Karpus Investment Management

Karpus Investment Management as of March 31, 2012

Portfolio Holdings for Karpus Investment Management

Karpus Investment Management holds 136 positions in its portfolio as reported in the March 2012 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
SPDR Nuveen Barclays Capital Municpl Bnd 7.1 $84M 3.5M 23.84
AllianceBernstein Income Fund 6.0 $71M 8.7M 8.19
Putnam Municipal Opportunities Trust (PMO) 4.7 $56M 4.4M 12.55
Spdr S&p 500 Etf (SPY) 4.2 $50M 354k 140.81
SPDR Dow Jones Industrial Average ETF (DIA) 3.7 $44M 336k 131.80
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 3.5 $41M 1.7M 24.37
PowerShares Build America Bond Portfolio 3.3 $39M 1.4M 29.06
Rydex S&P Equal Weight ETF 2.9 $34M 658k 51.87
Western Asset Inflation Mgnt Fnd 2.2 $26M 1.5M 17.75
Vanguard Small-Cap ETF (VB) 2.1 $25M 313k 78.72
Vanguard Europe Pacific ETF (VEA) 2.1 $24M 718k 34.03
Liberty All-Star Equity Fund (USA) 2.1 $25M 5.0M 4.93
Adams Express Company (ADX) 2.0 $24M 2.2M 10.98
Eaton Vance Risk Managed Diversified (ETJ) 2.0 $23M 2.2M 10.59
Vanguard Mid-Cap ETF (VO) 1.9 $23M 277k 81.58
iShares MSCI Canada Index (EWC) 1.8 $22M 758k 28.34
Vanguard European ETF (VGK) 1.8 $21M 463k 46.09
Eaton Vance Tax Managed Diversified Eq. (ETY) 1.8 $21M 2.2M 9.53
Special Opportunities Fund (SPE) 1.7 $20M 1.3M 16.06
Tri-Continental Corporation (TY) 1.6 $20M 1.2M 15.92
Royce Value Trust (RVT) 1.6 $20M 1.4M 13.89
General American Investors (GAM) 1.5 $18M 629k 29.00
Eaton Vance Enhanced Equity Income Fund (EOI) 1.5 $18M 1.6M 11.06
Zweig Total Return Fund 1.4 $17M 5.3M 3.20
Gabelli Dividend & Income Trust (GDV) 1.4 $17M 1.0M 16.38
iShares IBoxx $ Invest Grade Corp Bd (LQD) 1.4 $17M 144k 115.63
BlackRock Income Trust 1.3 $16M 2.1M 7.42
Ipath Dow Jones-aig Commodity (DJP) 1.3 $16M 367k 42.32
Vanguard Pacific ETF (VPL) 1.2 $14M 271k 53.14
Wstrn Ast Clymr Infltn Lkd Opts & Inc (WIW) 1.1 $13M 1.0M 12.79
Eaton Vance Enhanced Equity Incm. Fd. II (EOS) 1.1 $13M 1.2M 10.88
Federated Enhanced Treasury 1.1 $12M 841k 14.76
DTF Tax Free Income (DTF) 1.0 $12M 717k 16.60
iShares MSCI United Kingdom Index 1.0 $12M 664k 17.30
Macquarie Global Infr Total Rtrn Fnd 1.0 $12M 623k 18.45
New Germany Fund (GF) 0.9 $11M 714k 15.08
Vanguard Emerging Markets ETF (VWO) 0.8 $10M 229k 43.47
iShares Lehman MBS Bond Fund (MBB) 0.8 $9.4M 87k 107.95
iShares MSCI Pacific ex-Japan Idx (EPP) 0.8 $9.2M 212k 43.52
PowerShares Insured Nati Muni Bond 0.8 $8.9M 360k 24.78
SPDR Barclays Capital Intl Tresy Bd ETF (BWX) 0.7 $8.8M 147k 59.94
