Edgar Filing: DTF TAX-FREE INCOME INC

DTF Tax-Free Income Inc.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-06416

DTF Tax-Free Income Inc.

(Exact name of registrant as specified in charter)

200 South Wacker Drive, Suite 500, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)


Alan M. Meder		Lawrence R. Hamilton, Esq.
DTF Tax-Free Income Inc.		Mayer Brown LLP
200 South Wacker Drive, Suite 500		71 South Wacker Drive
Chicago, Illinois 60606		Chicago, Illinois 60606

(Name and address of agents for service)

Registrant’s telephone number, including area code: (800) 338-8214

Date of fiscal year end: October 31

Date of reporting period: July 31, 2017

ITEM 1. SCHEDULE OF INVESTMENTS

See the Statement of Net Assets below.

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS

July 31, 2017

(Unaudited)


Principal Amount (000)		Description (a)	Value
		LONG-TERM INVESTMENTS - 146.5%

		Alaska - 0.2%
	$290	Anchorage Elec. Util. Rev.,
		5.00%, 12/01/36		$329,521


		Arizona - 5.3%
	1,350	Arizona St. Univ. Rev.,
		5.00%, 7/01/37		1,579,284
	650	Arizona St. Hlth. Fac. Auth. Rev.,
		Scottsdale Lincoln Hosp. Proj.,
		5.00%, 12/01/42		727,662
	1,000	Maricopa Cnty. Indl. Dev. Auth. Rev.,
		4.00%, 1/01/34		1,064,540
	500	Northern Arizona Univ. Rev.,
		5.00%, 6/01/40		564,930
	1,000	Northern Arizona Univ. SPEED Rev.,
		(Stimulus Plan for Econ. and Edl. Dev.),
		5.00%, 8/01/38		1,137,180
	2,000	Salt River Proj. Agric. Impvt. & Pwr.
		Dist. Rev.,
		5.00%, 1/01/38,
		Prerefunded 1/01/18 @ $100 (b)		2,033,880

				7,107,476


		California - 23%
	2,000	Bay Area Toll Auth. Rev.,
		5.125%, 4/01/39,
		Prerefunded 4/01/19 @ $100 (b)		2,140,360
	1,500	California St. Hlth. Facs. Fin. Auth. Rev.,
		Sutter Hlth.,
		5.00%, 11/15/46		1,718,520
	275	California St. Hlth. Facs. Fin. Auth. Rev.,
		Providence St. Joseph Hlth.,
		4.00%, 10/01/36		287,884
	1,000	California St. Hlth. Facs. Fin. Auth. Rev.,
		Kaiser Permanente,
		4.00%, 11/01/44		1,044,450
	100	California St. Muni. Fin. Auth. Student Hsg. Rev.,
		Bowles Hall Foundation,
		5.00%, 6/01/35		107,214
	500	California St. Gen. Oblig.,
		5.50%, 3/01/26		512,895
	1,000	California St. Gen. Oblig.,
		6.00%, 4/01/38		1,080,590
	500	California St. Gen. Oblig.,
		5.50%, 3/01/40		552,790
	1,000	California St. Gen. Oblig.,
		5.00% 10/01/28		1,199,210

The accompanying notes are an integral part of this financial statement.

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

July 31, 2017

(Unaudited)


