Aberdeen Tax-Free Income Fund

Fund Holdings

Name	Ticker	Security No.	Shares	Market Value	Percent
TX HARRIS HLTH-B-SCH HLT	HARMED 5.75 07/01/27	41315RAY0	5325000	7473575.38	6.21%
PA TPK COMMN REF-A	PASTRN 5.25 07/15/29	709222CX9	4100000	5553627.67	4.61%
IN TOLL RD COMMN TOLL	INSTRN 9 01/01/15	455092AF3	3515000	3974445.65	3.30%
TX TEXAS-TRN-MOBILITY	TXS 5 04/01/20	882721VD2	2500000	3007183.33	2.50%
NY ST DORM-RZEDB	NYSHGR 5 07/01/39	64990HAS9	2500000	2880108.33	2.39%
TX FORT BEND INDPT SD	FORSCD 5 02/15/18	346838U37	2300000	2846692.11	2.36%
CA UNIV CONNECTICUT	UNVHGR 5.25 05/15/29	91412F7S0	2320000	2748442.13	2.28%
MA MASSACHUSETTS STATE	MAS 5.5 10/01/18	57582NSH9	2000000	2539013.33	2.11%
GA ELEC UNREF-SER V	GASPWR 6.6 01/01/18	373541C82	2230000	2522843.60	2.10%
WASHINGTON-VAR PURP-C	WAS 5 01/01/22	93974CJM3	2000000	2507846.67	2.08%
NJ NH HLTH UNIV SYS-A	NJSDEV 5.25 09/01/24	645918WQ2	2000000	2427090.00	2.02%
WA KING CNTY	KIN 5 01/01/25	49474EM34	2000000	2388706.67	1.98%
CA EDL-INST OF TECH	CAS 5 03/01/26	13062R3S5	2000000	2263660.00	1.88%
AZ TEMPE	TEM 5 07/01/22	879709ZJ5	1900000	2199864.33	1.83%
CT HARTFORD-SER A	HAR 5 08/15/16	4164145S5	1870000	2172551.46	1.80%
Cash		Cash	2004777	2004777.89	1.66%
TX HOUSTON UTIL-REF-A	HOU 5 03/01/30	442331RM8	1575000	1860421.50	1.54%
TX A&M UNIV-A-FIN SYS	TXSTRN 5 04/01/27	88283LES1	1500000	1772615.00	1.47%
TX HOUSTON-UNREF-PUB IMP	HOUUTL 5.25 05/15/20	442435AW3	1500000	1601180.00	1.33%
TX LWR CO RVR PREREF-JR	LWCPWR 6 01/01/17	548100V37	1245000	1536105.90	1.28%
NY ASSISTANCE REF-E	NYSHGR 5.5 05/15/23	64983RHJ9	1160000	1520811.56	1.26%
WA ST-REF-R-2010A	WAS 5 01/01/24	93974BNA6	1250000	1449791.67	1.20%
TX DALLAS RAPID TRN-REF	DALTRN 5 12/01/36	235241FD3	1250000	1423312.50	1.18%
LA ST CHARLES GULF ZN REV	SCPOPP 4 12/01/40	85232SAB5	1250000	1409530.56	1.17%
CA LA CMNTY CLG-A	LOSUTL 5 10/01/22	545149CB0	1300000	1357672.33	1.13%
TX TOMPKINS INDL-A-CIVIC	TXS 5.25 08/01/18	882722BA8	1050000	1322937.00	1.10%
MA MASSACHUSETTS STATE	MAS 5.5 08/01/19	57582NFN0	1000000	1307373.33	1.09%
TX TEXAS ST TRANS COMMN	TAMHGR 5 05/15/25	882135P75	1065000	1295510.97	1.08%
CA UNIV-A-SYSTEMWIDE	CASDEV 5 07/01/22	13067JKV2	1100000	1287388.67	1.07%
IL FIN AUTH-UNIV-A	ILSFIN 5 07/01/27	45200BHE1	1165000	1274513.88	1.06%
