Karpus Investment Management

Karpus Investment Management as of Dec. 31, 2011

Portfolio Holdings for Karpus Investment Management

Karpus Investment Management holds 138 positions in its portfolio as reported in the December 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Putnam Municipal Opportunities Trust (PMO) 6.1 $71M 5.8M 12.27
AllianceBernstein Income Fund 5.9 $69M 8.5M 8.07
Spdr S&p 500 Etf (SPY) 3.7 $43M 344k 125.50
SPDR Nuveen Barclays Capital Municpl Bnd 3.6 $42M 1.8M 23.74
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 3.5 $40M 1.7M 24.34
SPDR Dow Jones Industrial Average ETF (DIA) 3.4 $40M 328k 121.85
SunAmerica Focused Alpha Growth Fund 3.3 $39M 2.1M 18.28
PowerShares Build America Bond Portfolio 3.3 $38M 1.3M 28.70
Rydex S&P Equal Weight ETF 2.7 $32M 686k 46.28
Ipath Dow Jones-aig Commodity (DJP) 2.6 $30M 717k 42.24
SunAmerica Focused Alpha Large Cap Fund 2.3 $27M 1.6M 16.22
Western Asset Inflation Mgnt Fnd (IMF) 2.2 $25M 1.5M 17.49
Vanguard Small-Cap ETF (VB) 1.9 $23M 323k 69.67
Liberty All-Star Equity Fund (USA) 1.9 $22M 5.3M 4.22
Vanguard Large-Cap ETF (VV) 1.9 $22M 388k 57.30
Adams Express Company (ADX) 1.9 $22M 2.3M 9.64
DTF Tax Free Income (DTF) 1.8 $21M 1.3M 16.06
Vanguard Europe Pacific ETF (VEA) 1.8 $21M 679k 30.63
iShares MSCI Canada Index (EWC) 1.7 $20M 748k 26.60
Vanguard Mid-Cap ETF (VO) 1.7 $19M 268k 71.94
Eaton Vance Tax Managed Diversified Eq. (ETY) 1.6 $19M 2.2M 8.87
Eaton Vance Risk Managed Diversified (ETJ) 1.6 $19M 1.8M 10.45
Vanguard European ETF (VGK) 1.6 $18M 440k 41.43
Tri-Continental Corporation (TY) 1.6 $18M 1.3M 14.23
Gabelli Dividend & Income Trust (GDV) 1.5 $18M 1.2M 15.42
Royce Value Trust (RVT) 1.5 $18M 1.4M 12.27
General American Investors (GAM) 1.4 $17M 661k 24.91
BlackRock Income Trust 1.4 $16M 2.2M 7.33
Special Opportunities Fund (SPE) 1.3 $15M 1.0M 14.50
Eaton Vance Enhanced Equity Income Fund (EOI) 1.3 $15M 1.5M 10.18
iShares IBoxx $ Invest Grade Corp Bd (LQD) 1.1 $13M 111k 113.76
Wstrn Ast Clymr Infltn Lkd Opts & Inc (WIW) 1.1 $13M 995k 12.61
Vanguard Pacific ETF (VPL) 1.0 $12M 250k 47.59
Western Asset Municipal Partners Fnd 1.0 $12M 753k 15.36
Federated Enhanced Treasury 1.0 $11M 776k 14.35
iShares MSCI United Kingdom Index 0.9 $11M 661k 16.16
Macquarie Global Infr Total Rtrn Fnd 0.9 $11M 621k 16.99
Eaton Vance Enhanced Equity Incm. Fd. II (EOS) 0.9 $10M 1.0M 10.21
iShares Barclays TIPS Bond Fund (TIP) 0.8 $9.8M 84k 116.69
SPDR Barclays Capital Intl Tresy Bd ETF (BWX) 0.8 $8.7M 148k 58.83
New Germany Fund (GF) 0.7 $8.7M 707k 12.24
