DTF Tax-Free Income Inc.

NPORT-EX 1 NPORT_10160815623652543.htm DTF Tax-Free Income Inc.

DTF TAX-FREE INCOME INC.

SCHEDULE OF INVESTMENTS

July 31, 2019

(Unaudited)


Principal Amount (000)		Description (a)	Value

		LONG-TERM INVESTMENTS - 146.6%

		Alabama - 1.7%
	$2,000	Jefferson Cnty. Brd. of Ed. Pub. Sch.
		Warrants,
		5.00%, 2/01/46		$2,342,260


		Alaska - 0.3%
	290	Anchorage Elec. Util. Rev.,
		5.00%, 12/01/36		335,988


		Arizona - 3.8%
	1,350	Arizona St. Univ. Rev.,
		5.00%, 7/01/37		1,606,365
	650	Arizona St. Hlth. Fac. Auth. Rev.,
		Scottsdale Lincoln Hosp. Proj.,
		5.00%, 12/01/42		730,970
	1,000	Maricopa Cnty. Indl. Dev. Auth. Rev.,
		4.00%, 1/01/34		1,106,190
	500	Northern Arizona Univ. Rev.,
		5.00%, 6/01/40		563,345
	1,000	Northern Arizona Univ. SPEED Rev.,
		(Stimulus Plan for Econ. and Edl. Dev.),
		5.00%, 8/01/38		1,113,880

				5,120,750


		California - 17.4%
	1,150	California St. Hlth. Facs. Fin. Auth. Rev.,
		Kaiser Permanente,
		4.00%, 11/01/44		1,259,825
	275	California St. Hlth. Facs. Fin. Auth. Rev.,
		Providence St. Joseph Hlth.,
		4.00%, 10/01/36		302,802
	1,500	California St. Hlth. Facs. Fin. Auth. Rev.,
		Sutter Hlth.,
		5.00%, 11/15/46		1,741,035
	100	California St. Muni. Fin. Auth. Student
		Hsg. Rev., Bowles Hall Foundation,
		5.00%, 6/01/35		111,527
	1,000	California St. Gen. Oblig.,
		5.00% 10/01/28		1,194,050

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

DTF TAX-FREE INCOME INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2019

(Unaudited)


Principal Amount (000)		Description (a)	Value

	$1,000	California St. Pub. Wks. Brd. Lease Rev.,
		Dept. of Corrections and Rehab.,
		5.25%, 9/01/29		$1,156,800
	750	California Statewide Communities Dev.
		Auth. Rev., Marin General Hosp.,
		4.00%, 8/01/45		777,202
	600	Contra Costa Cnty. Successor Agy.
		to Redev. Agy., Tax Allocation,
		5.00%, 8/01/35, BAM		733,488
	1,000	Garden Grove Successor Agy. to Agy.
		Cmty. Dev., Tax Allocation,
		5.00%, 10/01/31, BAM		1,213,560
	2,000	Gilroy Unified Sch. Dist. Gen. Oblig.,
		4.00%, 8/01/41		2,176,920
	280	Lancaster Successor Agy. to Redev. Agy.,
		Tax Allocation,
		5.00%, 8/01/33, AGM		335,549
	1,000	Los Angeles Cnty. Santn. Dists. Fin. Auth. Rev.,
		5.00%, 10/01/34		1,179,050
	250	Palm Desert Successor Agy. to Redev.
		Agy., Tax Allocation,
		5.00%, 10/01/28, BAM		314,530
	2,550	Riverside Cnty. Sngl. Fam. Rev.,
		7.80%, 5/01/21,
		Escrowed to maturity (b)		2,832,974
	1,000	San Jose Unified Sch. Dist. Gen. Oblig.,
		4.00%, 8/01/42		1,110,280
	1,215	San Marcos Successor Agy. to Redev.
		Agy., Tax Allocation,
		5.00%, 10/01/32		1,459,300
	2,000	San Mateo Successor Agy. to Redev.
		Agy., Tax Allocation,
		5.00%, 8/01/30		2,354,420
	1,000	Temple City Unified Sch. Dist. Gen. Oblig.,
		4.00%, 8/01/43		1,075,480
	1,750	Univ. of California Rev.,
		4.00%, 5/15/48		1,926,190

