Aberdeen U.S. High Yield Bond Fund

Fund Holdings

Name	Ticker	Security No.	Shares	Market Value	Percent
Cash		Cash	1031349	1031349.01	5.94%
ARCH COAL INC	ACI 7.25 06/15/21	039380AG5	480000	444346.67	2.56%
ALPHA NATURAL RESOURCES	ANR 6.25 06/01/21	02076XAC6	380000	349679.17	2.01%
VENOCO INC	VQ 8.875 02/15/19	92275PAF6	345000	335004.58	1.93%
SPRINT NEXTEL CORP	S 11.5 11/15/21	852061AM2	241000	331301.36	1.91%
MARINA DISTRICT FINANCE	BORGAT 9.875 08/15/18	56808RAD8	325000	324124.31	1.87%
INTELSAT BERMUDA LTD	INTEL 11.5 02/04/17	458204AJ3	275000	304134.72	1.75%
TASEKO MINES LTD	TKOCN 7.75 04/15/19	876511AB2	305000	298552.64	1.72%
SHELF DRILL HOLD LTRD	SHLFDI 8.625 11/01/18	822538AA2	280000	291494.58	1.68%
HERCULES OFFSHORE INC	HERO 10.25 04/01/19	427093AE9	260000	291362.50	1.68%
NORCRAFT COS/FINANCE 10.5% DEC 2015 USD	NORCRA 10.5 12/15/15	65556TAD9	285000	288467.50	1.66%
GARDA WORLD SECURITY COR	GWCN 9.75 03/15/17	36485MAB5	255000	273735.39	1.58%
INTEGRA TELECOM	INTTEL 10.75 04/15/16	45823WAA7	255000	272262.08	1.57%
AIRCASTLE LTD	AYR 7.625 04/15/20	00928QAG6	240000	272063.33	1.57%
COMSTOCK RESOURCES INC	CRK 9.5 06/15/20	205768AJ3	245000	264409.44	1.52%
WESTMORELAND COAL	WLB 10.75 02/01/18	960887AB3	250000	262447.92	1.51%
GREIF LUXEMBOURG FINANCE	GEF 7.375 07/15/21	EI7410653	165000	253753.94	1.46%
CINCINNATI BELL INC	CBB 8.375 10/15/20	171871AN6	227000	249740.99	1.44%
CARRIZO OIL & GAS	CRZO 7.5 09/15/20	144577AF0	235000	246896.88	1.42%
ALASKA COMM SYSTEMS GROU	ALSK 6.25 05/01/18	01167PAD3	360000	244950.00	1.41%
GMX RESOURCES INC	GMXR 9 03/02/18	38011MAR9	367000	244238.50	1.41%
WOK ACQUISITION CORP	PFCB 10.25 06/30/20	977584AA9	220000	234087.64	1.35%
FOREST OIL CORPORATION	FST 7.5 09/15/20	346091BF7	210000	225050.00	1.30%
SAPPI PAPIER HOLDNG GMBH	SAPSJ 7.75 07/15/17	803071AC3	200000	224577.78	1.29%
AAR CORP	AIR 7.25 01/15/22	000361AP0	205000	223897.01	1.29%
BOYD GAMING CORP	BYD 9.125 12/01/18	103304BG5	215000	220934.90	1.27%
KB HOME	KBH 8 03/15/20	48666KAQ2	190000	220125.56	1.27%
OFFSHORE GROUP INVST LTD	VTG 7.5 11/01/19	676253AH0	215000	220106.25	1.27%
CONSOL ENERGY INC	CNX 6.375 03/01/21	20854PAH2	210000	219712.50	1.27%
OASIS PETROLEUM INC	OAS 6.5 11/01/21	674215AD0	200000	214666.67	1.24%
ALBEA BEAUTY HOLDINGS	ALBHSA 8.375 11/01/19	012605AA9	200000	213838.19	1.23%
TRONOX FINANCE	TROX 6.375 08/15/20	897050AA8	205000	211805.57	1.22%
RADNET MGMT INC	RDNT 10.375 04/01/18	750492AD2	200000	208687.50	1.20%
