NRE - National Public Finance Guarantee Corporation*

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

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

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

Note 1. Investment Valuation

The Fund’s investments are carried at fair value which is defined as the price that the Fund might reasonably expect to receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment.

The three-tier hierarchy of inputs established to classify fair value measurements for disclosure purposes is summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities

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

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

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

 

      Level 2  

Municipal bonds

    $ 85,337,661  

 

  

 

  

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

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

 

8

DTF Tax free Income 2028... (NYSE:DTF)
Historical Stock Chart
Von Mär 2024 bis Apr 2024 Click Here for more DTF Tax free Income 2028... Charts.
DTF Tax free Income 2028... (NYSE:DTF)
Historical Stock Chart
Von Apr 2023 bis Apr 2024 Click Here for more DTF Tax free Income 2028... Charts.