				23,254,982

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

DTF TAX-FREE INCOME INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2019

(Unaudited)


Principal Amount (000)		Description (a)	Value

		Colorado - 4.5%
	$1,120	Colorado St. Hsg. & Fin. Auth. Rev.,
		3.60%, 11/01/38		$1,183,616
	400	Denver Conv. Center & Hotel Auth. Rev.,
		5.00%, 12/01/27		475,728
	1,000	Eagle River Wtr. & Santn. Dist.
		Enterprise Wstwtr. Rev.,
		5.00%, 12/01/42		1,108,150
	1,680	Public Auth. for Colorado Energy,
		Natural Gas Purch. Rev.,
		6.25%, 11/15/28		2,153,710
	1,000	Univ. of Colorado Enterprise Rev.,
		4.00%, 6/01/43		1,113,080

				6,034,284


		Connecticut - 6.1%
	900	Connecticut St. Gen. Oblig.,
		5.00%, 9/15/35		1,091,916
	425	Connecticut St. Gen. Oblig.,
		4.00%, 4/15/38		473,318
	700	Connecticut St. Hlth. & Edl. Facs. Auth.
		Rev., Hartford HlthCare.,
		5.00%, 7/01/32		744,849
	1,000	Connecticut St. Hlth. & Edl. Facs. Auth.
		Rev., Hartford HlthCare.,
		5.00%, 7/01/41		1,054,540
	500	Connecticut St. Hlth. & Edl. Facs. Auth.
		Rev., Univ. of New Haven,
		5.00%, 7/01/43		576,320
	550	Connecticut St. Hlth. & Edl. Facs. Auth.
		Rev., Yale-New Haven Hosp.,
		5.00%, 7/01/48		605,082
	570	Connecticut St. Hsg. Auth. Rev.,
		3.00%, 5/15/33		573,956
	500	Connecticut St. Hsg. Auth. Rev.,
		3.20%, 11/15/33		523,925
	1,000	S. Central Connecticut Reg. Wtr. Auth. Rev.,
		5.00%, 8/01/41
		Prerefunded 8/01/21 @ $100 (b)		1,077,250
	1,200	Univ. of Connecticut Spec. Oblig. Rev.,
		5.00%, 11/15/43		1,441,896

				8,163,052

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

DTF TAX-FREE INCOME INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2019

(Unaudited)


Principal Amount (000)		Description (a)	Value

		District of Columbia - 1.7%
	$1,000	District of Columbia Gen. Oblig.,
		5.00%, 6/01/43		$1,211,010
	1,000	District of Columbia Inc. Tax Rev.,
		5.00%, 12/01/31		1,030,450

				2,241,460


		Florida - 21.7%
	755	Brevard Cnty. Sch. Brd. Ref. COP,
		5.00%, 7/01/32		913,535
	1,500	Broward Cnty. Port Fac. Rev.,
		6.00%, 9/01/23		1,505,790
	1,000	Central Florida Expwy. Auth. Rev.,
		4.00%, 7/01/36		1,106,740
	1,000	Escambia Cnty. Hlth. Fac. Auth. Rev.,
		Baptist Hosp.,
		6.00%, 8/15/36		1,043,330
	2,000	Florida St. Brd. of Ed. Cap. Outlay
		Gen. Oblig.,
		5.00%, 6/01/41		2,123,460
	2,350	Florida St. Brd. of Gov. Florida State Univ.
		Dorm Rev.,
		5.00%, 5/01/33		2,640,718
	1,000	Hillsborough Cnty. Aviation Auth. Rev.,
		Tampa Int’l. Arpt.,
		5.00%, 10/01/44		1,134,300
	500	Lee Cnty. Tran. Fac. Rev.,
		5.00%, 10/01/35, AGM		574,665
	1,080	Miami Beach Hlth. Facs. Auth.
		Hosp. Rev.,
		5.00%, 11/15/39		1,207,192
	500	Miami Beach Redev. Agy. Rev.,
		5.00%, 2/01/40, AGM		566,565
	1,225	Miami-Dade Cnty. Ed. Facs. Auth. Rev.,
		5.00%, 4/01/45		1,385,389
	2,220	Miami-Dade Cnty. Sch. Brd. Ref. COP,
		5.00%, 2/01/34		2,595,779
	250	Miami-Dade Cnty. Aviation Rev.,
		5.00%, 10/01/32		274,038
	2,000	Orlando and Orange Cnty. Expwy. Auth. Rev.,
		5.00%, 7/01/35		2,241,260

