Karpus Investment Management

Karpus Investment Management as of Sept. 30, 2012

Portfolio Holdings for Karpus Investment Management

Karpus Investment Management holds 116 positions in its portfolio as reported in the September 2012 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
SPDR Nuveen Barclays Capital Municpl Bnd 7.5 $98M 4.0M 24.58
AllianceBernstein Income Fund 5.6 $74M 8.6M 8.64
Spdr S&p 500 Etf (SPY) 5.3 $70M 483k 143.97
PowerShares Insured Nati Muni Bond 4.6 $61M 2.4M 25.75
Vanguard S&p 500 4.1 $54M 826k 65.92
SPDR Dow Jones Industrial Average ETF (DIA) 3.6 $48M 355k 134.05
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 3.1 $40M 1.6M 24.50
PowerShares Build America Bond Portfolio 3.0 $40M 1.3M 30.06
Vanguard Europe Pacific ETF (VEA) 2.4 $31M 948k 32.88
SPDR Gold Trust (GLD) 2.3 $30M 173k 171.89
Western Asset Inflation Mgnt Fnd (IMF) 2.2 $29M 1.5M 19.02
Vanguard Large-Cap ETF (VV) 2.1 $28M 421k 65.69
Rydex S&P Equal Weight ETF 2.1 $27M 517k 52.18
Vanguard European ETF (VGK) 2.0 $26M 582k 45.26
Vanguard Small-Cap ETF (VB) 2.0 $26M 321k 80.14
Adams Express Company (ADX) 1.9 $26M 2.3M 11.34
Tri-Continental Corporation (TY) 1.9 $25M 1.6M 16.22
Eaton Vance Tax Managed Diversified Eq. (ETY) 1.8 $24M 2.5M 9.51
Vanguard Mid-Cap ETF (VO) 1.8 $23M 286k 81.16
Liberty All-Star Equity Fund (USA) 1.8 $23M 4.8M 4.83
General American Investors (GAM) 1.7 $23M 779k 29.06
Putnam Municipal Opportunities Trust (PMO) 1.7 $22M 1.7M 13.23
Eaton Vance Enhanced Equity Income Fund (EOI) 1.6 $22M 2.0M 11.08
iShares MSCI Canada Index (EWC) 1.6 $22M 759k 28.49
Royce Value Trust (RVT) 1.5 $20M 1.5M 13.07
Zweig Total Return 1.5 $19M 1.5M 12.66
Special Opportunities Fund (SPE) 1.4 $18M 1.2M 15.66
iShares IBoxx $ Invest Grade Corp Bd (LQD) 1.4 $18M 147k 121.77
Eaton Vance Enhanced Equity Incm. Fd. II (EOS) 1.3 $17M 1.6M 11.08
Vanguard Pacific ETF (VPL) 1.2 $16M 321k 50.36
Vanguard Emerging Markets ETF (VWO) 1.2 $16M 380k 41.72
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 1.2 $16M 150k 105.76
Wstrn Ast Clymr Infltn Lkd Opts & Inc (WIW) 1.2 $15M 1.1M 13.45
Gabelli Dividend & Income Trust (GDV) 1.1 $15M 883k 16.95
Federated Enhanced Treasury 0.9 $13M 877k 14.28
Zweig Fund 0.9 $12M 972k 12.66
iShares MSCI United Kingdom Index 0.9 $12M 676k 17.40
Macquarie Global Infr Total Rtrn Fnd 0.9 $11M 592k 19.15
iShares MSCI Pacific ex-Japan Idx (EPP) 0.8 $10M 229k 44.59
iShares Lehman MBS Bond Fund (MBB) 0.8 $10M 94k 109.16
New Germany Fund (GF) 0.8 $10M 689k 14.55
SPDR Barclays Capital Intl Tresy Bd ETF (BWX) 0.7 $9.1M 148k 61.59
Swiss Helvetia Fund (SWZ) 0.7 $8.9M 828k 10.77
Eaton Vance Tax-Managed Global Dive Eq (EXG) 0.7 $8.6M 977k 8.81
BLACKROCK INTL GRWTH & INC T COM Bene Inter (BGY) 0.6 $8.2M 1.1M 7.29
iShares MSCI EMU Index (EZU) 0.6 $7.2M 241k 30.05
iShares MSCI France Index (EWQ) 0.6 $7.2M 345k 20.98
BlackRock Enhanced Dividend Achievers Tr (BDJ) 0.5 $6.6M 874k 7.56
Morgan Stanley Asia Pacific Fund 0.5 $6.1M 438k 13.97
Japan Smaller Capitalizaion Fund (JOF) 0.5 $6.1M 852k 7.21
European Equity Fund (EEA) 0.4 $5.4M 802k 6.70
Lennox International (LII) 0.4 $4.9M 102k 48.36
Asia Pacific Fund 0.4 $4.7M 457k 10.28
