Karpus Investment Management

Karpus Investment Management as of Dec. 31, 2010

Portfolio Holdings for Karpus Investment Management

Karpus Investment Management holds 132 positions in its portfolio as reported in the December 2010 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Putnam Municipal Opportunities Trust (PMO) 7.5 $75M 6.9M 10.87
Spdr S&p 500 Etf (SPY) 5.5 $55M 440k 125.75
PowerShares Build America Bond Portfolio 4.3 $43M 1.7M 25.08
SPDR Dow Jones Industrial Average ETF (DIA) 3.7 $37M 322k 115.63
Ipath Dow Jones-aig Commodity (DJP) 3.3 $33M 670k 49.12
SunAmerica Focused Alpha Growth Fund 3.0 $30M 1.7M 17.54
Vanguard Large-Cap ETF (VV) 2.8 $28M 488k 57.61
Liberty All-Star Equity Fund (USA) 2.5 $25M 5.1M 4.93
Vanguard Europe Pacific ETF (VEA) 2.5 $25M 697k 36.15
Rydex S&P Equal Weight ETF 2.4 $24M 515k 47.31
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 2.4 $24M 1.0M 23.81
PowerShares Insured Nati Muni Bond 2.4 $24M 1.0M 22.54
Adams Express Company (ADX) 2.2 $22M 2.0M 10.74
DTF Tax Free Income (DTF) 2.2 $22M 1.5M 14.82
iShares MSCI Canada Index (EWC) 2.1 $21M 675k 31.00
Vanguard Small-Cap ETF (VB) 2.0 $20M 281k 72.63
SunAmerica Focused Alpha Large Cap Fund 2.0 $20M 1.3M 15.74
Western Asset Inflation Mgnt Fnd (IMF) 2.0 $20M 1.1M 17.65
Vanguard European ETF (VGK) 1.9 $19M 387k 49.09
iShares S&P 500 Index (IVV) 1.8 $18M 139k 126.25
Vanguard Mid-Cap ETF (VO) 1.7 $17M 224k 74.46
Western Asset Municipal Partners Fnd 1.6 $17M 1.2M 13.26
Gabelli Dividend & Income Trust (GDV) 1.6 $16M 1.1M 15.36
Vanguard Pacific ETF (VPL) 1.5 $15M 259k 57.04
Liberty All-Star Growth Fund (ASG) 1.4 $14M 3.3M 4.25
Royce Value Trust (RVT) 1.3 $13M 915k 14.54
Vanguard Emerging Markets ETF (VWO) 1.3 $13M 264k 48.15
New Germany Fund (GF) 1.2 $12M 749k 15.72
Tri-Continental Corporation (TY) 1.2 $12M 852k 13.76
iShares Barclays TIPS Bond Fund (TIP) 1.2 $12M 108k 107.52
Wstrn Ast Clymr Infltn Lkd Opts & Inc (WIW) 1.2 $12M 925k 12.51
General American Investors (GAM) 1.1 $11M 426k 26.82
Cohen & Steers infrastucture Fund (UTF) 1.1 $11M 685k 16.42
AllianceBernstein Income Fund 1.1 $11M 1.3M 7.93
iShares MSCI United Kingdom Index 1.0 $10M 573k 17.37
LMP Capital and Income Fund (SCD) 1.0 $9.9M 793k 12.45
Macquarie Global Infr Total Rtrn Fnd 0.9 $9.1M 529k 17.28
SPDR Barclays Capital Intl Tresy Bd ETF (BWX) 0.9 $8.7M 149k 58.46
Swiss Helvetia Fund (SWZ) 0.8 $8.1M 600k 13.54
Morgan Stanley Asia Pacific Fund 0.8 $7.9M 465k 16.98
iShares MSCI France Index (EWQ) 0.7 $7.2M 295k 24.45
iShares MSCI Pacific ex-Japan Idx (EPP) 0.7 $6.9M 146k 46.98
BlackRock Income Trust 0.7 $6.6M 960k 6.84
iShares IBoxx $ Invest Grade Corp Bd (LQD) 0.6 $6.3M 58k 108.44
European Equity Fund (EEA) 0.6 $6.3M 827k 7.58
H&Q Life Sciences Investors 0.6 $6.2M 578k 10.77
iShares S&P Natl AMTFr Mncpl Bd (MUB) 0.6 $6.1M 62k 99.18
Japan Equity Fund 0.6 $5.8M 944k 6.12
Fort Dearborn Income Securities 0.6 $5.8M 373k 15.46
Delawar Invts Az Mun Income 0.6 $5.7M 446k 12.82
Western Asset Vrble Rate Strtgc Fnd 0.5 $5.0M 294k 16.99
iShares MSCI Australia Index Fund (EWA) 0.5 $4.7M 183k 25.44
iShares MSCI Japan Index 0.5 $4.5M 417k 10.91
iShares MSCI Brazil Index (EWZ) 0.5 $4.6M 59k 77.40
Invesco California Ins Mun Inc Trust 0.5 $4.5M 351k 12.96
iShares MSCI EMU Index (EZU) 0.5 $4.5M 126k 35.27
Special Opportunities Fund (SPE) 0.5 $4.5M 306k 14.75
Blackrock Muniyield California Ins Fund 0.4 $4.3M 336k 12.79
Morgan Stanley NY Quality Municipal Sec. (IQN) 0.4 $3.8M 283k 13.32
SPDR Nuveen Barclays Capital Municpl Bnd 0.4 $3.7M 172k 21.63
Asia Pacific Fund 0.3 $3.5M 295k 11.95
Nuveen Multi-Strategy Inc & Growth Fd 2 (JQC) 0.3 $3.4M 383k 8.80
