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	7191643.25	6.04%
PA TPK COMMN REF-A	PASTRN 5.25 07/15/29	709222CX9	4100000	5296783.17	4.45%
IN TOLL RD COMMN TOLL	INSTRN 9 01/01/15	455092AF3	3515000	3967345.35	3.33%
TX TEXAS-TRN-MOBILITY	TXS 5 04/01/20	882721VD2	2500000	3012383.33	2.53%
TX FORT BEND INDPT SD	FORSCD 5 02/15/18	346838U37	2300000	2818494.11	2.37%
NY ST DORM-RZEDB	NYSHGR 5 07/01/39	64990HAS9	2500000	2757583.33	2.32%
CA UNIV CONNECTICUT	UNVHGR 5.25 05/15/29	91412F7S0	2320000	2700592.13	2.27%
MA MASSACHUSETTS STATE	MAS 5.5 10/01/18	57582NSH9	2000000	2553113.33	2.15%
GA ELEC UNREF-SER V	GASPWR 6.6 01/01/18	373541C82	2230000	2510132.60	2.11%
WASHINGTON-VAR PURP-C	WAS 5 01/01/22	93974CJM3	2000000	2439846.67	2.05%
NJ NH HLTH UNIV SYS-A	NJSDEV 5.25 09/01/24	645918WQ2	2000000	2371080.00	1.99%
WA KING CNTY	KIN 5 01/01/25	49474EM34	2000000	2324506.67	1.95%
CA EDL-INST OF TECH	CAS 5 03/01/26	13062R3S5	2000000	2239040.00	1.88%
AZ TEMPE	TEM 5 07/01/22	879709ZJ5	1900000	2173112.33	1.83%
CT HARTFORD-SER A	HAR 5 08/15/16	4164145S5	1870000	2170400.96	1.82%
TX HOUSTON UTIL-REF-A	HOU 5 03/01/30	442331RM8	1575000	1842687.00	1.55%
TX A&M UNIV-A-FIN SYS	TXSTRN 5 04/01/27	88283LES1	1500000	1757960.00	1.48%
TX HOUSTON-UNREF-PUB IMP	HOUUTL 5.25 05/15/20	442435AW3	1500000	1636422.50	1.38%
TX LWR CO RVR PREREF-JR	LWCPWR 6 01/01/17	548100V37	1245000	1528200.15	1.28%
NY ASSISTANCE REF-E	NYSHGR 5.5 05/15/23	64983RHJ9	1160000	1505975.16	1.27%
WA ST-REF-R-2010A	WAS 5 01/01/24	93974BNA6	1250000	1445804.17	1.22%
CA LA CMNTY CLG-A	LOSUTL 5 10/01/22	545149CB0	1300000	1383958.33	1.16%
TX DALLAS RAPID TRN-REF	DALTRN 5 12/01/36	235241FD3	1250000	1381500.00	1.16%
LA ST CHARLES GULF ZN REV	SCPOPP 4 12/01/40	85232SAB5	1250000	1354593.06	1.14%
TX TOMPKINS INDL-A-CIVIC	TXS 5.25 08/01/18	882722BA8	1050000	1307034.75	1.10%
CA UNIV-A-SYSTEMWIDE	CASDEV 5 07/01/22	13067JKV2	1100000	1274529.67	1.07%
TX TEXAS ST TRANS COMMN	TAMHGR 5 05/15/25	882135P75	1065000	1273976.67	1.07%
MA MASSACHUSETTS STATE	MAS 5.5 08/01/19	57582NFN0	1000000	1273443.33	1.07%
IL FIN AUTH-UNIV-A	ILSFIN 5 07/01/27	45200BHE1	1165000	1273313.93	1.07%
TX DALLAS-FT WORTH ARPT REV	DALAPT 5 11/01/20	235036TH3	1000000	1228726.67	1.03%
MA MASSACHUSETTS STATE	MAS 5.5 10/01/16	57582NSD8	1000000	1216936.67	1.02%
