Karpus Investment Management

Karpus Management as of Sept. 30, 2014

Portfolio Holdings for Karpus Management

Karpus Management holds 180 positions in its portfolio as reported in the September 2014 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Vanguard S&p 500 Etf idx (VOO) 11.9 $245M 1.4M 180.59
Spdr S&p 500 Etf (SPY) 4.5 $94M 477k 197.02
AllianceBernstein Income Fund 4.5 $93M 12M 7.50
Vanguard European ETF (VGK) 3.8 $78M 1.4M 55.22
Nuveen Div Adv Muni Fd 3 Ben Int (NZF) 2.4 $49M 3.6M 13.67
Vanguard Europe Pacific ETF (VEA) 2.3 $48M 1.2M 39.75
General American Investors (GAM) 2.3 $47M 1.3M 37.06
Adams Express Company (ADX) 1.9 $38M 2.8M 13.94
BlackRock Enhanced Dividend Achievers Tr (BDJ) 1.9 $38M 4.7M 8.20
Tri-Continental Corporation (TY) 1.7 $36M 1.7M 20.87
Zweig Total Return 1.7 $35M 2.5M 13.85
Vanguard Small-Cap ETF (VB) 1.7 $34M 310k 110.63
BlackRock Income Trust 1.6 $34M 5.4M 6.35
Vanguard Pacific ETF (VPL) 1.6 $34M 570k 59.30
Nuveen Insd Dividend Advantage (NVG) 1.6 $33M 2.3M 14.11
Vanguard Emerging Markets ETF (VWO) 1.6 $32M 773k 41.71
Invesco Van Kampen Municipal Trust (VKQ) 1.5 $31M 2.5M 12.55
Wstrn Ast Clymr Infltn Lkd Opts & Inc (WIW) 1.5 $30M 2.6M 11.59
Federated Enhanced Treasury 1.3 $27M 2.0M 13.47
Montgomery Street Income Securities 1.3 $26M 1.6M 16.32
Vanguard Mid-Cap ETF (VO) 1.3 $26M 221k 117.31
Nuveen Select Quality Municipal Fund 1.2 $25M 1.8M 13.67
Liberty All-Star Equity Fund (USA) 1.2 $24M 4.1M 5.83
Nuveen Munpl Markt Opp Fund 1.2 $24M 1.8M 13.26
Cohen & Steers infrastucture Fund (UTF) 1.1 $24M 1.0M 23.15
Nuveen Municipal Advantage Fund 1.1 $23M 1.7M 13.49
Eaton V.Tax-Advantaged Dividend Inc Fund (EVT) 1.1 $22M 1.1M 20.19
iShares MSCI Canada Index (EWC) 1.0 $21M 694k 30.69
Nuveen Quality Income Municipal Fund 1.0 $20M 1.5M 13.69
Invesco Van Kampen Muni Opp Trust (VMO) 1.0 $20M 1.6M 12.53
Morgan Stanley income sec 0.9 $20M 1.1M 17.85
Vanguard Information Technology ETF (VGT) 0.9 $20M 195k 100.08
BlackRock Credit All Inc Trust IV (BTZ) 0.9 $19M 1.5M 13.31
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 0.9 $19M 762k 24.41
Swiss Helvetia Fund (SWZ) 0.9 $18M 1.3M 13.53
Cutwater Select Income 0.9 $18M 924k 19.75
Invesco Van Kampen Bond Fund (VBF) 0.9 $18M 967k 18.58
BlackRock Income Opportunity Trust 0.8 $17M 1.7M 10.36
Boulder Total Return Fund 0.8 $17M 648k 26.34
Fort Dearborn Income Securities 0.8 $17M 1.2M 14.47
First Tr Inter Duration Pfd & Income (FPF) 0.8 $17M 765k 21.72
Putnam Municipal Opportunities Trust (PMO) 0.8 $16M 1.4M 11.70
Nuveen Insured Quality Muncipal Fund 0.8 $16M 1.2M 12.94
Nuveen Int Dur Qual Mun Trm 0.8 $16M 1.2M 12.78
MFS InterMarket Income Trust I 0.8 $16M 1.9M 8.35
Vanguard FTSE All-World ex-US ETF (VEU) 0.7 $15M 300k 49.24
Nuveen Premium Income Muni Fund 2 0.7 $15M 1.1M 13.75
Eaton Vance Municipal Bond Fund (EIM) 0.7 $15M 1.2M 12.52
Ishares msci uk 0.7 $15M 750k 19.38