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

DTF TAX-FREE INCOME INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2019

(Unaudited)


Principal Amount (000)		Description (a)	Value

	$1,000	Reedy Creek Impvt. Dist. Gen. Oblig.,
		5.00%, 6/01/38		$1,114,880
	2,035	Seminole Cnty. Sales Tax Rev.,
		5.25%, 10/01/31, NRE		2,693,221
	2,190	Seminole Cnty. Sch. Brd. COP,
		5.00%, 7/01/33		2,606,144
	830	S. Florida Wtr. Mgmt. Dist. COP,
		5.00%, 10/01/35		975,773
	470	Tallahassee Hlth. Facs. Rev.,
		Tallahassee Memorial Hlthcare.,
		5.00%, 12/01/41		528,238
	665	Tampa-Hillsborough Cnty. Expwy. Auth. Rev.,
		4.00%, 7/01/42		731,972
	880	Tampa-Hillsborough Cnty. Expwy. Auth. Rev.,
		5.00%, 7/01/47		1,029,926

				28,992,915


		Georgia - 0.4%
	500	Atlanta Arpt. Passenger Fac. Charge Gen. Rev.,
		5.00%, 1/01/32		573,490


		Idaho - 0.2%
	240	Idaho St. Hlth. Facs. Auth. Rev.,
		St. Luke’s Hlth. Sys.,
		5.00%, 3/01/37		282,840


		Illinois - 14.2%
	500	Chicago Multi-Family Hsg. Rev.,
		4.90%, 3/20/44, FHA		501,450
	1,000	Chicago O’Hare Intl. Arpt. Rev.,
		Customer Fac. Charge,
		5.125%, 1/01/30, AGM		1,123,020
	620	Chicago O’Hare Intl. Arpt. Rev.,
		5.25%, 1/01/42		736,641
	250	Chicago Sales Tax Rev.,
		5.00%, 1/01/30
		Prerefunded 1/01/25 @ $100 (b)		298,635
	250	Chicago Wtrwks. Rev.,
		5.00%, 11/01/30		292,907
	650	Chicago Wtrwks. Rev.,
		5.25%, 11/01/32, AGM		785,115

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

DTF TAX-FREE INCOME INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2019

(Unaudited)


Principal Amount (000)		Description (a)	Value

	$250	Chicago Wtrwks. Rev.,
		5.00%, 11/01/36, AGM		$293,127
	865	Chicago Wtrwks. Rev.,
		5.00%, 11/01/44		953,230
	1,225	Illinois St. Fin. Auth. Rev.,
		Advocate Hlthcare. Network,
		5.00%, 5/01/45		1,375,650
	525	Illinois St. Fin. Auth. Rev.,
		Centegra Hlth. Sys.,
		5.00%, 9/01/42		585,553
	520	Illinois St. Fin. Auth. Rev.,
		Northwestern Memorial Hlthcare.,
		5.00%, 8/15/37		568,240
	1,070	Illinois St. Fin. Auth. Rev.,
		Rush Univ. Med. Ctr.,
		4.00%, 11/15/39		1,133,398
	1,000	Illinois St. Fin. Auth. Rev.,
		Rush Univ. Med. Ctr.,
		5.00%, 11/15/39		1,121,820
	1,025	Illinois St. Fin. Auth. Rev.,
		Swedish Covenant Hosp.,
		6.00%, 8/15/38,
		Prerefunded 2/15/20 @ $100 (b)		1,051,547
	1,000	Illinois St. Gen. Oblig.,
		5.00%, 2/01/27		1,142,080
	2,000	Illinois St. Gen. Oblig.,
		5.50%, 1/01/29		2,406,960
	750	Illinois St. Toll Hwy. Auth. Rev.,
		5.00%, 1/01/41		871,725
	330	Railsplitter Tobacco Settlement Auth. Rev.,
		5.00%, 6/01/27		396,323
	1,000	Railsplitter Tobacco Settlement Auth. Rev.,
		6.00%, 6/01/28
		Prerefunded 6/01/21 @ $100 (b)		1,087,200
	1,000	Sales Tax Securitization Corp. Rev.,
		5.00%, 1/01/48		1,128,580
	1,000	Univ. of Illinois Aux. Facs. Sys. Rev.,
		5.00%, 4/01/34		1,122,970