NJ ECON SCH FACS-BB	NJSTRN 5.75 06/15/17	646135QZ9	1000000	1215438.89	1.02%
CA L A SAN DIST-A-CAP PJ	LOSHGR 5.5 08/01/25	54438CMY5	1000000	1211273.33	1.02%
NY TOMPKINS CNTY NY INDL DEV AGY	TOMDEV 5.25 07/01/30	890099ES9	1000000	1206080.00	1.01%
AK VALDEZ MARINE-B-REF REV	VALTRN 5 01/01/21	919061EY3	1000000	1203323.33	1.01%
TX UNIV SC HGR ED SER A	UNNHGR 5 04/15/28	914729LS5	1000000	1180858.89	0.99%
IL TOLL HWY	ILSTRN 5 01/01/27	452252DC0	1000000	1180023.33	0.99%
FL ESCAMBIA CNTY REV	ESCUTL 1.35 04/01/39	296163BD9	1165000	1177092.70	0.99%
NH HLTH UNIV SYS	NHSMED 5.25 06/01/39	644614YG8	1000000	1176535.00	0.99%
MS DEV BANK SPL OBLG	MSSDEV 5.5 04/01/22	60534Q5R8	1000000	1175716.67	0.99%
WA SEATTLE WTR-REF/IMPT	SEAWTR 5 02/01/26	812728PP2	1000000	1167636.67	0.98%
NY ONEIDA IDA HAMILTON	ONEDEV 5 09/15/27	682465CY3	1000000	1160275.56	0.98%
FL CITYPLACE CMNTY DEV	CTYDEV 5 05/01/19	17877SAG7	1000000	1159895.56	0.97%
NH NC HFA SF-SER AA	NHSMED 5 07/01/23	644614XL8	1000000	1156713.33	0.97%
CA ECON-REF-A	CASEDU 5 11/01/39	130178TE6	1000000	1140406.67	0.96%
CA RIVERSIDE CNTY ASSET LEASING REV	RIVCTT 5 11/01/27	76911ABC8	1000000	1140226.67	0.96%
CA TURLOCK IRR DIST-REF	TURWTR 5 01/01/29	900190FY0	1000000	1136513.33	0.96%
MA DEV FIN-C REV	MASDEV 5 07/01/17	57583URE0	1000000	1122103.33	0.94%
FL CITIZENS PROPERTY-A-1 REV	CTZGEN 5 06/01/15	176553GT6	1000000	1100642.22	0.93%
LA ST JOHN BAPTIST-A-MAR REV	SJBCTF 5.125 06/01/37	79020FAM8	1000000	1076372.50	0.90%
CO ST HLTH FACS-EVANG	COSMED 5 12/01/42	19648AYW9	1000000	1063881.11	0.89%
MI GRAND RAPIDS BLDG REF	GRAFAC 5 08/01/20	386244SU2	900000	1051773.00	0.88%
ND GRAND FORDK HLTH CARE REV	GRAMED 4.5 12/01/32	38546WCB4	1000000	1041340.00	0.88%
FL TAMPA HLTH SYS-A REV	TAM 4 11/15/33	87515EBA1	1000000	1028341.11	0.86%
PA HGR EDL-A-UNV PA	PASEDU 5 09/01/19	70917RTT2	800000	1012240.00	0.85%
GA BURKE CO DEV-GA PWR REV	BURPOL 1.75 12/01/49	121342NN5	1000000	1011971.67	0.85%
GA COPS GRANTOR TR-A	GASCTF 4.75 06/01/28	373271AA3	936000	964758.60	0.81%
Cash		Cash	956864	956864.65	0.80%
WA SEATTLE LIGHT	SEAPWR 4.5 08/01/19	812643HY3	875000	937571.25	0.79%
OH AIR-VAR-RF-A-FIRST REV	OHSDEV 5.75 06/01/33	677525TE7	800000	912492.00	0.77%
PR PUERTO RICO SALES TAX FING CORP REV	PRCGEN 5 08/01/22	74529JNP6	750000	908585.00	0.76%
MI ENVIRONMNTL PROTN	MIS 6.25 11/01/12	594610PA9	870000	896172.50	0.75%