Invesco Quality Municipal Inc Trust (IQI) 0.7 $14M 1.1M 12.12
Zweig Fund 0.7 $14M 894k 15.18
iShares MSCI EMU Index (EZU) 0.6 $13M 332k 38.50
Vanguard Short-Term Bond ETF (BSV) 0.6 $12M 152k 80.07
Nuveen Insured Tax-Free Adv Munici (NEA) 0.6 $12M 907k 13.53
Western Ast Clymr Infl Lkd Sc & Incm (WIA) 0.5 $11M 963k 11.54
Nexpoint Credit Strategies 0.5 $11M 1.1M 10.62
Nuveen Dividend Advantage Municipal Fd 2 0.5 $11M 784k 13.93
Allianzgi Equity & Conv In 0.5 $11M 547k 19.87
Vanguard Total Stock Market ETF (VTI) 0.5 $11M 106k 101.24
Invesco Van Kampen Trust For Inv Grd Mun (VGM) 0.5 $11M 808k 13.11
iShares Lehman 1-3 Year Treas.Bond (SHY) 0.5 $9.5M 113k 84.51
Japan Smaller Capitalizaion Fund (JOF) 0.5 $9.6M 990k 9.69
New Ireland Fund 0.5 $9.5M 747k 12.67
New Germany Fund (GF) 0.5 $9.3M 555k 16.70
Cohen & Steers Total Return Real (RFI) 0.4 $9.0M 753k 11.95
WisdomTree Japan Total Dividend (DXJ) 0.4 $8.4M 160k 52.32
Van Kampen Advantage Muni Incm Tr II (VKI) 0.4 $8.3M 731k 11.38
Asia Pacific Fund 0.4 $7.8M 689k 11.28
Lennox International (LII) 0.3 $7.2M 94k 76.87
Vanguard Short Term Corporate Bond ETF (VCSH) 0.3 $7.2M 90k 79.87
iShares MSCI Pacific ex-Japan Idx (EPP) 0.3 $7.0M 153k 46.07
China Fund (CHN) 0.3 $6.5M 313k 20.82
BlackRock Core Bond Trust (BHK) 0.3 $6.6M 497k 13.37
Eaton Vance Natl Mun Opport (EOT) 0.3 $6.7M 335k 19.93
Singapore Fund 0.3 $6.3M 507k 12.43
BlackRock Global Energy & Resources Trus (BGR) 0.3 $6.0M 249k 23.92
iShares MSCI Japan Index 0.3 $5.5M 469k 11.77
Vanguard Total Bond Market ETF (BND) 0.3 $5.6M 69k 81.93
Eaton Vance New York Municipal Bond Fund (ENX) 0.3 $5.7M 459k 12.33
Blackrock Muniholdings Insured Fund II (MUE) 0.3 $5.3M 399k 13.28
European Equity Fund (EEA) 0.3 $5.3M 646k 8.21
BLACKROCK MUN TARGET TERM TR SHARES Of Ben (BTT) 0.3 $5.3M 269k 19.87
Eaton Vance Cali Muni Bnd Fnd (EVM) 0.2 $5.3M 463k 11.35
Boulder Growth & Income Fund (STEW) 0.2 $4.9M 557k 8.84
Nuveen Mtg opportunity term (JLS) 0.2 $4.6M 193k 23.75
Templeton Dragon Fund (TDF) 0.2 $4.3M 166k 25.78
Blackrock MuniHoldings Insured 0.2 $4.2M 321k 12.97
Gabelli mutual funds - (GGZ) 0.2 $4.0M 396k 10.23
Morgan Stanley Emerging Markets Fund 0.2 $3.9M 251k 15.47
Western Asset Income Fund (PAI) 0.2 $3.9M 288k 13.39
Eaton Vance Mun Income Term Tr (ETX) 0.2 $3.8M 221k 17.36
Nuveen Global Value Opportunities Fund 0.2 $3.8M 283k 13.36
Nuveen PA Investnt Quality Municipal (NQP) 0.2 $3.7M 271k 13.62
Alliance New York Municipal Income Fund 0.2 $3.3M 261k 12.58
Nuveen Ins Ny Tx Fr Adv Mun (NRK) 0.2 $3.3M 257k 12.80
Transamerica Income Shares 0.1 $3.2M 156k 20.39
Nuveen Intermediate 0.1 $3.2M 256k 12.47
Voya Infrastructure Industrial & Materia (IDE) 0.1 $3.0M 176k 17.14
Morgan Stanley Asia Pacific Fund 0.1 $2.6M 160k 16.32
Royce Value Trust (RVT) 0.1 $2.7M 189k 14.50
Gabelli Equity Trust (GAB) 0.1 $2.5M 392k 6.38
MFS Investment Grade Municipal Trust (CXH) 0.1 $2.5M 277k 9.14
