Karpus Investment Management

Karpus Management as of March 31, 2014

Portfolio Holdings for Karpus Management

Karpus Management holds 191 positions in its portfolio as reported in the March 2014 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Vanguard S&p 500 Etf idx (VOO) 11.1 $215M 1.3M 171.35
Spdr S&p 500 Etf (SPY) 6.3 $122M 650k 187.01
AllianceBernstein Income Fund 4.0 $77M 11M 7.34
Vanguard Europe Pacific ETF (VEA) 2.8 $53M 1.3M 41.27
Vanguard European ETF (VGK) 2.6 $50M 852k 58.95
BlackRock Enhanced Dividend Achievers Tr (BDJ) 2.1 $40M 5.0M 7.94
Nuveen Div Adv Muni Fd 3 Ben Int (NZF) 2.0 $39M 3.0M 13.10
Vanguard Small-Cap ETF (VB) 2.0 $39M 344k 112.95
General American Investors (GAM) 1.9 $37M 1.0M 35.23
Nuveen Insd Dividend Advantage (NVG) 1.8 $34M 2.5M 13.33
Zweig Total Return 1.7 $33M 2.4M 14.06
Adams Express Company (ADX) 1.7 $33M 2.5M 12.98
Tri-Continental Corporation (TY) 1.7 $32M 1.6M 20.08
Vanguard Pacific ETF (VPL) 1.6 $30M 508k 59.08
Vanguard Mid-Cap ETF (VO) 1.5 $29M 252k 113.58
Nuveen Quality Income Municipal Fund 1.4 $27M 2.1M 13.29
Wstrn Ast Clymr Infltn Lkd Opts & Inc (WIW) 1.4 $27M 2.3M 11.63
Invesco Van Kampen Municipal Trust (VKQ) 1.4 $26M 2.2M 12.10
Federated Enhanced Treasury 1.3 $25M 1.9M 13.63
Vanguard Emerging Markets ETF (VWO) 1.2 $24M 587k 40.58
iShares MSCI Canada Index (EWC) 1.1 $22M 739k 29.55
BlackRock Income Trust 1.1 $21M 3.2M 6.52
Liberty All-Star Equity Fund (USA) 1.1 $20M 3.4M 5.88
Eaton V.Tax-Advantaged Dividend Inc Fund (EVT) 1.0 $20M 1.0M 19.66
BLACKROCK INTL GRWTH & INC T COM Bene Inter (BGY) 1.0 $20M 2.4M 8.06
iShares MSCI EMU Index (EZU) 1.0 $19M 447k 42.27
Zweig Fund 1.0 $19M 1.2M 15.19
Cohen & Steers infrastucture Fund (UTF) 1.0 $19M 843k 22.08
Cutwater Select Income 1.0 $19M 967k 19.42
Nuveen Munpl Markt Opp Fund 0.9 $18M 1.4M 12.76
Western Asset Inflation Mgnt Fnd (IMF) 0.9 $18M 1.0M 17.86
Nuveen Municipal Advantage Fund 0.9 $18M 1.4M 12.98
Invesco Van Kampen Muni Opp Trust (VMO) 0.9 $17M 1.4M 12.20
iShares MSCI United Kingdom Index 0.9 $17M 821k 20.59
BlackRock Income Opportunity Trust 0.9 $17M 1.6M 10.33
First Tr Inter Duration Pfd & Income (FPF) 0.8 $16M 708k 22.14
Putnam Municipal Opportunities Trust (PMO) 0.8 $14M 1.3M 11.37
Nuveen Premium Income Muni Fund 2 0.7 $14M 1.1M 13.39
Boulder Total Return Fund 0.7 $14M 574k 24.33
Eaton Vance Municipal Bond Fund (EIM) 0.7 $14M 1.2M 11.88
Invesco Van Kampen Bond Fund (VBF) 0.7 $14M 740k 18.18
Vanguard Information Technology ETF (VGT) 0.7 $13M 145k 91.53
Nuveen Int Dur Qual Mun Trm 0.7 $13M 1.1M 12.13
Nuveen Insured Tax-Free Adv Munici (NEA) 0.7 $13M 1.0M 12.94
Swiss Helvetia Fund (SWZ) 0.7 $13M 885k 14.38
