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	7241387.63	6.09%
PA TPK COMMN REF-A	PASTRN 5.25 07/15/29	709222CX9	4100000	5291965.67	4.45%
IN TOLL RD COMMN TOLL	INSTRN 9 01/01/15	455092AF3	3515000	3970016.75	3.34%
TX TEXAS-TRN-MOBILITY	TXS 5 04/01/20	882721VD2	2500000	3030000.00	2.55%
TX FORT BEND INDPT SD	FORSCD 5 02/15/18	346838U37	2300000	2841509.44	2.39%
NY ST DORM-RZEDB	NYSHGR 5 07/01/39	64990HAS9	2500000	2797375.00	2.35%
CA UNIV CONNECTICUT	UNVHGR 5.25 05/15/29	91412F7S0	2320000	2713618.93	2.28%
MA MASSACHUSETTS STATE	MAS 5.5 10/01/18	57582NSH9	2000000	2588040.00	2.18%
GA ELEC UNREF-SER V	GASPWR 6.6 01/01/18	373541C82	2230000	2516488.10	2.12%
WASHINGTON-VAR PURP-C	WAS 5 01/01/22	93974CJM3	2000000	2456700.00	2.07%
WA KING CNTY	KIN 5 01/01/25	49474EM34	2000000	2335200.00	1.96%
NJ NH HLTH UNIV SYS-A	NJSDEV 5.25 09/01/24	645918WQ2	2000000	2335130.00	1.96%
CA EDL-INST OF TECH	CAS 5 03/01/26	13062R3S5	2000000	2233173.33	1.88%
AZ TEMPE	TEM 5 07/01/22	879709ZJ5	1900000	2179091.00	1.83%
CT HARTFORD-SER A	HAR 5 08/15/16	4164145S5	1870000	2173424.12	1.83%
TX HOUSTON UTIL-REF-A	HOU 5 03/01/30	442331RM8	1575000	1814442.00	1.53%
TX A&M UNIV-A-FIN SYS	TXSTRN 5 04/01/27	88283LES1	1500000	1764855.00	1.48%
TX HOUSTON-UNREF-PUB IMP	HOUUTL 5.25 05/15/20	442435AW3	1500000	1638005.00	1.38%
TX LWR CO RVR PREREF-JR	LWCPWR 6 01/01/17	548100V37	1245000	1535047.65	1.29%
NY ASSISTANCE REF-E	NYSHGR 5.5 05/15/23	64983RHJ9	1160000	1516813.42	1.28%
WA ST-REF-R-2010A	WAS 5 01/01/24	93974BNA6	1250000	1447287.50	1.22%
TX DALLAS RAPID TRN-REF	DALTRN 5 12/01/36	235241FD3	1250000	1421933.33	1.20%
CA LA CMNTY CLG-A	LOSUTL 5 10/01/22	545149CB0	1300000	1385943.00	1.17%
LA ST CHARLES GULF ZN REV	SCPOPP 4 12/01/40	85232SAB5	1250000	1373372.22	1.15%
TX TOMPKINS INDL-A-CIVIC	TXS 5.25 08/01/18	882722BA8	1050000	1316584.50	1.11%
MA MASSACHUSETTS STATE	MAS 5.5 08/01/19	57582NFN0	1000000	1289476.67	1.08%
TX TEXAS ST TRANS COMMN	TAMHGR 5 05/15/25	882135P75	1065000	1286540.12	1.08%
CA UNIV-A-SYSTEMWIDE	CASDEV 5 07/01/22	13067JKV2	1100000	1278112.00	1.07%
IL FIN AUTH-UNIV-A	ILSFIN 5 07/01/27	45200BHE1	1165000	1274113.90	1.07%
TX DALLAS-FT WORTH ARPT REV	DALAPT 5 11/01/20	235036TH3	1000000	1231943.33	1.04%
MA MASSACHUSETTS STATE	MAS 5.5 10/01/16	57582NSD8	1000000	1221490.00	1.03%
