Karpus Investment Management

Karpus Investment Management as of Sept. 30, 2011

Portfolio Holdings for Karpus Investment Management

Karpus Investment Management holds 144 positions in its portfolio as reported in the September 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Putnam Municipal Opportunities Trust (PMO) 6.4 $78M 6.7M 11.69
AllianceBernstein Income Fund 5.6 $67M 8.5M 7.92
Spdr S&p 500 Etf (SPY) 5.3 $64M 521k 122.58
SPDR Dow Jones Industrial Average ETF (DIA) 3.9 $47M 406k 115.51
SunAmerica Focused Alpha Growth Fund 3.7 $45M 2.4M 18.79
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 3.1 $38M 1.6M 24.12
PowerShares Build America Bond Portfolio 3.1 $37M 1.3M 27.93
Rydex S&P Equal Weight ETF 3.0 $36M 799k 45.15
Vanguard Large-Cap ETF (VV) 2.9 $35M 625k 56.03
Ipath Dow Jones-aig Commodity (DJP) 2.6 $32M 729k 44.06
SunAmerica Focused Alpha Large Cap Fund 2.5 $30M 1.8M 16.89
Liberty All-Star Equity Fund (USA) 2.2 $27M 6.0M 4.46
Vanguard Europe Pacific ETF (VEA) 2.1 $25M 771k 32.58
Adams Express Company (ADX) 2.0 $25M 2.5M 9.97
Western Asset Inflation Mgnt Fnd (IMF) 2.0 $24M 1.4M 17.39
SPDR Nuveen Barclays Capital Municpl Bnd 2.0 $24M 1.0M 23.16
Vanguard Small-Cap ETF (VB) 2.0 $24M 353k 67.39
Vanguard Mid-Cap ETF (VO) 1.8 $22M 313k 70.99
Vanguard European ETF (VGK) 1.7 $21M 470k 44.69
iShares MSCI Canada Index (EWC) 1.7 $21M 764k 27.25
DTF Tax Free Income (DTF) 1.7 $20M 1.3M 15.25
Tri-Continental Corporation (TY) 1.6 $19M 1.4M 13.95
Royce Value Trust (RVT) 1.6 $19M 1.6M 12.06
iShares S&P 500 Index (IVV) 1.5 $18M 149k 123.06
General American Investors (GAM) 1.5 $18M 736k 24.79
Eaton Vance Risk Managed Diversified (ETJ) 1.5 $18M 1.6M 11.21
Liberty All-Star Growth Fund (ASG) 1.4 $17M 4.4M 3.91
Gabelli Dividend & Income Trust (GDV) 1.4 $17M 1.2M 14.37
Western Asset Municipal Partners Fnd 1.3 $16M 1.1M 14.71
BlackRock Income Trust 1.3 $16M 2.2M 7.34
Vanguard Pacific ETF (VPL) 1.1 $14M 265k 51.38
Special Opportunities Fund (SPE) 1.1 $13M 872k 14.57
iShares Barclays TIPS Bond Fund (TIP) 1.0 $12M 104k 114.73
iShares IBoxx $ Invest Grade Corp Bd (LQD) 0.9 $11M 102k 112.05
iShares MSCI United Kingdom Index 0.9 $11M 689k 16.27
Wstrn Ast Clymr Infltn Lkd Opts & Inc (WIW) 0.9 $11M 893k 12.52
New Germany Fund (GF) 0.8 $10M 720k 14.10
Macquarie Global Infr Total Rtrn Fnd 0.8 $10M 609k 16.70
SPDR Barclays Capital Intl Tresy Bd ETF (BWX) 0.8 $9.0M 148k 60.86
Vanguard Emerging Markets ETF (VWO) 0.7 $9.0M 226k 39.99
iShares MSCI Pacific ex-Japan Idx (EPP) 0.6 $7.7M 186k 41.48
Morgan Stanley Asia Pacific Fund 0.6 $7.6M 496k 15.25
PowerShares Insured Nati Muni Bond 0.6 $7.5M 313k 24.03
Swiss Helvetia Fund (SWZ) 0.6 $7.5M 631k 11.84