Nuveen Mult Curr St Gv Incm 0.7 $12M 1.2M 10.49
Nuveen Insured Quality Muncipal Fund 0.6 $12M 970k 12.76
BlackRock Credit All Inc Trust IV (BTZ) 0.6 $12M 893k 13.52
Invesco Quality Municipal Inc Trust (IQI) 0.6 $12M 1.0M 11.81
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 0.6 $12M 489k 24.26
Nuveen Select Quality Municipal Fund 0.6 $11M 854k 13.24
Vanguard Short-Term Bond ETF (BSV) 0.6 $11M 137k 80.09
New Germany Fund (GF) 0.6 $11M 562k 19.46
Western Ast Clymr Infl Lkd Sc & Incm (WIA) 0.6 $11M 937k 11.65
Aberdeen Asia-Pacific Income Fund (FAX) 0.5 $10M 1.7M 6.11
iShares MSCI Pacific ex-Japan Idx (EPP) 0.5 $10M 209k 48.09
Vanguard Short Term Corporate Bond ETF (VCSH) 0.5 $10M 125k 79.98
Fort Dearborn Income Securities 0.5 $10M 701k 14.41
Morgan Stanley income sec 0.5 $9.8M 558k 17.54
Montgomery Street Income Securities 0.5 $9.4M 583k 16.09
Vanguard FTSE All-World ex-US ETF (VEU) 0.5 $9.0M 179k 50.31
iShares MSCI Japan Index 0.5 $8.9M 785k 11.33
Lennox International (LII) 0.4 $8.5M 94k 90.91
BlackRock Enhanced Capital and Income (CII) 0.4 $8.4M 604k 13.98
MFS InterMarket Income Trust I 0.4 $8.4M 1.0M 8.32
BlackRock Global Energy & Resources Trus (BGR) 0.4 $8.5M 352k 24.15
Nuveen Dividend Advantage Municipal Fd 2 0.4 $8.3M 612k 13.50
MFS Intermediate Income Trust (MIN) 0.4 $8.0M 1.5M 5.18
Ing Infrastructure Indls & M 0.4 $8.1M 462k 17.58
BlackRock Core Bond Trust (BHK) 0.4 $7.9M 591k 13.44
WisdomTree Japan Total Dividend (DXJ) 0.4 $7.8M 164k 47.34
Invesco Van Kampen Trust For Inv Grd Mun (VGM) 0.4 $7.3M 573k 12.80
Nexpoint Credit Strategies 0.4 $7.3M 663k 11.07
Cohen & Steers Dividend Majors Fund 0.3 $6.7M 436k 15.44
Asia Pacific Fund 0.3 $6.6M 642k 10.33
New Ireland Fund 0.3 $6.6M 457k 14.37
European Equity Fund (EEA) 0.3 $6.4M 710k 9.06
ING Global Equity Divid.&Premium Opp-ETF 0.3 $6.3M 684k 9.20
Eaton Vance Natl Mun Opport (EOT) 0.3 $6.4M 330k 19.39
Allianzgi Equity & Conv In 0.3 $6.1M 314k 19.45
Vanguard Total Stock Market ETF (VTI) 0.3 $5.6M 58k 97.47
China Fund (CHN) 0.3 $5.4M 272k 19.91
Van Kampen Advantage Muni Incm Tr II (VKI) 0.3 $5.4M 489k 10.99
Singapore Fund 0.3 $5.4M 433k 12.48
Templeton Dragon Fund (TDF) 0.3 $5.2M 213k 24.49
Morgan Stanley Asia Pacific Fund 0.3 $5.2M 310k 16.88
iShares MSCI France Index (EWQ) 0.2 $4.8M 163k 29.20
Lazard Global Total Return & Income Fund (LGI) 0.2 $4.7M 272k 17.41
Eaton Vance Cali Muni Bnd Fnd (EVM) 0.2 $4.8M 443k 10.86
LEGG MASON BW GLOBAL Income 0.2 $4.8M 271k 17.56
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.2 $4.6M 43k 105.49
Vanguard Total Bond Market ETF (BND) 0.2 $4.7M 57k 81.20
Special Opportunities Fund (SPE) 0.2 $4.6M 280k 16.25
Royce Value Trust (RVT) 0.2 $4.4M 283k 15.73
