Karpus Investment Management

Karpus Management as of June 30, 2014

Portfolio Holdings for Karpus Management

Karpus Management holds 179 positions in its portfolio as reported in the June 2014 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Vanguard S&p 500 Etf idx (VOO) 11.4 $238M 1.3M 179.43
Spdr S&p 500 Etf (SPY) 5.1 $106M 540k 195.72
AllianceBernstein Income Fund 4.6 $96M 13M 7.52
Vanguard European ETF (VGK) 3.5 $73M 1.2M 59.95
Nuveen Div Adv Muni Fd 3 Ben Int (NZF) 2.6 $54M 4.0M 13.68
Vanguard Europe Pacific ETF (VEA) 2.6 $54M 1.3M 42.59
General American Investors (GAM) 2.2 $46M 1.3M 36.82
BlackRock Enhanced Dividend Achievers Tr (BDJ) 2.0 $42M 5.0M 8.39
Vanguard Small-Cap ETF (VB) 2.0 $41M 353k 117.12
Nuveen Insd Dividend Advantage (NVG) 1.9 $39M 2.8M 14.16
Vanguard Pacific ETF (VPL) 1.7 $36M 575k 62.24
Tri-Continental Corporation (TY) 1.7 $36M 1.7M 20.98
Adams Express Company (ADX) 1.7 $35M 2.5M 13.75
Zweig Total Return 1.7 $35M 2.4M 14.39
Wstrn Ast Clymr Infltn Lkd Opts & Inc (WIW) 1.6 $33M 2.6M 12.31
Vanguard Emerging Markets ETF (VWO) 1.6 $32M 747k 43.13
BlackRock Income Trust 1.5 $31M 4.7M 6.64
Invesco Van Kampen Municipal Trust (VKQ) 1.5 $31M 2.4M 12.52
Vanguard Mid-Cap ETF (VO) 1.4 $30M 250k 118.67
Nuveen Quality Income Municipal Fund 1.4 $29M 2.1M 13.72
Federated Enhanced Treasury 1.3 $27M 2.0M 13.49
Nuveen Municipal Advantage Fund 1.3 $27M 2.0M 13.44
Nuveen Select Quality Municipal Fund 1.2 $25M 1.8M 13.86
Cohen & Steers infrastucture Fund (UTF) 1.2 $25M 1.0M 24.49
Nuveen Munpl Markt Opp Fund 1.2 $24M 1.8M 13.35
iShares MSCI Canada Index (EWC) 1.1 $23M 725k 32.21
Liberty All-Star Equity Fund (USA) 1.1 $23M 3.8M 6.01
Eaton V.Tax-Advantaged Dividend Inc Fund (EVT) 1.1 $22M 1.1M 20.70
BlackRock Credit All Inc Trust IV (BTZ) 0.9 $20M 1.4M 13.75
Invesco Van Kampen Muni Opp Trust (VMO) 0.9 $19M 1.5M 12.60
Cutwater Select Income 0.9 $19M 939k 20.14
Invesco Van Kampen Bond Fund (VBF) 0.9 $18M 932k 19.18
Vanguard Information Technology ETF (VGT) 0.9 $18M 184k 96.79
BlackRock Income Opportunity Trust 0.8 $17M 1.6M 10.86
iShares MSCI EMU Index (EZU) 0.8 $17M 402k 42.32
Boulder Total Return Fund 0.8 $17M 649k 25.66
iShares MSCI United Kingdom Index 0.8 $16M 781k 20.88
Zweig Fund 0.8 $16M 1.0M 15.65
Montgomery Street Income Securities 0.8 $16M 960k 16.68
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 0.8 $16M 652k 24.33
Nuveen Insured Quality Muncipal Fund 0.8 $16M 1.2M 13.11
First Tr Inter Duration Pfd & Income (FPF) 0.8 $16M 686k 22.87