Principal Amount (000)		Description (a)	Value
	$2,000	California St. Pub. Wks. Brd. Lease Rev.,
		Dept. of Corrections and Rehab.,
		5.25%, 9/01/29		$2,366,440
	2,000	California Statewide Communities Dev. Auth. Rev.,
		St. Joseph Hlth. Sys.,
		5.75%, 7/01/47, FGIC,
		Prerefunded 7/01/18 @ $100 (b)		2,088,740
	1,000	Garden Grove Agy. Cmty. Dev. Successor Agy.,
		Tax Allocation,
		5.00%, 10/01/31, BAM		1,167,290
	2,000	Gilroy Unified Sch. Dist. Gen. Oblig.,
		4.00%, 8/01/41		2,073,460
	2,825	Golden St. Tobacco Securitization Corp. Rev.,
		5.75%, 6/01/47		2,824,972
	280	Lancaster Successor Agy. to Redev. Agy.,
		Tax Allocation,
		5.00%, 8/01/33, AGM		322,428
	1,000	Los Angeles Cnty. Santn. Dists. Fin. Auth. Rev.,
		5.00%, 10/01/34		1,173,020
	1,000	Manteca City Wtr. Rev.,
		5.00%, 7/01/33		1,143,170
	250	Palm Desert Successor Agy. to Redev. Agy.,
		Tax Allocation,
		5.00%, 10/01/28, BAM		303,820
	2,500	Riverside Cnty. Sngl. Fam. Rev.,
		7.80%, 5/01/21,
		Escrowed to maturity (b)		3,090,900
	780	Sacramento Successor Agy. to Redev. Agy.,
		Tax Allocation,
		5.00%, 12/01/24, BAM		946,436
	1,215	San Marcos Successor Agy. to Redev. Agy.,
		Tax Allocation,
		5.00%, 10/01/32		1,422,291
	2,000	San Mateo Successor Agy. to Redev. Agy.,
		Tax Allocation,
		5.00%, 8/01/30		2,324,100
	1,000	Temple City Unified Sch. Dist. Gen. Oblig.,
		4.00%, 8/01/43		1,033,610

				30,924,590


		Colorado - 2%
	400	Denver Conv. Center & Hotel Auth. Rev.,
		5.00%, 12/01/27		475,036

The accompanying notes are an integral part of this financial statement.

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

July 31, 2017

(Unaudited)


Principal Amount (000)		Description (a)	Value
	$1,000	Eagle River Wtr. & Santn. Dist.
		Enterprise Wstwtr. Rev.,
		5.00%, 12/01/42		$1,137,320
	880	Public Auth. for Colorado Energy,
		Natural Gas Purch. Rev.,
		6.25%, 11/15/28		1,135,376

				2,747,732

		Connecticut - 2.7%
	700	Connecticut St. Hlth. & Edl. Facs. Auth. Rev.,
		Hartford HlthCare.,
		5.00%, 7/01/32		768,915
	1,000	Connecticut St. Hlth. & Edl. Facs. Auth. Rev.,
		Hartford HlthCare.,
		5.00%, 7/01/41		1,090,240
	550	Connecticut St. Hlth. & Edl. Facs. Auth. Rev.,
		Yale-New Haven Hosp.,
		5.00%, 7/01/48		605,093
	1,000	South Central Connecticut Reg. Wtr. Auth. Rev.,
		5.00%, 8/01/41		1,116,660

				3,580,908


		District of Columbia - 1.6%
	1,000	District of Columbia Inc. Tax Rev.,
		5.00%, 12/01/31		1,101,800
	1,000	Metro. Washington D.C. Arpt. Auth. Rev.,
		5.00%, 10/01/17, AGM / AMBAC		1,006,340

				2,108,140


		Florida - 20.3%
	755	Brevard Cnty. Sch. Brd. Ref. COP,
		5.00%, 7/01/32		886,445
	1,500	Broward Cnty. Port Fac. Rev.,
		6.00%, 9/01/23		1,640,790
	1,000	Central Florida Expwy. Auth. Rev.,
		4.00%, 7/01/36		1,056,010
	1,000	Escambia Cnty. Hlth. Fac. Auth. Rev.,
		Baptist Hosp.,
		6.00%, 8/15/36		1,107,800
	2,000	Florida St. Brd. of Ed. Cap. Outlay Gen. Oblig.,
		5.00%, 6/01/41		2,249,880
	2,350	Florida St. Brd. of Gov. Florida State Univ. Dorm Rev.,
		5.00%, 5/01/33		2,716,905
	1,000	Hillsborough Cnty. Aviation Auth. Rev.,
		Tampa Int’l. Arpt.,
		5.00%, 10/01/44		1,098,890
	500	Lee Cnty. Tran. Fac. Ref. Rev.,
		5.00%, 10/01/35, AGM		574,760

The accompanying notes are an integral part of this financial statement.

