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: January 31, 2015

Item 1 – Schedule of Investments

See the Statement of Net Assets below.

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS

January 31, 2015

(Unaudited)


Principal Amount (000)		Description (a)	Value (Note 1)
		LONG-TERM INVESTMENTS - 142.6%

		Alaska - 0.2%
	$ 290	Anchorage Elec. Util. Rev.,
		5.00%, 12/1/36	$	340,425


		Arizona - 6.2%
	650	Arizona St. Hlth. Fac. Auth. Rev.,
		Scottsdale Lincoln Hosp. Proj.,
		5.00%, 12/1/42, Ser. A		750,360
	2,000	Arizona St. Hlth. Fac. Auth. Rev.,
		Banner Hlth.,
		4.00%, 1/1/44, Ser. A		2,058,980
	2,000	Arizona St. Trans. Brd. Hwy. Rev.,
		5.00%, 7/1/30, Ser. B		2,287,880
	500	Northern Arizona Univ. Rev. Ref.,
		5.00%, 6/1/40		584,245
	1,000	Northern Arizona Univ. Speed Rev.
		Stimulus Plan Econ. Edl. Dev.,
		5.00%, 8/1/38		1,162,150
	2,000	Salt River Proj. Agric. Impvt. & Pwr.
		Dist. Elec. Sys. Rev.,
		5.00%, 1/1/38, Ser. A		2,204,020

				9,047,635


		California - 18.4%
	2,000	Bay Area Toll Auth. Rev.,
		5.125%, 4/1/39, Ser. F-1
		Prerefunded 4/1/19 @ $100 (b)		2,350,840
	500	California St. Gen. Oblig.,
		5.50%, 3/1/26		572,035
	1,000	California St. Gen. Oblig.,
		6.00%, 4/1/38		1,208,680
	500	California St. Gen. Oblig.,
		5.50%, 3/1/40		585,010
	1,000	California St. Gen. Oblig.,
		5.00% 10/1/28		1,235,290
	2,000	California St. Pub. Wks. Brd. Lease Rev.
		Dept. of Corrections and Rehab.,
		5.250%, 9/1/29, Ser. F		2,448,560
	2,000	California Statewide Communities
		Dev. Auth. Rev.,
		5.75%, 7/1/47, FGIC		2,276,900
	3,000	Golden State Tobacco Securitization Corp. Rev.,
		5.75%, 6/1/47, Ser. A-1		2,649,810
	1,000	Manteca Wtr. Ref. Rev.,
		5.00%, 7/1/33		1,152,230
	2,500	Riverside Cnty. Sngl. Fam. Rev.,
		7.80%, 5/1/21, Ser. A,
		Escrowed to maturity (b)		3,430,375

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2015

(Unaudited)


Principal Amount (000)		Description (a)	Value (Note 1)
	$ 500	Sacramento Area Flood Control Agency
		Consol. Capital Assessment Dist. Bonds,
		5.00%, 10/1/37	$	580,590
	7,840	San Bernardino Cnty. Res. Mtge. Rev.,
		9.60%, 9/1/15,
		Escrowed to maturity (b)		8,274,414

				26,764,734


		Colorado - 0.8%
	1,000	Eagle River Wtr. & Sanitation Dist.
		Enterprise Wastewater Rev.,
		5.00%, 12/1/42		1,147,730


		Connecticut - 3.2%
	1,000	Connecticut St. Hlth. & Edl. Facs. Auth. Rev.,
		5.00%, 7/1/25, Ser. C, RAD		1,006,980
	700	Connecticut St. Hlth. & Edl. Facs. Auth. Rev.,
		5.00%, 7/1/32, Ser. A		778,589
	1,000	Connecticut St. Hlth. & Edl. Facs. Auth. Rev.,
		5.00%, 7/1/41, Ser. A		1,103,070
	550	Connecticut St. Hlth. & Edl. Facs. Auth. Rev.
		Yale-New Haven Hospital,
		5.00%, 7/1/48, Ser. N		630,580
	1,000	South Central Connecticut Reg. Wtr. Auth. Rev.,
		5.00%, 8/1/41, Ser. 26		1,145,310