iShares MSCI France Index (EWQ) 0.6 $7.3M 346k 21.10
Federated Enhanced Treasury 0.6 $7.0M 464k 15.12
Fort Dearborn Income Securities 0.5 $6.5M 404k 16.17
European Equity Fund (EEA) 0.5 $5.8M 899k 6.45
iShares MSCI EMU Index (EZU) 0.5 $5.5M 180k 30.32
Eaton Vance Tax-Managed Global Dive Eq (EXG) 0.5 $5.5M 642k 8.54
LMP Capital and Income Fund (SCD) 0.4 $5.3M 450k 11.84
Japan Smaller Capitalizaion Fund (JOF) 0.4 $5.4M 712k 7.54
Western Asset Vrble Rate Strtgc Fnd 0.4 $4.7M 306k 15.38
iShares MSCI Japan Index 0.4 $4.4M 454k 9.67
Morgan Stanley NY Quality Municipal Sec. (IQN) 0.4 $4.4M 311k 14.20
iShares MSCI Australia Index Fund (EWA) 0.3 $4.2M 183k 23.02
TS&W/Claymore Tax-Advantaged Balanced Fu (TYW) 0.3 $4.2M 372k 11.20
Delaware Invt Nat Muni Inc F sh ben int (VFL) 0.3 $4.1M 335k 12.38
Invesco California Ins Mun Inc Trust 0.3 $3.9M 282k 13.95
Asia Pacific Fund 0.3 $4.0M 403k 10.02
Eaton Vance Tax Managed Diversified Eq. (ETY) 0.3 $3.6M 390k 9.17
Japan Equity Fund 0.3 $3.7M 679k 5.42
Cohen and Steers Global Income Builder 0.3 $3.5M 377k 9.24
Lazard Global Total Return & Income Fund (LGI) 0.3 $3.4M 249k 13.77
iShares MSCI Brazil Index (EWZ) 0.3 $3.3M 57k 58.00
Singapore Fund (SGF) 0.3 $3.3M 266k 12.40
LMP Real Estate Income Fund 0.2 $3.0M 335k 8.83
iShares S&P Natl AMTFr Mncpl Bd (MUB) 0.2 $2.8M 27k 105.78
Nuveen Multi-Strategy Inc & Growth Fd 2 (JQC) 0.2 $2.8M 346k 8.20
H&Q Life Sciences Investors 0.2 $2.5M 234k 10.80
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.2 $2.5M 24k 104.07
China Fund (CHN) 0.2 $2.3M 91k 25.38
Morgan Stanley California Quality (IQC) 0.2 $2.2M 173k 12.69
Nuveen Michigan Premium Inm Municipal (NMP) 0.2 $2.2M 161k 13.62
iShares Lehman 7-10 Yr Treas. Bond (IEF) 0.2 $2.1M 21k 102.94
Aberdn Emring Mkts Telecomtions 0.2 $2.0M 116k 17.34
Nuveen Michigan Qlity Incom Municipal 0.2 $2.1M 149k 13.85
BlackRock Credit All Inc Trust IV (BTZ) 0.2 $1.9M 165k 11.67
Blackrock Muniyield California Ins Fund 0.2 $2.0M 144k 13.62
iShares MSCI Hong Kong Index Fund (EWH) 0.1 $1.8M 114k 15.62
Korea Equity Fund 0.1 $1.8M 144k 12.29
BlackRock Income Opportunity Trust 0.1 $1.8M 181k 9.75
Calamos Strategic Total Return Fund (CSQ) 0.1 $1.4M 166k 8.44
Eaton Vance Enhanced Equity Income Fund (EOI) 0.1 $1.4M 138k 10.27
Montgomery Street Income Securities 0.1 $1.5M 95k 15.60
Greater China Fund 0.1 $1.4M 132k 10.48
EATON VANCE MI Municipal 0.1 $1.3M 106k 12.15
Morgan Stanley Emerging Markets Fund 0.1 $1.4M 100k 13.57
PowerShares VRDO Tax Free Weekly Por ETF 0.1 $1.3M 51k 24.99
JF China Region Fund 0.1 $1.2M 103k 12.07
Blackrock Build America Bond Trust (BBN) 0.1 $1.2M 58k 19.92
Blackrock Credit All Inc Trust III 0.1 $944k 94k 10.01