Putnam Municipal Opportunities Trust (PMO) 0.7 $16M 1.3M 11.75
Nuveen Premium Income Muni Fund 2 0.7 $15M 1.1M 13.84
Vanguard Short-Term Bond ETF (BSV) 0.7 $15M 182k 80.34
Eaton Vance Municipal Bond Fund (EIM) 0.7 $15M 1.2M 12.43
Morgan Stanley income sec 0.7 $15M 804k 18.05
Fort Dearborn Income Securities 0.7 $14M 967k 14.89
Invesco Quality Municipal Inc Trust (IQI) 0.7 $14M 1.1M 12.28
Swiss Helvetia Fund (SWZ) 0.7 $14M 964k 14.57
Nuveen Int Dur Qual Mun Trm 0.7 $14M 1.1M 12.83
MFS InterMarket Income Trust I 0.6 $13M 1.5M 8.53
Nuveen Insured Tax-Free Adv Munici (NEA) 0.6 $13M 952k 13.48
Western Ast Clymr Infl Lkd Sc & Incm (WIA) 0.6 $12M 1.0M 12.23
Vanguard FTSE All-World ex-US ETF (VEU) 0.6 $12M 228k 52.29
Nexpoint Credit Strategies 0.5 $11M 875k 12.07
New Germany Fund (GF) 0.5 $10M 547k 18.67
Invesco Van Kampen Trust For Inv Grd Mun (VGM) 0.5 $10M 789k 13.03
Nuveen Dividend Advantage Municipal Fd 2 0.5 $10M 729k 13.90
iShares Lehman 1-3 Year Treas.Bond (SHY) 0.5 $9.9M 117k 84.56
Voya Infrastructure Industrial & Materia (IDE) 0.5 $9.7M 520k 18.58
Allianzgi Equity & Conv In 0.5 $9.3M 459k 20.20
BlackRock Global Energy & Resources Trus (BGR) 0.4 $8.7M 324k 26.97
New Ireland Fund 0.4 $8.8M 644k 13.63
iShares MSCI Pacific ex-Japan Idx (EPP) 0.4 $8.6M 174k 49.25
Lennox International (LII) 0.4 $8.4M 94k 89.57
Vanguard Total Stock Market ETF (VTI) 0.4 $8.3M 81k 101.77
Vanguard Total Bond Market ETF (BND) 0.4 $8.4M 102k 82.22
Cohen & Steers Total Return Real (RFI) 0.4 $8.2M 664k 12.39
WisdomTree Japan Total Dividend (DXJ) 0.4 $8.1M 163k 49.36
Japan Smaller Capitalizaion Fund (JOF) 0.4 $7.9M 837k 9.45
BlackRock Core Bond Trust (BHK) 0.4 $7.8M 562k 13.96
Van Kampen Advantage Muni Incm Tr II (VKI) 0.4 $7.8M 684k 11.35
Vanguard Short Term Corporate Bond ETF (VCSH) 0.4 $7.6M 94k 80.37
Asia Pacific Fund 0.3 $7.3M 665k 11.05
Eaton Vance Natl Mun Opport (EOT) 0.3 $7.1M 356k 20.00
China Fund (CHN) 0.3 $6.5M 309k 21.17
iShares MSCI Japan Index 0.3 $6.2M 518k 12.04
BLACKROCK INTL GRWTH & INC T COM Bene Inter (BGY) 0.3 $6.2M 757k 8.24
Singapore Fund 0.3 $6.0M 462k 13.06
European Equity Fund (EEA) 0.3 $5.9M 655k 9.01
Eaton Vance Cali Muni Bnd Fnd (EVM) 0.3 $5.4M 468k 11.58
Nuveen Mtg opportunity term (JLS) 0.2 $4.7M 193k 24.60
Templeton Dragon Fund (TDF) 0.2 $4.5M 174k 25.85
Boulder Growth & Income Fund (STEW) 0.2 $4.6M 546k 8.52
Eaton Vance New York Municipal Bond Fund (ENX) 0.2 $4.5M 361k 12.50
Nuveen Global Value Opportunities Fund 0.2 $4.3M 291k 14.73
