Karpus Investment Management

Karpus Investment Management as of June 30, 2011

Portfolio Holdings for Karpus Investment Management

Karpus Investment Management holds 128 positions in its portfolio as reported in the June 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Spdr S&p 500 Etf (SPY) 6.0 $72M 546k 131.97
Putnam Municipal Opportunities Trust (PMO) 5.9 $70M 6.3M 11.20
SPDR Dow Jones Industrial Average ETF (DIA) 4.1 $49M 398k 123.83
SunAmerica Focused Alpha Growth Fund 3.8 $46M 2.2M 20.77
AllianceBernstein Income Fund 3.6 $43M 5.5M 7.89
PowerShares Build America Bond Portfolio 3.0 $35M 1.4M 25.99
Rydex S&P Equal Weight ETF 2.9 $35M 689k 50.62
Vanguard Large-Cap ETF (VV) 2.9 $35M 577k 60.59
Ipath Dow Jones-aig Commodity (DJP) 2.9 $34M 728k 47.23
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 2.6 $31M 1.3M 24.24
SunAmerica Focused Alpha Large Cap Fund 2.6 $31M 1.6M 19.10
Vanguard Europe Pacific ETF (VEA) 2.5 $30M 779k 38.08
Liberty All-Star Equity Fund (USA) 2.4 $29M 5.6M 5.17
Adams Express Company (ADX) 2.2 $27M 2.4M 11.14
Vanguard Small-Cap ETF (VB) 2.2 $26M 332k 78.05
Vanguard European ETF (VGK) 2.1 $25M 470k 53.53
iShares MSCI Canada Index (EWC) 2.0 $24M 772k 31.67
Vanguard Mid-Cap ETF (VO) 2.0 $23M 291k 80.42
iShares S&P 500 Index (IVV) 1.8 $22M 162k 132.42
Gabelli Dividend & Income Trust (GDV) 1.8 $21M 1.3M 16.61
Royce Value Trust (RVT) 1.8 $21M 1.4M 14.92
DTF Tax Free Income (DTF) 1.7 $21M 1.4M 15.29
Western Asset Inflation Mgnt Fnd (IMF) 1.7 $20M 1.1M 17.40
Tri-Continental Corporation (TY) 1.6 $19M 1.3M 14.93
Liberty All-Star Growth Fund (ASG) 1.5 $18M 4.1M 4.44
General American Investors (GAM) 1.5 $18M 640k 28.06
Western Asset Municipal Partners Fnd 1.4 $16M 1.2M 13.98
Vanguard Pacific ETF (VPL) 1.3 $16M 283k 56.54
BlackRock Income Trust 1.3 $16M 2.2M 7.04
LMP Capital and Income Fund (SCD) 1.3 $16M 1.2M 13.72
New Germany Fund (GF) 1.1 $14M 758k 18.06
Vanguard Emerging Markets ETF (VWO) 1.0 $12M 252k 48.62
iShares MSCI United Kingdom Index 1.0 $12M 670k 17.81
iShares Barclays TIPS Bond Fund (TIP) 1.0 $12M 105k 110.64
Macquarie Global Infr Total Rtrn Fnd 0.9 $11M 598k 18.57
Swiss Helvetia Fund (SWZ) 0.9 $11M 716k 14.99
Wstrn Ast Clymr Infltn Lkd Opts & Inc (WIW) 0.8 $10M 810k 12.52
iShares MSCI France Index (EWQ) 0.8 $9.3M 336k 27.64
SPDR Barclays Capital Intl Tresy Bd ETF (BWX) 0.8 $9.2M 149k 61.77
Delaware Invt Nat Muni Inc F sh ben int (VFL) 0.8 $9.1M 729k 12.50
iShares MSCI Pacific ex-Japan Idx (EPP) 0.7 $8.8M 185k 47.61
PowerShares Insured Nati Muni Bond 0.7 $8.9M 383k 23.19
Eaton Vance Risk Managed Diversified (ETJ) 0.7 $8.0M 632k 12.62
Special Opportunities Fund (SPE) 0.6 $7.6M 489k 15.64
European Equity Fund (EEA) 0.6 $7.5M 899k 8.30
iShares MSCI EMU Index (EZU) 0.5 $6.3M 164k 38.83
iShares IBoxx $ Invest Grade Corp Bd (LQD) 0.5 $6.4M 58k 110.13
Morgan Stanley Asia Pacific Fund 0.5 $6.4M 374k 17.02
Federated Enhanced Treasury 0.5 $6.3M 407k 15.55
iShares MSCI Japan Index 0.5 $6.1M 588k 10.43
Fort Dearborn Income Securities 0.5 $5.6M 370k 15.07
iShares MSCI Australia Index Fund (EWA) 0.4 $5.0M 192k 26.05
Asia Pacific Fund 0.4 $4.8M 392k 12.12
Eaton Vance Tax-Managed Global Dive Eq (EXG) 0.4 $4.7M 449k 10.47
Western Asset Vrble Rate Strtgc Fnd 0.4 $4.7M 282k 16.60
H&Q Life Sciences Investors 0.4 $4.3M 343k 12.46
iShares MSCI Brazil Index (EWZ) 0.3 $4.2M 58k 73.35
Japan Equity Fund 0.3 $4.2M 687k 6.10
Morgan Stanley NY Quality Municipal Sec. (IQN) 0.3 $4.1M 297k 13.84
TS&W/Claymore Tax-Advantaged Balanced Fu (TYW) 0.3 $4.1M 357k 11.37