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

July 31, 2017

(Unaudited)


Principal Amount (000)		Description (a)	Value
	$1,080	Miami Beach Hlth. Facs. Auth.
		Hosp. Rev. Ref.,
		5.00%, 11/15/39		$1,175,332
	500	Miami Beach Redev. Agy. Rev. Ref.,
		5.00%, 2/01/40, AGM		560,490
	500	Miami-Dade Cnty. Expwy. Auth. Rev.,
		5.00%, 7/01/33		583,205
	1,065	Miami-Dade Cnty. Ed. Facs. Auth. Rev.,
		5.00%, 4/01/45		1,199,680
	2,220	Miami-Dade Cnty. Sch. Brd. Ref. COP,
		5.00%, 2/01/34		2,540,013
	250	Miami-Dade Cnty. Aviation Rev.,
		5.00%, 10/01/32		282,795
	2,000	Orlando and Orange Cnty. Expwy. Auth. Rev.,
		5.00%, 7/01/35		2,275,480
	1,000	Reedy Creek Impvt. Dist. Gen. Oblig.,
		5.00%, 6/01/38		1,148,210
	2,000	Seminole Cnty. Sales Tax Rev.,
		5.25%, 10/01/31, NRE		2,517,420
	2,190	Seminole Cnty. Sch. Brd. COP,
		5.00%, 7/01/33		2,541,364
	830	S. Florida Wtr. Mgmt. Dist. COP,
		5.00%, 10/01/35		959,181
	200	Tallahassee Hlth. Facs. Rev.,
		Tallahassee Memorial Hlthcare.,
		5.00%, 12/01/41		217,284

				27,331,934


		Georgia - 2.3%
	500	Atlanta Arpt. Passenger Fac. Charge Gen. Rev.,
		5.00%, 1/01/32		575,850
	300	Atlanta Wtr. & Wstwtr. Rev.,
		5.00%, 11/01/26		367,641
	2,000	Metro. Atlanta Rapid Tran. Auth. Rev.,
		5.00%, 7/01/39		2,135,280

				3,078,771


		Illinois - 14.1%
	500	Chicago Multi-Family Hsg. Rev.,
		4.90%, 3/20/44, FHA		514,045
	1,000	Chicago O’Hare Intl. Arpt. Rev.,
		Customer Fac. Charge,
		5.125%, 1/01/30, AGM		1,138,030
	620	Chicago O’Hare Intl. Arpt. Rev.,
		5.25%, 1/01/42		727,514
	250	Chicago Sales Tax Rev.,
		5.00%, 1/01/30		266,220

The accompanying notes are an integral part of this financial statement.

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

July 31, 2017

(Unaudited)