NJ ECON SCH FACS-BB	NJSTRN 5.75 06/15/17	646135QZ9	1000000	1220680.56	1.03%
CA L A SAN DIST-A-CAP PJ	LOSHGR 5.5 08/01/25	54438CMY5	1000000	1217986.67	1.02%
NY TOMPKINS CNTY NY INDL DEV AGY	TOMDEV 5.25 07/01/30	890099ES9	1000000	1214195.00	1.02%
AK VALDEZ MARINE-B-REF REV	VALTRN 5 01/01/21	919061EY3	1000000	1207550.00	1.02%
TX UNIV SC HGR ED SER A	UNNHGR 5 04/15/28	914729LS5	1000000	1187945.56	1.00%
MS DEV BANK SPL OBLG	MSSDEV 5.5 04/01/22	60534Q5R8	1000000	1184510.00	1.00%
NH HLTH UNIV SYS	NHSMED 5.25 06/01/39	644614YG8	1000000	1181910.00	0.99%
IL TOLL HWY	ILSTRN 5 01/01/27	452252DC0	1000000	1181250.00	0.99%
FL ESCAMBIA CNTY REV	ESCUTL 1.35 04/01/39	296163BD9	1165000	1178566.43	0.99%
WA SEATTLE WTR-REF/IMPT	SEAWTR 5 02/01/26	812728PP2	1000000	1172953.33	0.99%
FL CITYPLACE CMNTY DEV	CTYDEV 5 05/01/19	17877SAG7	1000000	1165852.22	0.98%
NH NC HFA SF-SER AA	NHSMED 5 07/01/23	644614XL8	1000000	1162720.00	0.98%
CA ECON-REF-A	CASEDU 5 11/01/39	130178TE6	1000000	1146133.33	0.96%
CA TURLOCK IRR DIST-REF	TURWTR 5 01/01/29	900190FY0	1000000	1145080.00	0.96%
NY ONEIDA IDA HAMILTON	ONEDEV 5 09/15/27	682465CY3	1000000	1141412.22	0.96%
MA DEV FIN-C REV	MASDEV 5 07/01/17	57583URE0	1000000	1139880.00	0.96%
FL CITIZENS PROPERTY-A-1 REV	CTZGEN 5 06/01/15	176553GT6	1000000	1109508.89	0.93%
LA ST JOHN BAPTIST-A-MAR REV	SJBCTF 5.125 06/01/37	79020FAM8	1000000	1077093.33	0.91%
CO ST HLTH FACS-EVANG	COSMED 5 12/01/42	19648AYW9	1000000	1076637.78	0.91%
MI GRAND RAPIDS BLDG REF	GRAFAC 5 08/01/20	386244SU2	900000	1060824.00	0.89%
ND GRAND FORDK HLTH CARE REV	GRAMED 4.5 12/01/32	38546WCB4	1000000	1048770.00	0.88%
FL TAMPA HLTH SYS-A REV	TAM 4 11/15/33	87515EBA1	1000000	1035624.44	0.87%
GA BURKE CO DEV-GA PWR REV	BURPOL 1.75 12/01/49	121342NN5	1000000	1018720.00	0.86%
PA HGR EDL-A-UNV PA	PASEDU 5 09/01/19	70917RTT2	800000	1002565.33	0.84%
GA COPS GRANTOR TR-A	GASCTF 4.75 06/01/28	373271AA3	936000	980060.64	0.82%
WA SEATTLE LIGHT	SEAPWR 4.5 08/01/19	812643HY3	875000	940677.50	0.79%
OH AIR-VAR-RF-A-FIRST REV	OHSDEV 5.75 06/01/33	677525TE7	800000	914677.33	0.77%
PR PUERTO RICO SALES TAX FING CORP REV	PRCGEN 5 08/01/22	74529JNP6	750000	913180.00	0.77%
Cash		Cash	904365	904365.86	0.76%
MI ENVIRONMNTL PROTN	MIS 6.25 11/01/12	594610PA9	870000	896753.95	0.75%
NE CENTRAL PLAINS ENERGY PROJ REV	CENPWR 5 09/01/21	154871BT3	750000	843462.50	0.71%