				4,664,529


		District of Columbia - 1.6%
	1,000	District of Columbia Inc. Tax Rev.,
		5.00%, 12/1/31, Ser. A		1,164,170
	1,000	Metropolitan Washington D.C. Airport Auth. Rev.,
		5.00%, 10/1/18, Ser. A, AGM / AMBAC		1,110,270

				2,274,440


		Florida - 12.7%
	1,500	Broward Cnty. Port Fac. Rev.,
		6.00%, 9/1/23, Ser. A		1,806,585
	1,000	Escambia Cnty. Hlth. Fac. Auth. Rev.,
		6.00%, 8/15/36		1,173,280
	2,000	Florida St. Brd. of Ed. Cap. Outlay,
		5.00%, 6/1/41, Ser. F		2,311,540
	2,350	Florida St. Brd. of Gov. Florida State Univ. Dorm Rev.,
		5.00%, 5/1/33, Ser. A		2,743,578
	70	Highlands Cnty. Hlth. Fac. Auth. Rev.,
		5.125%, 11/15/32, Ser. G,
		Prerefunded 11/15/16 @ $100 (b)		75,882
	1,930	Highlands Cnty. Hlth. Fac. Auth. Rev.,
		5.125%, 11/15/32, Ser. G		2,059,561

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2015

(Unaudited)


Principal Amount (000)		Description (a)	Value (Note 1)
	$ 500	Lee Cnty. Tran. Fac. Ref. Rev.,
		5.00%, 10/1/35, AGM	$	589,350
	1,080	City of Miami Beach Hlth. Facs. Auth.
		Hosp. Rev. Ref.,
		5.00%, 11/15/39		1,229,591
	250	Miami-Dade Cnty. Aviation Rev.,
		5.00%, 10/1/32, Ser. A		284,385
	2,000	Orlando and Orange Cnty. Expwy. Auth. Rev.,
		5.00%, 7/1/35, Ser. A		2,329,580
	1,000	Reedy Creek Impvt. Dist.,
		5.00%, 6/1/38, Ser. A		1,159,290
	2,000	Seminole Cnty. Sales Tax Rev.,
		5.25%, 10/1/31, Ser. B, NRE		2,645,880

				18,408,502


		Georgia - 5.0%
	500	City of Atlanta Arpt. Passenger Fac. Charge Gen. Rev. Ref.,
		5.00%, 1/1/32, Ser. A		591,475
	2,000	Fulton Cnty. Sch. Dist. Gen. Oblig.,
		5.375%, 1/1/16		2,095,400
	1,970	Georgia Mun. Elec. Auth. Pwr. Rev.,
		6.50%, 1/1/20, Ser. X, AMBAC		2,232,089
	2,000	Metro. Atlanta Rapid Tran. Auth. Rev.,
		5.00%, 7/1/39, Ser. 3		2,289,960

				7,208,924


		Idaho - 0.8%
	1,065	Idaho Hlth. Fac. Auth. Rev.
		St. Lukes Hlth. Sys. Proj.,
		5.00%, 3/1/34, Ser. A		1,234,197


		Illinois - 10.6%
	500	Chicago Multi-Family Hsg. Rev.,
		4.90%, 3/20/44, FHA		517,885
	1,000	Chicago O’Hare Intl. Arpt. Rev.
		Customer Fac. Charge,
		5.125%, 1/1/30, AGM		1,174,570
	2,000	Chicago Wastewater Transmission Rev.,
		5.00%, 1/1/42		2,237,620
	500	Chicago Wtrwks. Rev.,
		5.00%, 11/1/44, 2nd Lien		573,510
	1,000	Illinois Fin. Auth. Ed. Rev.,
		5.375%, 9/1/32, Ser. C,
		Prerefunded 9/1/17 @ $100 (b)		1,122,790
	1,000	Illinois Fin. Auth. Rev.,
		6.00%, 8/15/38, Ser. A		1,146,440
	1,000	Illinois Fin. Auth. Rev.,
		Rush Univ. Med. Ctr.,
		4.00%, 11/15/39, Ser. A		1,035,850

