Karpus Investment Management

Karpus Investment Management as of June 30, 2012

Portfolio Holdings for Karpus Investment Management

Karpus Investment Management holds 128 positions in its portfolio as reported in the June 2012 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
SPDR Nuveen Barclays Capital Municpl Bnd 7.6 $95M 3.9M 24.13
AllianceBernstein Income Fund 5.8 $73M 8.8M 8.32
Spdr S&p 500 Etf (SPY) 4.8 $60M 440k 136.11
Putnam Municipal Opportunities Trust (PMO) 4.0 $49M 3.8M 12.91
SPDR Dow Jones Industrial Average ETF (DIA) 3.6 $44M 346k 128.45
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 3.2 $40M 1.6M 24.43
PowerShares Build America Bond Portfolio 3.2 $40M 1.3M 29.70
PowerShares Insured Nati Muni Bond 3.0 $38M 1.5M 25.21
Rydex S&P Equal Weight ETF 2.7 $34M 676k 49.52
Eaton Vance Risk Managed Diversified (ETJ) 2.4 $31M 3.0M 10.25
Western Asset Inflation Mgnt Fnd 2.2 $28M 1.5M 18.16
Vanguard Small-Cap ETF (VB) 1.9 $24M 317k 76.04
Vanguard Europe Pacific ETF (VEA) 1.9 $24M 746k 31.57
Adams Express Company (ADX) 1.9 $23M 2.2M 10.55
Vanguard Large-Cap ETF (VV) 1.8 $22M 359k 62.10
Eaton Vance Tax Managed Diversified Eq. (ETY) 1.8 $22M 2.4M 9.07
Liberty All-Star Equity Fund (USA) 1.8 $22M 4.9M 4.51
Vanguard Mid-Cap ETF (VO) 1.8 $22M 283k 77.20
SPDR Gold Trust (GLD) 1.7 $22M 140k 155.19
Vanguard European ETF (VGK) 1.6 $21M 480k 42.83
Eaton Vance Enhanced Equity Income Fund (EOI) 1.6 $21M 1.9M 10.60
Tri-Continental Corporation (TY) 1.6 $20M 1.3M 15.47
Special Opportunities Fund (SPE) 1.6 $20M 1.3M 15.11
iShares MSCI Canada Index (EWC) 1.6 $20M 757k 25.84
Royce Value Trust (RVT) 1.5 $19M 1.5M 12.46
Zweig Total Return 1.5 $18M 1.5M 12.29
General American Investors (GAM) 1.4 $18M 658k 27.30
iShares IBoxx $ Invest Grade Corp Bd (LQD) 1.4 $17M 146k 117.59
Eaton Vance Enhanced Equity Incm. Fd. II (EOS) 1.3 $17M 1.6M 10.62
Vanguard Pacific ETF (VPL) 1.2 $15M 294k 50.12
Wstrn Ast Clymr Infltn Lkd Opts & Inc (WIW) 1.2 $15M 1.1M 13.05
Gabelli Dividend & Income Trust (GDV) 1.1 $14M 907k 15.51
BlackRock Income Trust 1.0 $13M 1.7M 7.48
Vanguard Emerging Markets ETF (VWO) 1.0 $13M 325k 39.93
Federated Enhanced Treasury 1.0 $12M 859k 14.44
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.9 $11M 109k 104.71
iShares MSCI United Kingdom Index 0.9 $11M 658k 16.29
Zweig Fund 0.9 $11M 895k 11.99
Macquarie Global Infr Total Rtrn Fnd 0.8 $11M 614k 17.36
iShares Lehman MBS Bond Fund (MBB) 0.8 $9.7M 89k 108.44
New Germany Fund (GF) 0.8 $9.6M 714k 13.44
iShares MSCI Pacific ex-Japan Idx (EPP) 0.7 $8.9M 218k 40.75
SPDR Barclays Capital Intl Tresy Bd ETF (BWX) 0.7 $8.8M 149k 59.13
Eaton Vance Tax-Managed Global Dive Eq (EXG) 0.6 $7.8M 943k 8.30
DTF Tax Free Income (DTF) 0.6 $7.9M 469k 16.80
Swiss Helvetia Fund (SWZ) 0.6 $7.4M 727k 10.13
BLACKROCK INTL GRWTH & INC T COM Bene Inter (BGY) 0.6 $7.0M 984k 7.12
Liberty All-Star Growth Fund (ASG) 0.6 $6.9M 1.7M 3.99
Morgan Stanley NY Quality Municipal Sec. (IQN) 0.6 $6.9M 419k 16.42
iShares MSCI France Index (EWQ) 0.5 $6.6M 337k 19.58
Japan Smaller Capitalizaion Fund (JOF) 0.5 $6.1M 830k 7.39
Morgan Stanley Asia Pacific Fund 0.5 $5.9M 429k 13.69
BlackRock Enhanced Dividend Achievers Tr (BDJ) 0.5 $5.8M 800k 7.24
iShares MSCI EMU Index (EZU) 0.4 $5.5M 201k 27.45
European Equity Fund (EEA) 0.4 $5.5M 901k 6.10
Fort Dearborn Income Securities 0.4 $5.3M 324k 16.40
Nuveen Equity Premium Income Fund (BXMX) 0.4 $5.1M 424k 12.10
Lennox International (LII) 0.4 $4.8M 102k 46.63
Western Asset Vrble Rate Strtgc Fnd 0.4 $4.6M 275k 16.73
