Karpus Investment Management

Karpus Investment Management as of March 31, 2011

Portfolio Holdings for Karpus Investment Management

Karpus Investment Management holds 127 positions in its portfolio as reported in the March 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Putnam Municipal Opportunities Trust (PMO) 6.2 $70M 6.5M 10.84
Spdr S&p 500 Etf (SPY) 5.9 $67M 506k 132.59
SPDR Dow Jones Industrial Average ETF (DIA) 4.1 $46M 375k 123.02
PowerShares Build America Bond Portfolio 3.8 $43M 1.7M 25.19
SunAmerica Focused Alpha Growth Fund 3.3 $37M 1.9M 20.01
Ipath Dow Jones-aig Commodity (DJP) 3.2 $37M 711k 51.35
Vanguard Large-Cap ETF (VV) 2.9 $33M 544k 60.77
Rydex S&P Equal Weight ETF 2.7 $30M 603k 50.46
Liberty All-Star Equity Fund (USA) 2.7 $30M 5.8M 5.26
Vanguard Europe Pacific ETF (VEA) 2.5 $28M 747k 37.31
SunAmerica Focused Alpha Large Cap Fund 2.3 $26M 1.5M 18.17
Adams Express Company (ADX) 2.3 $26M 2.3M 11.37
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 2.3 $26M 1.1M 23.83
iShares MSCI Canada Index (EWC) 2.2 $25M 730k 33.61
Vanguard Small-Cap ETF (VB) 2.1 $24M 306k 78.99
Vanguard European ETF (VGK) 2.0 $23M 445k 51.95
PowerShares Insured Nati Muni Bond 2.0 $23M 1.0M 22.23
Vanguard Mid-Cap ETF (VO) 1.9 $21M 263k 80.55
iShares S&P 500 Index (IVV) 1.9 $21M 158k 133.01
Gabelli Dividend & Income Trust (GDV) 1.9 $21M 1.3M 16.63
DTF Tax Free Income (DTF) 1.8 $21M 1.4M 14.43
Royce Value Trust (RVT) 1.7 $19M 1.2M 15.39
Western Asset Inflation Mgnt Fnd (IMF) 1.6 $18M 1.1M 16.88
AllianceBernstein Income Fund 1.6 $18M 2.3M 7.69
Liberty All-Star Growth Fund (ASG) 1.5 $17M 3.8M 4.61
Tri-Continental Corporation (TY) 1.5 $17M 1.1M 14.62
Western Asset Municipal Partners Fnd 1.5 $17M 1.2M 13.22
Vanguard Pacific ETF (VPL) 1.4 $16M 281k 55.83
LMP Capital and Income Fund (SCD) 1.4 $15M 1.2M 13.30
General American Investors (GAM) 1.3 $15M 511k 28.34
New Germany Fund (GF) 1.2 $13M 768k 17.34
BlackRock Income Trust 1.2 $13M 1.9M 6.72
Vanguard Emerging Markets ETF (VWO) 1.2 $13M 268k 48.95
H&Q Life Sciences Investors 1.1 $13M 1.1M 12.02
iShares Barclays TIPS Bond Fund (TIP) 1.0 $12M 106k 109.16
iShares MSCI United Kingdom Index 1.0 $11M 622k 17.91
Macquarie Global Infr Total Rtrn Fnd 0.9 $11M 584k 18.22
Wstrn Ast Clymr Infltn Lkd Opts & Inc (WIW) 0.9 $10M 830k 12.34
Cohen & Steers infrastucture Fund (UTF) 0.9 $10M 567k 17.65
Swiss Helvetia Fund (SWZ) 0.8 $9.2M 665k 13.82
Morgan Stanley Asia Pacific Fund 0.8 $9.0M 527k 17.04
SPDR Barclays Capital Intl Tresy Bd ETF (BWX) 0.8 $9.0M 150k 59.83
iShares MSCI France Index (EWQ) 0.8 $8.5M 314k 26.93
iShares MSCI Pacific ex-Japan Idx (EPP) 0.7 $8.3M 172k 48.31
European Equity Fund (EEA) 0.6 $6.5M 803k 8.10
iShares IBoxx $ Invest Grade Corp Bd (LQD) 0.6 $6.3M 58k 108.20
Delawar Invts Az Mun Income 0.6 $6.3M 488k 12.91
iShares MSCI Japan Index 0.5 $6.1M 588k 10.32
iShares MSCI EMU Index (EZU) 0.5 $6.0M 156k 38.74
Special Opportunities Fund (SPE) 0.5 $6.0M 392k 15.31
Fort Dearborn Income Securities 0.5 $5.4M 371k 14.61
iShares MSCI Australia Index Fund (EWA) 0.5 $5.1M 191k 26.62
Western Asset Vrble Rate Strtgc Fnd 0.4 $4.9M 288k 16.90
iShares S&P Natl AMTFr Mncpl Bd (MUB) 0.4 $4.7M 47k 99.45
Japan Equity Fund 0.4 $4.6M 744k 6.17
iShares MSCI Brazil Index (EWZ) 0.4 $4.6M 59k 77.51
Asia Pacific Fund 0.4 $4.2M 355k 11.83
Federated Enhanced Treasury 0.4 $4.1M 270k 15.30
Eaton Vance Tax-Managed Global Dive Eq (EXG) 0.4 $4.0M 380k 10.58
Invesco California Ins Mun Inc Trust 0.3 $3.9M 317k 12.44
