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 Chicago, Illinois 60606		71 South Wacker Drive 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: January 31, 2018

ITEM 1. SCHEDULE OF INVESTMENTS

See the Statement of Net Assets below.

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS

January 31, 2018

(Unaudited)


Principal Amount (000)		Description (a)	Value
		LONG-TERM INVESTMENTS - 147.9%

		Alabama - 1.7%
	$2,000	Jefferson Cnty. Brd. of Ed. Pub. Sch.
		Warrants,
		5.00%, 2/01/46	$	2,249,080


		Alaska - 0.3%
	290	Anchorage Elec. Util. Rev.,
		5.00%, 12/01/36		327,480


		Arizona - 3.8%
	1,350	Arizona St. Univ. Rev.,
		5.00%, 7/01/37		1,555,929
	650	Arizona St. Hlth. Fac. Auth. Rev.,
		Scottsdale Lincoln Hosp. Proj.,
		5.00%, 12/01/42		732,719
	1,000	Maricopa Cnty. Indl. Dev. Auth. Rev.,
		4.00%, 1/01/34		1,049,710
	500	Northern Arizona Univ. Rev.,
		5.00%, 6/01/40		556,640
	1,000	Northern Arizona Univ. SPEED Rev.,
		(Stimulus Plan for Econ. and Edl. Dev.),
		5.00%, 8/01/38		1,100,130

				4,995,128


		California - 24.6%
	2,000	Bay Area Toll Auth. Rev.,
		5.125%, 4/01/39,
		Prerefunded 4/01/19 @ $100 (b)		2,087,580
	1,500	California St. Hlth. Facs. Fin. Auth. Rev.,
		Sutter Hlth.,
		5.00%, 11/15/46		1,706,865
	275	California St. Hlth. Facs. Fin. Auth. Rev.,
		Providence St. Joseph Hlth.,
		4.00%, 10/01/36		286,863
	1,000	California St. Hlth. Facs. Fin. Auth. Rev.,
		Kaiser Permanente,
		4.00%, 11/01/44		1,042,630
	100	California St. Muni. Fin. Auth. Student
		Hsg. Rev., Bowles Hall Foundation,
		5.00%, 6/01/35		109,349

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2018

(Unaudited)


Principal Amount (000)		Description (a)	Value
	$500	California St. Gen. Oblig.,
		5.50%, 3/01/26
		Prerefunded 3/01/18 @ $100 (b)		$501,745
	1,000	California St. Gen. Oblig.,
		5.00% 10/01/28		1,176,710
	1,000	California St. Gen. Oblig.,
		6.00%, 4/01/38		1,048,370
	500	California St. Gen. Oblig.,
		5.50%, 3/01/40		539,740
	2,000	California St. Pub. Wks. Brd. Lease Rev.,
		Dept. of Corrections and Rehab.,
		5.25%, 9/01/29		2,319,800
	2,000	California Statewide Communities Dev.
		Auth. Rev., St. Joseph Hlth. Sys.,
		5.75%, 7/01/47, FGIC,
		Prerefunded 7/01/18 @ $100 (b)		2,036,580
	575	Contra Costa Cnty. Successor Agy.
		to Redev. Agy., Tax Allocation,
		5.00%, 8/01/35, BAM		663,774
	1,000	Garden Grove Successor Agy. to Agy.
		Cmty. Dev., Tax Allocation,
		5.00%, 10/01/31, BAM		1,150,860
	2,000	Gilroy Unified Sch. Dist. Gen. Oblig.,
		4.00%, 8/01/41		2,078,920
	2,825	Golden St. Tobacco Securitization Corp. Rev.,
		5.75%, 6/01/47		2,851,894
	280	Lancaster Successor Agy. to Redev. Agy.,
		Tax Allocation,
		5.00%, 8/01/33, AGM		324,688
	1,000	Los Angeles Cnty. Santn. Dists. Fin. Auth. Rev.,
		5.00%, 10/01/34		1,163,490
	1,000	Manteca City Wtr. Rev.,
		5.00%, 7/01/33		1,113,580
	250	Palm Desert Successor Agy. to Redev.
		Agy., Tax Allocation,
		5.00%, 10/01/28, BAM		299,537
	2,500	Riverside Cnty. Sngl. Fam. Rev.,
		7.80%, 5/01/21,
		Escrowed to maturity (b)		2,970,075
	780	Sacramento Successor Agy. to Redev.
		Agy., Tax Allocation,
		5.00%, 12/01/24, BAM		921,040