Principal Amount (000)		Description (a)	Value
	$250	Chicago Wtrwks. Rev.,
		5.00%, 11/01/30		$283,187
	650	Chicago Wtrwks. Rev.,
		5.25%, 11/01/32, AGM		778,771
	500	Chicago Wtrwks. Rev.,
		5.00%, 11/01/44		540,290
	1,000	Illinois St. Fin. Auth. Ed. Rev.,
		Ill. Charter Sch.,
		5.375%, 9/01/32, ACA,
		Prerefunded 9/01/17 @ $100 (b)		1,003,520
	1,000	Illinois St. Fin. Auth. Rev.,
		Swedish Covenant Hosp.,
		6.00%, 8/15/38,
		Prerefunded 2/15/20 @ $100 (b)		1,121,010
	1,225	Illinois St. Fin. Auth. Rev.,
		Advocate Hlthcare. Network,
		5.00%, 5/01/45		1,359,162
	525	Illinois St. Fin. Auth. Rev.,
		Centegra Hlth. Sys.,
		5.00%, 9/01/42		554,746
	520	Illinois St. Fin. Auth. Rev.,
		Northwestern Memorial Hlthcare.,
		5.00%, 8/15/37		572,073
	1,000	Illinois St. Fin. Auth. Rev.,
		Rush Univ. Med. Ctr.,
		4.00%, 11/15/39		1,016,700
	1,000	Illinois St. Fin. Auth. Rev.,
		Rush Univ. Med. Ctr.,
		5.00%, 11/15/39		1,102,090
	1,000	Illinois St. Gen. Oblig.,
		5.00%, 2/01/27		1,101,600
	2,000	Illinois St. Gen. Oblig.,
		5.50%, 1/01/29		2,237,580
	1,500	Illinois St. Toll Hwy. Auth. Rev.,
		5.50%, 1/01/33,
		Prerefunded 1/01/18 @ $100 (b)		1,528,485
	750	Illinois St. Toll Hwy. Auth. Rev.,
		5.00%, 1/01/41		849,577
	1,000	Railsplitter Tobacco Settlement Auth. Rev.,
		6.00%, 6/01/28		1,134,790
	1,000	Univ. of Illinois Aux. Facs. Sys. Rev.,
		5.00%, 4/01/34		1,093,990

				18,923,380


		Indiana - 2.6%
	240	Indiana St. Fin. Auth. Hosp. Rev.,
		Indiana Univ. Hlth.,
		5.00%, 12/01/28		282,046

The accompanying notes are an integral part of this financial statement.

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

July 31, 2017

(Unaudited)


Principal Amount (000)		Description (a)	Value
	$1,000	Indiana St. Fin. Auth. Rev. State Revolving Fund,
		5.00%, 2/01/31		$1,123,810
	2,000	Indianapolis Local Pub. Impvt.
		Bond Bank Rev.,
		5.00%, 2/01/38,
		Prerefunded 8/01/18 @ $100 (b)		2,081,820

				3,487,676


		Louisiana - 4.9%
	1,250	Louisiana Stadium & Exposition Dist. Rev.,
		5.00%, 7/01/30		1,428,087
	500	Louisiana Stadium & Exposition Dist. Rev.,
		5.00%, 7/01/36		555,790
	1,250	Louisiana St. Tran. Auth. Rev.,
		5.00%, 8/15/38		1,400,938
	300	New Orleans Swr. Svc. Rev.,
		5.00%, 6/01/44		335,604
	500	Port of New Orleans Brd. of Commissioners
		Port Fac. Rev.,
		5.00%, 4/01/33		537,660
	1,100	Regional Tran. Auth. Sales Tax Rev.,
		5.00%, 12/01/30, AGM		1,216,941
	1,000	Terrebonne Parish Consol. Wtrwks.
		Dist. No. 1 Rev.,
		5.00%, 11/01/37		1,145,410

				6,620,430


		Maine - 1.8%
	95	Maine Hlth. & Hgr. Edl. Facs. Auth. Rev.,
		5.00%, 7/01/33,
		Prerefunded 7/1/23 @ $100 (b)		113,978
	905	Maine Hlth. & Hgr. Edl. Facs. Auth. Rev.,
		5.00%, 7/01/33		1,011,709
	610	Portland General Arpt. Rev.,
		5.00%, 7/01/31		670,933
	540	Portland General Arpt. Rev.,
		5.00%, 7/01/32		591,651

				2,388,271


		Maryland - 1.8%
	250	Baltimore Convention Center Hotel Rev.,
		5.00%, 9/01/36		281,835
	1,000	Maryland St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,
		Anne Arundel Hlth. Sys.,
		5.00%, 7/01/39		1,104,260
	1,000	Maryland St. Trans. Auth. Rev.,
		5.00%, 7/01/37, AGM		1,034,320

				2,420,415

The accompanying notes are an integral part of this financial statement.