				18,976,171

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

DTF TAX-FREE INCOME INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2019

(Unaudited)


Principal Amount (000)		Description (a)	Value

		Indiana - 2.8%
	$240	Indiana St. Fin. Auth. Hosp. Rev.,
		Indiana Univ. Hlth.,
		5.00%, 12/01/28		$280,656
	2,000	Indiana St. Fin. Auth. Hosp. Rev.,
		Parkview Hlth.,
		5.00%, 11/01/43		2,358,420
	1,000	Indiana St. Fin. Auth. Rev.
		State Revolving Fund,
		5.00%, 2/01/31
		Prerefunded 2/01/21 @ $100 (b)		1,058,220

				3,697,296


		Kentucky - 0.8%
	900	Kentucky Bond Dev. Corp.
		Transient Room Tax Rev.,
		5.00%, 9/01/43		1,070,046


		Louisiana - 4.9%
	1,250	Louisiana St. Stadium & Exposition Dist. Rev.,
		5.00%, 7/01/30		1,401,225
	605	Louisiana St. Stadium & Exposition Dist. Rev.,
		5.00%, 7/01/36		672,754
	1,250	Louisiana St. Tran. Auth. Rev.,
		5.00%, 8/15/38		1,408,938
	300	New Orleans Swr. Svc. Rev.,
		5.00%, 6/01/44		330,402
	500	Port of New Orleans Brd. of
		Commissioners Port Fac. Rev.,
		5.00%, 4/01/33		545,165
	1,100	Regional Tran. Auth. Sales Tax Rev.,
		5.00%, 12/01/30, AGM		1,152,261
	1,000	Terrebonne Parish Consol. Wtrwks.
		Dist. No. 1 Rev.,
		5.00%, 11/01/37		1,105,320

				6,616,065


		Maine - 1.8%
	95	Maine St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,
		5.00%, 7/01/33,
		Prerefunded 7/1/23 @ $100 (b)		108,801
	905	Maine St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,
		5.00%, 7/01/33		998,487

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

DTF TAX-FREE INCOME INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2019

(Unaudited)


Principal Amount (000)		Description (a)	Value

	$610	Portland General Arpt. Rev.,
		5.00%, 7/01/31		$668,615
	540	Portland General Arpt. Rev.,
		5.00%, 7/01/32		590,755

				2,366,658


		Maryland - 1.1%
	250	Baltimore Convention Center Hotel Rev.,
		5.00%, 9/01/36		289,000
	1,000	Maryland St. Hlth. & Hgr. Edl. Facs. Auth. Rev.,
		Anne Arundel Hlth. Sys.,
		5.00%, 7/01/39		1,124,900

				1,413,900


		Massachusetts - 7.4%
	3,000	Massachusetts St. Bay Trans. Auth. Rev.,
		5.50%, 7/01/29, NRE		4,064,190
	1,000	Massachusetts St. Gen. Oblig.,
		5.25%, 9/01/25, AGM		1,232,970
	1,000	Massachusetts St. Gen. Oblig.,
		5.50%, 8/01/30, AMBAC		1,362,920
	2,000	Massachusetts St. College Bldg. Auth. Rev.,
		5.00%, 5/01/40
		Prerefunded 5/1/20 @ $100 (b)		2,058,620
	1,000	Massachusetts St. Port Auth. Rev.,
		5.00%, 7/01/47		1,171,150

