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	7278955.50	6.23%
PA TPK COMMN REF-A	PASTRN 5.25 07/15/29	709222CX9	4100000	5332699.17	4.57%
IN TOLL RD COMMN TOLL	INSTRN 9 01/01/15	455092AF3	3515000	3977784.90	3.41%
TX TEXAS-TRN-MOBILITY	TXS 5 04/01/20	882721VD2	2500000	2982025.00	2.55%
NY ST DORM-RZEDB	NYSHGR 5 07/01/39	64990HAS9	2500000	2830575.00	2.42%
TX FORT BEND INDPT SD	FORSCD 5 02/15/18	346838U37	2300000	2822649.44	2.42%
CA UNIV CONNECTICUT	UNVHGR 5.25 05/15/29	91412F7S0	2320000	2722353.73	2.33%
GA ELEC UNREF-SER V	GASPWR 6.6 01/01/18	373541C82	2230000	2526879.90	2.16%
MA MASSACHUSETTS STATE	MAS 5.5 10/01/18	57582NSH9	2000000	2512020.00	2.15%
WASHINGTON-VAR PURP-C	WAS 5 01/01/22	93974CJM3	2000000	2473940.00	2.12%
NJ NH HLTH UNIV SYS-A	NJSDEV 5.25 09/01/24	645918WQ2	2000000	2389140.00	2.05%
WA KING CNTY	KIN 5 01/01/25	49474EM34	2000000	2364580.00	2.03%
CA EDL-INST OF TECH	CAS 5 03/01/26	13062R3S5	2000000	2236053.33	1.91%
AZ TEMPE	TEM 5 07/01/22	879709ZJ5	1900000	2190187.00	1.88%
CT HARTFORD-SER A	HAR 5 08/15/16	4164145S5	1870000	2167290.52	1.86%
TX HOUSTON UTIL-REF-A	HOU 5 03/01/30	442331RM8	1575000	1853895.75	1.59%
TX A&M UNIV-A-FIN SYS	TXSTRN 5 04/01/27	88283LES1	1500000	1752420.00	1.50%
TX HOUSTON-UNREF-PUB IMP	HOUUTL 5.25 05/15/20	442435AW3	1500000	1602102.50	1.37%
TX LWR CO RVR PREREF-JR	LWCPWR 6 01/01/17	548100V37	1245000	1526967.60	1.31%
Cash		Cash	1493293	1493293.16	1.28%
NY ASSISTANCE REF-E	NYSHGR 5.5 05/15/23	64983RHJ9	1160000	1490203.02	1.28%
WA ST-REF-R-2010A	WAS 5 01/01/24	93974BNA6	1250000	1446475.00	1.24%
TX DALLAS RAPID TRN-REF	DALTRN 5 12/01/36	235241FD3	1250000	1388545.83	1.19%
LA ST CHARLES GULF ZN REV	SCPOPP 4 12/01/40	85232SAB5	1250000	1377454.17	1.18%
CA LA CMNTY CLG-A	LOSUTL 5 10/01/22	545149CB0	1300000	1356030.00	1.16%
TX TOMPKINS INDL-A-CIVIC	TXS 5.25 08/01/18	882722BA8	1050000	1313072.25	1.12%
MA MASSACHUSETTS STATE	MAS 5.5 08/01/19	57582NFN0	1000000	1289646.67	1.10%
TX TEXAS ST TRANS COMMN	TAMHGR 5 05/15/25	882135P75	1065000	1275133.97	1.09%
CA UNIV-A-SYSTEMWIDE	CASDEV 5 07/01/22	13067JKV2	1100000	1265594.00	1.08%
CA L A SAN DIST-A-CAP PJ	LOSHGR 5.5 08/01/25	54438CMY5	1000000	1250666.67	1.07%
TX DALLAS-FT WORTH ARPT REV	DALAPT 5 11/01/20	235036TH3	1000000	1226223.33	1.05%