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2018

(Unaudited)


Principal Amount (000)		Description (a)	Value
	$1,000	San Jose Unified Sch. Dist. Gen. Oblig.,
		4.00%, 8/01/42		$1,049,180
	1,215	San Marcos Successor Agy. to Redev.
		Agy., Tax Allocation,
		5.00%, 10/01/32		1,410,907
	2,000	San Mateo Successor Agy. to Redev.
		Agy., Tax Allocation,
		5.00%, 8/01/30		2,273,960
	1,000	Temple City Unified Sch. Dist. Gen. Oblig.,
		4.00%, 8/01/43		1,037,970

				32,166,107


		Colorado - 2.6%
	400	Denver Conv. Center & Hotel Auth. Rev.,
		5.00%, 12/01/27		468,412
	1,000	Eagle River Wtr. & Santn. Dist.
		Enterprise Wstwtr. Rev.,
		5.00%, 12/01/42		1,119,830
	1,055	Public Auth. for Colorado Energy,
		Natural Gas Purch. Rev.,
		6.25%, 11/15/28		1,327,802
	500	Univ. of Colorado Enterprise Rev.,
		4.00%, 6/01/43		529,960

				3,446,004


		Connecticut - 3.1%
	700	Connecticut St. Hlth. & Edl. Facs. Auth.
		Rev., Hartford HlthCare.,
		5.00%, 7/01/32		749,280
	1,000	Connecticut St. Hlth. & Edl. Facs. Auth.
		Rev., Hartford HlthCare.,
		5.00%, 7/01/41		1,061,990
	550	Connecticut St. Hlth. & Edl. Facs. Auth.
		Rev., Yale-New Haven Hosp.,
		5.00%, 7/01/48		595,045
	500	Connecticut St. Hsg. Auth. Rev.,
		3.20%, 11/15/33		494,480
	1,000	S. Central Connecticut Reg. Wtr. Auth. Rev.,
		5.00%, 8/01/41
		Prerefunded 8/01/21 @ $100 (b)		1,110,860

				4,011,655


		District of Columbia - 0.8%
	1,000	District of Columbia Inc. Tax Rev.,
		5.00%, 12/01/31		1,070,320

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2018

(Unaudited)


Principal Amount (000)		Description (a)	Value
		Florida - 21.2%
	$755	Brevard Cnty. Sch. Brd. Ref. COP,
		5.00%, 7/01/32		$871,330
	1,500	Broward Cnty. Port Fac. Rev.,
		6.00%, 9/01/23		1,602,090
	1,000	Central Florida Expwy. Auth. Rev.,
		4.00%, 7/01/36		1,051,040
	1,000	Escambia Cnty. Hlth. Fac. Auth. Rev.,
		Baptist Hosp.,
		6.00%, 8/15/36		1,084,360
	2,000	Florida St. Brd. of Ed. Cap. Outlay
		Gen. Oblig.,
		5.00%, 6/01/41		2,187,600
	2,350	Florida St. Brd. of Gov. Florida State Univ.
		Dorm Rev.,
		5.00%, 5/01/33		2,651,952
	1,000	Hillsborough Cnty. Aviation Auth. Rev.,
		Tampa Int’l. Arpt.,
		5.00%, 10/01/44		1,092,770
	500	Lee Cnty. Tran. Fac. Rev.,
		5.00%, 10/01/35, AGM		576,940
	1,080	Miami Beach Hlth. Facs. Auth.
		Hosp. Rev.,
		5.00%, 11/15/39		1,153,483
	500	Miami Beach Redev. Agy. Rev.,
		5.00%, 2/01/40, AGM		566,835
	500	Miami-Dade Cnty. Expwy. Auth. Rev.,
		5.00%, 7/01/33		572,260
	1,065	Miami-Dade Cnty. Ed. Facs. Auth. Rev.,
		5.00%, 4/01/45		1,184,653
	2,220	Miami-Dade Cnty. Sch. Brd. Ref. COP,
		5.00%, 2/01/34		2,499,986
	250	Miami-Dade Cnty. Aviation Rev.,
		5.00%, 10/01/32		274,455
	2,000	Orlando and Orange Cnty. Expwy. Auth. Rev.,
		5.00%, 7/01/35		2,234,480
	1,000	Reedy Creek Impvt. Dist. Gen. Oblig.,
		5.00%, 6/01/38		1,124,540
	2,000	Seminole Cnty. Sales Tax Rev.,
		5.25%, 10/01/31, NRE		2,506,520
	2,190	Seminole Cnty. Sch. Brd. COP,
		5.00%, 7/01/33		2,524,063
	830	S. Florida Wtr. Mgmt. Dist. COP,
		5.00%, 10/01/35		949,379