				9,889,850


		Michigan - 1.9%
	1,000	Holland Elec. Util. Sys. Rev.,
		5.00%, 7/01/39		1,063,680
	550	Michigan St. Fin. Auth. Rev.,
		Beaumont Hlth. Credit Group,
		5.00%, 11/01/44		625,295
	540	Michigan St. Bldg. Auth. Rev.,
		4.00%, 10/15/36		594,038
	225	Royal Oak Hosp. Fin. Auth. Rev.,
		William Beaumont Hosp.,
		5.00%, 9/01/39		250,405

				2,533,418


		Nebraska - 2.2%
	500	Nebraska St. Pub. Pwr. Dist. Gen. Rev.,
		5.00%, 1/01/34		538,040
	1,900	Omaha Gen. Oblig.,
		5.25%, 4/01/27		2,423,222

				2,961,262

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

DTF TAX-FREE INCOME INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2019

(Unaudited)


Principal Amount (000)		Description (a)	Value

		New Jersey - 2%
	$400	Camden Cnty. Impvt. Auth. Hlthcare.
		Redev. Rev., Cooper Hlth. Sys.,
		5.00%, 2/15/33		$443,296
	240	New Jersey St. Tpk. Auth. Rev.,
		4.00%, 1/01/35		269,302
	1,750	Tobacco Settlement Financing Corp. Rev.,
		5.25%, 6/01/46		1,995,018

				2,707,616


		New York - 9.7%
	1,000	Albany Indl. Dev. Agy. Rev.,
		Brighter Choice Charter Sch.,
		5.00%, 4/01/32		1,001,280
	300	Buffalo and Erie Cnty. Indl. Land. Dev. Rev.,
		Catholic Hlth. Sys.,
		5.25%, 7/01/35		351,123
	700	Long Island Pwr. Auth. Elec. Sys. Gen. Rev.,
		5.00%, 9/01/42		763,224
	530	Long Island Pwr. Auth. Elec. Sys. Gen. Rev.,
		5.00%, 9/01/42		634,808
	600	New York Cntys. Tobacco Trust VI Rev.,
		5.00%, 6/01/45		636,624
	1,000	New York City Mun. Wtr. Fin. Auth.,
		Wtr. & Swr. Sys. Rev.,
		5.00%, 6/15/34		1,132,630
	660	New York City Mun. Wtr. Fin. Auth.,
		Wtr. & Swr. Sys. Rev.,
		5.375%, 6/15/43
		Prerefunded 12/15/20 @ $100 (b)		699,725
	340	New York City Mun. Wtr. Fin. Auth.,
		Wtr. & Swr. Sys. Rev.,
		5.375%, 6/15/43		359,060
	1,000	New York City Mun. Wtr. Fin. Auth.,
		Wtr. & Swr. Sys. Rev.,
		5.50%, 6/15/43
		Prerefunded 12/15/20 @ $100 (b)		1,061,890
	500	New York City Mun. Wtr. Fin. Auth.,
		Wtr. & Swr. Sys. Rev.,
		Adjustable Rate Bond,
		1.48%, 6/15/48		500,000
	2,000	New York St. Dorm. Auth.,
		Personal Inc. Tax Rev.,
		5.00%, 03/15/31		2,360,880

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

DTF TAX-FREE INCOME INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2019

(Unaudited)


Principal Amount (000)		Description (a)	Value

	$1,000	New York St. Dorm. Auth.,
		Personal Inc. Tax Rev.,
		5.00%, 3/15/42		$1,221,640
	900	Port Auth. of New York and New Jersey Rev.,
		5.00%, 6/01/33		1,030,131
	500	Triborough Bridge & Tunnel Auth. Rev.,
		5.00%, 11/15/30		563,805
	195	TSASC Inc. Tobacco Settlement Rev.,
		5.00%, 6/01/34		224,621
	400	Utility Debt Securitization Auth.
		Restructuring Rev.,
		5.00%, 12/15/31		463,196