AK VALDEZ MARINE-B-REF REV	VALTRN 5 01/01/21	919061EY3	1000000	1225120.00	1.05%
NY TOMPKINS CNTY NY INDL DEV AGY	TOMDEV 5.25 07/01/30	890099ES9	1000000	1219850.00	1.04%
TX UNIV SC HGR ED SER A	UNNHGR 5 04/15/28	914729LS5	1000000	1197795.56	1.03%
NJ ECON SCH FACS-BB	NJSTRN 5.75 06/15/17	646135QZ9	1000000	1186615.56	1.02%
MA MASSACHUSETTS STATE	MAS 5.5 10/01/16	57582NSD8	1000000	1186240.00	1.02%
NY ONEIDA IDA HAMILTON	ONEDEV 5 09/15/27	682465CY3	1000000	1182512.22	1.01%
NH HLTH UNIV SYS	NHSMED 5.25 06/01/39	644614YG8	1000000	1181805.00	1.01%
WA SEATTLE WTR-REF/IMPT	SEAWTR 5 02/01/26	812728PP2	1000000	1179573.33	1.01%
IL TOLL HWY	ILSTRN 5 01/01/27	452252DC0	1000000	1177180.00	1.01%
FL ESCAMBIA CNTY REV	ESCUTL 1.35 04/01/39	296163BD9	1165000	1171960.88	1.00%
NH NC HFA SF-SER AA	NHSMED 5 07/01/23	644614XL8	1000000	1169440.00	1.00%
MA DEV FIN-C REV	MASDEV 5 07/01/17	57583URE0	1000000	1168520.00	1.00%
MS DEV BANK SPL OBLG	MSSDEV 5.5 04/01/22	60534Q5R8	1000000	1163950.00	1.00%
CA TURLOCK IRR DIST-REF	TURWTR 5 01/01/29	900190FY0	1000000	1158580.00	0.99%
FL CITYPLACE CMNTY DEV	CTYDEV 5 05/01/19	17877SAG7	1000000	1155613.33	0.99%
CA ECON-REF-A	CASEDU 5 11/01/39	130178TE6	1000000	1131553.33	0.97%
FL CITIZENS PROPERTY-A-1 REV	CTZGEN 5 06/01/15	176553GT6	1000000	1093346.67	0.94%
CO ST HLTH FACS-EVANG	COSMED 5 12/01/42	19648AYW9	1000000	1092536.67	0.94%
LA ST JOHN BAPTIST-A-MAR REV	SJBCTF 5.125 06/01/37	79020FAM8	1000000	1068410.83	0.92%
MI GRAND RAPIDS BLDG REF	GRAFAC 5 08/01/20	386244SU2	900000	1066827.00	0.91%
ND GRAND FORDK HLTH CARE REV	GRAMED 4.5 12/01/32	38546WCB4	1000000	1052350.00	0.90%
GA BURKE CO DEV-GA PWR REV	BURPOL 1.75 12/01/49	121342NN5	1000000	1012508.33	0.87%
FL TAMPA HLTH SYS-A REV	TAM 4 11/15/33	87515EBA1	1000000	1010511.11	0.87%
PA HGR EDL-A-UNV PA	PASEDU 5 09/01/19	70917RTT2	800000	1000957.33	0.86%
GA COPS GRANTOR TR-A	GASCTF 4.75 06/01/28	373271AA3	936000	970742.76	0.83%
WA SEATTLE LIGHT	SEAPWR 4.5 08/01/19	812643HY3	875000	941683.75	0.81%
PR PUERTO RICO SALES TAX FING CORP REV	PRCGEN 5 08/01/22	74529JNP6	750000	901270.00	0.77%
OH AIR-VAR-RF-A-FIRST REV	OHSDEV 5.75 06/01/33	677525TE7	800000	895185.33	0.77%
NE CENTRAL PLAINS ENERGY PROJ REV	CENPWR 5 09/01/21	154871BT3	750000	851817.50	0.73%
CA MAGNOLIA SD-CABS GO	MAGSCD 0 08/01/36	559588DV7	2500000	771475.00	0.66%