Eaton Vance Short Duration Diversified I (EVG) 0.2 $4.2M 275k 15.19
Western Asset Income Fund (PAI) 0.2 $4.3M 326k 13.27
Nuveen Build Amer Bd Opptny 0.2 $4.3M 210k 20.50
DTF Tax Free Income (DTF) 0.2 $4.0M 268k 14.79
Nuveen PA Investnt Quality Municipal (NQP) 0.2 $3.9M 290k 13.33
First Trust Enhanced Equity Income Fund (FFA) 0.2 $3.9M 290k 13.34
Morgan Stanley Emerging Markets Fund 0.2 $3.6M 235k 15.25
Nuveen Ins Ny Tx Fr Adv Mun (NRK) 0.2 $3.7M 291k 12.77
Boulder Growth & Income Fund (STEW) 0.2 $3.6M 437k 8.13
Eaton Vance New York Municipal Bond Fund (ENX) 0.2 $3.4M 286k 11.99
Nuveen Intermediate 0.2 $3.5M 290k 11.96
India Fund (IFN) 0.2 $3.3M 144k 23.04
Blackrock MuniHoldings Insured 0.2 $3.0M 241k 12.64
Jpmorgan China Region 0.1 $3.0M 208k 14.24
ING Asia Pacific High Divid Eq Inco Fund 0.1 $2.5M 194k 12.73
Nuveen Global Govt. Enhanced Income Fund 0.1 $2.4M 208k 11.57
Nuveen Global Value Opportunities Fund 0.1 $2.3M 175k 13.10
Nuveen Build Amer Bd (NBB) 0.1 $2.2M 115k 19.62
Japan Smaller Capitalizaion Fund (JOF) 0.1 $2.0M 233k 8.76
Aberdeen Latin Amer Eqty 0.1 $2.1M 74k 27.78
BlackRock Global Opportunities Equity Tr (BOE) 0.1 $2.0M 134k 14.63
Nuveen Div. Advantage Muni. Fund (NAD) 0.1 $1.8M 137k 13.39
MFS Government Markets Income Trust (MGF) 0.1 $1.8M 322k 5.70
Alliance New York Municipal Income Fund 0.1 $1.9M 151k 12.50
MFS Investment Grade Municipal Trust (CXH) 0.1 $2.0M 221k 8.94
Blackrock Build America Bond Trust (BBN) 0.1 $1.9M 93k 20.24
BlackRock Muniyield Michigan Ins. Fnd II 0.1 $2.0M 159k 12.45
iShares Lehman 3-7 Yr Treasury Bond (IEI) 0.1 $1.7M 14k 120.70
Nuveen Maryland Premium Income Municipal 0.1 $1.7M 138k 12.39
BlackRock MuniYield Insured Investment 0.1 $1.8M 138k 13.10
Putnam High Income Securities Fund 0.1 $1.5M 183k 8.37
Nuveen Select Tax-Free Income Portfolio (NXP) 0.1 $1.5M 109k 13.48
Strategic Global Income Fund 0.1 $1.6M 171k 9.21
Transamerica Income Shares 0.1 $1.6M 77k 20.80
Bancroft Fund (BCV) 0.1 $1.6M 82k 19.55
Nuveen Conn Prem Income Mun sh ben int 0.1 $1.5M 124k 12.16
EATON VANCE MI Municipal 0.1 $1.4M 120k 12.00
ING Global Advantage & Prem. Opprt. Fund 0.1 $1.3M 105k 11.96
Nuveen Nj Div Advantage Mun (NXJ) 0.1 $1.3M 99k 13.24
Ing Emerging Mkts Hgh Div Eq 0.1 $1.3M 108k 11.95
Nuveen Insured Municipal Opp. Fund 0.1 $1.1M 81k 13.76
Nuveen Premier Mun Income 0.1 $1.2M 90k 13.14
Nuveen Select Tax-Free Incom Portfolio 3 0.1 $1.1M 84k 13.67
BlackRock New York Insured Municipal 0.1 $1.1M 84k 12.84
Nuveen Michigan Qlity Incom Municipal 0.1 $1.3M 92k 13.56
Taiwan Fund (TWN) 0.1 $1.2M 65k 18.88
Lazard World Dividend & Income Fund 0.1 $1.2M 85k 13.93
Japan Equity Fund 0.1 $991k 152k 6.53