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2015

(Unaudited)


Principal Amount (000)		Description (a)	Value (Note 1)
	$ 520	Illinois Fin. Auth. Rev.
		Northwestern Memorial HealthCare,
		5.00%, 8/15/37	$	592,732
	525	Illinois Fin. Auth. Rev.
		Centegra Hlth. Sys.,
		5.00%, 9/1/42, Ser. A		571,678
	2,000	Illinois St. Gen. Oblig.,
		5.50%, 1/1/29		2,425,360
	1,500	Illinois St. Toll Hwy. Auth. Rev.,
		5.50%, 1/1/33, Ser. B		1,668,465
	1,000	Railsplitter Tobacco Settlement Auth. Rev.,
		6.00%, 6/1/28		1,197,610
	1,000	Univ. of Illinois Aux. Facs. Sys. Rev.,
		5.00%, 4/1/34, Ser. A		1,160,120

				15,424,630


		Indiana - 2.7%
	180	Indiana Fin. Auth. Hospital Rev.,
		5.875%, 5/1/29, Ser. A		180,553
	240	Indiana Fin. Auth. Hospital Rev. Ref.,
		5.00%, 12/1/28, Ser. A		292,025
	1,000	Indiana St. Fin. Auth. Rev. Revolving Fund,
		5.00%, 2/1/31, Ser. B		1,177,200
	2,000	Indianapolis Local Pub. Impvt.
		Bond Bank Rev.,
		5.00%, 2/1/38, Ser. A		2,241,340

				3,891,118


		Louisiana - 6.2%
	305	Louisiana St. Gasoline & Fuels Tax Rev.,
		5.00%, 5/1/41, Ser. A, NRE,
		Prerefunded 5/1/16 @ $100 (b)		323,254
	695	Louisiana St. Gasoline & Fuels Tax Rev.,
		5.00%, 5/1/41, Ser. A, NRE,		731,731
	1,250	Louisiana Stadium & Exposition Dist.,
		5.00%, 7/1/30, Ser. A		1,468,287
	500	Louisiana Stadium & Exposition Dist.,
		5.00%, 7/1/36, Ser. A		571,505
	1,250	Louisiana St. Tran. Auth. Ref. Rev.,
		5.00%, 8/15/38, Ser. A		1,463,825
	250	New Orleans Swr. Svc. Ref. Rev.,
		5.00%, 6/1/44		286,060
	500	Board of Commissioners of The Port of New Orleans
		Port Fac. Ref. Rev.,
		5.00%, 4/1/33, Ser. B		557,755
	1,100	Regional Tran. Auth. Louisiana Sales Tax Rev.,
		5.00%, 12/1/30, AGM		1,272,073

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2015

(Unaudited)


Principal Amount (000)		Description (a)	Value (Note 1)
	$ 1,000	Terrebonne Levee & Consv. Dist.
		Pub. Impvt. Sales Tax Rev.,
		5.00%, 7/1/38, Ser. A	$	1,147,010
	1,000	Terrebonne Parish Waterworks Consol. Dist. No. 1,
		5.00%, 11/1/37, Ser. A		1,150,070

				8,971,570


		Maine - 2.0%
	1,000	Maine St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,
		5.00%, 7/1/33, Ser. A		1,137,440
	500	Maine St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,
		5.00%, 7/1/43		545,885
	610	City of Portland, General Arpt. Rev.,
		5.00%, 7/1/31		684,243
	540	City of Portland, General Arpt. Rev.,
		5.00%, 7/1/32		604,044

				2,971,612


		Maryland - 3.7%
	1,000	Maryland St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,
		Anne Arundel Hlth. Sys.,
		5.00%, 7/1/39		1,135,780
	2,000	Maryland St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,
		MedStar Hlth.,
		4.00%, 8/15/45		2,034,700
	2,000	Maryland St. Trans. Auth. Rev.,
		5.00%, 7/1/37, AGM		2,237,080