PERSTORP HOLDING AB	PERHOL 8.75 05/15/17	71535PAA7	200000	208236.11	1.20%
DYNCORP INTERNTL INC	DCP 10.375 07/01/17	26817CAB7	215000	207878.13	1.20%
SUNGARD DATA SYSTEMS INC	SDSINC 7.625 11/15/20	867363AU7	180000	198403.75	1.14%
QUICKSILVER RESOURCES IN	KWK 8.25 08/01/15	74837RAE4	205000	196671.88	1.13%
PRETIUM PGK LLC/FIN INC	PRETPK 11.5 04/01/16	74139EAC2	185000	196100.00	1.13%
ARD Finance 11.125% 01/06/18 EUR	ARGID 11.125 06/01/18	EI6786871	137231	190289.52	1.10%
CONVATEC HEALTHCARE	CONVAT 10.5 12/15/18	EI5188426	170000	188218.33	1.08%
POST HLDGS 7.375% 15/02/22 144A USD	POST 7.375 02/15/22	737446AA2	165000	185375.21	1.07%
NATIONSTAR MORT/CAP CORP	NSM 7.875 10/01/20	63860UAG5	165000	177576.09	1.02%
SEAGATE HDD CAYMAN	STX 7 11/01/21	81180WAF8	160000	177200.00	1.02%
FMG RESOURCES AUG 2006	FMGAU 6.875 04/01/22	30251GAN7	170000	176746.88	1.02%
BIOMET INC	BMET 6.5 10/01/20	090613AG5	175000	176718.40	1.02%
PEABODY ENERGY CORP	BTU 6.25 11/15/21	704549AM6	165000	176630.21	1.02%
CRICKET COMMUNICATIONS I	LEAP 7.75 10/15/20	226566AM9	170000	176181.39	1.01%
GREEKTOWN SUPERHOLDINGS	GRKT 13 07/01/15	392485AC2	150000	169875.00	0.98%
MILESTONE AVIATION GROUP	MLEAVI 8.625 12/15/17	59934RAA5	165000	165886.88	0.96%
FIRST DATA CORPORATION	FDC 6.75 11/01/20	319963BE3	155000	160473.44	0.92%
99 CENTS ONLY STORES	NDN 11 12/15/19	65440KAB2	140000	160284.44	0.92%
CASELLA WASTE SYSTEMS IN	CWST 7.75 02/15/19	147448AH7	160000	156684.44	0.90%
SIL II BO/SIL II US HOLD	SILIIA 7.75 12/15/20	828326AA6	150000	155831.25	0.90%
SERVICEMASTER COMPANY	SVMSTR 7.1 03/01/18	81760NAA7	155000	150918.33	0.87%
CLEAVER BROOKS INC	CLEAVB 8.75 12/15/19	185401AD8	135000	139781.25	0.81%
CHAPARRAL ENERGY INC.	CHAPAR 8.25 09/01/21	15942RAB5	125000	139062.50	0.80%
BOARDRIDERS SA	ZQK 8.875 12/15/17	EI4922890	100000	138950.21	0.80%
FORBES ENERGY SERVICES	FES 9 06/15/19	345143AC5	155000	138570.00	0.80%
NESCO LLC/HOLDINGS CORP	NESCOL 11.75 04/15/17	64083AAA1	125000	137475.69	0.79%
H&E EQUIPMENT SVCS	HEES 7 09/01/22	404030AD0	125000	136309.03	0.78%
MGM RESORTS INTL	MGM 6.625 12/15/21	552953CA7	135000	135273.28	0.78%
HCA INC	HCA 4.75 05/01/23	404121AF2	130000	133441.39	0.77%
MANITOWOC COMPANY INC	MTW 5.875 10/15/22	563571AJ7	130000	131527.50	0.76%
NRG ENERGY INC	NRG 6.625 03/15/23	629377BT8	120000	130542.08	0.75%
STEEL DYNAMICS	STLD 6.375 08/15/22	858119AU4	120000	130068.75	0.75%
PANTRY INC	PTRY 8.375 08/01/20	698657AM5	120000	129531.67	0.75%
LEVI STRAUSS N CO	LEVI 6.875 05/01/22	52736RBD3	115000	124655.21	0.72%
