Karpus Investment Management

Karpus Management as of Dec. 31, 2013

Portfolio Holdings for Karpus Management

Karpus Management holds 205 positions in its portfolio as reported in the December 2013 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Vanguard S&p 500 Etf idx (VOO) 10.5 $189M 1.1M 169.15
Spdr S&p 500 Etf (SPY) 8.5 $152M 825k 184.69
AllianceBernstein Income Fund 4.6 $82M 12M 7.13
Vanguard Europe Pacific ETF (VEA) 2.9 $53M 1.3M 41.68
Vanguard European ETF (VGK) 2.7 $49M 828k 58.80
Vanguard Small-Cap ETF (VB) 2.0 $36M 328k 109.95
General American Investors (GAM) 1.9 $34M 972k 35.20
BlackRock Enhanced Dividend Achievers Tr (BDJ) 1.8 $32M 4.0M 7.94
Adams Express Company (ADX) 1.8 $32M 2.4M 13.07
Zweig Total Return 1.7 $31M 2.2M 13.94
Vanguard Mid-Cap ETF (VO) 1.6 $29M 261k 110.02
Vanguard Pacific ETF (VPL) 1.6 $28M 454k 61.30
Western Asset Inflation Mgnt Fnd (IMF) 1.6 $28M 1.6M 16.93
Tri-Continental Corporation (TY) 1.5 $27M 1.3M 19.98
Nuveen Div Adv Muni Fd 3 Ben Int (NZF) 1.4 $26M 2.1M 12.35
Invesco Van Kampen Municipal Trust (VKQ) 1.4 $26M 2.2M 11.59
Nuveen Insd Dividend Advantage (NVG) 1.4 $25M 2.0M 12.52
Nuveen Quality Income Municipal Fund 1.4 $25M 2.0M 12.25
Vanguard Emerging Markets ETF (VWO) 1.4 $24M 592k 41.14
iShares MSCI Canada Index (EWC) 1.3 $23M 776k 29.16
Liberty All-Star Equity Fund (USA) 1.2 $21M 3.5M 5.97
iShares MSCI EMU Index (EZU) 1.1 $20M 483k 41.38
Vanguard Short Term Corporate Bond ETF (VCSH) 1.1 $19M 239k 79.78
Federated Enhanced Treasury 1.1 $19M 1.5M 12.78
iShares MSCI United Kingdom Index 1.0 $18M 879k 20.88
Special Opportunities Fund (SPE) 1.0 $18M 1.0M 17.45
BLACKROCK INTL GRWTH & INC T COM Bene Inter (BGY) 1.0 $18M 2.2M 8.13
Wstrn Ast Clymr Infltn Lkd Opts & Inc (WIW) 1.0 $17M 1.5M 11.27
Swiss Helvetia Fund (SWZ) 1.0 $17M 1.2M 13.95
Zweig Fund 0.9 $17M 1.1M 14.86
BlackRock Income Trust 0.9 $16M 2.4M 6.48
Invesco Van Kampen Muni Opp Trust (VMO) 0.8 $15M 1.3M 11.71
Nuveen Munpl Markt Opp Fund 0.8 $15M 1.3M 12.00
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 0.8 $15M 602k 24.29
Nuveen Insured Tax-Free Adv Munici (NEA) 0.8 $14M 1.2M 12.04
Putnam Municipal Opportunities Trust (PMO) 0.8 $14M 1.3M 10.74
Nuveen Municipal Advantage Fund 0.7 $13M 1.1M 12.16
BlackRock Income Opportunity Trust 0.7 $13M 1.3M 9.70
Boulder Total Return Fund 0.7 $13M 553k 23.01
BlackRock Global Energy & Resources Trus (BGR) 0.7 $12M 502k 24.30
Eaton Vance Municipal Bond Fund (EIM) 0.7 $12M 1.1M 11.30
Nuveen Mult Curr St Gv Incm 0.7 $12M 1.2M 10.08
First Tr Inter Duration Pfd & Income (FPF) 0.7 $12M 552k 21.25
BlackRock Enhanced Capital and Income (CII) 0.6 $12M 842k 13.67
iShares MSCI Japan Index 0.6 $11M 918k 12.14
iShares MSCI Pacific ex-Japan Idx (EPP) 0.6 $11M 233k 46.73
New Germany Fund (GF) 0.6 $11M 532k 19.93
Nuveen Premium Income Muni Fund 2 0.6 $11M 850k 12.55