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2018

(Unaudited)


Principal Amount (000)		Description (a)	Value
	$200	Tallahassee Hlth. Facs. Rev.,
		Tallahassee Memorial Hlthcare.,
		5.00%, 12/01/41		$216,396
	250	Tampa-Hillsborough Cnty. Expwy. Auth. Rev.,
		4.00%, 7/01/42		259,275
	470	Tampa-Hillsborough Cnty. Expwy. Auth. Rev.,
		5.00%, 7/01/47		537,464

			27,721,871


		Georgia - 2.3%
	500	Atlanta Arpt. Passenger Fac. Charge Gen. Rev.,
		5.00%, 1/01/32		572,455
	300	Atlanta Wtr. & Wstwtr. Rev.,
		5.00%, 11/01/26		352,902
	2,000	Metro. Atlanta Rapid Tran. Auth. Rev.,
		5.00%, 7/01/39
		Prerefunded 7/01/19 @ $100 (b)		2,098,980

			3,024,337


		Illinois - 13.8%
	500	Chicago Multi-Family Hsg. Rev.,
		4.90%, 3/20/44, FHA		518,550
	1,000	Chicago O’Hare Intl. Arpt. Rev.,
		Customer Fac. Charge,
		5.125%, 1/01/30, AGM		1,115,750
	620	Chicago O’Hare Intl. Arpt. Rev.,
		5.25%, 1/01/42		720,490
	250	Chicago Sales Tax Rev.,
		5.00%, 1/01/30
		Prerefunded 1/01/25 @ $100 (b)		295,720
	250	Chicago Wtrwks. Rev.,
		5.00%, 11/01/30		281,645
	650	Chicago Wtrwks. Rev.,
		5.25%, 11/01/32, AGM		759,603
	250	Chicago Wtrwks. Rev.,
		5.00%, 11/01/36, AGM		283,827
	500	Chicago Wtrwks. Rev.,
		5.00%, 11/01/44		544,385
	1,225	Illinois St. Fin. Auth. Rev.,
		Advocate Hlthcare. Network,
		5.00%, 5/01/45		1,343,494
	525	Illinois St. Fin. Auth. Rev.,
		Centegra Hlth. Sys.,
		5.00%, 9/01/42		548,604

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2018

(Unaudited)