Morgan Stanley Emerging Markets Fund 0.2 $4.1M 255k 16.04
Blackrock MuniHoldings Insured 0.2 $4.1M 309k 13.21
Royce Value Trust (RVT) 0.2 $3.8M 240k 16.00
Nuveen PA Investnt Quality Municipal (NQP) 0.2 $3.8M 273k 13.90
Western Asset Income Fund (PAI) 0.2 $3.5M 251k 13.89
Lazard Global Total Return & Income Fund (LGI) 0.2 $3.5M 189k 18.58
Nuveen Intermediate 0.2 $3.6M 284k 12.59
First Trust Enhanced Equity Income Fund (FFA) 0.1 $3.2M 219k 14.46
Alliance New York Municipal Income Fund 0.1 $3.1M 242k 12.77
Morgan Stanley Asia Pacific Fund 0.1 $2.7M 163k 16.71
Voya Asia Pacific High Div Equity Income Fund (IAE) 0.1 $2.6M 196k 13.35
Nuveen Ins Ny Tx Fr Adv Mun (NRK) 0.1 $2.4M 186k 13.11
MFS Investment Grade Municipal Trust (CXH) 0.1 $2.6M 279k 9.28
Nuveen Div. Advantage Muni. Fund (NAD) 0.1 $2.2M 159k 14.14
DTF Tax Free Income (DTF) 0.1 $2.2M 134k 16.30
BlackRock MuniYield Insured Investment 0.1 $2.3M 173k 13.44
Aberdeen Latin Amer Eqty 0.1 $2.1M 70k 29.89
BlackRock Muniyield Michigan Ins. Fnd II 0.1 $2.0M 154k 12.97
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.1 $1.9M 18k 105.66
iShares MSCI France Index (EWQ) 0.1 $1.9M 67k 29.14
Jpmorgan China Region 0.1 $1.9M 127k 15.18
Nuveen Maryland Premium Income Municipal 0.1 $1.8M 137k 12.88
Nuveen Conn Prem Income Mun sh ben int 0.1 $1.6M 124k 12.64
Exxon Mobil Corporation (XOM) 0.1 $1.4M 14k 100.65
EATON VANCE MI Municipal 0.1 $1.5M 123k 12.46
Nuveen Select Tax-Free Income Portfolio (NXP) 0.1 $1.5M 109k 14.08
Eaton Vance Mun Income Term Tr (ETX) 0.1 $1.5M 87k 16.85
Voya Global Eq Div & Pr Opp (IGD) 0.1 $1.5M 154k 9.70
Nuveen Equity Premium Advantage Fund 0.1 $1.3M 100k 13.29
Nuveen Premier Mun Income 0.1 $1.2M 89k 13.63
Putnam High Income Securities Fund 0.1 $1.3M 148k 8.71
BlackRock New York Insured Municipal 0.1 $1.2M 91k 13.21
Nuveen Nj Div Advantage Mun (NXJ) 0.1 $1.3M 99k 13.60
Nuveen Michigan Qlity Incom Municipal 0.1 $1.3M 90k 14.47
BlackRock Insured Municipal Income Inves 0.1 $1.3M 91k 14.15
Japan Equity Fund ietf (JEQ) 0.1 $1.3M 179k 7.11
H&Q Healthcare Investors 0.1 $1.0M 40k 26.36
Nuveen Insured Municipal Opp. Fund 0.1 $1.1M 80k 14.11
Nuveen New Jersey Divid 0.1 $987k 74k 13.40
Nuveen Select Tax-Free Incom Portfolio 3 0.1 $1.1M 80k 14.08
Transamerica Income Shares 0.1 $993k 47k 21.17
Taiwan Fund (TWN) 0.1 $1.1M 51k 20.49
Lazard World Dividend & Income Fund 0.1 $1.1M 70k 15.19
Voya Emerging Markets High I etf (IHD) 0.1 $1.0M 81k 12.76
Ing Global Advantage And Premium Opportunity Fund (IGA) 0.1 $1.0M 82k 12.33