EV ENERGY PARTNERS/FINAN	EVEP 8 04/15/19	26926XAB9	115000	123985.97	0.71%
TENET HEALTHCARE CORP	THC 8 08/01/20	88033GBM1	110000	122122.92	0.70%
NPC INTERNATIONAL INC	PIZA 10.5 01/15/20	62941YAB3	100000	120841.67	0.70%
IRON MOUNTAIN INC	IRM 5.75 08/15/24	46284PAP9	115000	119027.40	0.69%
FIRST DATA CORPORATION	FDC 10.55 09/24/15	319963AT1	110000	115545.99	0.67%
SANDRIDGE ENERGY	SD 7.5 03/15/21	80007PAN9	100000	109208.33	0.63%
ENERGY FUTURE HOLDINGS	TXU 10 01/15/20	292680AH8	90000	104725.00	0.60%
ATLAS PIPELINE FIN	APL 6.625 10/01/20	04939TAA2	90000	94690.31	0.55%
OGX PETROLEO E GAS PARTI	OGXPBZ 8.5 06/01/18	670849AA6	100000	90708.33	0.52%
MERITAGE HOMES CORP	MTH 7 04/01/22	59001AAQ5	80000	88400.00	0.51%
HANESBRANDS INC	HBI 6.375 12/15/20	410345AG7	75000	82712.50	0.48%
GENON ENERGY INC	GEN 9.875 10/15/20	37244DAF6	70000	82309.31	0.47%
QUICKSILVER RESOURCES IN	KWK 7.125 04/01/16	74837RAC8	100000	81781.25	0.47%
PARK-OHIO INDUSTRIES INC	PKOH 8.125 04/01/21	700677AN7	75000	81210.94	0.47%
PLAINS EXPLORATION & PRO	PXP 6.875 02/15/23	726505AP5	70000	80843.92	0.47%
DAVITA INC	DVA 5.75 08/15/22	23918KAP3	75000	80504.69	0.46%
MANDALAY RESORT GROUP	MGM 7.625 07/15/13	172909AF0	75000	79136.98	0.46%
AMSURG CORP	AMSG 5.625 11/30/20	03232PAA6	75000	78480.47	0.45%
OFFSHORE GROUP INVST LTD	VTG 11.5 08/01/15	676253AC1	68000	77378.33	0.45%
PH GLATFELTER CO	GLT 5.375 10/15/20	377316AM6	70000	72669.72	0.42%
HCA INC	HCA 6.5 02/15/20	404121AC9	60000	68973.33	0.40%
FIDELITY NATIONAL INFORM	FIS 5 03/15/22	31620MAH9	55000	59797.22	0.34%
SEALED AIR CORP	SEE 8.375 09/15/21	81211KAR1	50000	58357.99	0.34%
SANDRIDGE ENERGY INC	SD 7.5 02/15/23	80007PAT6	50000	54864.58	0.32%
SUNGARD DATA SYSTEMS INC	SDSINC 6.625 11/01/19	867363AV5	50000	51677.08	0.30%
AIRCASTLE LIMITED	AYR 6.25 12/01/19	00928QAH4	45000	47154.69	0.27%
RSC EQUIP RENT/RSC HLDGS	URI 10.25 11/15/19	78108AAC8	40000	46923.89	0.27%
ADS WASTE ESCROW CORP	ADSWST 8.25 10/01/20	00101LAA9	40000	42751.67	0.25%
BIOMET INC	BMET 6.5 08/01/20	090613AF7	20000	21766.39	0.13%
JABIL CIRCUIT INC	JBL 4.7 09/15/22	466313AG8	15000	16058.58	0.09%

Disclosure

Holdings are subject to change at any time. Holdings should not be relied upon in making investment decisions and should not be construed as research or investment advice regarding specific securities. By accessing the portfolio holdings, you agree not to reproduce, distribute or disseminate the portfolio holdings, in whole or in part.