Principal Amount (000)		Description (a)	Value
	$520	Illinois St. Fin. Auth. Rev.,
		Northwestern Memorial Hlthcare.,
		5.00%, 8/15/37		$567,944
	1,000	Illinois St. Fin. Auth. Rev.,
		Rush Univ. Med. Ctr.,
		4.00%, 11/15/39		1,005,640
	1,000	Illinois St. Fin. Auth. Rev.,
		Rush Univ. Med. Ctr.,
		5.00%, 11/15/39		1,107,200
	1,025	Illinois St. Fin. Auth. Rev.,
		Swedish Covenant Hosp.,
		6.00%, 8/15/38,
		Prerefunded 2/15/20 @ $100 (b)		1,113,478
	1,000	Illinois St. Gen. Oblig.,
		5.00%, 2/01/27		1,064,830
	2,000	Illinois St. Gen. Oblig.,
		5.50%, 1/01/29		2,231,240
	750	Illinois St. Toll Hwy. Auth. Rev.,
		5.00%, 1/01/41		846,510
	300	Railsplitter Tobacco Settlement Auth. Rev.,
		5.00%, 6/01/27		345,357
	1,000	Railsplitter Tobacco Settlement Auth. Rev.,
		6.00%, 6/01/28
		Prerefunded 6/01/21 @ $100 (b)		1,138,290
	1,000	Sales Tax Securitization Corp. Rev.,
		5.00%, 1/01/48		1,117,040
	1,000	Univ. of Illinois Aux. Facs. Sys. Rev.,
		5.00%, 4/01/34		1,101,690

			18,051,287


		Indiana - 2.6%
	240	Indiana St. Fin. Auth. Hosp. Rev.,
		Indiana Univ. Hlth.,
		5.00%, 12/01/28		274,536
	1,000	Indiana St. Fin. Auth. Rev.
		State Revolving Fund,
		5.00%, 2/01/31
		Prerefunded 2/01/21 @ $100 (b)		1,094,800
	2,000	Indianapolis Local Pub. Impvt.
		Bond Bank Rev.,
		5.00%, 2/01/38,
		Prerefunded 8/01/18 @ $100 (b)		2,036,360

			3,405,696


		Louisiana - 5%
	1,250	Louisiana St. Stadium & Exposition Dist. Rev.,
		5.00%, 7/01/30		1,418,812

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2018

(Unaudited)


Principal Amount (000)		Description (a)	Value
	$500	Louisiana St. Stadium & Exposition Dist. Rev.,
		5.00%, 7/01/36		$561,030
	1,250	Louisiana St. Tran. Auth. Rev.,
		5.00%, 8/15/38		1,412,000
	300	New Orleans Swr. Svc. Rev.,
		5.00%, 6/01/44		331,797
	500	Port of New Orleans Brd. of
		Commissioners Port Fac. Rev.,
		5.00%, 4/01/33		534,640
	1,100	Regional Tran. Auth. Sales Tax Rev.,
		5.00%, 12/01/30, AGM		1,185,613
	1,000	Terrebonne Parish Consol. Wtrwks.
		Dist. No. 1 Rev.,
		5.00%, 11/01/37		1,116,440

				6,560,332


		Maine - 1.8%
	95	Maine St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,
		5.00%, 7/01/33,
		Prerefunded 7/1/23 @ $100 (b)		109,712
	905	Maine St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,
		5.00%, 7/01/33		987,446
	610	Portland General Arpt. Rev.,
		5.00%, 7/01/31		664,485
	540	Portland General Arpt. Rev.,
		5.00%, 7/01/32		586,413

				2,348,056


		Maryland - 1.8%
	250	Baltimore Convention Center Hotel Rev.,
		5.00%, 9/01/36		282,270
	1,000	Maryland St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,
		Anne Arundel Hlth. Sys.,
		5.00%, 7/01/39		1,112,790
	1,000	Maryland St. Trans. Auth. Rev.,
		5.00%, 7/01/37, AGM		1,014,370

				2,409,430


		Massachusetts - 6.8%
	3,000	Massachusetts St. Bay Trans. Auth. Rev.,
		5.50%, 7/01/29, NRE		3,813,540
	1,000	Massachusetts St. Gen. Oblig.,
		5.25%, 9/01/25, AGM		1,207,210
	1,000	Massachusetts St. Gen. Oblig.,
		5.50%, 8/01/30, AMBAC		1,277,370

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2018

(Unaudited)


Principal Amount (000)		Description (a)	Value
	$2,000	Massachusetts St. College Bldg. Auth. Rev.,
		5.00%, 5/01/40
		Prerefunded 5/1/20 @ $100 (b)		$2,148,080
	410	Massachusetts St. Port Auth. Rev.,
		5.00%, 7/01/47		464,932