Singapore Fund (SGF) 0.3 $4.6M 333k 13.82
iShares MSCI Japan Index 0.3 $4.4M 484k 9.17
Fort Dearborn Income Securities 0.3 $4.5M 261k 17.20
Boulder Total Return Fund 0.3 $4.2M 232k 18.00
BlackRock Income Trust 0.3 $4.2M 551k 7.68
iShares Barclays TIPS Bond Fund (TIP) 0.3 $4.0M 33k 121.76
Lazard Global Total Return & Income Fund (LGI) 0.3 $3.8M 255k 15.01
iShares MSCI Australia Index Fund (EWA) 0.3 $3.5M 147k 23.79
Japan Equity Fund 0.2 $3.2M 633k 5.09
Western Ast Clymr Infl Lkd Sc & Incm (WIA) 0.2 $3.3M 249k 13.27
iShares MSCI Brazil Index (EWZ) 0.2 $3.2M 59k 54.06
Greater China Fund 0.2 $2.6M 231k 11.40
Aberdn Emring Mkts Telecomtions 0.2 $2.6M 128k 20.68
JF China Region Fund 0.2 $2.6M 205k 12.60
iShares S&P 500 Index (IVV) 0.2 $2.3M 16k 144.40
iShares MSCI Hong Kong Index Fund (EWH) 0.2 $2.2M 121k 18.20
BlackRock Credit All Inc Trust IV (BTZ) 0.2 $2.3M 162k 14.18
Montgomery Street Income Securities 0.2 $2.2M 130k 16.98
Invesco Van Kampen Trust for IGNYM Fund (VTN) 0.2 $2.0M 123k 16.60
LMP Real Estate Income Fund 0.2 $2.2M 187k 11.55
Morgan Stanley Emerging Markets Fund 0.1 $2.0M 135k 14.63
EATON VANCE MI Municipal 0.1 $1.6M 114k 13.98
DTF Tax Free Income (DTF) 0.1 $1.6M 92k 17.63
Korea Equity Fund 0.1 $1.4M 137k 9.92
iShares MSCI EAFE Index Fund (EFA) 0.1 $1.2M 23k 53.00
Blackrock Credit All Inc Trust III 0.1 $1.2M 101k 12.11
China Fund (CHN) 0.1 $1.0M 46k 22.29
Market Vectors Long Municipal Index 0.1 $1.0M 51k 20.28
India Fund (IFN) 0.1 $874k 38k 23.24
Market Vectors-Inter. Muni. Index 0.1 $948k 40k 23.71
Mexico Equity and Income Fund (MXE) 0.1 $877k 68k 12.84
International Business Machines (IBM) 0.1 $758k 3.7k 207.45
Templeton Dragon Fund (TDF) 0.1 $751k 29k 25.63
LMP Capital and Income Fund (SCD) 0.1 $787k 55k 14.43
Exxon Mobil Corporation (XOM) 0.1 $704k 7.7k 91.45
Franklin Street Properties (FSP) 0.1 $704k 64k 11.07
iShares S&P Europe 350 Index (IEV) 0.1 $601k 16k 36.52
Liberty All-Star Growth Fund (ASG) 0.1 $637k 151k 4.23
Aberdeen Latin Amer Eqty 0.1 $703k 20k 34.48
Morgan Stanley India Investment Fund (IIF) 0.0 $515k 30k 17.47
Templeton Emerging Markets (EMF) 0.0 $565k 31k 18.42
Thai Capital Fund 0.0 $466k 40k 11.67
Kimberly-Clark Corporation (KMB) 0.0 $431k 5.0k 85.78
Thai Fund 0.0 $398k 23k 17.57
Central Europe and Russia Fund (CEE) 0.0 $391k 12k 33.39
Aberdeen Israel Fund 0.0 $408k 32k 12.89
Nuveen Michigan Dividend Ad 0.0 $372k 25k 14.95
New Ireland Fund 0.0 $340k 40k 8.50
Corning Incorporated (GLW) 0.0 $263k 20k 13.15
Abbott Laboratories (ABT) 0.0 $202k 2.9k 68.56
Paychex (PAYX) 0.0 $255k 7.7k 33.29
Illinois Tool Works (ITW) 0.0 $202k 3.4k 59.47
Textron (TXT) 0.0 $206k 7.9k 26.17
Bancroft Fund (BCV) 0.0 $205k 12k 16.79
Nuveen Arizona Dvd Adv Mun 0.0 $304k 20k 15.07
Templeton Russia & East European Fund 0.0 $320k 21k 15.34
Delaware Invt Nat Muni Inc F sh ben int (VFL) 0.0 $275k 19k 14.18
Lazard World Dividend & Income Fund 0.0 $230k 19k 12.17
American Strategic Income Portfolio III 0.0 $139k 19k 7.49
Eaton Vance Risk Managed Diversified (ETJ) 0.0 $142k 13k 10.53
Gsi 0.0 $149k 17k 8.91
Turkish Investment Fund 0.0 $178k 12k 14.90
Taiwan Fund (TWN) 0.0 $184k 11k 16.50