Vanguard Emerging Markets ETF (VWO) 0.7 $8.5M 221k 38.21
iShares MSCI Pacific ex-Japan Idx (EPP) 0.7 $7.9M 204k 38.93
Liberty All-Star Growth Fund (ASG) 0.6 $7.2M 1.9M 3.81
PowerShares Insured Nati Muni Bond 0.6 $6.9M 282k 24.45
iShares MSCI France Index (EWQ) 0.6 $6.6M 338k 19.58
Morgan Stanley NY Quality Municipal Sec. (IQN) 0.6 $6.7M 426k 15.63
Eaton Vance Tax-Managed Global Dive Eq (EXG) 0.5 $6.3M 759k 8.25
Swiss Helvetia Fund (SWZ) 0.5 $6.3M 634k 9.95
BLACKROCK INTL GRWTH & INC T COM Bene Inter (BGY) 0.5 $6.1M 847k 7.16
Fort Dearborn Income Securities 0.5 $6.0M 373k 15.96
Morgan Stanley Asia Pacific Fund 0.5 $5.8M 445k 13.10
LMP Capital and Income Fund (SCD) 0.5 $5.6M 449k 12.36
Japan Smaller Capitalizaion Fund (JOF) 0.5 $5.5M 764k 7.18
European Equity Fund (EEA) 0.5 $5.3M 885k 5.94
iShares MSCI EMU Index (EZU) 0.4 $4.7M 169k 27.90
Western Asset Vrble Rate Strtgc Fnd 0.4 $4.6M 312k 14.85
Lennox International (LII) 0.4 $4.4M 130k 33.75
TS&W/Claymore Tax-Advantaged Balanced Fu (TYW) 0.4 $4.3M 369k 11.70
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.4 $4.1M 40k 104.20
iShares MSCI Japan Index 0.3 $4.1M 450k 9.11
Cohen and Steers Global Income Builder 0.3 $4.1M 438k 9.30
Asia Pacific Fund 0.3 $3.9M 418k 9.40
iShares MSCI Australia Index Fund (EWA) 0.3 $3.8M 179k 21.44
Lazard Global Total Return & Income Fund (LGI) 0.3 $3.4M 256k 13.39
Japan Equity Fund 0.3 $3.4M 671k 5.00
iShares MSCI Brazil Index (EWZ) 0.3 $3.3M 57k 57.39
Delaware Invt Nat Muni Inc F sh ben int (VFL) 0.3 $3.3M 255k 12.91
LMP Real Estate Income Fund 0.3 $3.1M 337k 9.25
Singapore Fund (SGF) 0.3 $3.1M 287k 10.91
iShares S&P Natl AMTFr Mncpl Bd (MUB) 0.2 $2.9M 27k 108.25
Nuveen Multi-Strategy Inc & Growth Fd 2 (JQC) 0.2 $2.8M 345k 8.05
iShares S&P 500 Index (IVV) 0.2 $2.3M 18k 125.96
BlackRock Credit All Inc Trust IV (BTZ) 0.2 $2.2M 184k 12.15
iShares Lehman 7-10 Yr Treas. Bond (IEF) 0.2 $2.1M 20k 105.57
Aberdn Emring Mkts Telecomtions 0.2 $2.0M 115k 17.53
Calamos Strategic Total Return Fund (CSQ) 0.2 $2.0M 243k 8.35
China Fund (CHN) 0.2 $1.8M 90k 20.51
BlackRock Income Opportunity Trust 0.2 $1.8M 181k 10.22
Calamos Global Dynamic Income Fund (CHW) 0.2 $1.8M 247k 7.30
Nuveen Michigan Premium Inm Municipal (NMP) 0.2 $1.8M 129k 14.11
iShares MSCI Hong Kong Index Fund (EWH) 0.1 $1.7M 112k 15.47
Greater China Fund 0.1 $1.6M 160k 10.07
iShares MSCI EAFE Index Fund (EFA) 0.1 $1.5M 30k 49.53
Montgomery Street Income Securities 0.1 $1.5M 95k 15.43
JF China Region Fund 0.1 $1.5M 135k 11.02
Morgan Stanley California Quality (IQC) 0.1 $1.5M 106k 13.72