Morgan Stanley NY Quality Municipal Sec. (IQN) 0.3 $3.8M 288k 13.22
LMP Real Estate Income Fund 0.3 $3.6M 348k 10.37
Lazard Global Total Return & Income Fund (LGI) 0.3 $3.5M 231k 15.38
Nuveen Multi-Strategy Inc & Growth Fd 2 (JQC) 0.3 $3.2M 359k 8.95
Blackrock Muniyield California Ins Fund 0.3 $2.9M 233k 12.39
SPDR Nuveen Barclays Capital Municpl Bnd 0.2 $2.9M 131k 21.99
TS&W/Claymore Tax-Advantaged Balanced Fu (TYW) 0.2 $2.6M 234k 11.01
Nuveen Michigan Premium Inm Municipal (NMP) 0.2 $2.6M 207k 12.70
Morgan Stanley California Quality (IQC) 0.2 $2.4M 213k 11.36
Aberdn Emring Mkts Telecomtions 0.2 $2.2M 119k 18.78
Singapore Fund (SGF) 0.2 $2.2M 152k 14.59
iShares FTSE/Xinhua China 25 Index (FXI) 0.2 $2.1M 47k 44.91
iShares MSCI Hong Kong Index Fund (EWH) 0.2 $2.2M 115k 18.93
Nuveen Michigan Qlity Incom Municipal 0.2 $2.0M 157k 12.96
iShares Lehman 7-10 Yr Treas. Bond (IEF) 0.2 $1.9M 21k 93.01
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.2 $1.9M 18k 104.44
Korea Equity Fund 0.2 $1.8M 136k 13.61
PowerShares VRDO Tax Free Weekly Por ETF 0.1 $1.5M 58k 24.99
Taiwan Greater China Fund 0.1 $1.4M 200k 7.21
Morgan Stanley Emerging Markets Fund 0.1 $1.4M 86k 15.95
EATON VANCE MI Municipal 0.1 $1.2M 105k 11.42
JF China Region Fund 0.1 $1.0M 68k 15.40
Greater China Fund 0.1 $924k 73k 12.64
Franklin Street Properties (FSP) 0.1 $895k 64k 14.07
iShares MSCI Singapore Index Fund 0.1 $861k 63k 13.67
iShares S&P Europe 350 Index (IEV) 0.1 $844k 20k 41.82
Montgomery Street Income Securities 0.1 $643k 41k 15.63
Central Europe and Russia Fund (CEE) 0.1 $628k 14k 45.30
Nuveen Insured New York Prem Inco Mun (NNF) 0.1 $705k 51k 13.87
Exxon Mobil Corporation (XOM) 0.1 $519k 6.2k 84.13
International Business Machines (IBM) 0.1 $596k 3.7k 163.07
Aberdeen Israel Fund 0.1 $556k 32k 17.58
Mexico Equity and Income Fund (MXE) 0.1 $518k 45k 11.58
Mexico Fund (MXF) 0.1 $610k 21k 29.00
Corning Incorporated (GLW) 0.0 $495k 24k 20.63
Kimberly-Clark Corporation (KMB) 0.0 $412k 6.3k 65.27
BlackRock Income Opportunity Trust 0.0 $497k 53k 9.32
Nuveen Premier Mun Income 0.0 $415k 33k 12.68
Nuveen Insured Premium Incm. Mun. Fnd II 0.0 $410k 35k 11.74
Aberdeen Latin Amer Eqty 0.0 $415k 11k 39.02
Delaware Invt Nat Muni Inc F sh ben int (VFL) 0.0 $436k 36k 12.20
Royal Dutch Shell 0.0 $291k 4.0k 72.86
Textron (TXT) 0.0 $325k 12k 27.39
Lennox International (LII) 0.0 $372k 7.1k 52.58
Thai Fund 0.0 $283k 21k 13.31
Nuveen New York Invst. Qlty. Mun. Fund (NQN) 0.0 $374k 28k 13.19
Ibero-America Fund (SNF) 0.0 $322k 46k 7.00
Morgan Stanley India Investment Fund (IIF) 0.0 $244k 10k 24.08
Nucor Corporation (NUE) 0.0 $201k 4.4k 46.02
Paychex (PAYX) 0.0 $243k 7.7k 31.39
Templeton Dragon Fund (TDF) 0.0 $223k 7.2k 31.00
American Strategic Income Portfolio III 0.0 $233k 31k 7.64
iShares MSCI Sweden Index (EWD) 0.0 $219k 6.7k 32.79
Gsi 0.0 $172k 17k 10.30
Bancroft Fund (BCV) 0.0 $253k 15k 17.51
BlackRock Muni New York Intr. Dur. Fnd. 0.0 $263k 21k 12.68
Invesco Quality Municipal Securities 0.0 $202k 16k 12.93
Nuveen Arizona Dvd Adv Mun 0.0 $230k 19k 12.25
Nuveen Michigan Dividend Ad 0.0 $267k 22k 12.32
Taiwan Fund (TWN) 0.0 $247k 13k 18.67
PAETEC Holding 0.0 $102k 31k 3.34
Aberdeen Asia-Pacific Income Fund (FAX) 0.0 $92k 13k 6.93
MFS Charter Income Trust (MCR) 0.0 $133k 15k 9.14
BlackRock Core Bond Trust (BHK) 0.0 $165k 14k 12.08
Nuveen Ny Divid Advntg Mun F (NAN) 0.0 $146k 11k 12.83
Corp Prop Assoc 16 Global 0.0 $92k 10k 9.20
E-debit Global Corp 0.0 $5.3k 175k 0.03