				13,004,637


		Ohio - 5.6%
	690	Deerfield Twp. Tax Increment Rev.,
		5.00%, 12/01/25		692,104
	570	Northeast Ohio Regl. Swr. Dist. Rev.,
		4.00%, 11/15/43		631,452
	500	Ohio St. Gen. Oblig.,
		5.00%, 9/01/30
		Prerefunded 9/01/20 @ $100 (b)		521,050
	2,000	Ohio St. Hosp. Rev.,
		Univ. Hosp. Hlth. Sys.,
		4.00%, 1/15/44		2,095,760
	1,040	Ohio St. Tpk. Comm. Rev.,
		5.00%, 2/15/31
		Prerefunded 2/15/20 @ $100 (b)		1,061,954
	2,445	Ohio St. Wtr. Dev. Auth. Rev.,
		5.50%, 6/01/20, AGM		2,534,487

				7,536,807


		Oregon - 1.8%
	500	Oregon St. Gen. Oblig.,
		5.00%, 5/01/41		588,600
	570	Port of Portland Intl. Arpt. Rev.,
		5.00%, 7/01/32		654,047
	1,000	Washington Cnty. Sch. Dist. 48J
		(Beaverton), Gen. Oblig.
		Convertible CAB,
		5.00%, 6/15/36		1,217,590

				2,460,237


		Pennsylvania - 4.4%
	2,000	Delaware River Port Auth. Rev.,
		5.00%, 1/01/34		2,268,900

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

DTF TAX-FREE INCOME INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2019

(Unaudited)


Principal Amount (000)		Description (a)	Value

	$500	Pennsylvania St. Higher Ed. Facs. Auth. Rev.,
		5.00%, 6/15/28		$515,315
	1,020	Pennsylvania St. Tpk. Commision,
		Oil Franchise Tax Rev.,
		5.00%, 12/01/23, AGC,
		Prerefunded 12/01/19 @ $100 (b)		1,033,107
	2,000	Philadelphia Wtr. & Wstwtr. Rev.,
		5.00%, 1/01/41		2,081,640

				5,898,962


		Rhode Island - 2.2%
	1,070	Rhode Island St. Clean Wtr. Fin. Agy.,
		Wtr. Poll. Control Rev. (Green Bonds),
		5.00%, 10/01/32		1,253,569
	1,600	Rhode Island St. Hlth. & Edl. Bldg. Corp.,
		Higher Ed. Facs. Rev.,
		Providence College,
		5.00%, 11/01/41		1,708,496

				2,962,065


		South Carolina - 2%
	2,000	Charleston Cnty. Spl. Source Rev.,
		5.00%, 12/01/32		2,294,220
	290	SCAGO Edl. Facs. Corp. Rev.,
		Pickens Cnty. Sch. Dist.,
		5.00%, 12/01/24		343,876

				2,638,096


		Tennessee - 5.4%
	250	Chattanooga-Hamilton Cnty. Hosp. Auth. Rev.,
		Erlanger Hlth. Sys.,
		5.00%, 10/01/34		279,105
	1,620	Tennessee St. Energy Acquisition Corp. Rev.,
		5.25%, 9/01/20		1,680,572
	1,000	Tennessee St. Energy Acquisition Corp. Rev.,
		5.25%, 9/01/21		1,070,780
	695	Tennessee St. Hsg. Dev. Agy.,
		3.625%, 7/01/32		750,065
	495	Tennessee St. Hsg. Dev. Agy.,
		3.90%, 7/01/42		523,309
	495	Tennessee St. Hsg. Dev. Agy.,
		4.00%, 7/01/43		525,779
	2,000	Tennessee St. Sch. Bond Auth. Rev.,
		5.00%, 11/01/42		2,422,300

				7,251,910

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

DTF TAX-FREE INCOME INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2019

(Unaudited)