Cohen & Steers infrastucture Fund (UTF) 0.3 $3.9M 220k 17.80
Lazard Global Total Return & Income Fund (LGI) 0.3 $4.0M 252k 15.72
Invesco California Ins Mun Inc Trust 0.3 $3.8M 286k 13.24
LMP Real Estate Income Fund 0.3 $3.7M 347k 10.53
Singapore Fund (SGF) 0.3 $3.5M 239k 14.51
Nuveen Multi-Strategy Inc & Growth Fd 2 (JQC) 0.3 $3.2M 350k 9.14
iShares S&P Natl AMTFr Mncpl Bd (MUB) 0.2 $2.9M 28k 103.51
SPDR Nuveen Barclays Capital Municpl Bnd 0.2 $2.7M 121k 22.64
Blackrock Muniyield California Ins Fund 0.2 $2.5M 184k 13.34
Nuveen Michigan Premium Inm Municipal (NMP) 0.2 $2.6M 188k 13.60
China Fund (CHN) 0.2 $2.4M 78k 31.25
Morgan Stanley California Quality (IQC) 0.2 $2.4M 198k 12.14
Aberdn Emring Mkts Telecomtions 0.2 $2.2M 119k 18.79
Japan Smaller Capitalizaion Fund (JOF) 0.2 $2.2M 273k 8.22
iShares MSCI Hong Kong Index Fund (EWH) 0.2 $2.2M 117k 18.52
Nuveen Michigan Qlity Incom Municipal 0.2 $2.2M 161k 13.66
iShares Lehman 7-10 Yr Treas. Bond (IEF) 0.2 $2.1M 22k 95.86
Korea Equity Fund 0.2 $2.0M 137k 14.46
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.2 $1.9M 18k 104.95
Shelton Greater China Fund 0.1 $1.6M 207k 7.59
Morgan Stanley Emerging Markets Fund 0.1 $1.4M 86k 15.84
PowerShares VRDO Tax Free Weekly Por ETF 0.1 $1.3M 51k 25.00
JF China Region Fund 0.1 $1.3M 84k 15.26
EATON VANCE MI Municipal 0.1 $1.2M 100k 11.98
BlackRock Income Opportunity Trust 0.1 $1.2M 124k 9.68
Greater China Fund 0.1 $1.0M 82k 12.70
Montgomery Street Income Securities 0.1 $1.1M 67k 15.94
Cohen and Steers Global Income Builder 0.1 $1.0M 90k 11.15
Franklin Street Properties (FSP) 0.1 $821k 64k 12.91
Lennox International (LII) 0.1 $823k 19k 43.07
Invesco Van Kampen Bond Fund (VBF) 0.1 $858k 45k 19.05
BlackRock Credit All Inc Trust IV (BTZ) 0.1 $798k 64k 12.51
Calamos Strategic Total Return Fund (CSQ) 0.1 $697k 73k 9.57
International Business Machines (IBM) 0.1 $627k 3.7k 171.55
Central Europe and Russia Fund (CEE) 0.1 $593k 14k 43.44
Aberdeen Israel Fund 0.1 $557k 32k 17.28
Mexico Fund (MXF) 0.1 $589k 21k 28.26
Exxon Mobil Corporation (XOM) 0.0 $502k 6.2k 81.38
Kimberly-Clark Corporation (KMB) 0.0 $421k 6.3k 66.56
Aberdeen Latin Amer Eqty 0.0 $453k 12k 38.77
Ibero-America Fund (SNF) 0.0 $443k 58k 7.60
Mexico Equity and Income Fund (MXE) 0.0 $521k 45k 11.68
Malaysia Fund 0.0 $438k 39k 11.25
Corning Incorporated (GLW) 0.0 $363k 20k 18.15
iShares MSCI Singapore Index Fund 0.0 $339k 25k 13.73
iShares MSCI Sweden Index (EWD) 0.0 $355k 11k 31.78
Calamos Global Dynamic Income Fund (CHW) 0.0 $412k 47k 8.70
Nuveen Insured New York Prem Inco Mun (NNF) 0.0 $313k 22k 14.27
Morgan Stanley India Investment Fund (IIF) 0.0 $223k 10k 21.94
Paychex (PAYX) 0.0 $238k 7.7k 30.72
Royal Dutch Shell 0.0 $285k 4.0k 71.13
Textron (TXT) 0.0 $280k 12k 23.61
American Strategic Income Portfolio III 0.0 $242k 31k 7.94
Blackrock Credit All Inc Trust III 0.0 $224k 21k 10.84
Thai Fund 0.0 $255k 20k 12.74
Nuveen Premier Mun Income 0.0 $229k 17k 13.39
Nuveen New York Invst. Qlty. Mun. Fund (NQN) 0.0 $274k 19k 14.10
Nuveen Insured Premium Incm. Mun. Fnd II 0.0 $278k 23k 12.24
Gsi 0.0 $201k 17k 12.05
Bancroft Fund (BCV) 0.0 $249k 14k 17.34
BlackRock Muni New York Intr. Dur. Fnd. 0.0 $228k 17k 13.10
Nuveen Arizona Dvd Adv Mun 0.0 $237k 19k 12.61
Nuveen Michigan Dividend Ad 0.0 $281k 22k 12.93
Taiwan Fund (TWN) 0.0 $253k 13k 19.15
Aberdeen Asia-Pacific Income Fund (FAX) 0.0 $97k 13k 7.33
MFS Charter Income Trust (MCR) 0.0 $136k 15k 9.36
BlackRock Core Bond Trust (BHK) 0.0 $173k 14k 12.53
E-debit Global Corp 0.0 $3.5k 175k 0.02