SPDR Gold Trust (GLD) 0.6 $7.6M 47k 162.12
Liberty All-Star Growth Fund (ASG) 0.6 $7.4M 1.7M 4.35
iShares MSCI France Index (EWQ) 0.6 $7.5M 341k 22.07
Swiss Helvetia Fund (SWZ) 0.6 $7.3M 647k 11.21
Eaton Vance Tax-Managed Global Dive Eq (EXG) 0.6 $7.1M 801k 8.91
Market Vectors Gold Miners ETF 0.6 $7.0M 142k 49.54
Morgan Stanley NY Quality Municipal Sec. (IQN) 0.6 $6.6M 420k 15.79
Morgan Stanley Asia Pacific Fund 0.6 $6.5M 441k 14.86
European Equity Fund (EEA) 0.5 $6.0M 885k 6.78
Japan Smaller Capitalizaion Fund (JOF) 0.5 $6.1M 775k 7.83
BLACKROCK INTL GRWTH & INC T COM Bene Inter (BGY) 0.5 $5.8M 737k 7.85
iShares MSCI EMU Index (EZU) 0.5 $5.7M 181k 31.55
BlackRock Enhanced Dividend Achievers Tr (BDJ) 0.5 $5.5M 737k 7.50
Fort Dearborn Income Securities 0.5 $5.5M 340k 16.17
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.5 $5.4M 51k 105.09
Nuveen Equity Premium Income Fund (BXMX) 0.4 $5.2M 433k 11.97
Western Asset Vrble Rate Strtgc Fnd 0.4 $5.2M 314k 16.62
LMP Capital and Income Fund (SCD) 0.4 $5.0M 370k 13.39
iShares MSCI Japan Index 0.4 $4.6M 450k 10.18
Cohen and Steers Global Income Builder 0.4 $4.7M 436k 10.70
Asia Pacific Fund 0.4 $4.5M 422k 10.58
Lennox International (LII) 0.3 $4.1M 102k 40.30
iShares MSCI Australia Index Fund (EWA) 0.3 $4.2M 179k 23.51
iShares Barclays TIPS Bond Fund (TIP) 0.3 $4.0M 34k 117.65
Lazard Global Total Return & Income Fund (LGI) 0.3 $4.0M 269k 14.96
Vanguard Large-Cap ETF (VV) 0.3 $4.0M 62k 64.43
iShares MSCI Brazil Index (EWZ) 0.3 $3.8M 59k 64.66
Japan Equity Fund 0.3 $3.8M 664k 5.67
LMP Real Estate Income Fund 0.3 $3.5M 334k 10.32
Singapore Fund (SGF) 0.2 $2.8M 214k 12.96
Calamos Strategic Total Return Fund (CSQ) 0.2 $2.5M 249k 10.00
Aberdn Emring Mkts Telecomtions 0.2 $2.3M 121k 19.37
BlackRock Credit All Inc Trust IV (BTZ) 0.2 $2.4M 183k 13.07
iShares MSCI Hong Kong Index Fund (EWH) 0.2 $2.1M 120k 17.45
China Fund (CHN) 0.2 $2.1M 89k 23.30
Calamos Global Dynamic Income Fund (CHW) 0.2 $2.2M 247k 8.80
Western Asset Municipal Partners Fnd 0.2 $2.2M 137k 15.79
Greater China Fund 0.2 $2.0M 175k 11.50
JF China Region Fund 0.2 $1.9M 153k 12.73
iShares MSCI EAFE Index Fund (EFA) 0.1 $1.6M 30k 54.89
BlackRock Income Opportunity Trust 0.1 $1.7M 160k 10.48
Montgomery Street Income Securities 0.1 $1.5M 98k 15.80
Morgan Stanley California Quality (IQC) 0.1 $1.5M 111k 13.94
Delaware Invt Nat Muni Inc F sh ben int (VFL) 0.1 $1.6M 118k 13.24
Nuveen Multi-Strategy Inc & Growth Fd 2 (JQC) 0.1 $1.5M 165k 8.98