				5,407,560


		Massachusetts - 6.5%
	3,000	Massachusetts Bay Trans. Auth. Rev.,
		5.50%, 7/1/29, Ser. B, NRE		4,114,620
	2,000	Massachusetts St. College Bldg. Auth. Rev.,
		5.00%, 5/1/40, Ser. B		2,321,560
	1,500	Massachusetts St. Dev. Fin. Agcy.
		Solid Waste Disp. Rev.,
		5.00%, 2/1/36,
		Prerefunded 8/1/16 @ $100 (b)		1,602,375
	1,000	Massachusetts St. Gen. Oblig.,
		5.50%, 8/1/30, Ser. A, AMBAC		1,374,260

				9,412,815


		Michigan - 1.4%
	500	Detroit Gen. Oblig.,
		5.25%, 11/1/35		551,785
	1,000	City of Holland Elec. Util. Sys. Rev.,
		5.00%, 7/1/39, Ser. A		1,156,640

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2015

(Unaudited)


Principal Amount (000)		Description (a)	Value (Note 1)
	$ 225	City of Royal Oak Hosp. Fin. Auth. Hosp. Rev.
		Ref. Bonds,
		5.00%, 9/1/39, Ser. D	$	259,006

				1,967,431


		Nebraska - 3.3%
	500	Nebraska St. Pub. Pwr. Dist. Gen. Rev.,
		5.00%, 1/1/34, Ser. A		575,535
	2,000	Omaha Gen. Oblig.,
		5.25%, 4/1/27		2,660,760
	1,525	Omaha Pub. Pwr. Dist. Elec. Rev.,
		6.20%, 2/1/17, Ser. B,
		Escrowed to maturity (b)		1,610,613

				4,846,908


		Nevada - 2.9%
	2,165	Clark Cnty. Gen. Oblig.,
		5.00%, 11/1/22, AMBAC		2,241,511
	2,000	Nevada St. Gen. Oblig.,
		5.00%, 12/1/24, Ser. F, AGM		2,032,100

				4,273,611


		New Jersey - 2.6%
	400	Camden Cnty. Impvt. Auth. Hlthcare. Redev. Rev. Ref.,
		5.00%, 2/15/33, Ser. A		456,472
	2,000	New Jersey St. Gen. Oblig.,
		5.25%, 7/1/17, Ser. H		2,210,780
	1,000	New Jersey St. Tpk. Auth. Rev.,
		5.00%, 1/1/36, Ser. H		1,121,370

				3,788,622


		New York - 7.6%
	1,000	Albany Industrial Dev. Agy. Rev.,
		5.00%, 4/1/32, Ser. A		1,000,540
	700	Long Island Pwr. Auth. Elec. Sys. Rev.,
		5.00%, 9/1/42, Ser. A		790,286
	1,000	New York City Mun. Wtr. Fin. Auth.
		Wtr. & Swr. Sys. Rev.,
		5.00%, 6/15/34, Ser. DD		1,182,850
	1,000	New York City Mun. Wtr. Fin. Auth. Rev.,
		5.375%, 6/15/43, Ser. EE		1,192,690
	1,000	New York City Mun. Wtr. Fin. Auth. Rev.,
		5.50%, 6/15/43, Ser. EE		1,199,610
	1,500	New York St. Dorm. Auth. Rev.,
		7.25%, 10/1/28, Ser. C		1,815,000
	1,000	New York St. Thruway Auth. Rev.,
		5.00%, 1/1/36, Ser. J		1,166,550

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2015

(Unaudited)


Principal Amount (000)		Description (a)	Value (Note 1)
	$ 450	New York St. Thruway Auth. Rev.,
		5.00%, 1/1/37, Ser. I	$	517,676
	900	Port Auth. of New York and New Jersey Cons. Bonds,
		5.00%, 6/1/33, Ser. 179		1,078,947
	500	Triborough Bridge & Tunnel Auth. Rev.,
		5.00% 11/15/30, Ser. A		592,655
	400	Utility Debt Securitization Auth.
		Restructuring Rev.,
		5.00%, 12/15/31, Ser. TE		490,564