iShares MSCI Japan Index 0.3 $4.2M 447k 9.41
Cohen and Steers Global Income Builder 0.3 $4.2M 417k 10.04
Asia Pacific Fund 0.3 $4.3M 447k 9.54
iShares Barclays TIPS Bond Fund (TIP) 0.3 $4.1M 34k 119.70
iShares MSCI Australia Index Fund (EWA) 0.3 $3.8M 175k 21.85
Lazard Global Total Return & Income Fund (LGI) 0.3 $3.7M 263k 14.14
LMP Capital and Income Fund (SCD) 0.3 $3.6M 280k 12.85
LMP Real Estate Income Fund 0.3 $3.5M 333k 10.40
Japan Equity Fund 0.3 $3.3M 646k 5.18
iShares MSCI Brazil Index (EWZ) 0.2 $3.1M 59k 51.69
Western Ast Clymr Infl Lkd Sc & Incm (WIA) 0.2 $2.7M 212k 13.00
Singapore Fund (SGF) 0.2 $2.4M 195k 12.57
Greater China Fund 0.2 $2.3M 218k 10.72
Aberdn Emring Mkts Telecomtions 0.2 $2.3M 124k 18.81
BlackRock Credit All Inc Trust IV (BTZ) 0.2 $2.3M 176k 13.25
JF China Region Fund 0.2 $2.4M 200k 12.11
China Fund (CHN) 0.2 $2.2M 99k 21.93
Montgomery Street Income Securities 0.2 $2.1M 132k 16.02
iShares MSCI Hong Kong Index Fund (EWH) 0.2 $2.0M 123k 16.40
Morgan Stanley Emerging Markets Fund 0.2 $2.0M 144k 13.99
Morgan Stanley California Quality (IQC) 0.1 $1.6M 110k 14.53
EATON VANCE MI Municipal 0.1 $1.5M 108k 13.51
Invesco Insured Cali Muni Se 0.1 $1.5M 100k 15.26
iShares MSCI EAFE Index Fund (EFA) 0.1 $1.2M 24k 49.96
Korea Equity Fund 0.1 $1.3M 143k 9.05
Blackrock Credit All Inc Trust III 0.1 $1.2M 107k 11.40
Delaware Invt Nat Muni Inc F sh ben int (VFL) 0.1 $1.1M 79k 13.62
India Fund (IFN) 0.1 $1.0M 51k 20.38
Market Vectors-Inter. Muni. Index 0.1 $836k 36k 23.27
Morgan Stanley India Investment Fund (IIF) 0.1 $711k 46k 15.51
International Business Machines (IBM) 0.1 $715k 3.7k 195.58
iShares S&P Europe 350 Index (IEV) 0.1 $694k 21k 33.70
BlackRock Income Opportunity Trust 0.1 $769k 71k 10.91
Invesco California Ins Mun Inc Trust 0.1 $805k 51k 15.86
Exxon Mobil Corporation (XOM) 0.1 $658k 7.7k 85.57
Franklin Street Properties (FSP) 0.1 $673k 64k 10.58
Aberdeen Latin Amer Eqty 0.1 $631k 20k 32.03
Calamos Global Dynamic Income Fund (CHW) 0.0 $511k 61k 8.41
Mexico Equity and Income Fund (MXE) 0.0 $540k 46k 11.73
Ishares Tr 2012 s^p amtfr 0.0 $552k 11k 50.60
Kimberly-Clark Corporation (KMB) 0.0 $420k 5.0k 83.77
Templeton Dragon Fund (TDF) 0.0 $356k 13k 26.50
Thai Fund 0.0 $316k 20k 16.04
Nuveen Insured Municipal Opp. Fund 0.0 $398k 27k 14.96
Central Europe and Russia Fund (CEE) 0.0 $345k 11k 30.23
Aberdeen Israel Fund 0.0 $380k 31k 12.49
Nuveen Ny Divid Advntg Mun F (NAN) 0.0 $336k 22k 15.07
Nuveen Build Amer Bd (NBB) 0.0 $330k 16k 21.15
Mexico Fund (MXF) 0.0 $415k 17k 24.94
Nuveen Arizona Dvd Adv Mun 0.0 $380k 26k 14.40
Nuveen Michigan Dividend Ad 0.0 $417k 28k 14.70
Corning Incorporated (GLW) 0.0 $259k 20k 12.93
Paychex (PAYX) 0.0 $241k 7.7k 31.41
Nuveen Div. Advantage Muni. Fund (NAD) 0.0 $286k 19k 15.14
Gsi 0.0 $191k 17k 11.46
Bancroft Fund (BCV) 0.0 $199k 13k 15.95
Blackrock Muniyield California Ins Fund 0.0 $226k 15k 15.57
Nuveen Michigan Premium Inm Municipal 0.0 $207k 14k 14.99
New Ireland Fund 0.0 $206k 28k 7.31
Templeton Russia & East European Fund 0.0 $294k 21k 13.83
Morgan Stanley East. Euro 0.0 $228k 16k 14.76
Lazard World Dividend & Income Fund 0.0 $207k 18k 11.22
Nuveen Ct Div Adv Mun Fd 3 0.0 $296k 21k 14.27
American Strategic Income Portfolio III 0.0 $157k 22k 7.04
MFS InterMarket Income Trust I 0.0 $99k 12k 8.42
Nuveen Insd Dividend Advantage (NVG) 0.0 $153k 10k 15.27
Clough Gbl Opps Fund Sh Ben Int closed-end fund (GLO) 0.0 $161k 15k 10.75
Blackrock Ny Invt Quality Mu 0.0 $159k 10k 15.47
Nuveen Tax Adv Fltg Rate Fun 0.0 $49k 19k 2.57