Korea Equity Fund 0.1 $1.4M 143k 9.74
Morgan Stanley Emerging Markets Fund 0.1 $1.5M 100k 14.63
EATON VANCE MI Municipal 0.1 $1.3M 98k 13.49
Blackrock Credit All Inc Trust III 0.1 $1.2M 107k 11.23
Western Ast Clymr Infl Lkd Sc & Incm (WIA) 0.1 $1.0M 82k 12.74
Invesco Insured Cali Muni Se 0.1 $999k 69k 14.54
iShares S&P Europe 350 Index (IEV) 0.1 $790k 21k 37.35
Exxon Mobil Corporation (XOM) 0.1 $667k 7.7k 86.73
International Business Machines (IBM) 0.1 $762k 3.7k 208.65
Franklin Street Properties (FSP) 0.1 $674k 64k 10.60
Spdr Series Trust cmn (HYMB) 0.1 $716k 13k 54.77
India Fund (IFN) 0.1 $566k 25k 22.30
Ishares Tr 2012 s^p amtfr 0.1 $554k 11k 50.84
Kimberly-Clark Corporation (KMB) 0.0 $423k 5.7k 73.89
Aberdeen Latin Amer Eqty 0.0 $502k 14k 35.51
Aberdeen Israel Fund 0.0 $416k 30k 13.99
Mexico Equity and Income Fund (MXE) 0.0 $493k 43k 11.40
Mexico Fund (MXF) 0.0 $440k 17k 25.27
Nuveen Michigan Premium Inm Municipal 0.0 $431k 29k 14.83
Morgan Stanley India Investment Fund (IIF) 0.0 $329k 20k 16.56
Templeton Dragon Fund (TDF) 0.0 $384k 14k 28.35
American Strategic Income Portfolio III 0.0 $301k 43k 7.00
Thai Fund 0.0 $314k 20k 15.94
Nuveen Insured Municipal Opp. Fund 0.0 $389k 27k 14.61
Central Europe and Russia Fund (CEE) 0.0 $401k 12k 35.02
Nuveen Ny Divid Advntg Mun F (NAN) 0.0 $322k 22k 14.43
Nuveen Build Amer Bd (NBB) 0.0 $307k 15k 20.18
Nuveen Michigan Dividend Ad 0.0 $403k 29k 13.87
Templeton Russia & East European Fund 0.0 $338k 21k 16.44
Corning Incorporated (GLW) 0.0 $282k 20k 14.08
Paychex (PAYX) 0.0 $238k 7.7k 30.99
Textron (TXT) 0.0 $219k 7.9k 27.83
AGIC Intl & Prem Strategy Fund (NAI) 0.0 $208k 19k 10.97
Nuveen Div. Advantage Muni. Fund (NAD) 0.0 $292k 20k 14.58
Nuveen Insured Premium Incm. Mun. Fnd II 0.0 $292k 22k 13.50
Gsi 0.0 $201k 17k 12.06
Bancroft Fund (BCV) 0.0 $209k 13k 16.69
Blackrock Muniyield California Ins Fund 0.0 $216k 15k 14.86
Invesco California Ins Mun Inc Trust 0.0 $246k 16k 15.18
Taiwan Fund (TWN) 0.0 $291k 17k 16.83
New Ireland Fund 0.0 $251k 31k 8.12
Morgan Stanley East. Euro 0.0 $203k 12k 16.58
Exd - Eaton Vance Tax-advant 0.0 $251k 15k 16.90
Nuveen Ct Div Adv Mun Fd 3 0.0 $291k 21k 13.88
ING Global Equity Divid.&Premium Opp-ETF 0.0 $133k 14k 9.59
Zweig Fund 0.0 $87k 27k 3.21
MFS InterMarket Income Trust I 0.0 $98k 12k 8.37
Nuveen Insd Dividend Advantage (NVG) 0.0 $150k 10k 14.96
Clough Gbl Opps Fund Sh Ben Int closed-end fund (GLO) 0.0 $177k 15k 11.78
Lazard World Dividend & Income Fund 0.0 $141k 12k 12.20