Principal Amount (000)		Description (a)	Value

		Texas - 10.7%
	$850	Austin Indep. Sch. Dist. Gen. Oblig.,
		4.00%, 8/01/36, PSF		$948,515
	650	Dallas Area Rapid Transit Rev.,
		5.00%, 12/01/41		755,885
	500	Houston Arpt. Sys. Rev.,
		5.00%, 7/01/32		544,740
	1,250	Houston Arpt. Sys. Rev.,
		5.00%, 7/01/39		1,511,950
	1,000	Houston Hotel Occupancy Tax & Spl. Rev.,
		5.25%, 9/01/29		1,077,180
	1,410	Houston Util. Sys. Rev.,
		5.00%, 11/15/32		1,603,889
	1,000	Lewisville Indep. Sch. Dist. Gen. Oblig.,
		3.00%, 8/15/39, PSF		1,010,160
	1,305	North Texas Twy. Auth. Rev.,
		Convertible CAB,
		0.00%, 9/01/43
		Prerefunded 9/01/31 @ $100 (b)		1,615,081
	1,000	North Texas Twy. Auth. Rev.,
		5.00%, 1/01/31		1,163,850
	1,000	North Texas Twy. Auth. Rev.,
		4.00%, 1/01/43		1,092,420
	700	San Antonio Indep. Sch. Dist. Sch. Bldg.
		Gen. Oblig.,
		5.00%, 8/15/38, PSF		830,872
	1,000	Texas St. Wtr. Development Brd. Rev.,
		St. Wtr. Implementation Fund,
		4.00%, 10/15/47		1,092,950
	1,000	Upper Trinity Reg. Wtr. Dist. Rev.,
		4.00%, 8/01/37, AGM		1,041,150

				14,288,642


		Vermont - 2.1%
	2,000	Univ. of Vermont & St. Agric. College
		Gen. Oblig.,
		5.00%, 10/01/38		2,186,480
	500	Vermont St. Edl. and Hlth. Bldg. Fin. Agy. Rev.,
		Univ. of Vermont Med. Center,
		5.00%, 12/01/35		586,820

				2,773,300

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

DTF TAX-FREE INCOME INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2019

(Unaudited)


Principal Amount (000)		Description (a)	Value

		Virginia - 2.8%
	$1,250	Riverside Regl. Jail Auth. Fac. Rev.,
		5.00%, 7/01/26		$1,508,863
	2,000	Virginia St. College Bldg. Auth. Rev.,
		5.00%, 2/01/23		2,266,760

				3,775,623


		Washington - 0.9%
	1,000	King Cnty. Wtr. Rev.,
		5.00%, 7/01/41		1,176,780


		Wisconsin - 1.4%
	1,400	Wisconsin St. Pub. Fin. Auth. Hosp. Rev.,
		Renown Reg. Med. Ctr.,
		5.00%, 6/01/40		1,610,966
	250	Wisconsin St. Pub. Fin. Auth.,
		Solid Waste Disp. Rev.,
		2.875%, 5/01/27		264,268

				1,875,234


		Wyoming - 0.7%
	900	Wyoming St. Farm Loan Brd.
		Cap. Facs. Rev.,
		5.75%, 10/01/20		917,631


		Total Long-Term Investments
		(Cost $183,570,188)		196,134,227


		TOTAL INVESTMENTS - 146.6%
		(Cost $183,570,188)		196,134,227
		Variable Rate MuniFund Term Preferred Shares at liquidation value - (48.6)%		(65,000,000)
		Other assets less other liabilities - 2.0%		2,614,436

		NET ASSETS APPLICABLE TO COMMON STOCK - 100.0%		$133,748,663

(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

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

DTF TAX-FREE INCOME INC.

SCHEDULE OF INVESTMENTS — (Continued)

July 31, 2019

(Unaudited)

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 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 semi-annual report. The following is a summary of the inputs used to value each of the Fund’s investments at July 31, 2019:


	Level 2
Municipal bonds	$	196,134,227

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.