				11,027,368


		Ohio - 6.0%
	750	Deerfield Twp. Tax Increment Rev.,
		5.00%, 12/1/25		792,345
	1,000	Hamilton Elec. Sys. Rev.,
		4.60%, 10/15/20, Ser. A, AGM		1,036,120
	500	Ohio St. Gen. Oblig.,
		5.00%, 9/1/30, Ser. A		583,010
	2,000	Ohio St. Hosp. Rev.,
		4.00%, 1/15/44, Ser. A		2,056,300
	1,040	Ohio St. Tpk. Comm. Tpk. Rev.,
		5.00%, 2/15/31, Ser. A		1,198,163
	2,445	Ohio St. Wtr. Dev. Auth. Rev.,
		5.50%, 6/1/20, Ser. B, AGM		3,004,465

				8,670,403


		Oregon - 0.5%
	570	Port of Portland
		Portland Intl. Arpt. Rev.,
		5.00%, 7/1/32, Ser. 22		671,118


		Pennsylvania - 8.9%
	2,000	Delaware Cnty. Auth. Rev.,
		5.00%, 6/1/21, Ser. A
		Prerefunded 6/1/15 @ $100 (b)		2,032,400
	2,000	Delaware River Port Auth. Rev.,
		5.00%, 1/1/34		2,352,020
	480	East Stroudsburg Area Sch. Dist.,
		7.750%, 9/1/27, Ser. A
		Prerefunded 9/1/17 @ $100 (b)		567,341
	495	East Stroudsburg Area Sch. Dist.,
		7.750%, 9/1/27, NRE
		Prerefunded 9/1/17 @ $100 (b)		585,773
	25	East Stroudsburg Area Sch. Dist.,
		7.750%, 9/1/27, NRE		29,395
	1,000	Pennsylvania Econ. Dev. Fin.
		Auth. Res. Recov. Rev.,
		4.625%, 12/1/18, Ser. F, AMBAC		1,027,670

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2015

(Unaudited)


Principal Amount (000)		Description (a)	Value (Note 1)
	$ 500	Pennsylvania St. Higher Ed. Facs. Auth. Rev.,
		5.00%, 6/15/28, Ser. AL	$	582,270
	1,020	Pennsylvania St. Tpk. Comm. Oil Franchise Tax Rev.,
		5.00%, 12/1/23, Ser. A-2, AGT		1,187,984
	1,000	Pennsylvania St. Tpk. Comm. Tpk. Rev.,
		5.00%, 12/1/31, Ser. A		1,164,500
	1,000	Pennsylvania St. Tpk. Comm. Tpk. Rev.,
		5.00%, 12/1/43, Ser. A-1		1,115,770
	2,000	Philadelphia Wtr. & Wastewater Rev.,
		5.00%, 1/1/41, Ser. A		2,258,000

				12,903,123


		Rhode Island - 2.8%
	2,000	Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev.,
		5.00%, 9/1/37		2,197,780
	1,600	Rhode Island Hlth. & Edl. Bldg. Corp. Higher Ed. Facs. Rev.,
		5.00%, 11/1/41		1,806,736

				4,004,516


		South Carolina - 1.6%
	2,000	Charleston Cnty. Spl. Source Rev.,
		5.00%, 12/1/32		2,383,660


		Tennessee - 2.2%
	250	Chattanooga-Hamilton Cnty. Hosp. Auth. Rev. Ref.,
		Erlanger Hlth. Sys.,
		5.00%, 10/1/34, Ser. A		284,928
	1,500	Tennessee Energy Acquisition Corp. Rev.,
		5.25%, 9/1/20, Ser. A		1,734,945
	1,000	Tennessee Energy Acquisition Corp. Rev.,
		5.25%, 9/1/21, Ser. A		1,168,070

				3,187,943


		Texas - 10.7%
	1,000	Alliance Airport Auth. Inc. Rev.,
		4.85%, 4/1/21		1,033,790
	1,000	Dallas Area Rapid Transit Rev.,
		5.25%, 12/1/48		1,128,450
	1,000	Everman Indep. Sch. Dist. Gen. Oblig.,
		5.00%, 2/15/36, PSF		1,098,160
	500	Houston Arpt. Sys. Rev.,
		5.00%, 7/1/32, Ser. A		567,485
	1,000	Houston Hotel Occupancy Tax & Spl. Rev.,
		5.25%, 9/1/29, Ser. A		1,164,040
	1,410	Houston Util. Sys. Rev.,
		5.00%, 11/15/32, Ser. B		1,690,308
	1,060	Klein Indep. Sch. Dist. Gen. Oblig.,
		5.00%, 8/1/38, Ser. A, PSF		1,189,066

