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	7114262.13	6.15%
PA TPK COMMN REF-A	PASTRN 5.25 07/15/29	709222CX9	4100000	5220133.67	4.51%
TX TEXAS-TRN-MOBILITY	TXS 5 04/01/20	882721VD2	2500000	2975566.67	2.57%
TX FORT BEND INDPT SD	FORSCD 5 02/15/18	346838U37	2300000	2830668.78	2.45%
IN TOLL RD COMMN TOLL	INSTRN 9 01/01/15	455092AF3	2475000	2782296.00	2.40%
NY ST DORM-RZEDB	NYSHGR 5 07/01/39	64990HAS9	2500000	2775216.67	2.40%
CA UNIV CONNECTICUT	UNVHGR 5.25 05/15/29	91412F7S0	2320000	2721344.53	2.35%
MA MASSACHUSETTS STATE	MAS 5.5 10/01/18	57582NSH9	2000000	2527826.67	2.18%
WASHINGTON-VAR PURP-C	WAS 5 01/01/22	93974CJM3	2000000	2408753.33	2.08%
NJ NH HLTH UNIV SYS-A	NJSDEV 5.25 09/01/24	645918WQ2	2000000	2389690.00	2.06%
WA KING CNTY	KIN 5 01/01/25	49474EM34	2000000	2317673.33	2.00%
CA EDL-INST OF TECH	CAS 5 03/01/26	13062R3S5	2000000	2251046.67	1.95%
Cash		Cash	2207294	2207294.94	1.91%
CT HARTFORD-SER A	HAR 5 08/15/16	4164145S5	1870000	2159224.59	1.87%
AZ TEMPE	TEM 5 07/01/22	879709ZJ5	1900000	2142015.67	1.85%
GA ELEC UNREF-SER V	GASPWR 6.6 01/01/18	373541C82	1805000	1989850.05	1.72%
TX HOUSTON UTIL-REF-A	HOU 5 03/01/30	442331RM8	1575000	1848472.50	1.60%
TX A&M UNIV-A-FIN SYS	TXSTRN 5 04/01/27	88283LES1	1500000	1752070.00	1.51%
TX HOUSTON-UNREF-PUB IMP	HOUUTL 5.25 05/15/20	442435AW3	1500000	1603280.00	1.39%
NY ASSISTANCE REF-E	NYSHGR 5.5 05/15/23	64983RHJ9	1160000	1520111.69	1.31%
TX LWR CO RVR PREREF-JR	LWCPWR 6 01/01/17	548100V37	1245000	1495406.85	1.29%
WA ST-REF-R-2010A	WAS 5 01/01/24	93974BNA6	1250000	1417258.33	1.22%
TX DALLAS RAPID TRN-REF	DALTRN 5 12/01/36	235241FD3	1250000	1404066.67	1.21%
LA ST CHARLES GULF ZN REV	SCPOPP 4 12/01/40	85232SAB5	1250000	1389258.33	1.20%
CA LA CMNTY CLG-A	LOSUTL 5 10/01/22	545149CB0	1300000	1356324.67	1.17%
TX TOMPKINS INDL-A-CIVIC	TXS 5.25 08/01/18	882722BA8	1050000	1319104.50	1.14%
MA MASSACHUSETTS STATE	MAS 5.5 08/01/19	57582NFN0	1000000	1291600.00	1.12%
TX TEXAS ST TRANS COMMN	TAMHGR 5 05/15/25	882135P75	1065000	1274182.57	1.10%
CA L A SAN DIST-A-CAP PJ	LOSHGR 5.5 08/01/25	54438CMY5	1000000	1249710.00	1.08%
CA UNIV-A-SYSTEMWIDE	CASDEV 5 07/01/22	13067JKV2	1100000	1244822.33	1.08%
TX DALLAS-FT WORTH ARPT REV	DALAPT 5 11/01/20	235036TH3	1000000	1222580.00	1.06%