ADVENT CLAY GBL CONV SEC INC COM Bene Inter 0.1 $936k 124k 7.56
Nuveen New Jersey Divid 0.1 $954k 74k 12.96
Mexico Equity and Income Fund (MXE) 0.1 $989k 68k 14.51
BlackRock Insured Municipal Income Inves 0.1 $1.0M 75k 13.74
iShares MSCI Hong Kong Index Fund (EWH) 0.0 $821k 42k 19.78
Delaware Invt Nat Muni Inc F sh ben int (VFL) 0.0 $684k 55k 12.36
Eaton Vance Mun Income Term Tr (ETX) 0.0 $700k 45k 15.70
Exxon Mobil Corporation (XOM) 0.0 $490k 5.0k 97.63
Kimberly-Clark Corporation (KMB) 0.0 $508k 4.6k 110.27
International Business Machines (IBM) 0.0 $674k 3.5k 192.35
Korea Equity Fund 0.0 $484k 59k 8.23
BlackRock Enhanced Government Fund (EGF) 0.0 $611k 44k 14.04
BlackRock MuniYield Pennsylvania Insured (MPA) 0.0 $527k 38k 13.94
Western Asset Invest. Grade Defined Opp (IGI) 0.0 $489k 24k 20.17
Alliance California Municipal Income Fun 0.0 $621k 49k 12.72
BlackRock Muni New York Intr. Dur. Fnd. 0.0 $585k 43k 13.56
Eaton Vance Mun Bd Fd Ii 0.0 $580k 50k 11.63
BlackRock Municipal Bond Investment Tst 0.0 $656k 46k 14.19
Eaton Vance Pa Muni Income T sh ben int 0.0 $483k 40k 12.03
BLACKROCK MUN TARGET TERM TR SHARES Of Ben (BTT) 0.0 $526k 28k 19.08
Paychex (PAYX) 0.0 $322k 7.6k 42.63
Franklin Street Properties (FSP) 0.0 $360k 29k 12.59
Aberdn Emring Mkts Telecomtions 0.0 $306k 23k 13.31
Blackrock Muniholdings Insured Fund II (MUE) 0.0 $363k 29k 12.74
Blackrock Muni Intermediate Drtn Fnd (MUI) 0.0 $331k 23k 14.18
Federated Premier Intermediate Municipal 0.0 $306k 24k 12.82
Invesco Van Kampen Cal Val Mun Inc Trust (VCV) 0.0 $472k 40k 11.79
Mfs Calif Mun 0.0 $303k 29k 10.58
Nuveen Select Tax Free Incom Portfolio 2 0.0 $418k 32k 13.14
Nuveen NJ Invmt Quality Municipal Fund. 0.0 $370k 28k 13.28
Nuveen Ohio Quality Income M 0.0 $302k 20k 15.21
Western Asset Global Cp Defi (GDO) 0.0 $432k 24k 18.21
Walt Disney Company (DIS) 0.0 $201k 2.5k 79.92
3M Company (MMM) 0.0 $217k 1.6k 135.62
Nucor Corporation (NUE) 0.0 $221k 4.4k 50.60
Air Products & Chemicals (APD) 0.0 $202k 1.7k 118.82
Blackrock Ny Mun Income Tr I 0.0 $259k 19k 13.63
Blackrock Muniyield Quality Fund II (MQT) 0.0 $163k 13k 12.46
Nuveen Premium Income Municipal Fund 0.0 $215k 16k 13.11
Gsi 0.0 $218k 17k 13.08
Nuveen Ins Ca Tx Fr Adv Mun (NKX) 0.0 $186k 14k 13.29
Nuveen Ny Divid Advntg Mun F (NAN) 0.0 $210k 16k 13.30
BlackRock MuniYield Michigan Insured Fnd (MIY) 0.0 $174k 13k 13.24
Nuveen New York Mun Value 0.0 $219k 16k 13.95
Nuveen Ga Div Adv Mun Fd 2 0.0 $183k 15k 12.28
Eaton Vance Mich Mun Bd 0.0 $233k 19k 12.48
Nuveen Pa Mun Value 0.0 $256k 18k 14.42
Nuveen Arizona Premium Income Mun (NAZ) 0.0 $279k 22k 12.80
Dreyfus Mun Bd Infrastructure 0.0 $274k 24k 11.26