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

July 31, 2017

(Unaudited)


Principal Amount (000)		Description (a)	Value
		Massachusetts - 6.8%
	$3,000	Massachusetts St. Bay Trans. Auth. Rev.,
		5.50%, 7/01/29, NRE		$3,947,490
	1,000	Massachusetts St. Gen. Oblig.,
		5.50%, 8/01/30, AMBAC		1,294,370
	1,000	Massachusetts St. Gen. Oblig.,
		5.25%, 9/01/25, AGM		1,256,570
	2,000	Massachusetts St. College Bldg. Auth. Rev.,
		5.00%, 5/01/40		2,189,740
	410	Massachusetts Port Auth. Rev.,
		5.00%, 7/01/47		469,249

				9,157,419


		Michigan - 1.9%
	1,000	Holland Elec. Util. Sys. Rev.,
		5.00%, 7/01/39		1,115,900
	550	Michigan St. Fin. Auth. Rev.,
		Beaumont Hlth. Credit Group,
		5.00%, 11/01/44		613,201
	500	Michigan St. Bldg. Auth. Rev.,
		4.00%, 10/15/36		525,125
	225	Royal Oak Hosp. Fin. Auth. Rev.,
		William Beaumont Hosp.,
		5.00%, 9/01/39		249,973

				2,504,199


		Nebraska - 2.2%
	500	Nebraska St. Pub. Pwr. Dist. Gen. Rev.,
		5.00%, 1/01/34		562,120
	1,900	Omaha Gen. Oblig.,
		5.25%, 4/01/27		2,405,609

				2,967,729


		New Jersey - 1.3%
	400	Camden Cnty. Impvt. Auth. Hlthcare. Redev. Rev.,
		Cooper Hlth. Sys.,
		5.00%, 2/15/33		437,944
	240	New Jersey St. Tpk. Auth. Rev.,
		4.00%, 1/01/35		255,348
	1,000	New Jersey St. Tpk. Auth. Rev.,
		5.00%, 1/01/36		1,043,660

				1,736,952


		New York - 10.8%
	1,000	Albany Indl. Dev. Agy. Rev.,
		Brighter Choice Charter Sch.,
		5.00%, 4/01/32		929,110

The accompanying notes are an integral part of this financial statement.

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

July 31, 2017

(Unaudited)


Principal Amount (000)		Description (a)	Value
	$300	Buffalo and Erie Cnty. Indl. Land. Dev. Rev.,
		Catholic Hlth. Sys.,
		5.25%, 7/01/35		$339,762
	700	Long Island Pwr. Auth. Elec. Sys. Rev.,
		5.00%, 9/01/42		782,950
	300	New York Cntys. Tobacco Trust VI Rev.,
		5.00%, 6/01/45		315,723
	1,250	New York City Gen. Oblig.,
		Adjustable Rate Bond,
		0.76%, 1/01/36		1,250,000
	1,000	New York City Transitional Fin. Auth. Rev.,
		5.00%, 2/01/34		1,169,410
	1,000	New York City Mun. Wtr. Fin. Auth.
		Wtr. & Swr. Sys. Rev.,
		5.00%, 6/15/34		1,171,310
	1,000	New York City Mun. Wtr. Fin. Auth. Rev.,
		5.375%, 6/15/43		1,130,960
	1,000	New York City Mun. Wtr. Fin. Auth. Rev.,
		5.50%, 6/15/43		1,140,380
	1,500	New York St. Dorm. Auth. Rev.,
		7.25%, 10/01/28,
		Prerefunded 10/01/18 @ $100 (b)		1,609,935
	2,000	New York St. Dorm. Auth.,
		Personal Inc. Tax Rev.,
		5.00%, 03/15/31		2,358,440
	900	Port Auth. of New York and New Jersey Rev.,
		5.00%, 6/01/33		1,059,120
	500	Triborough Bridge & Tunnel Auth. Rev.,
		5.00% 11/15/30		586,295
	195	TSASC Inc. Tobacco Settlement Rev.,
		5.00%, 6/01/34		219,829
	400	Utility Debt Securitization Auth.
		Restructuring Rev.,
		5.00%, 12/15/31		476,400