NE CENTRAL PLAINS ENERGY PROJ REV	CENPWR 5 09/01/21	154871BT3	750000	850948.33	0.72%
CA MAGNOLIA SD-CABS GO	MAGSCD 0 08/01/36	559588DV7	2500000	766075.00	0.64%
NY DORM EDLFACS-3RD-A	NYSGEN 6 04/01/14	649876KX6	645000	698509.20	0.59%
NJ TPK-C-PREREF	NJSTRN 6.5 01/01/16	646139XE0	610000	673521.33	0.57%
CA CYPRESS SD-CABS-B1 GO	CYPSCD 0 08/01/31	232723HF6	1740000	664227.60	0.56%
CABRILLO CLB CAB-B	CABHGR 0 08/01/37	127109MX1	2500000	663225.00	0.56%
CA LONG BEACH CABS GO	LONSCD 0 08/01/35	542433NB9	2000000	654100.00	0.55%
CA CENTINELA VLY SD-CABS GO	CVASCD 0 08/01/34	152339KV8	2750000	648725.00	0.55%
LA E BATON RGE RD/STR	EASGEN 5 08/01/24	270764DV2	540000	648511.20	0.55%
CA MSR ENERGY REV	MSRPWR 6.5 11/01/39	55374SAC4	500000	645318.33	0.54%
GA CHEROKEE CNTY	CHE 5 04/01/21	164213BD1	500000	624421.67	0.52%
TX MUN GAS-SR LIEN-D	TXSUTL 6.25 12/15/26	88256CEX3	500000	610962.22	0.51%
CA MSR ENERGY REV	MSRPWR 6.125 11/01/29	55374SAD2	500000	601268.33	0.51%
MN UNIV N TX-FING SYS-A	UNIHGR 5.25 04/01/29	914460DH0	500000	600052.50	0.50%
IL FIN-A-CARLE FNDTN REV	ILSGEN 6 08/15/41	45203HBT8	500000	574253.33	0.48%
TN ST ENERGY ACQ REV	TNSUTL 5.25 09/01/23	880443BQ8	500000	564970.00	0.47%
GA MUN ELEC-PREREF-V	GASPWR 6.6 01/01/18	373541RN3	465000	559455.45	0.47%
WI HLTH & EDU-A REV	WISMED 5 07/15/28	97710BM66	500000	555864.44	0.47%
TX SA ENERGY ACQ PUB FAC	SAEFAC 5.25 08/01/16	785138AJ7	500000	539117.50	0.45%
CA SANTA CLARA USD	SCRSCD 5 07/01/26	801495ZB1	465000	537248.60	0.45%
CA BREA REDEV-A-CABS	BREDEV 0 08/01/25	106287KM6	1000000	520530.00	0.44%
CA RANCHO CUCAMONGA REDV	RCMDEV 5.375 09/01/25	752123GD5	500000	513672.50	0.43%
GO FRANKLIN ETC SD-CABS CA	FRASCD 0 08/01/35	353856B97	1600000	482848.00	0.41%
SC UNIV CA REVS-GEN-Q	USCEDU 5 06/01/30	913367BT4	350000	397862.50	0.33%
CA SAN FRANCISCO UTILS-F	SFOWTR 5 11/01/24	79765RTU3	300000	364646.00	0.31%
PR COMWLTH-IMPT-A FGIC	PRC 5.5 07/01/17	745145Q88	250000	281319.17	0.24%
WA SER D	WAS 5 01/01/26	93974B2U5	200000	235648.67	0.20%
WA SEATTLE LIGHT	SEAPWR 4.5 08/01/19	812643HN7	125000	135347.50	0.11%
GA FORSYTH CNTY-A	FOR 5 03/01/28	346593DY9	100000	120132.00	0.10%
CT HARTFORD-SER A	HAR 5 08/15/15	4164145R7	100000	112439.22	0.09%
GA ELEC PREREF-2005-V	GASPWR 6.6 01/01/18	373541C41	55000	60474.70	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.