CABRILLO CLB CAB-B	CABHGR 0 08/01/37	127109MX1	2500000	718275.00	0.62%
CA CYPRESS SD-CABS-B1 GO	CYPSCD 0 08/01/31	232723HF6	1740000	692763.60	0.59%
CA MSR ENERGY REV	MSRPWR 6.5 11/01/39	55374SAC4	500000	691406.67	0.59%
NY DORM EDLFACS-3RD-A	NYSGEN 6 04/01/14	649876KX6	645000	679584.90	0.58%
NJ TPK-C-PREREF	NJSTRN 6.5 01/01/16	646139XE0	610000	675324.90	0.58%
CA CENTINELA VLY SD-CABS GO	CVASCD 0 08/01/34	152339KV8	2750000	669212.50	0.57%
LA E BATON RGE RD/STR	EASGEN 5 08/01/24	270764DV2	540000	653882.40	0.56%
TX MUN GAS-SR LIEN-D	TXSUTL 6.25 12/15/26	88256CEX3	500000	639948.89	0.55%
CA MSR ENERGY REV	MSRPWR 6.125 11/01/29	55374SAD2	500000	637819.17	0.55%
GA CHEROKEE CNTY	CHE 5 04/01/21	164213BD1	500000	623900.00	0.53%
MN UNIV N TX-FING SYS-A	UNIHGR 5.25 04/01/29	914460DH0	500000	595667.50	0.51%
IL FIN-A-CARLE FNDTN REV	ILSGEN 6 08/15/41	45203HBT8	500000	583963.33	0.50%
TN ST ENERGY ACQ REV	TNSUTL 5.25 09/01/23	880443BQ8	500000	579790.00	0.50%
WI HLTH & EDU-A REV	WISMED 5 07/15/28	97710BM66	500000	572692.78	0.49%
TX SA ENERGY ACQ PUB FAC	SAEFAC 5.25 08/01/16	785138AJ7	500000	563807.50	0.48%
GA MUN ELEC-PREREF-V	GASPWR 6.6 01/01/18	373541RN3	465000	560018.10	0.48%
CA SANTA CLARA USD	SCRSCD 5 07/01/26	801495ZB1	465000	553456.95	0.47%
CA BREA REDEV-A-CABS	BREDEV 0 08/01/25	106287KM6	1000000	533650.00	0.46%
CA RANCHO CUCAMONGA REDV	RCMDEV 5.375 09/01/25	752123GD5	500000	509258.33	0.44%
CA CHULA VISTA-A-REF	CHUDEV 1.65 07/01/18	17131HCR7	500000	508285.00	0.44%
GO FRANKLIN ETC SD-CABS CA	FRASCD 0 08/01/35	353856B97	1600000	489056.00	0.42%
SC UNIV CA REVS-GEN-Q	USCEDU 5 06/01/30	913367BT4	350000	408336.83	0.35%
CA SAN FRANCISCO UTILS-F	SFOWTR 5 11/01/24	79765RTU3	300000	364969.00	0.31%
PR COMWLTH-IMPT-A FGIC	PRC 5.5 07/01/17	745145Q88	250000	271942.50	0.23%
WA SER D	WAS 5 01/01/26	93974B2U5	200000	236250.00	0.20%
WA SEATTLE LIGHT	SEAPWR 4.5 08/01/19	812643HN7	125000	135525.00	0.12%
GA FORSYTH CNTY-A	FOR 5 03/01/28	346593DY9	100000	119282.67	0.10%
CT HARTFORD-SER A	HAR 5 08/15/15	4164145R7	100000	112565.89	0.10%
GA ELEC PREREF-2005-V	GASPWR 6.6 01/01/18	373541C41	55000	60636.95	0.05%
IL FIN AUTH-UNIV-A	ILSFIN 5 07/01/27	45200BHE1	0	29125.00	0.02%

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.