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	7235379.25	6.11%
PA TPK COMMN REF-A	PASTRN 5.25 07/15/29	709222CX9	4100000	5311461.17	4.49%
IN TOLL RD COMMN TOLL	INSTRN 9 01/01/15	455092AF3	3515000	3971457.90	3.36%
TX TEXAS-TRN-MOBILITY	TXS 5 04/01/20	882721VD2	2500000	2974766.67	2.51%
TX FORT BEND INDPT SD	FORSCD 5 02/15/18	346838U37	2300000	2838488.78	2.40%
NY ST DORM-RZEDB	NYSHGR 5 07/01/39	64990HAS9	2500000	2815716.67	2.38%
CA UNIV CONNECTICUT	UNVHGR 5.25 05/15/29	91412F7S0	2320000	2713491.33	2.29%
MA MASSACHUSETTS STATE	MAS 5.5 10/01/18	57582NSH9	2000000	2526626.67	2.14%
GA ELEC UNREF-SER V	GASPWR 6.6 01/01/18	373541C82	2230000	2517402.40	2.13%
WASHINGTON-VAR PURP-C	WAS 5 01/01/22	93974CJM3	2000000	2459153.33	2.08%
WA KING CNTY	KIN 5 01/01/25	49474EM34	2000000	2333213.33	1.97%
NJ NH HLTH UNIV SYS-A	NJSDEV 5.25 09/01/24	645918WQ2	2000000	2333260.00	1.97%
CA EDL-INST OF TECH	CAS 5 03/01/26	13062R3S5	2000000	2229606.67	1.88%
AZ TEMPE	TEM 5 07/01/22	879709ZJ5	1900000	2178913.67	1.84%
CT HARTFORD-SER A	HAR 5 08/15/16	4164145S5	1870000	2170089.29	1.83%
TX HOUSTON UTIL-REF-A	HOU 5 03/01/30	442331RM8	1575000	1814043.00	1.53%
TX A&M UNIV-A-FIN SYS	TXSTRN 5 04/01/27	88283LES1	1500000	1746610.00	1.48%
TX HOUSTON-UNREF-PUB IMP	HOUUTL 5.25 05/15/20	442435AW3	1500000	1639602.50	1.39%
TX LWR CO RVR PREREF-JR	LWCPWR 6 01/01/17	548100V37	1245000	1533404.25	1.30%
NY ASSISTANCE REF-E	NYSHGR 5.5 05/15/23	64983RHJ9	1160000	1513488.09	1.28%
WA ST-REF-R-2010A	WAS 5 01/01/24	93974BNA6	1250000	1445870.83	1.22%
TX DALLAS RAPID TRN-REF	DALTRN 5 12/01/36	235241FD3	1250000	1420941.67	1.20%
LA ST CHARLES GULF ZN REV	SCPOPP 4 12/01/40	85232SAB5	1250000	1388701.39	1.17%
CA LA CMNTY CLG-A	LOSUTL 5 10/01/22	545149CB0	1300000	1353854.67	1.14%
TX TOMPKINS INDL-A-CIVIC	TXS 5.25 08/01/18	882722BA8	1050000	1316684.25	1.11%
TX TEXAS ST TRANS COMMN	TAMHGR 5 05/15/25	882135P75	1065000	1295663.62	1.09%
MA MASSACHUSETTS STATE	MAS 5.5 08/01/19	57582NFN0	1000000	1289810.00	1.09%
CA UNIV-A-SYSTEMWIDE	CASDEV 5 07/01/22	13067JKV2	1100000	1281430.33	1.08%
IL FIN AUTH-UNIV-A	ILSFIN 5 07/01/27	45200BHE1	1165000	1274168.27	1.08%
TX DALLAS-FT WORTH ARPT REV	DALAPT 5 11/01/20	235036TH3	1000000	1252940.00	1.06%
AK VALDEZ MARINE-B-REF REV	VALTRN 5 01/01/21	919061EY3	1000000	1229626.67	1.04%