				14,539,624


		Ohio - 5.4%
	750	Deerfield Twp. Tax Increment Rev.,
		5.00%, 12/01/25		759,555
	500	Ohio St. Gen. Oblig.,
		5.00%, 9/01/30		555,470
	2,000	Ohio St. Hosp. Rev.,
		Univ. Hosp. Hlth. Sys.,
		4.00%, 1/15/44		2,024,420
	1,040	Ohio St. Tpk. Comm. Rev.,
		5.00%, 2/15/31		1,128,525

The accompanying notes are an integral part of this financial statement.

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

July 31, 2017

(Unaudited)


Principal Amount (000)		Description (a)	Value
	$2,445	Ohio St. Wtr. Dev. Auth. Rev.,
		5.50%, 6/01/20, AGM		$2,747,324

				7,215,294


		Oregon - 1.6%
	500	Oregon St. Gen. Oblig.,
		5.00%, 5/01/41		586,470
	570	Port of Portland Intl. Arpt. Rev.,
		5.00%, 7/01/32		652,525
	800	Washington Cnty. Sch. Dist. 48J (Beaverton),
		Gen. Oblig. Convertible CAB,
		0.00%, 6/15/36		904,784

				2,143,779


		Pennsylvania - 5.5%
	170	Butler Cnty. Hosp. Auth. Rev.,
		Butler Hlth. Sys.,
		5.00%, 7/01/35		185,642
	2,000	Delaware River Port Auth. Rev.,
		5.00%, 1/01/34		2,288,080
	480	East Stroudsburg Area Sch. Dist. Gen. Oblig.,
		7.75%, 9/01/27, NRE,
		Prerefunded 9/01/17 @ $100 (b)		482,573
	495	East Stroudsburg Area Sch. Dist. Gen. Oblig.,
		7.75%, 9/01/27, NRE,
		Prerefunded 9/01/17 @ $100 (b)		497,653
	25	East Stroudsburg Area Sch. Dist. Gen. Oblig.,
		7.75%, 9/01/27, NRE,
		Prerefunded 9/01/17 @ $100 (b)		25,134
	500	Pennsylvania St. Higher Ed. Facs. Auth. Rev.,
		5.00%, 6/15/28		549,360
	1,020	Pennsylvania St. Tpk. Comm. Oil Franchise Tax Rev.,
		5.00%, 12/01/23, AGC,
		Prerefunded 12/01/19 @ $100 (b)		1,113,136
	2,000	Philadelphia Wtr. & Wstwtr. Rev.,
		5.00%, 1/01/41		2,184,400

				7,325,978


		Rhode Island - 3.8%
	1,070	Rhode Island Clean Wtr. Fin. Agy. Wtr. Poll. Control Rev.,
		Green Bonds,
		5.00%, 10/01/32		1,253,548
	2,000	Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev.,
		Brown Univ.,
		5.00%, 9/01/17		2,006,460

The accompanying notes are an integral part of this financial statement.

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

July 31, 2017

(Unaudited)


Principal Amount (000)		Description (a)	Value
	$1,600	Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev.,
		Providence College,
		5.00%, 11/01/41		$1,781,232

				5,041,240


		South Carolina - 2%
	2,000	Charleston Cnty. Spl. Source Rev.,
		5.00%, 12/01/32		2,371,900
	290	SCAGO Edl. Facs. Corp. Rev.,
		Pickens Cnty. Sch. Dist.,
		5.00%, 12/01/24		348,580