				8,911,132


		Michigan - 1.9%
	1,000	Holland Elec. Util. Sys. Rev.,
		5.00%, 7/01/39		1,095,730
	550	Michigan St. Fin. Auth. Rev.,
		Beaumont Hlth. Credit Group,
		5.00%, 11/01/44		608,284
	500	Michigan St. Bldg. Auth. Rev.,
		4.00%, 10/15/36		520,885
	225	Royal Oak Hosp. Fin. Auth. Rev.,
		William Beaumont Hosp.,
		5.00%, 9/01/39		245,695

				2,470,594


		Nebraska - 2.2%
	500	Nebraska St. Pub. Pwr. Dist. Gen. Rev.,
		5.00%, 1/01/34		548,475
	1,900	Omaha Gen. Oblig.,
		5.25%, 4/01/27		2,322,009

				2,870,484


		New Jersey - 1.3%
	400	Camden Cnty. Impvt. Auth. Hlthcare.
		Redev. Rev., Cooper Hlth. Sys.,
		5.00%, 2/15/33		432,160
	240	New Jersey St. Tpk. Auth. Rev.,
		4.00%, 1/01/35		252,648
	350	New Jersey St. Tpk. Auth. Rev.,
		5.00%, 1/01/36
		Prerefunded 1/01/19 @ $100 (b)		361,137
	650	New Jersey St. Tpk. Auth. Rev.,
		5.00%, 1/01/36
		Prerefunded 1/01/19 @ $100 (b)		671,287

				1,717,232


		New York - 10.4%
	1,000	Albany Indl. Dev. Agy. Rev.,
		Brighter Choice Charter Sch.,
		5.00%, 4/01/32		910,740
	300	Buffalo and Erie Cnty. Indl. Land. Dev. Rev.,
		Catholic Hlth. Sys.,
		5.25%, 7/01/35		334,842

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2018

(Unaudited)


Principal Amount (000)		Description (a)	Value
	$700	Long Island Pwr. Auth. Elec. Sys. Gen. Rev.,
		5.00%, 9/01/42		$776,244
	530	Long Island Pwr. Auth. Elec. Sys. Gen. Rev.,
		5.00%, 9/01/42		605,816
	300	New York Cntys. Tobacco Trust VI Rev.,
		5.00%, 6/01/45		318,441
	1,000	New York City Transitional Fin. Auth. Rev.,
		5.00%, 2/01/34		1,150,470
	1,000	New York City Mun. Wtr. Fin. Auth.,
		Wtr. & Swr. Sys. Rev.,
		5.00%, 6/15/34		1,137,790
	1,000	New York City Mun. Wtr. Fin. Auth.,
		Wtr. & Swr. Sys. Rev.,
		5.375%, 6/15/43		1,099,520
	1,000	New York City Mun. Wtr. Fin. Auth.,
		Wtr. & Swr. Sys. Rev.,
		5.50%, 6/15/43		1,105,370
	1,500	New York St. Dorm. Auth. Rev.,
		7.25%, 10/01/28,
		Prerefunded 10/01/18 @ $100 (b)		1,557,645
	2,000	New York St. Dorm. Auth.,
		Personal Inc. Tax Rev.,
		5.00%, 03/15/31		2,317,120
	900	Port Auth. of New York and New Jersey Rev.,
		5.00%, 6/01/33		1,029,213
	500	Triborough Bridge & Tunnel Auth. Rev.,
		5.00% 11/15/30		568,950
	195	TSASC Inc. Tobacco Settlement Rev.,
		5.00%, 6/01/34		221,931
	400	Utility Debt Securitization Auth.
		Restructuring Rev.,
		5.00%, 12/15/31		463,492

				13,597,584


		Ohio - 5.9%
	750	Deerfield Twp. Tax Increment Rev.,
		5.00%, 12/01/25		752,310
	555	Northeast Ohio Regl. Swr. Dist. Rev.,
		4.00%, 11/15/43		585,653
	500	Ohio St. Gen. Oblig.,
		5.00%, 9/01/30
		Prerefunded 9/01/20 @ $100 (b)		542,405