LMP Real Estate Income Fund 0.3 $3.4M 334k 10.10
Nuveen Michigan Premium Inm Municipal (NMP) 0.3 $3.1M 238k 13.00
Lazard Global Total Return & Income Fund (LGI) 0.3 $2.8M 187k 15.06
Eaton Vance Tax-Managed Global Dive Eq (EXG) 0.3 $2.6M 242k 10.53
H&Q Healthcare Investors 0.3 $2.6M 194k 13.37
Morgan Stanley California Quality (IQC) 0.3 $2.6M 219k 11.79
Singapore Fund (SGF) 0.2 $2.5M 166k 15.19
Aberdn Emring Mkts Telecomtions 0.2 $2.3M 120k 19.36
iShares FTSE/Xinhua China 25 Index (FXI) 0.2 $2.2M 50k 43.09
TS&W/Claymore Tax-Advantaged Balanced Fu (TYW) 0.2 $2.2M 206k 10.54
Nuveen Michigan Qlity Incom Municipal 0.2 $2.1M 159k 13.10
iShares MSCI Hong Kong Index Fund (EWH) 0.2 $1.9M 102k 18.92
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.2 $1.9M 19k 104.28
iShares Lehman 7-10 Yr Treas. Bond (IEF) 0.2 $1.7M 18k 93.82
EATON VANCE MI Municipal 0.2 $1.6M 141k 11.43
PowerShares VRDO Tax Free Weekly Por ETF 0.2 $1.6M 63k 24.99
Korea Equity Fund 0.1 $1.5M 126k 12.23
Zweig Fund 0.1 $1.4M 421k 3.35
Taiwan Greater China Fund 0.1 $1.2M 154k 7.60
Franklin Street Properties (FSP) 0.1 $906k 64k 14.25
Blue Chip Value Fund 0.1 $924k 249k 3.71
Greater China Fund 0.1 $823k 63k 13.15
iShares S&P Europe 350 Index (IEV) 0.1 $799k 20k 39.28
Morgan Stanley Emerging Markets Fund 0.1 $848k 52k 16.36
iShares MSCI Singapore Index Fund 0.1 $792k 57k 13.85
Federated Enhanced Treasury 0.1 $684k 41k 16.74
Exxon Mobil Corporation (XOM) 0.1 $582k 8.0k 73.12
Central Europe and Russia Fund (CEE) 0.1 $587k 14k 41.84
JF China Region Fund 0.1 $611k 39k 15.79
Nuveen New York Qty Inc Munpl Fnd (NUN) 0.1 $571k 41k 13.84
Nuveen Insured New York Prem Inco Mun (NNF) 0.1 $614k 45k 13.62
Invesco Insured Municipal Bond Trust (IMC) 0.1 $616k 47k 13.00
Mexico Fund (MXF) 0.1 $614k 22k 28.29
International Business Machines (IBM) 0.1 $536k 3.7k 146.76
Nuveen Premier Mun Income 0.1 $498k 38k 13.05
Aberdeen Israel Fund 0.1 $459k 26k 17.40
Mexico Equity and Income Fund (MXE) 0.1 $507k 45k 11.33
Corning Incorporated (GLW) 0.0 $386k 20k 19.32
Kimberly-Clark Corporation (KMB) 0.0 $425k 6.7k 63.04
Lennox International (LII) 0.0 $438k 9.3k 47.29
iShares MSCI Spain Index (EWP) 0.0 $386k 11k 36.74
Nuveen New York Invst. Qlty. Mun. Fund (NQN) 0.0 $382k 28k 13.48
Nuveen Insured Premium Incm. Mun. Fnd II 0.0 $383k 32k 11.90
Aberdeen Latin Amer Eqty 0.0 $412k 11k 38.72
Morgan Stanley India Investment Fund (IIF) 0.0 $264k 10k 25.65
Pepsi (PEP) 0.0 $258k 4.0k 65.33
Procter & Gamble Company (PG) 0.0 $302k 4.7k 64.33
Royal Dutch Shell 0.0 $267k 4.0k 66.78
Textron (TXT) 0.0 $281k 12k 23.64
Thai Fund 0.0 $259k 20k 12.80
Macquarie/First Trust Global Infrstrctre (MFD) 0.0 $274k 19k 14.48
Bancroft Fund (BCV) 0.0 $257k 15k 16.92
BlackRock Muni New York Intr. Dur. Fnd. 0.0 $264k 21k 12.85
Ibero-America Fund (SNF) 0.0 $303k 46k 6.54
Nuveen Michigan Dividend Ad 0.0 $266k 22k 12.37
Taiwan Fund (TWN) 0.0 $256k 13k 19.24
General Electric Company 0.0 $217k 12k 18.29
Paychex (PAYX) 0.0 $239k 7.7k 30.91
First Niagara Financial 0.0 $168k 12k 13.98
Templeton Dragon Fund (TDF) 0.0 $224k 7.3k 30.74
American Strategic Income Portfolio III 0.0 $233k 31k 7.65
iShares MSCI Sweden Index (EWD) 0.0 $216k 6.9k 31.23
Japan Smaller Capitalizaion Fund (JOF) 0.0 $189k 21k 8.97
Gsi 0.0 $166k 16k 10.58
Nuveen Ny Divid Advntg Mun F (NAN) 0.0 $151k 12k 12.90
Nuveen Arizona Dvd Adv Mun 0.0 $234k 19k 12.30
Bank of America Corporation (BAC) 0.0 $146k 11k 13.34
Aberdeen Asia-Pacific Income Fund (FAX) 0.0 $96k 14k 6.75
Blackrock Muniassets Fund (MUA) 0.0 $147k 13k 11.64
Corp Prop Assoc 16 Global 0.0 $92k 10k 9.20