CA MAGNOLIA SD-CABS GO	MAGSCD 0 08/01/36	559588DV7	2500000	785175.00	0.66%
NY DORM EDLFACS-3RD-A	NYSGEN 6 04/01/14	649876KX6	645000	699218.70	0.59%
CABRILLO CLB CAB-B	CABHGR 0 08/01/37	127109MX1	2500000	680550.00	0.57%
CA CYPRESS SD-CABS-B1 GO	CYPSCD 0 08/01/31	232723HF6	1740000	679122.00	0.57%
NJ TPK-C-PREREF	NJSTRN 6.5 01/01/16	646139XE0	610000	674239.10	0.57%
CA LONG BEACH CABS GO	LONSCD 0 08/01/35	542433NB9	2000000	669800.00	0.56%
CA MSR ENERGY REV	MSRPWR 6.5 11/01/39	55374SAC4	500000	662556.67	0.56%
CA CENTINELA VLY SD-CABS GO	CVASCD 0 08/01/34	152339KV8	2750000	656425.00	0.55%
LA E BATON RGE RD/STR	EASGEN 5 08/01/24	270764DV2	540000	651587.40	0.55%
GA CHEROKEE CNTY	CHE 5 04/01/21	164213BD1	500000	630865.00	0.53%
TX MUN GAS-SR LIEN-D	TXSUTL 6.25 12/15/26	88256CEX3	500000	621581.39	0.52%
CA MSR ENERGY REV	MSRPWR 6.125 11/01/29	55374SAD2	500000	617570.42	0.52%
MN UNIV N TX-FING SYS-A	UNIHGR 5.25 04/01/29	914460DH0	500000	604945.00	0.51%
IL FIN-A-CARLE FNDTN REV	ILSGEN 6 08/15/41	45203HBT8	500000	577838.33	0.49%
GA MUN ELEC-PREREF-V	GASPWR 6.6 01/01/18	373541RN3	465000	560701.65	0.47%
WI HLTH & EDU-A REV	WISMED 5 07/15/28	97710BM66	500000	560347.78	0.47%
TN ST ENERGY ACQ REV	TNSUTL 5.25 09/01/23	880443BQ8	500000	557462.50	0.47%
TX SA ENERGY ACQ PUB FAC	SAEFAC 5.25 08/01/16	785138AJ7	500000	554060.00	0.47%
CA SANTA CLARA USD	SCRSCD 5 07/01/26	801495ZB1	465000	550718.10	0.46%
CA BREA REDEV-A-CABS	BREDEV 0 08/01/25	106287KM6	1000000	526730.00	0.44%
CA CHULA VISTA-A-REF	CHUDEV 1.65 07/01/18	17131HCR7	500000	507197.50	0.43%
CA RANCHO CUCAMONGA REDV	RCMDEV 5.375 09/01/25	752123GD5	500000	502499.58	0.42%
GO FRANKLIN ETC SD-CABS CA	FRASCD 0 08/01/35	353856B97	1600000	494560.00	0.42%
SC UNIV CA REVS-GEN-Q	USCEDU 5 06/01/30	913367BT4	350000	400955.33	0.34%
CA SAN FRANCISCO UTILS-F	SFOWTR 5 11/01/24	79765RTU3	300000	367855.00	0.31%
PR COMWLTH-IMPT-A FGIC	PRC 5.5 07/01/17	745145Q88	250000	281692.50	0.24%
WA SER D	WAS 5 01/01/26	93974B2U5	200000	238004.00	0.20%
WA SEATTLE LIGHT	SEAPWR 4.5 08/01/19	812643HN7	125000	135427.50	0.11%
GA FORSYTH CNTY-A	FOR 5 03/01/28	346593DY9	100000	118579.67	0.10%
CT HARTFORD-SER A	HAR 5 08/15/15	4164145R7	100000	112547.89	0.09%
GA ELEC PREREF-2005-V	GASPWR 6.6 01/01/18	373541C41	55000	60539.05	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.