Eaton V.Tax-Advantaged Dividend Inc Fund (EVT) 0.6 $11M 562k 19.02
Cohen & Steers infrastucture Fund (UTF) 0.6 $11M 509k 20.60
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.6 $10M 97k 105.46
Nuveen Select Quality Municipal Fund 0.6 $10M 832k 12.40
Aberdeen Asia-Pacific Income Fund (FAX) 0.6 $10M 1.7M 5.76
Cutwater Select Income 0.6 $10M 551k 18.31
iShares Lehman MBS Bond Fund (MBB) 0.5 $9.7M 93k 104.58
Invesco Van Kampen Bond Fund (VBF) 0.5 $9.0M 506k 17.69
iShares MSCI France Index (EWQ) 0.5 $8.8M 311k 28.45
MFS Intermediate Income Trust (MIN) 0.5 $8.7M 1.7M 5.18
Invesco Quality Municipal Inc Trust (IQI) 0.5 $8.6M 772k 11.12
Western Ast Clymr Infl Lkd Sc & Incm (WIA) 0.5 $8.4M 739k 11.42
Nuveen Insured Quality Muncipal Fund 0.5 $8.5M 704k 12.08
Royce Value Trust (RVT) 0.5 $8.1M 508k 16.01
Lennox International (LII) 0.4 $8.0M 94k 85.06
Nuveen Int Dur Qual Mun Trm 0.4 $7.6M 664k 11.50
Cohen & Steers Dividend Majors Fund 0.4 $7.4M 508k 14.58
Invesco Van Kampen Trust For Inv Grd Mun (VGM) 0.4 $7.3M 600k 12.18
BlackRock Core Bond Trust (BHK) 0.4 $7.4M 576k 12.88
Eaton Vance Enhanced Equity Income Fund (EOI) 0.4 $7.3M 559k 13.00
MFS InterMarket Income Trust I 0.4 $7.3M 895k 8.11
Morgan Stanley Asia Pacific Fund 0.4 $7.0M 425k 16.56
European Equity Fund (EEA) 0.4 $6.6M 735k 8.94
Vanguard Large-Cap ETF (VV) 0.3 $6.1M 72k 84.80
Nuveen Dividend Advantage Municipal Fd 2 0.3 $6.1M 484k 12.69
Fort Dearborn Income Securities 0.3 $6.1M 440k 13.80
Morgan Stanley income sec 0.3 $5.8M 348k 16.81
First Trust Enhanced Equity Income Fund (FFA) 0.3 $5.7M 431k 13.32
BlackRock Global Opportunities Equity Tr (BOE) 0.3 $5.4M 360k 14.96
Van Kampen Advantage Muni Incm Tr II (VKI) 0.3 $5.3M 506k 10.52
BLACKROCK MUN TARGET TERM TR SHARES Of Ben (BTT) 0.3 $5.3M 310k 17.12
Singapore Fund 0.3 $5.4M 425k 12.77
Templeton Dragon Fund (TDF) 0.3 $4.9M 190k 25.88
Eaton Vance Short Duration Diversified I (EVG) 0.3 $4.9M 323k 15.27
Montgomery Street Income Securities 0.3 $4.8M 309k 15.54
Asia Pacific Fund 0.3 $4.9M 470k 10.51
New Ireland Fund 0.3 $4.7M 369k 12.84
LEGG MASON BW GLOBAL Income 0.3 $4.6M 275k 16.87
Lazard Global Total Return & Income Fund (LGI) 0.2 $4.5M 253k 17.62
Eaton Vance Cali Muni Bnd Fnd (EVM) 0.2 $4.3M 418k 10.22
Nuveen Build Amer Bd Opptny 0.2 $4.3M 221k 19.43
WisdomTree Japan Total Dividend (DXJ) 0.2 $4.2M 83k 50.84
Jpmorgan China Region 0.2 $4.1M 272k 15.15
India Fund (IFN) 0.2 $4.0M 201k 20.00
China Fund (CHN) 0.2 $4.0M 193k 20.81
Nuveen Ins Ny Tx Fr Adv Mun (NRK) 0.2 $3.7M 301k 12.28
DTF Tax Free Income (DTF) 0.2 $3.8M 270k 14.02
Morgan Stanley Emerging Markets Fund 0.2 $3.5M 229k 15.48
Boulder Growth & Income Fund (STEW) 0.2 $3.6M 444k 8.04
Western Asset Income Fund (PAI) 0.2 $3.5M 265k 13.18
Nuveen Intermediate 0.2 $3.4M 293k 11.51
Eaton Vance Tax Managed Diversified Eq. (ETY) 0.2 $3.2M 294k 10.92