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2018

(Unaudited)


Principal Amount (000)		Description (a)	Value
	$2,000	Ohio St. Hosp. Rev.,
		Univ. Hosp. Hlth. Sys.,
		4.00%, 1/15/44	$	2,012,100
	1,040	Ohio St. Tpk. Comm. Rev.,
		5.00%, 2/15/31
		Prerefunded 2/15/20 @ $100 (b)		1,110,117
	2,445	Ohio St. Wtr. Dev. Auth. Rev.,
		5.50%, 6/01/20, AGM		2,661,040

				7,663,625


		Oregon - 1.6%
	500	Oregon St. Gen. Oblig.,
		5.00%, 5/01/41		576,905
	570	Port of Portland Intl. Arpt. Rev.,
		5.00%, 7/01/32		639,939
	800	Washington Cnty. Sch. Dist. 48J (Beaverton),
		Gen. Oblig. Convertible CAB,
		0.00%, 6/15/36		913,816

				2,130,660


		Pennsylvania - 4.7%
	170	Butler Cnty. Hosp. Auth. Rev.,
		Butler Hlth. Sys.,
		5.00%, 7/01/35		187,471
	2,000	Delaware River Port Auth. Rev.,
		5.00%, 1/01/34		2,255,660
	500	Pennsylvania St. Higher Ed. Facs. Auth. Rev.,
		5.00%, 6/15/28		536,820
	1,020	Pennsylvania St. Tpk. Commision,
		Oil Franchise Tax Rev.,
		5.00%, 12/01/23, AGC,
		Prerefunded 12/01/19 @ $100 (b)		1,083,250
	2,000	Philadelphia Wtr. & Wstwtr. Rev.,
		5.00%, 1/01/41		2,141,380

				6,204,581


		Rhode Island - 2.3%
	1,070	Rhode Island St. Clean Wtr. Fin. Agy.,
		Wtr. Poll. Control Rev. (Green Bonds),
		5.00%, 10/01/32		1,247,513
	1,600	Rhode Island St. Hlth. & Edl. Bldg. Corp.,
		Higher Ed. Facs. Rev.,
		Providence College,
		5.00%, 11/01/41		1,739,184

				2,986,697

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2018

(Unaudited)


Principal Amount (000)		Description (a)	Value
		South Carolina - 2%
	$2,000	Charleston Cnty. Spl. Source Rev.,
		5.00%, 12/01/32		$2,290,660
	290	SCAGO Edl. Facs. Corp. Rev.,
		Pickens Cnty. Sch. Dist.,
		5.00%, 12/01/24		337,830

				2,628,490


		Tennessee - 4.8%
	250	Chattanooga-Hamilton Cnty. Hosp. Auth. Rev.,
		Erlanger Hlth. Sys.,
		5.00%, 10/01/34		271,795
	1,620	Tennessee St. Energy Acquisition Corp. Rev.,
		5.25%, 9/01/20		1,752,597
	1,000	Tennessee St. Energy Acquisition Corp. Rev.,
		5.25%, 9/01/21		1,109,550
	740	Tennessee St. Hsg. Dev. Agy.,
		Residential Fin. Prog. Rev.,
		3.625%, 7/01/32		756,435
	2,000	Tennessee St. Sch. Bond Auth. Rev.,
		5.00%, 11/01/42		2,345,020

				6,235,397


		Texas - 8.4%
	850	Austin Indep. Sch. Dist. Gen. Oblig.,
		4.00%, 8/01/36, PSF		901,544
	1,000	Dallas Area Rapid Transit Rev.,
		5.25%, 12/01/48,
		Prerefunded 12/01/18 @ $100 (b)		1,032,000
	650	Dallas Area Rapid Transit Rev.,
		5.00%, 12/01/41		742,534
	500	Houston Arpt. Sys. Rev.,
		5.00%, 7/01/32		545,360
	1,000	Houston Hotel Occupancy Tax & Spl. Rev.,
		5.25%, 9/01/29		1,102,630
	1,410	Houston Util. Sys. Rev.,
		5.00%, 11/15/32		1,606,075
	955	Klein Indep. Sch. Dist. Gen. Oblig.,
		5.00%, 8/01/38, PSF,
		Prerefunded 8/01/18 @ $100 (b)		972,362
	105	Klein Indep. Sch. Dist. Gen. Oblig.,
		5.00%, 8/01/38, PSF		106,840
	1,000	North Texas Twy. Auth. Rev.,
		5.00%, 1/01/31		1,127,340

