Karpus Investment Management

Karpus Investment Management as of March 31, 2013

Portfolio Holdings for Karpus Investment Management

Karpus Investment Management holds 128 positions in its portfolio as reported in the March 2013 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Spdr S&p 500 Etf (SPY) 7.2 $102M 654k 156.67
Vanguard S&p 500 7.1 $101M 1.4M 71.64
SPDR Nuveen Barclays Capital Municpl Bnd 7.1 $100M 4.2M 24.05
PowerShares Insured Nati Muni Bond 7.0 $99M 3.9M 25.38
AllianceBernstein Income Fund 4.4 $63M 7.6M 8.17
SPDR Gold Trust (GLD) 4.0 $57M 368k 154.47
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 3.0 $42M 1.7M 24.35
SPDR Dow Jones Industrial Average ETF (DIA) 2.8 $39M 270k 145.32
Vanguard Europe Pacific ETF (VEA) 2.5 $36M 991k 36.43
Vanguard Small-Cap ETF (VB) 2.3 $33M 357k 91.15
Vanguard European ETF (VGK) 2.3 $32M 656k 49.13
Western Asset Inflation Mgnt Fnd (IMF) 1.9 $27M 1.5M 18.46
Adams Express Company (ADX) 1.8 $25M 2.2M 11.74
PowerShares Build America Bond Portfolio 1.7 $24M 785k 30.29
Vanguard Large-Cap ETF (VV) 1.6 $23M 319k 71.74
iShares MSCI Canada Index (EWC) 1.6 $22M 783k 28.51
Zweig Total Return 1.6 $22M 1.7M 13.03
Tri-Continental Corporation (TY) 1.5 $22M 1.2M 17.55
Liberty All-Star Equity Fund (USA) 1.5 $22M 4.2M 5.17
Vanguard Mid-Cap ETF (VO) 1.5 $21M 228k 92.89
Vanguard Emerging Markets ETF (VWO) 1.5 $21M 490k 42.90
General American Investors (GAM) 1.5 $21M 669k 31.23
Vanguard Pacific ETF (VPL) 1.4 $20M 346k 58.03
Special Opportunities Fund (SPE) 1.4 $19M 1.2M 16.64
iShares IBoxx $ Invest Grade Corp Bd (LQD) 1.3 $19M 155k 119.90
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 1.2 $17M 165k 105.54
Wstrn Ast Clymr Infltn Lkd Opts & Inc (WIW) 1.1 $15M 1.2M 13.25
Eaton Vance Enhanced Equity Income Fund (EOI) 1.1 $15M 1.3M 11.68
Eaton Vance Enhanced Equity Incm. Fd. II (EOS) 1.1 $15M 1.3M 11.35
iShares Lehman MBS Bond Fund (MBB) 0.9 $13M 119k 107.94
iShares MSCI United Kingdom Index 0.9 $13M 690k 18.27
Swiss Helvetia Fund (SWZ) 0.9 $13M 1.0M 12.26
Putnam Municipal Opportunities Trust (PMO) 0.9 $12M 989k 12.58
BLACKROCK INTL GRWTH & INC T COM Bene Inter (BGY) 0.9 $12M 1.6M 7.63
New Germany Fund (GF) 0.9 $12M 724k 16.84
Federated Enhanced Treasury 0.8 $12M 878k 13.69
Zweig Fund 0.8 $12M 882k 13.00
iShares MSCI Pacific ex-Japan Idx (EPP) 0.8 $11M 228k 49.70
iShares MSCI EMU Index (EZU) 0.8 $11M 334k 32.65
Eaton Vance Tax Managed Diversified Eq. (ETY) 0.8 $11M 1.1M 10.16
Royce Value Trust (RVT) 0.7 $10M 681k 15.06
Vanguard Short Term Corporate Bond ETF (VCSH) 0.7 $9.8M 122k 80.34
iShares MSCI Japan Index 0.7 $9.5M 884k 10.80
BlackRock Enhanced Capital and Income (CII) 0.6 $8.6M 661k 13.01
SPDR Barclays Capital Intl Tresy Bd ETF (BWX) 0.6 $8.7M 149k 58.50
Gabelli Dividend & Income Trust (GDV) 0.6 $8.5M 449k 18.96
iShares MSCI France Index (EWQ) 0.6 $8.0M 343k 23.21
Boulder Total Return Fund 0.6 $7.8M 375k 20.90
Morgan Stanley Asia Pacific Fund 0.5 $7.2M 446k 16.15
Lennox International (LII) 0.4 $6.0M 94k 63.49
European Equity Fund (EEA) 0.4 $5.6M 786k 7.10
Asia Pacific Fund 0.3 $4.9M 457k 10.76
Singapore Fund (SGF) 0.3 $4.8M 338k 14.20
Eaton Vance Tax-Managed Global Dive Eq (EXG) 0.3 $4.5M 486k 9.32
Western Ast Clymr Infl Lkd Sc & Incm (WIA) 0.3 $4.5M 335k 13.55
Macquarie Global Infr Total Rtrn Fnd 0.3 $4.3M 203k 21.17
BlackRock Global Opportunities Equity Tr (BOE) 0.3 $4.0M 292k 13.88
iShares S&P 500 Index (IVV) 0.3 $4.0M 26k 157.36
Lazard Global Total Return & Income Fund (LGI) 0.3 $3.8M 230k 16.42