AK VALDEZ MARINE-B-REF REV	VALTRN 5 01/01/21	919061EY3	1000000	1214376.67	1.05%
NJ ECON SCH FACS-BB	NJSTRN 5.75 06/15/17	646135QZ9	1000000	1202917.22	1.04%
TX UNIV SC HGR ED SER A	UNNHGR 5 04/15/28	914729LS5	1000000	1196972.22	1.03%
NY TOMPKINS CNTY NY INDL DEV AGY	TOMDEV 5.25 07/01/30	890099ES9	1000000	1192935.00	1.03%
MA MASSACHUSETTS STATE	MAS 5.5 10/01/16	57582NSD8	1000000	1190873.33	1.03%
NH HLTH UNIV SYS	NHSMED 5.25 06/01/39	644614YG8	1000000	1183300.00	1.02%
NY ONEIDA IDA HAMILTON	ONEDEV 5 09/15/27	682465CY3	1000000	1182548.89	1.02%
WA SEATTLE WTR-REF/IMPT	SEAWTR 5 02/01/26	812728PP2	1000000	1180650.00	1.02%
MS DEV BANK SPL OBLG	MSSDEV 5.5 04/01/22	60534Q5R8	1000000	1176193.33	1.02%
FL ESCAMBIA CNTY REV	ESCUTL 1.35 04/01/39	296163BD9	1165000	1173702.55	1.01%
FL CITYPLACE CMNTY DEV	CTYDEV 5 05/01/19	17877SAG7	1000000	1160470.00	1.00%
IL TOLL HWY	ILSTRN 5 01/01/27	452252DC0	1000000	1154096.67	1.00%
NH NC HFA SF-SER AA	NHSMED 5 07/01/23	644614XL8	1000000	1142386.67	0.99%
MA DEV FIN-C REV	MASDEV 5 07/01/17	57583URE0	1000000	1139096.67	0.98%
CA ECON-REF-A	CASEDU 5 11/01/39	130178TE6	1000000	1133660.00	0.98%
CA TURLOCK IRR DIST-REF	TURWTR 5 01/01/29	900190FY0	1000000	1133456.67	0.98%
FL CITIZENS PROPERTY-A-1 REV	CTZGEN 5 06/01/15	176553GT6	1000000	1103543.33	0.95%
CO ST HLTH FACS-EVANG	COSMED 5 12/01/42	19648AYW9	1000000	1099283.33	0.95%
LA ST JOHN BAPTIST-A-MAR REV	SJBCTF 5.125 06/01/37	79020FAM8	1000000	1076461.67	0.93%
MI GRAND RAPIDS BLDG REF	GRAFAC 5 08/01/20	386244SU2	900000	1063503.00	0.92%
ND GRAND FORDK HLTH CARE REV	GRAMED 4.5 12/01/32	38546WCB4	1000000	1057980.00	0.91%
FL TAMPA HLTH SYS-A REV	TAM 4 11/15/33	87515EBA1	1000000	1035734.44	0.89%
GA BURKE CO DEV-GA PWR REV	BURPOL 1.75 12/01/49	121342NN5	1000000	1017956.67	0.88%
PA HGR EDL-A-UNV PA	PASEDU 5 09/01/19	70917RTT2	800000	1003674.67	0.87%
GA COPS GRANTOR TR-A	GASCTF 4.75 06/01/28	373271AA3	936000	974307.36	0.84%
WA SEATTLE LIGHT	SEAPWR 4.5 08/01/19	812643HY3	875000	942103.75	0.81%
PR PUERTO RICO SALES TAX FING CORP REV	PRCGEN 5 08/01/22	74529JNP6	750000	908205.00	0.78%
OH AIR-VAR-RF-A-FIRST REV	OHSDEV 5.75 06/01/33	677525TE7	800000	905250.67	0.78%
NE CENTRAL PLAINS ENERGY PROJ REV	CENPWR 5 09/01/21	154871BT3	750000	866117.50	0.75%
CA MAGNOLIA SD-CABS GO	MAGSCD 0 08/01/36	559588DV7	2500000	787325.00	0.68%