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2018

(Unaudited)


Principal Amount (000)		Description (a)	Value
	$1,000	North Texas Twy. Auth. Rev.,
		4.00%, 1/01/43		$1,026,350
	700	San Antonio Indep. Sch. Dist. Sch. Bldg.
		Gen. Oblig.,
		5.00%, 8/15/38, PSF		808,724
	1,000	Upper Trinity Reg. Wtr. Dist. Rev.,
		4.00%, 8/01/37, AGM		1,026,090

				10,997,849


		Vermont - 2.1%
	2,000	Univ. of Vermont & St. Agric. College
		Gen. Oblig.,
		5.00%, 10/01/38		2,203,000
	500	Vermont St. Edl. and Hlth. Bldg. Fin. Agy. Rev.,
		Univ. of Vermont Med. Center,
		5.00%, 12/01/35		564,555

				2,767,555


		Virginia - 2.9%
	1,250	Riverside Regl. Jail Auth. Fac. Rev.,
		5.00%, 7/01/26		1,474,150
	2,000	Virginia St. College Bldg. Auth. Rev.,
		5.00%, 2/01/23		2,288,080

				3,762,230



		Washington - 0.9%
	1,000	King Cnty. Wtr. Rev.,
		5.00%, 7/01/41		1,146,920



		West Virginia - 0.3%
	300	Monongalia Cnty. Bldg. Comm. Rev.,
		5.00%, 7/01/30		336,393


		Wisconsin - 2.8%
	1,180	Wisconsin St. Pub. Fin. Auth. Hosp. Rev.,
		Renown Reg. Med. Ctr.,
		5.00%, 6/01/40		1,298,826
	250	Wisconsin St. Pub. Fin. Auth.,
		Solid Waste Disp. Rev.,
		2.875%, 5/01/27		249,690
	190	Wisconsin St. Gen. Rev.,
		6.00%, 5/01/33,
		Prerefunded 5/01/19 @ $100 (b)		200,716
	1,810	Wisconsin St. Gen. Rev.,
		6.00%, 5/01/33
		Prerefunded 5/01/19 @ $100 (b)		1,912,084

				3,661,316

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2018

(Unaudited)


Principal Amount (000)		Description (a)	Value
		Wyoming - 1.2%
	$1,490	Wyoming St. Farm Loan Brd.
		Cap. Facs. Rev.,
		5.75%, 10/01/20		$1,568,121


		Total Long-Term Investments
		(Cost $184,379,529)		193,443,643

		TOTAL INVESTMENTS - 147.9%
		(Cost $184,379,529)		193,443,643
		Variable Rate MuniFund Term Preferred Shares at liquidation value - (49.7)%		(65,000,000	)
		Other assets less other liabilities - 1.8%		2,361,708

		NET ASSETS APPLICABLE TO COMMON STOCK - 100.0%	$	130,805,351

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

AGC–Assured Guaranty Corp.*

AGM–Assured Guaranty Municipal Corp.*

AMBAC–Ambac Assurance Corporation*

BAM–Build America Mutual Assurance Company*

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 note is an integral part of this financial statement.

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2018

(Unaudited)

Note 1. Investment Valuation

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.

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 annual report. The following is a summary of the inputs used to value each of the Fund’s investments at January 31, 2018:


	Level 2
Municipal bonds	$	193,443,643

There were no Level 1 or Level 3 priced securities held at January 31, 2018.

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: March 19, 2018

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: March 19, 2018

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

Date: March 19, 2018