NJ ECON SCH FACS-BB	NJSTRN 5.75 06/15/17	646135QZ9	1000000	1219252.22	1.03%
CA L A SAN DIST-A-CAP PJ	LOSHGR 5.5 08/01/25	54438CMY5	1000000	1217270.00	1.03%
NY TOMPKINS CNTY NY INDL DEV AGY	TOMDEV 5.25 07/01/30	890099ES9	1000000	1212610.00	1.02%
MA MASSACHUSETTS STATE	MAS 5.5 10/01/16	57582NSD8	1000000	1192163.33	1.01%
NY ONEIDA IDA HAMILTON	ONEDEV 5 09/15/27	682465CY3	1000000	1192178.89	1.01%
NH HLTH UNIV SYS	NHSMED 5.25 06/01/39	644614YG8	1000000	1186255.00	1.00%
IL TOLL HWY	ILSTRN 5 01/01/27	452252DC0	1000000	1180256.67	1.00%
FL CITYPLACE CMNTY DEV	CTYDEV 5 05/01/19	17877SAG7	1000000	1172088.89	0.99%
WA SEATTLE WTR-REF/IMPT	SEAWTR 5 02/01/26	812728PP2	1000000	1171770.00	0.99%
FL ESCAMBIA CNTY REV	ESCUTL 1.35 04/01/39	296163BD9	1165000	1170131.83	0.99%
NH NC HFA SF-SER AA	NHSMED 5 07/01/23	644614XL8	1000000	1162446.67	0.98%
TX UNIV SC HGR ED SER A	UNNHGR 5 04/15/28	914729LS5	1000000	1162422.22	0.98%
MS DEV BANK SPL OBLG	MSSDEV 5.5 04/01/22	60534Q5R8	1000000	1158643.33	0.98%
CA ECON-REF-A	CASEDU 5 11/01/39	130178TE6	1000000	1150920.00	0.97%
CA TURLOCK IRR DIST-REF	TURWTR 5 01/01/29	900190FY0	1000000	1150306.67	0.97%
MA DEV FIN-C REV	MASDEV 5 07/01/17	57583URE0	1000000	1143676.67	0.97%
LA ST JOHN BAPTIST-A-MAR REV	SJBCTF 5.125 06/01/37	79020FAM8	1000000	1110154.17	0.94%
FL CITIZENS PROPERTY-A-1 REV	CTZGEN 5 06/01/15	176553GT6	1000000	1107625.56	0.94%
CO ST HLTH FACS-EVANG	COSMED 5 12/01/42	19648AYW9	1000000	1092574.44	0.92%
MI GRAND RAPIDS BLDG REF	GRAFAC 5 08/01/20	386244SU2	900000	1063953.00	0.90%
ND GRAND FORDK HLTH CARE REV	GRAMED 4.5 12/01/32	38546WCB4	1000000	1062290.00	0.90%
FL TAMPA HLTH SYS-A REV	TAM 4 11/15/33	87515EBA1	1000000	1036427.78	0.88%
GA BURKE CO DEV-GA PWR REV	BURPOL 1.75 12/01/49	121342NN5	1000000	1025718.33	0.87%
PA HGR EDL-A-UNV PA	PASEDU 5 09/01/19	70917RTT2	800000	1003434.67	0.85%
GA COPS GRANTOR TR-A	GASCTF 4.75 06/01/28	373271AA3	936000	980489.64	0.83%
WA SEATTLE LIGHT	SEAPWR 4.5 08/01/19	812643HY3	875000	940940.00	0.80%
OH AIR-VAR-RF-A-FIRST REV	OHSDEV 5.75 06/01/33	677525TE7	800000	917374.67	0.78%
PR PUERTO RICO SALES TAX FING CORP REV	PRCGEN 5 08/01/22	74529JNP6	750000	912907.50	0.77%
MI ENVIRONMNTL PROTN	MIS 6.25 11/01/12	594610PA9	870000	897187.50	0.76%
Cash		Cash	895744	895744.79	0.76%