				2,720,480


		Tennessee - 2.9%
	250	Chattanooga-Hamilton Cnty. Hosp. Auth. Rev.,
		Erlanger Hlth. Sys.,
		5.00%, 10/01/34		273,560
	1,500	Tennessee Energy Acquisition Corp. Rev.,
		5.25%, 9/01/20		1,665,195
	1,000	Tennessee Energy Acquisition Corp. Rev.,
		5.25%, 9/01/21		1,136,730
	745	Tennessee Hsg. Dev. Agy.,
		Residential Fin. Prog. Rev.,
		3.625%, 7/01/32		764,415

				3,839,900


		Texas - 9.2%
	850	Austin Indep. Sch. Dist. Gen. Oblig.,
		4.00%, 8/01/36, PSF		918,663
	1,000	Dallas Area Rapid Transit Rev.,
		5.25%, 12/01/48,
		Prerefunded 12/01/18 @ $100 (b)		1,057,410
	650	Dallas Area Rapid Transit Rev.,
		5.00%, 12/01/41		756,593
	185	Everman Indep. Sch. Dist. Gen. Oblig.,
		5.00%, 2/15/36, PSF,
		Prerefunded 8/15/17 @ $100 (b)		185,253
	225	Everman Indep. Sch. Dist. Gen. Oblig.,
		5.00%, 2/15/36, PSF,
		Prerefunded 8/15/17 @ $100 (b)		225,308
	590	Everman Indep. Sch. Dist. Gen. Oblig.,
		5.00%, 2/15/36, PSF
		Prerefunded 8/15/17 @ $100 (b)		590,826
	500	Houston Arpt. Sys. Rev.,
		5.00%, 7/01/32		551,825
	1,000	Houston Hotel Occupancy Tax & Spl. Rev.,
		5.25%, 9/01/29		1,138,000

The accompanying notes are an integral part of this financial statement.

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

July 31, 2017

(Unaudited)


Principal Amount (000)		Description (a)	Value
	$1,410	Houston Util. Sys. Rev.,
		5.00%, 11/15/32		$1,670,441
	955	Klein Indep. Sch. Dist. Gen. Oblig.,
		5.00%, 8/01/38, PSF,
		Prerefunded 8/01/18 @ $100 (b)		994,069
	105	Klein Indep. Sch. Dist. Gen. Oblig.,
		5.00%, 8/01/38, PSF		108,795
	1,000	North Texas Twy. Auth. Rev.,
		5.00%, 1/01/31		1,157,160
	605	North Texas Twy. Auth. Rev.,
		5.75%, 1/01/40, BHAC,
		Prerefunded 1/01/18 @ $100 (b)		617,106
	450	North Texas Twy. Auth. Rev.,
		5.75%, 1/01/40, BHAC,
		Prerefunded 1/01/18 @ $100 (b)		459,005
	145	North Texas Twy. Auth. Rev.,
		5.75%, 1/01/40, BHAC		147,696
	700	San Antonio Indep. Sch. Dist. Sch. Bldg. Gen. Oblig.,
		5.00%, 8/15/38, PSF		819,721
	1,000	Upper Trinity Reg. Wtr. Dist. Treated Wtr. Supply Sys. Rev.
		Ref. and Impvt. Bonds,
		4.00%, 8/01/37, AGM		1,030,130

				12,428,001


		Vermont - 2.1%
	2,000	Univ. of Vermont & St. Agric. College Gen. Oblig.,
		5.00%, 10/01/38		2,260,280
	500	Vermont Edl. and Hlth. Bldg. Fin. Agy. Rev. Ref.,
		Univ. of Vermont Med. Center,
		5.00%, 12/01/35		565,840

				2,826,120


		Virginia - 2.9%
	1,250	Riverside Regl. Jail Auth. Fac. Rev.,
		5.00%, 7/01/26		1,529,250
	2,000	Virginia College Bldg. Auth. Rev.,
		5.00%, 2/01/23		2,379,480

				3,908,730


		Washington - 0.9%
	1,000	King Cnty. Wtr. Rev.,
		5.00%, 7/01/41		1,154,500

		West Virginia - 0.2%
	300	Monongalia Cnty. Bldg. Comm. Rev.,
		5.00%, 7/01/30		340,161

The accompanying notes are an integral part of this financial statement.