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2015

(Unaudited)


Principal Amount (000)		Description (a)	Value (Note 1)
	$ 2,000	Lower Colorado River Auth. Rev.,
		5.00%, 5/15/31, AGM	$	2,007,260
	1,200	North Texas Twy. Auth. Rev.,
		5.75%, 1/1/40, Ser. A, BHAC		1,356,912
	1,975	Pharr-San Juan-Alamo Indep. Sch. Dist. Gen. Oblig.,
		5.50%, 2/1/33, PSF		2,157,806
	1,000	Spring Branch Indep. Sch. Dist. Gen. Oblig.,
		5.25%, 2/1/38, PSF		1,085,100
	1,000	Upper Trinity Reg. Wtr. Dist. Treated Wtr. Supply Sys. Rev.
		Ref. and Impvmt. Bonds,
		4.00%, 8/1/37, Ser. A, AGM		1,044,430

				15,522,807


		Utah - 3.2%
	1,000	Utah Trans. Auth. Sales Tax Rev.,
		5.00%, 6/15/32, Ser. A, AGM		1,123,900
	1,000	Utah Trans. Auth. Sales Tax Rev.,
		5.00%, 6/15/36, Ser. A, AGM		1,119,310
	2,000	Utah Trans. Auth. Sub. Sales Tax Rev. Ref.,
		5.00%, 6/15/37, Ser. A		2,350,400

				4,593,610


		Vermont - 1.6%
	2,000	Univ. of Vermont & St. Agric. College Gen. Oblig.,
		5.00%, 10/1/38, Ser. A		2,310,680


		Virginia - 1.7%
	2,000	Virginia College Bldg. Auth. Rev.,
		5.00%, 2/1/23, Ser. E-1		2,490,000

				2,490,000


		West Virginia - 1.0%
	1,500	Monongalia Cnty. Bldg. Comm.
		Hospital Rev.,
		5.00%, 7/1/30, Ser. A		1,517,595


		Wisconsin - 1.7%
	2,000	Wisconsin St. Gen. Rev.,
		6.00%, 5/1/33, Ser. A		2,414,440


		Wyoming - 2.3%
	3,080	Wyoming St. Farm Loan Brd.
		Cap. Facs. Rev.,
		5.75%, 10/1/20		3,413,410

		Total Long-Term Investments
		(Cost $188,159,642)		207,157,666

		TOTAL INVESTMENTS - 142.6%
		(Cost $188,159,642)	$	207,157,666
		Other assets less liabilities - (42.6%)		(61,862,062	)

		NET ASSETS APPLICABLE TO COMMON STOCK - 100.0%	$	145,295,604

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

DTF TAX-FREE INCOME INC.

STATEMENT OF NET ASSETS — (Continued)

January 31, 2015

(Unaudited)

(a) The following abbreviations are used in portfolio descriptions to indicate an obligation of credit support, in whole or in part:

AMBAC—Ambac Assurance Corporation

AGM—Assured Guaranty Municipal Corp.

AGT—Assured Guaranty Corp.

BHAC—Berkshire Hathaway Assurance Corporation

FGIC—Financial Guaranty Insurance Company

FHA—Federal Housing Authority

NRE—National Public Finance Guarantee Corporation

PSF—Texas Permanent School Fund

RAD—Radian Asset Assurance Inc.

(b) Prerefunded and escrowed to maturity 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 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, 2015:


		Level 2
Municipal bonds		$207,157,666

There were no Level 1 or Level 3 priced securities held at January 31, 2015.

Note 2. Federal Tax Cost

At October 31, 2014, 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

$186,821,378

$16,083,389

($165,064)

$15,918,325

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: March 24, 2015

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 24, 2015

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

Date: March 24, 2015