CABRILLO CLB CAB-B	CABHGR 0 08/01/37	127109MX1	2500000	735325.00	0.64%
CA CYPRESS SD-CABS-B1 GO	CYPSCD 0 08/01/31	232723HF6	1740000	693216.00	0.60%
CA MSR ENERGY REV	MSRPWR 6.5 11/01/39	55374SAC4	500000	691785.00	0.60%
NY DORM EDLFACS-3RD-A	NYSGEN 6 04/01/14	649876KX6	645000	680765.25	0.59%
CA CENTINELA VLY SD-CABS GO	CVASCD 0 08/01/34	152339KV8	2750000	675042.50	0.58%
TX MUN GAS-SR LIEN-D	TXSUTL 6.25 12/15/26	88256CEX3	500000	656538.06	0.57%
LA E BATON RGE RD/STR	EASGEN 5 08/01/24	270764DV2	540000	653788.80	0.56%
CA MSR ENERGY REV	MSRPWR 6.125 11/01/29	55374SAD2	500000	638471.25	0.55%
GA CHEROKEE CNTY	CHE 5 04/01/21	164213BD1	500000	625753.33	0.54%
MN UNIV N TX-FING SYS-A	UNIHGR 5.25 04/01/29	914460DH0	500000	610115.00	0.53%
JOBSOHIO BEVERAGE SYS-A REV	JOBDEV 5 01/01/18	47770VAD2	500000	592345.00	0.51%
TN ST ENERGY ACQ REV	TNSUTL 5.25 09/01/23	880443BQ8	500000	590087.50	0.51%
IL FIN-A-CARLE FNDTN REV	ILSGEN 6 08/15/41	45203HBT8	500000	585093.33	0.51%
TX SA ENERGY ACQ PUB FAC	SAEFAC 5.25 08/01/16	785138AJ7	500000	566200.00	0.49%
WI HLTH & EDU-A REV	WISMED 5 07/15/28	97710BM66	500000	560176.11	0.48%
GA MUN ELEC-PREREF-V	GASPWR 6.6 01/01/18	373541RN3	465000	545849.55	0.47%
CA SANTA CLARA USD	SCRSCD 5 07/01/26	801495ZB1	465000	542211.70	0.47%
NJ TPK-C-PREREF	NJSTRN 6.5 01/01/16	646139XE0	490000	538307.47	0.47%
CA BREA REDEV-A-CABS	BREDEV 0 08/01/25	106287KM6	1000000	534660.00	0.46%
CA CHULA VISTA-A-REF	CHUDEV 1.65 07/01/18	17131HCR7	500000	512027.50	0.44%
CA RANCHO CUCAMONGA REDV	RCMDEV 5.375 09/01/25	752123GD5	500000	511527.92	0.44%
GO FRANKLIN ETC SD-CABS CA	FRASCD 0 08/01/35	353856B97	1600000	497760.00	0.43%
SC UNIV CA REVS-GEN-Q	USCEDU 5 06/01/30	913367BT4	350000	408930.67	0.35%
CA SAN FRANCISCO UTILS-F	SFOWTR 5 11/01/24	79765RTU3	300000	366060.00	0.32%
PR COMWLTH-IMPT-A FGIC	PRC 5.5 07/01/17	745145Q88	250000	270963.33	0.23%
WA SER D	WAS 5 01/01/26	93974B2U5	200000	231359.33	0.20%
WA SEATTLE LIGHT	SEAPWR 4.5 08/01/19	812643HN7	125000	135606.25	0.12%
GA FORSYTH CNTY-A	FOR 5 03/01/28	346593DY9	100000	119468.33	0.10%
CT HARTFORD-SER A	HAR 5 08/15/15	4164145R7	100000	112370.56	0.10%
GA ELEC PREREF-2005-V	GASPWR 6.6 01/01/18	373541C41	45000	48777.75	0.04%

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.