CA L A SAN DIST-A-CAP PJ	LOSHGR 5.5 08/01/25	54438CMY5	1000000	1270773.33	1.06%
AK VALDEZ MARINE-B-REF REV	VALTRN 5 01/01/21	919061EY3	1000000	1254323.33	1.04%
TX DALLAS-FT WORTH ARPT REV	DALAPT 5 11/01/20	235036TH3	1000000	1250646.67	1.04%
NY TOMPKINS CNTY NY INDL DEV AGY	TOMDEV 5.25 07/01/30	890099ES9	1000000	1242105.00	1.03%
NH HLTH UNIV SYS	NHSMED 5.25 06/01/39	644614YG8	1000000	1229850.00	1.02%
NJ ECON SCH FACS-BB	NJSTRN 5.75 06/15/17	646135QZ9	1000000	1222053.89	1.01%
TX UNIV SC HGR ED SER A	UNNHGR 5 04/15/28	914729LS5	1000000	1217288.89	1.01%
NY ONEIDA IDA HAMILTON	ONEDEV 5 09/15/27	682465CY3	1000000	1215225.56	1.01%
MA MASSACHUSETTS STATE	MAS 5.5 10/01/16	57582NSD8	1000000	1193206.67	0.99%
WA SEATTLE WTR-REF/IMPT	SEAWTR 5 02/01/26	812728PP2	1000000	1192386.67	0.99%
NH NC HFA SF-SER AA	NHSMED 5 07/01/23	644614XL8	1000000	1184633.33	0.98%
IL TOLL HWY	ILSTRN 5 01/01/27	452252DC0	1000000	1181113.33	0.98%
CA TURLOCK IRR DIST-REF	TURWTR 5 01/01/29	900190FY0	1000000	1180343.33	0.98%
MS DEV BANK SPL OBLG	MSSDEV 5.5 04/01/22	60534Q5R8	1000000	1175116.67	0.98%
FL ESCAMBIA CNTY REV	ESCUTL 1.35 04/01/39	296163BD9	1165000	1171325.95	0.97%
FL CITYPLACE CMNTY DEV	CTYDEV 5 05/01/19	17877SAG7	1000000	1159596.67	0.96%
CA ECON-REF-A	CASEDU 5 11/01/39	130178TE6	1000000	1152916.67	0.96%
MA DEV FIN-C REV	MASDEV 5 07/01/17	57583URE0	1000000	1148013.33	0.95%
CO ST HLTH FACS-EVANG	COSMED 5 12/01/42	19648AYW9	1000000	1115141.11	0.93%
FL CITIZENS PROPERTY-A-1 REV	CTZGEN 5 06/01/15	176553GT6	1000000	1114352.22	0.93%
LA ST JOHN BAPTIST-A-MAR REV	SJBCTF 5.125 06/01/37	79020FAM8	1000000	1101615.00	0.91%
ND GRAND FORDK HLTH CARE REV	GRAMED 4.5 12/01/32	38546WCB4	1000000	1082030.00	0.90%
MI GRAND RAPIDS BLDG REF	GRAFAC 5 08/01/20	386244SU2	900000	1078755.00	0.90%
FL TAMPA HLTH SYS-A REV	TAM 4 11/15/33	87515EBA1	1000000	1032737.78	0.86%
GA BURKE CO DEV-GA PWR REV	BURPOL 1.75 12/01/49	121342NN5	1000000	1028166.67	0.85%
GA COPS GRANTOR TR-A	GASCTF 4.75 06/01/28	373271AA3	936000	1023029.28	0.85%
PA HGR EDL-A-UNV PA	PASEDU 5 09/01/19	70917RTT2	800000	1015648.00	0.84%
WA SEATTLE LIGHT	SEAPWR 4.5 08/01/19	812643HY3	875000	944247.50	0.78%
PR PUERTO RICO SALES TAX FING CORP REV	PRCGEN 5 08/01/22	74529JNP6	750000	928490.00	0.77%
OH AIR-VAR-RF-A-FIRST REV	OHSDEV 5.75 06/01/33	677525TE7	800000	919304.00	0.76%