Nuveen Michigan Qlity Incom Municipal 0.1 $1.4M 94k 14.62
EATON VANCE MI Municipal 0.1 $1.3M 99k 12.90
Korea Equity Fund 0.1 $1.3M 143k 9.08
Morgan Stanley Emerging Markets Fund 0.1 $1.3M 99k 12.92
Blackrock Credit All Inc Trust III 0.1 $1.1M 107k 10.54
Zweig Total Return Fund 0.1 $1.1M 368k 3.03
Nuveen Equity Premium Income Fund (BXMX) 0.1 $881k 79k 11.18
Exxon Mobil Corporation (XOM) 0.1 $845k 10k 84.76
PowerShares VRDO Tax Free Weekly Por ETF 0.1 $783k 31k 25.02
Spdr Series Trust cmn (HYMB) 0.1 $794k 15k 52.72
International Business Machines (IBM) 0.1 $672k 3.7k 183.88
iShares S&P Europe 350 Index (IEV) 0.1 $744k 22k 33.74
Taiwan Fund (TWN) 0.1 $693k 48k 14.49
Franklin Street Properties (FSP) 0.1 $633k 64k 9.95
Western Ast Clymr Infl Lkd Sc & Incm (WIA) 0.1 $628k 50k 12.64
Exd - Eaton Vance Tax-advant 0.1 $612k 37k 16.55
Ishares Tr 2012 s^p amtfr 0.1 $553k 11k 50.72
India Fund (IFN) 0.0 $440k 23k 19.04
Kimberly-Clark Corporation (KMB) 0.0 $421k 5.7k 73.56
MFS Charter Income Trust (MCR) 0.0 $513k 56k 9.15
Nuveen Insured Premium Incm. Mun. Fnd II 0.0 $421k 31k 13.78
Aberdeen Latin Amer Eqty 0.0 $439k 15k 30.10
Mexico Equity and Income Fund (MXE) 0.0 $432k 43k 9.95
Mexico Fund (MXF) 0.0 $436k 20k 21.85
Royal Dutch Shell 0.0 $292k 4.0k 73.09
Templeton Dragon Fund (TDF) 0.0 $346k 14k 25.45
Invesco Insured Cali Muni Se 0.0 $393k 27k 14.39
Central Europe and Russia Fund (CEE) 0.0 $372k 13k 28.55
Aberdeen Israel Fund 0.0 $393k 31k 12.75
Invesco California Ins Mun Inc Trust 0.0 $326k 21k 15.21
Nuveen Michigan Dividend Ad 0.0 $358k 26k 13.56
Corning Incorporated (GLW) 0.0 $260k 20k 12.98
Paychex (PAYX) 0.0 $231k 7.7k 30.11
Textron (TXT) 0.0 $220k 12k 18.49
Kinder Morgan Energy Partners 0.0 $204k 2.4k 84.95
American Strategic Income Portfolio III 0.0 $282k 43k 6.52
Thai Fund 0.0 $241k 20k 12.26
AGIC Intl & Prem Strategy Fund (NAI) 0.0 $208k 21k 9.89
BlackRock Strategic Div Achievers Trust (BDT) 0.0 $203k 21k 9.80
Bancroft Fund (BCV) 0.0 $189k 13k 15.12
Malaysia Fund 0.0 $193k 21k 9.02
Templeton Russia & East European Fund 0.0 $275k 20k 13.61
Nuveen Ct Div Adv Mun Fd 3 0.0 $218k 16k 13.69
Morgan Stanley India Investment Fund (IIF) 0.0 $152k 11k 14.01
MFS InterMarket Income Trust I 0.0 $97k 12k 8.26
Gsi 0.0 $171k 17k 10.23
Clough Gbl Opps Fund Sh Ben Int closed-end fund (GLO) 0.0 $159k 15k 10.57
Blackrock Muniyield California Ins Fund 0.0 $166k 12k 14.34
New Ireland Fund 0.0 $170k 24k 6.94
Morgan Stanley East. Euro 0.0 $173k 13k 13.46
Invesco Van Kampen Senior Income Trust (VVR) 0.0 $43k 10k 4.28