ING Global Equity Divid.&Premium Opp-ETF 0.2 $3.3M 367k 8.95
Aberdeen Latin Amer Eqty 0.2 $2.9M 103k 28.05
BlackRock Credit All Inc Trust IV (BTZ) 0.1 $2.7M 205k 13.06
Blackrock MuniHoldings Insured 0.1 $2.7M 230k 11.86
Eaton Vance Natl Mun Opport (EOT) 0.1 $2.6M 142k 18.46
Eaton Vance New York Municipal Bond Fund (ENX) 0.1 $2.4M 216k 11.32
Blackrock Build America Bond Trust (BBN) 0.1 $2.5M 130k 19.15
ING Asia Pacific High Divid Eq Inco Fund 0.1 $2.3M 184k 12.74
Nuveen Global Govt. Enhanced Income Fund 0.1 $2.4M 210k 11.39
Nuveen Core Equity Alpha Fund (JCE) 0.1 $2.1M 122k 16.98
MFS Government Markets Income Trust (MGF) 0.1 $2.1M 364k 5.73
Nuveen Build Amer Bd (NBB) 0.1 $2.2M 117k 18.44
Nexpoint Credit Strategies 0.1 $2.2M 232k 9.42
Nuveen Real (JRI) 0.1 $2.2M 131k 16.75
iShares Lehman 3-7 Yr Treasury Bond (IEI) 0.1 $1.9M 16k 120.00
Japan Equity Fund 0.1 $1.9M 276k 6.99
Nuveen Insured Municipal Opp. Fund 0.1 $2.0M 148k 13.22
BlackRock MuniYield Insured Investment 0.1 $1.8M 147k 12.23
SPDR Dow Jones Industrial Average ETF (DIA) 0.1 $1.7M 10k 165.43
Putnam High Income Securities Fund 0.1 $1.6M 192k 8.26
Western Asset Vrble Rate Strtgc Fnd 0.1 $1.6M 89k 17.52
Strategic Global Income Fund 0.1 $1.6M 176k 9.03
Nuveen Maryland Premium Income Municipal 0.1 $1.7M 142k 11.92
Transamerica Income Shares 0.1 $1.5M 74k 20.87
Alliance New York Municipal Income Fund 0.1 $1.6M 131k 11.87
Bancroft Fund (BCV) 0.1 $1.7M 90k 18.60
iShares MSCI Hong Kong Index Fund (EWH) 0.1 $1.4M 67k 20.61
Nuveen Select Tax-Free Income Portfolio (NXP) 0.1 $1.5M 114k 12.89
Mexico Equity and Income Fund (MXE) 0.1 $1.5M 100k 14.88
EATON VANCE MI Municipal 0.1 $1.2M 108k 11.09
Aberdn Emring Mkts Telecomtions 0.1 $1.3M 95k 13.80
Nuveen Select Tax-Free Incom Portfolio 3 0.1 $1.3M 97k 12.88
Taiwan Fund (TWN) 0.1 $1.3M 68k 19.32
Nuveen Conn Prem Income Mun sh ben int 0.1 $1.3M 111k 11.60
Nuveen Premier Mun Income 0.1 $1.1M 90k 12.37
BlackRock New York Insured Municipal 0.1 $1.0M 83k 12.07
Cohen and Steers Global Income Builder 0.1 $1.1M 98k 11.34
Nuveen Pa Div Advantage Mun 0.1 $1.1M 94k 12.09
BlackRock Muniyield Michigan Ins. Fnd II 0.1 $1.1M 95k 11.49
Ing Emerging Mkts Hgh Div Eq 0.1 $1.0M 89k 11.75
American Strategic Income Portfolio III 0.1 $980k 149k 6.56
ADVENT CLAY GBL CONV SEC INC COM Bene Inter 0.1 $914k 126k 7.28
Nuveen Pa Divid Advantage Mu 0.1 $888k 75k 11.89
Nuveen Michigan Qlity Incom Municipal 0.1 $888k 71k 12.52
BlackRock Insured Municipal Income Inves 0.1 $936k 73k 12.87
Ing Infrastructure Indls & M 0.1 $926k 54k 17.13
Aberdeen Gtr China 0.1 $894k 88k 10.19
Paychex (PAYX) 0.0 $731k 16k 45.52
International Business Machines (IBM) 0.0 $657k 3.5k 187.50
Korea Equity Fund 0.0 $808k 97k 8.32
Thai Fund 0.0 $695k 38k 18.16
MFS Charter Income Trust (MCR) 0.0 $690k 76k 9.05
Nuveen Qual Preferred Inc. Fund III 0.0 $733k 93k 7.85