NE CENTRAL PLAINS ENERGY PROJ REV	CENPWR 5 09/01/21	154871BT3	750000	872655.00	0.72%
CA MAGNOLIA SD-CABS GO	MAGSCD 0 08/01/36	559588DV7	2500000	858475.00	0.71%
CABRILLO CLB CAB-B	CABHGR 0 08/01/37	127109MX1	2500000	756025.00	0.63%
CA CYPRESS SD-CABS-B1 GO	CYPSCD 0 08/01/31	232723HF6	1740000	724779.60	0.60%
CA MSR ENERGY REV	MSRPWR 6.5 11/01/39	55374SAC4	500000	714908.33	0.59%
CA CENTINELA VLY SD-CABS GO	CVASCD 0 08/01/34	152339KV8	2750000	684062.50	0.57%
NY DORM EDLFACS-3RD-A	NYSGEN 6 04/01/14	649876KX6	645000	680410.50	0.57%
NJ TPK-C-PREREF	NJSTRN 6.5 01/01/16	646139XE0	610000	674893.83	0.56%
LA E BATON RGE RD/STR	EASGEN 5 08/01/24	270764DV2	540000	664084.80	0.55%
TX MUN GAS-SR LIEN-D	TXSUTL 6.25 12/15/26	88256CEX3	500000	660619.72	0.55%
CA MSR ENERGY REV	MSRPWR 6.125 11/01/29	55374SAD2	500000	653912.08	0.54%
GA CHEROKEE CNTY	CHE 5 04/01/21	164213BD1	500000	631971.67	0.52%
MN UNIV N TX-FING SYS-A	UNIHGR 5.25 04/01/29	914460DH0	500000	604690.00	0.50%
TN ST ENERGY ACQ REV	TNSUTL 5.25 09/01/23	880443BQ8	500000	602077.50	0.50%
IL FIN-A-CARLE FNDTN REV	ILSGEN 6 08/15/41	45203HBT8	500000	596478.33	0.50%
WI HLTH & EDU-A REV	WISMED 5 07/15/28	97710BM66	500000	575094.44	0.48%
TX SA ENERGY ACQ PUB FAC	SAEFAC 5.25 08/01/16	785138AJ7	500000	568935.00	0.47%
CA SANTA CLARA USD	SCRSCD 5 07/01/26	801495ZB1	465000	562400.45	0.47%
GA MUN ELEC-PREREF-V	GASPWR 6.6 01/01/18	373541RN3	465000	560836.50	0.47%
GO FRANKLIN ETC SD-CABS CA	FRASCD 0 08/01/35	353856B97	1600000	545072.00	0.45%
CA BREA REDEV-A-CABS	BREDEV 0 08/01/25	106287KM6	1000000	521160.00	0.43%
CA CHULA VISTA-A-REF	CHUDEV 1.65 07/01/18	17131HCR7	500000	510382.50	0.42%
CA RANCHO CUCAMONGA REDV	RCMDEV 5.375 09/01/25	752123GD5	500000	507063.75	0.42%
SC UNIV CA REVS-GEN-Q	USCEDU 5 06/01/30	913367BT4	350000	408964.50	0.34%
CA SAN FRANCISCO UTILS-F	SFOWTR 5 11/01/24	79765RTU3	300000	371441.00	0.31%
PR COMWLTH-IMPT-A FGIC	PRC 5.5 07/01/17	745145Q88	250000	281116.67	0.23%
WA SER D	WAS 5 01/01/26	93974B2U5	200000	240914.67	0.20%
WA SEATTLE LIGHT	SEAPWR 4.5 08/01/19	812643HN7	125000	135473.75	0.11%
GA FORSYTH CNTY-A	FOR 5 03/01/28	346593DY9	100000	121096.00	0.10%
CT HARTFORD-SER A	HAR 5 08/15/15	4164145R7	100000	112531.22	0.09%
GA ELEC PREREF-2005-V	GASPWR 6.6 01/01/18	373541C41	55000	60597.35	0.05%

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.