International Business Machines (IBM) 0.0 $635k 3.5k 181.22
BlackRock Enhanced Government Fund (EGF) 0.0 $598k 42k 14.29
Source Capital (SOR) 0.0 $678k 9.7k 69.95
BlackRock MuniYield Pennsylvania Insured (MPA) 0.0 $533k 38k 14.10
Alliance California Municipal Income Fun 0.0 $636k 48k 13.16
BlackRock Muni New York Intr. Dur. Fnd. 0.0 $604k 43k 14.00
Nuveen Ny Divid Advntg Mun F (NAN) 0.0 $546k 40k 13.74
BlackRock Municipal Bond Investment Tst 0.0 $661k 46k 14.54
Delaware Invt Nat Muni Inc F sh ben int (VFL) 0.0 $695k 54k 12.90
BLACKROCK MUN TARGET TERM TR SHARES Of Ben (BTT) 0.0 $560k 28k 20.31
Kimberly-Clark Corporation (KMB) 0.0 $512k 4.6k 111.14
Paychex (PAYX) 0.0 $314k 7.6k 41.57
Franklin Street Properties (FSP) 0.0 $360k 29k 12.59
iShares MSCI Hong Kong Index Fund (EWH) 0.0 $423k 20k 20.87
Korea Equity Fund 0.0 $414k 47k 8.84
Blackrock Muniholdings Insured Fund II (MUE) 0.0 $378k 29k 13.26
H&Q Life Sciences Investors 0.0 $363k 18k 20.74
iShares Lehman 3-7 Yr Treasury Bond (IEI) 0.0 $464k 3.8k 121.85
ADVENT CLAY GBL CONV SEC INC COM Bene Inter 0.0 $352k 46k 7.67
Federated Premier Intermediate Municipal 0.0 $315k 24k 13.20
Invesco Van Kampen Cal Val Mun Inc Trust (VCV) 0.0 $495k 40k 12.37
Nuveen Select Tax Free Incom Portfolio 2 0.0 $430k 31k 13.68
Nuveen NJ Invmt Quality Municipal Fund. 0.0 $450k 33k 13.73
Nuveen Ins Ca Tx Fr Adv Mun (NKX) 0.0 $428k 31k 13.64
Mexico Equity and Income Fund (MXE) 0.0 $438k 27k 16.10
Eaton Vance Pa Muni Income T sh ben int 0.0 $488k 40k 12.29
Walt Disney Company (DIS) 0.0 $216k 2.5k 85.88
Chevron Corporation (CVX) 0.0 $218k 1.7k 130.77
3M Company (MMM) 0.0 $229k 1.6k 143.12
Nucor Corporation (NUE) 0.0 $215k 4.4k 49.22
Air Products & Chemicals (APD) 0.0 $219k 1.7k 128.82
Sempra Energy (SRE) 0.0 $209k 2.0k 104.50
Aberdn Emring Mkts Telecomtions 0.0 $270k 19k 14.37
Blackrock Ny Mun Income Tr I 0.0 $267k 19k 14.05
Blackrock Muni Intermediate Drtn Fnd (MUI) 0.0 $292k 20k 14.60
Blackrock Muniyield Quality Fund II (MQT) 0.0 $167k 13k 12.77
Mfs Calif Mun 0.0 $310k 28k 11.06
Nuveen Premium Income Municipal Fund 0.0 $266k 20k 13.57
Gsi 0.0 $212k 17k 12.72
Blackrock New York Municipal Bond Trust 0.0 $176k 13k 13.97
Nuveen Ny Div Advantg Mun 0.0 $203k 15k 13.45
BlackRock MuniYield Michigan Insured Fnd (MIY) 0.0 $168k 12k 14.03
Nuveen New York Mun Value 0.0 $232k 16k 14.71
Nuveen Ga Div Adv Mun Fd 2 0.0 $191k 15k 12.82
Eaton Vance Mich Mun Bd 0.0 $249k 19k 13.33
Nuveen Pa Mun Value 0.0 $244k 16k 15.27
Dreyfus Mun Bd Infrastructure 0.0 $288k 24k 11.83