Eaton Vance Mun Bd Fd Ii 0.0 $647k 59k 11.00
MFS Investment Grade Municipal Trust (CXH) 0.0 $726k 84k 8.62
Turkish Investment Fund 0.0 $756k 52k 14.67
Delaware Invt Nat Muni Inc F sh ben int (VFL) 0.0 $713k 61k 11.68
Eaton Vance Mun Income Term Tr (ETX) 0.0 $682k 47k 14.60
Exxon Mobil Corporation (XOM) 0.0 $508k 5.0k 101.22
Kimberly-Clark Corporation (KMB) 0.0 $481k 4.6k 104.41
Invesco Van Kampen Cal Val Mun Inc Trust (VCV) 0.0 $456k 40k 11.39
Nuveen Pennsylvania Premium Income Munic (NPY) 0.0 $599k 50k 11.90
Nuveen Select Tax Free Incom Portfolio 2 0.0 $472k 38k 12.37
Putnam Managed Municipal Income Trust (PMM) 0.0 $517k 78k 6.65
Nuveen Ohio Quality Income M 0.0 $585k 42k 13.93
Alliance California Municipal Income Fun 0.0 $528k 44k 12.14
Macquarie Global Infr Total Rtrn Fnd 0.0 $450k 20k 22.10
Nuveen Nj Div Advantage Mun (NXJ) 0.0 $563k 45k 12.48
BlackRock Municipal Bond Investment Tst 0.0 $520k 39k 13.38
Morgan Stanley India Investment Fund (IIF) 0.0 $403k 23k 17.46
Franklin Street Properties (FSP) 0.0 $342k 29k 11.96
Blackrock Muniholdings Insured Fund II (MUE) 0.0 $290k 24k 12.08
BlackRock LT Municipal Advantage Trust (BTA) 0.0 $435k 43k 10.21
Market Vectors-Inter. Muni. Index 0.0 $436k 20k 21.99
Nuveen Global Value Opportunities Fund 0.0 $425k 32k 13.16
Blackrock Ny Mun Income Tr I 0.0 $291k 23k 12.65
Blackrock Muni Intermediate Drtn Fnd (MUI) 0.0 $437k 31k 13.90
Mfs Calif Mun 0.0 $286k 29k 9.99
Nuveen Div. Advantage Muni. Fund (NAD) 0.0 $417k 33k 12.60
Western Asset Invest. Grade Defined Opp (IGI) 0.0 $382k 19k 20.20
Aberdeen Israel Fund 0.0 $359k 21k 16.86
BlackRock Muni New York Intr. Dur. Fnd. 0.0 $404k 31k 13.15
Templeton Russia & East European Fund 0.0 $308k 20k 15.38
Western Asset Global Cp Defi (GDO) 0.0 $433k 24k 18.07
Nuveen Arizona Premium Income Mun (NAZ) 0.0 $283k 23k 12.12
3M Company (MMM) 0.0 $228k 1.6k 140.14
Nucor Corporation (NUE) 0.0 $233k 4.4k 53.34
SPDR Gold Trust (GLD) 0.0 $208k 1.8k 116.20
Aberdeen Global Income Fund (FCO) 0.0 $115k 11k 10.43
Advent/Claymore Enhanced Growth & Income 0.0 $125k 12k 10.16
Blackrock Muniyield Quality Fund II (MQT) 0.0 $213k 18k 11.66
Blackrock Muniassets Fund (MUA) 0.0 $235k 20k 11.56
Nuveen Premium Income Municipal Fund 0.0 $243k 20k 12.34
Nuveen PA Investnt Quality Municipal (NQP) 0.0 $170k 14k 12.37
Gsi 0.0 $187k 17k 11.22
Nuveen New Jersey Divid 0.0 $137k 11k 12.32
Nuveen NJ Invmt Quality Municipal Fund. 0.0 $264k 21k 12.88
Nuveen Ny Divid Advntg Mun F (NAN) 0.0 $201k 16k 12.73
BlackRock MuniYield Michigan Insured Fnd (MIY) 0.0 $169k 14k 12.49
Eaton Vance Mich Mun Bd 0.0 $219k 19k 11.54
Nuveen Pa Mun Value 0.0 $242k 18k 13.64
Aberdeen Indonesia Fund 0.0 $242k 29k 8.27
Eaton Vance Pa Muni Income T sh ben int 0.0 $196k 18k 11.11
Blackrock Multi-sector Incom other (BIT) 0.0 $218k 13k 17.15
Dreyfus Mun Bd Infrastructure 0.0 $252k 24k 10.36