Calamos Global Dynamic Income Fund (CHW) 0.1 $931k 123k 7.55
Franklin Street Properties (FSP) 0.1 $766k 64k 12.05
iShares S&P Europe 350 Index (IEV) 0.1 $747k 21k 35.13
ING Asia Pacific High Divid Eq Inco Fund 0.1 $769k 54k 14.24
BlackRock Core Bond Trust (BHK) 0.1 $711k 55k 12.89
Spdr Series Trust cmn (HYMB) 0.1 $778k 15k 51.62
International Business Machines (IBM) 0.1 $654k 3.7k 178.90
Lennox International (LII) 0.1 $560k 19k 29.31
Nuveen Insured Premium Incm. Mun. Fnd II 0.1 $619k 49k 12.77
Exxon Mobil Corporation (XOM) 0.0 $510k 6.5k 78.89
MFS Charter Income Trust (MCR) 0.0 $494k 56k 8.78
BLACKROCK INTL GRWTH & INC T COM Bene Inter (BGY) 0.0 $500k 64k 7.83
Central Europe and Russia Fund (CEE) 0.0 $446k 13k 33.60
Aberdeen Latin Amer Eqty 0.0 $445k 14k 32.16
Aberdeen Israel Fund 0.0 $452k 30k 15.01
BlackRock Muni New York Intr. Dur. Fnd. 0.0 $511k 38k 13.50
Mexico Equity and Income Fund (MXE) 0.0 $442k 44k 10.06
Mexico Fund (MXF) 0.0 $457k 20k 22.71
Kimberly-Clark Corporation (KMB) 0.0 $418k 5.8k 71.78
Templeton Dragon Fund (TDF) 0.0 $349k 14k 25.47
Invesco Van Kampen Bond Fund (VBF) 0.0 $374k 19k 19.51
Nuveen Michigan Dividend Ad 0.0 $347k 26k 13.14
Taiwan Fund (TWN) 0.0 $388k 24k 16.41
Malaysia Fund 0.0 $326k 32k 10.06
Templeton Russia & East European Fund 0.0 $326k 21k 15.73
Exd - Eaton Vance Tax-advant 0.0 $375k 23k 16.14
Corning Incorporated (GLW) 0.0 $272k 20k 13.60
Paychex (PAYX) 0.0 $221k 7.7k 28.56
Procter & Gamble Company (PG) 0.0 $210k 3.2k 64.92
Royal Dutch Shell 0.0 $246k 4.0k 61.52
Textron (TXT) 0.0 $222k 12k 18.66
American Strategic Income Portfolio III 0.0 $288k 43k 6.67
Thai Fund 0.0 $257k 20k 13.03
iShares MSCI Sweden Index (EWD) 0.0 $278k 11k 25.36
AGIC Intl & Prem Strategy Fund (NAI) 0.0 $225k 21k 10.70
Western Ast Clymr Infl Lkd Sc & Incm (WIA) 0.0 $185k 15k 12.61
BlackRock Strategic Div Achievers Trust (BDT) 0.0 $202k 21k 9.60
Invesco Quality Muni Inv Trust (IQT) 0.0 $257k 20k 12.98
Bancroft Fund (BCV) 0.0 $206k 13k 15.61
Nuveen Arizona Dvd Adv Mun 0.0 $229k 18k 12.91
iShares MSCI Singapore Index Fund 0.0 $159k 13k 11.84
Blackrock Muniyield Insured Fund (MYI) 0.0 $166k 13k 12.98
MFS InterMarket Income Trust I 0.0 $94k 12k 8.05
MFS Multimarket Income Trust (MMT) 0.0 $135k 21k 6.35
Nuveen Div. Advantage Muni. Fund (NAD) 0.0 $167k 12k 13.96
Nuveen Quality Income Municipal Fund 0.0 $171k 12k 13.75
Gsi 0.0 $148k 17k 8.87
Clough Gbl Opps Fund Sh Ben Int closed-end fund (GLO) 0.0 $165k 15k 10.99
Invesco Municipal Premium Income Trust (PIA) 0.0 $97k 12k 7.99
New Ireland Fund 0.0 $134k 18k 7.30
Nuveen Ct Div Adv Mun Fd 3 0.0 $164k 13k 13.15
E-debit Global Corp 0.0 $1.8k 175k 0.01