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

July 31, 2017

(Unaudited)


Principal Amount (000)		Description (a)	Value
		Wisconsin - 2.8%
	$1,180	Wisconsin Pub. Fin. Auth.,
		Hosp. Rev. Ref.,
		5.00%, 6/01/40		$1,312,420
	250	Wisconsin Pub. Fin. Auth.,
		Solid Waste Disp. Rev.,
		2.875%, 5/01/27		249,678
	190	Wisconsin St. Gen. Rev.,
		6.00%, 5/01/33,
		Prerefunded 5/01/19 @ $100 (b)		206,315
	1,810	Wisconsin St. Gen. Rev.,
		6.00%, 5/01/33
		Prerefunded 5/01/19 @ $100 (b)		1,967,072

				3,735,485


		Wyoming - 1.6%
	2,050	Wyoming St. Farm Loan Brd.
		Cap. Facs. Rev.,
		5.75%, 10/01/20		2,177,285


		Total Long-Term Investments
		(Cost $184,867,994)		196,812,120

		TOTAL INVESTMENTS - 146.5%
		(Cost $184,867,994)		196,812,120
		Variable Rate MuniFund Term Preferred Shares at liquidation value - (48.4)%		(65,000,000	)
		Other assets less other liabilities - 1.9%		2,554,462

		NET ASSETS APPLICABLE TO COMMON STOCK - 100.0%	$	134,366,582

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

ACA–ACA Financial Guaranty Corporation*

AMBAC–Ambac Assurance Corporation*

AGM–Assured Guaranty Municipal Corp.*

AGC–Assured Guaranty Corp.*

BAM–Build America Mutual Assurance Company*

BHAC–Berkshire Hathaway Assurance Corporation*

CAB–Capital Appreciation Bond

COP–Certificate of Participation

FGIC–Financial Guaranty Insurance Company*

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 escrowed to maturity issues are secured by escrowed cash, U.S. government obligations, or other securities.

The accompanying notes are an integral part of this financial statement.

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

July 31, 2017

(Unaudited)

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 would 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, 2017:


		Level 2
Municipal bonds		$196,812,120

There were no Level 1 or Level 3 priced securities held at July 31, 2017.

Note 2. Federal Tax Cost

At October 31, 2016, the Fund’s most recent fiscal tax year-end, the federal tax cost of the Fund’s investments and the

aggregate gross unrealized appreciation (depreciation) were as follows:

Federal Tax Cost

Unrealized

Appreciation

Unrealized

Depreciation

Net
Unrealized
Appreciation

$185,955,921

$15,613,376

$(360,117)

$15,253,259

The difference between the book basis and tax basis of unrealized appreciation (depreciation) and cost of investments is primarily

attributable to the difference between book and tax amortization methods for premiums and discounts on fixed income securities.

Other information regarding the Fund is available on the Fund’s website at www.dtffund.com or the Securities and Exchange

Commission’s website at www.sec.gov.

ITEM 2. CONTROLS AND PROCEDURES

(a) The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on an evaluation of those controls and procedures made as of a date within 90 days of the filing date of this report as required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934.

(b) There has been no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. EXHIBITS

Exhibit 99.CERT Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		DTF TAX-FREE INCOME INC.

By (Signature and Title)		/s/ NATHAN I. PARTAIN
		Nathan I. Partain
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: September 27, 2017

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)		/s/ NATHAN I. PARTAIN
		Nathan I. Partain
		President and Chief Executive Officer (Principal Executive Officer)

Date: September 27, 2017

By (Signature and Title)		/s/ ALAN M. MEDER
		Alan M. Meder
		Treasurer and Assistant Secretary
		(Principal Financial and Accounting Officer)

Date: September 27, 2017