NE CENTRAL PLAINS ENERGY PROJ REV	CENPWR 5 09/01/21	154871BT3	750000	859270.00	0.73%
CA MAGNOLIA SD-CABS GO	MAGSCD 0 08/01/36	559588DV7	2500000	786750.00	0.66%
CA MSR ENERGY REV	MSRPWR 6.5 11/01/39	55374SAC4	500000	717255.00	0.61%
CABRILLO CLB CAB-B	CABHGR 0 08/01/37	127109MX1	2500000	690350.00	0.58%
NY DORM EDLFACS-3RD-A	NYSGEN 6 04/01/14	649876KX6	645000	680010.60	0.57%
CA CYPRESS SD-CABS-B1 GO	CYPSCD 0 08/01/31	232723HF6	1740000	677173.20	0.57%
NJ TPK-C-PREREF	NJSTRN 6.5 01/01/16	646139XE0	610000	674474.97	0.57%
CA CENTINELA VLY SD-CABS GO	CVASCD 0 08/01/34	152339KV8	2750000	660660.00	0.56%
CA MSR ENERGY REV	MSRPWR 6.125 11/01/29	55374SAD2	500000	659112.50	0.56%
LA E BATON RGE RD/STR	EASGEN 5 08/01/24	270764DV2	540000	651018.60	0.55%
TX MUN GAS-SR LIEN-D	TXSUTL 6.25 12/15/26	88256CEX3	500000	643995.56	0.54%
GA CHEROKEE CNTY	CHE 5 04/01/21	164213BD1	500000	619583.33	0.52%
MN UNIV N TX-FING SYS-A	UNIHGR 5.25 04/01/29	914460DH0	500000	591847.50	0.50%
IL FIN-A-CARLE FNDTN REV	ILSGEN 6 08/15/41	45203HBT8	500000	580508.33	0.49%
TN ST ENERGY ACQ REV	TNSUTL 5.25 09/01/23	880443BQ8	500000	579205.00	0.49%
TX SA ENERGY ACQ PUB FAC	SAEFAC 5.25 08/01/16	785138AJ7	500000	564617.50	0.48%
GA MUN ELEC-PREREF-V	GASPWR 6.6 01/01/18	373541RN3	465000	560139.00	0.47%
WI HLTH & EDU-A REV	WISMED 5 07/15/28	97710BM66	500000	559981.11	0.47%
CA SANTA CLARA USD	SCRSCD 5 07/01/26	801495ZB1	465000	550428.25	0.47%
CA BREA REDEV-A-CABS	BREDEV 0 08/01/25	106287KM6	1000000	510910.00	0.43%
CA CHULA VISTA-A-REF	CHUDEV 1.65 07/01/18	17131HCR7	500000	508815.00	0.43%
CA RANCHO CUCAMONGA REDV	RCMDEV 5.375 09/01/25	752123GD5	500000	504749.17	0.43%
GO FRANKLIN ETC SD-CABS CA	FRASCD 0 08/01/35	353856B97	1600000	495728.00	0.42%
SC UNIV CA REVS-GEN-Q	USCEDU 5 06/01/30	913367BT4	350000	401178.17	0.34%
CA SAN FRANCISCO UTILS-F	SFOWTR 5 11/01/24	79765RTU3	300000	367515.00	0.31%
PR COMWLTH-IMPT-A FGIC	PRC 5.5 07/01/17	745145Q88	250000	277225.83	0.23%
WA SER D	WAS 5 01/01/26	93974B2U5	200000	236959.33	0.20%
WA SEATTLE LIGHT	SEAPWR 4.5 08/01/19	812643HN7	125000	135436.25	0.11%
GA FORSYTH CNTY-A	FOR 5 03/01/28	346593DY9	100000	118564.33	0.10%
CT HARTFORD-SER A	HAR 5 08/15/15	4164145R7	100000	112423.56	0.10%
GA ELEC PREREF-2005-V	GASPWR 6.6 01/01/18	373541C41	55000	60559.40	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.