JF China Region Fund 0.3 $3.9M 270k 14.40
iShares Lehman 3-7 Yr Treasury Bond (IEI) 0.3 $3.6M 29k 123.49
Market Vectors-Inter. Muni. Index 0.3 $3.7M 159k 23.41
BlackRock Credit All Inc Trust IV (BTZ) 0.2 $3.4M 240k 14.00
iShares MSCI Brazil Index (EWZ) 0.2 $3.1M 57k 54.48
Fort Dearborn Income Securities 0.2 $3.1M 198k 15.53
BlackRock Income Trust 0.2 $2.9M 398k 7.21
iShares S&P Natl AMTFr Mncpl Bd (MUB) 0.2 $2.6M 24k 110.17
Japan Equity Fund 0.2 $2.7M 437k 6.26
Market Vectors Long Municipal Index 0.2 $2.7M 134k 19.86
Aberdn Emring Mkts Telecomtions 0.2 $2.5M 120k 21.08
iShares MSCI Hong Kong Index Fund (EWH) 0.2 $2.4M 122k 19.84
Nuveen Dividend Advantage Municipal Fd 2 0.2 $2.4M 156k 15.17
Montgomery Street Income Securities 0.2 $2.2M 128k 17.26
Nuveen Quality Income Municipal Fund 0.2 $2.3M 152k 15.24
SPDR S&P China (GXC) 0.1 $2.1M 30k 69.95
Morgan Stanley Emerging Markets Fund 0.1 $2.1M 132k 15.69
Dow 30 Enhanced Premium & Income 0.1 $2.2M 185k 11.79
Japan Smaller Capitalizaion Fund (JOF) 0.1 $2.1M 244k 8.62
iShares MSCI Australia Index Fund (EWA) 0.1 $1.9M 71k 27.04
Aberdeen Latin Amer Eqty 0.1 $1.7M 45k 37.47
Templeton Dragon Fund (TDF) 0.1 $1.6M 57k 27.93
Nuveen Municipal Advantage Fund 0.1 $1.3M 91k 14.88
Invesco Insured Municipal Income Trust (IIM) 0.1 $1.4M 86k 16.15
EATON VANCE MI Municipal 0.1 $1.2M 92k 13.58
Nuveen Mult Curr St Gv Incm 0.1 $1.2M 95k 12.96
Nuveen Div Adv Muni Fd 3 Ben Int (NZF) 0.1 $1.2M 83k 14.95
Nuveen Select Quality Municipal Fund 0.1 $1.3M 86k 15.03
Mexico Equity and Income Fund (MXE) 0.1 $1.2M 70k 16.73
Franklin Street Properties (FSP) 0.1 $930k 64k 14.62
Nuveen Premier Insd Mun Inco 0.1 $938k 62k 15.07
Vanguard Long Term Corporate Bond ETF (VCLT) 0.1 $992k 11k 89.18
India Fund (IFN) 0.1 $791k 37k 21.24
Nuveen Insd Dividend Advantage (NVG) 0.1 $910k 61k 14.91
Templeton Emerging Markets (EMF) 0.1 $799k 39k 20.37
Turkish Investment Fund 0.1 $825k 45k 18.32
Allianzgi Intl & Prem Strate 0.1 $787k 78k 10.05
International Business Machines (IBM) 0.1 $770k 3.6k 213.30
Korea Equity Fund 0.1 $772k 86k 8.95
Nuveen Premium Income Muni Fund 2 0.1 $711k 47k 14.98
Nuveen Performance Plus Municipal Fund 0.1 $765k 48k 15.95
Nuveen Insured Premium Incm. Mun. Fnd II 0.1 $724k 51k 14.13
Eaton Vance Cali Muni Bnd Fnd (EVM) 0.1 $693k 57k 12.23
Morgan Stanley India Investment Fund (IIF) 0.0 $595k 34k 17.75
Paychex (PAYX) 0.0 $565k 16k 35.06
Thai Fund 0.0 $605k 25k 23.91
Nuveen Michigan Qlity Incom Municipal 0.0 $571k 38k 15.15
Thai Capital Fund 0.0 $543k 39k 14.01
Exxon Mobil Corporation (XOM) 0.0 $465k 5.2k 90.11
Kimberly-Clark Corporation (KMB) 0.0 $492k 5.0k 97.98
Central Europe and Russia Fund (CEE) 0.0 $374k 11k 32.77
Aberdeen Israel Fund 0.0 $452k 31k 14.61
New Ireland Fund 0.0 $420k 40k 10.38
Biogen Idec (BIIB) 0.0 $231k 1.2k 192.62
Blackrock Muniassets Fund (MUA) 0.0 $231k 17k 13.58
Nuveen Munpl Markt Opp Fund 0.0 $216k 15k 14.37
Nuveen Premium Income Municipal Fund 0.0 $232k 16k 14.65
Taiwan Fund (TWN) 0.0 $284k 17k 16.38
BlackRock MuniYield Michigan Insured Fnd (MIY) 0.0 $243k 16k 15.30
Templeton Russia & East European Fund 0.0 $327k 22k 14.79
Corning Incorporated (GLW) 0.0 $133k 10k 13.33
JPMorgan Chase & Co. (JPM) 0.0 $212k 4.5k 47.46
Nucor Corporation (NUE) 0.0 $202k 4.4k 46.15
Illinois Tool Works (ITW) 0.0 $207k 3.4k 60.94
ING Global Equity Divid.&Premium Opp-ETF 0.0 $209k 23k 9.26
MFS InterMarket Income Trust I 0.0 $176k 21k 8.59
Eaton Vance Municipal Bond Fund (EIM) 0.0 $175k 13k 13.75
Gsi 0.0 $142k 17k 8.53
Corp Prop Assoc 16 Global 0.0 $92k 10k 9.20