BlackRock MuniYield Insured Investment 0.1 $2.3M 175k 13.33
Lazard Global Total Return & Income Fund (LGI) 0.1 $2.1M 122k 17.37
Nuveen Div. Advantage Muni. Fund (NAD) 0.1 $2.1M 153k 13.84
Aberdeen Latin Amer Eqty 0.1 $2.1M 77k 27.34
Cohen & Steers Mlp Fund 0.1 $2.1M 97k 21.12
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.1 $1.8M 17k 105.29
First Trust Enhanced Equity Income Fund (FFA) 0.1 $1.8M 129k 14.29
DTF Tax Free Income (DTF) 0.1 $2.0M 130k 15.03
BlackRock Muniyield Michigan Ins. Fnd II 0.1 $1.9M 151k 12.54
Jpmorgan China Region 0.1 $1.9M 123k 15.21
iShares MSCI France Index (EWQ) 0.1 $1.6M 59k 26.55
Nuveen Premier Mun Income 0.1 $1.7M 126k 13.45
Nuveen Maryland Premium Income Municipal 0.1 $1.7M 135k 12.51
BlackRock Insured Municipal Income Inves 0.1 $1.6M 113k 14.14
EATON VANCE MI Municipal 0.1 $1.5M 118k 12.39
Source Capital (SOR) 0.1 $1.5M 23k 65.00
BlackRock Insured Municipal Income Trust (BYM) 0.1 $1.4M 102k 13.84
Nuveen Conn Prem Income Mun sh ben int 0.1 $1.5M 122k 12.44
Japan Equity Fund ietf (JEQ) 0.1 $1.4M 197k 7.11
Exxon Mobil Corporation (XOM) 0.1 $1.3M 14k 94.02
Nuveen Equity Premium Advantage Fund 0.1 $1.3M 98k 13.06
Putnam High Income Securities Fund 0.1 $1.2M 142k 8.32
Nuveen Select Tax-Free Income Portfolio (NXP) 0.1 $1.3M 97k 13.79
BlackRock New York Insured Municipal 0.1 $1.3M 100k 13.01
Nuveen Nj Div Advantage Mun (NXJ) 0.1 $1.3M 99k 13.43
Nuveen Michigan Qlity Incom Municipal 0.1 $1.2M 89k 13.64
Nuveen Insured Municipal Opp. Fund 0.1 $1.1M 78k 14.26
Blackrock Muni Intermediate Drtn Fnd (MUI) 0.1 $978k 68k 14.47
Duff & Phelps Utility & Corp Bond Trust 0.1 $1.1M 115k 9.79
BlackRock MuniHolding Insured Investm 0.1 $1.1M 81k 13.91
Nuveen New Jersey Divid 0.1 $968k 74k 13.15
Nuveen Select Tax-Free Incom Portfolio 3 0.1 $1.1M 80k 13.86
BlackRock Muni New York Intr. Dur. Fnd. 0.1 $963k 70k 13.73
Taiwan Fund (TWN) 0.1 $1.1M 59k 18.88
Voya Emerging Markets High I etf (IHD) 0.1 $952k 81k 11.80
Ing Global Advantage And Premium Opportunity Fund (IGA) 0.1 $1.0M 82k 12.30
Templeton Emerging Markets (EMF) 0.0 $726k 41k 17.74
International Business Machines (IBM) 0.0 $665k 3.5k 189.78
Invesco Van Kampen Trust for IGNYM Fund (VTN) 0.0 $563k 42k 13.41
Alliance California Municipal Income Fun 0.0 $624k 46k 13.51
Nuveen Ny Divid Advntg Mun F (NAN) 0.0 $618k 46k 13.32
BlackRock Municipal Bond Investment Tst 0.0 $652k 46k 14.34
Delaware Invt Nat Muni Inc F sh ben int (VFL) 0.0 $687k 54k 12.75
Kimberly-Clark Corporation (KMB) 0.0 $496k 4.6k 107.66
Paychex (PAYX) 0.0 $331k 7.5k 44.24
Franklin Street Properties (FSP) 0.0 $321k 29k 11.22
Korea Equity Fund 0.0 $378k 46k 8.26
BlackRock MuniYield Pennsylvania Insured (MPA) 0.0 $494k 35k 14.07
Federated Premier Intermediate Municipal 0.0 $409k 32k 12.83
Invesco Van Kampen Cal Val Mun Inc Trust (VCV) 0.0 $430k 35k 12.21
Nuveen Select Tax Free Incom Portfolio 2 0.0 $412k 31k 13.24
Nuveen NJ Invmt Quality Municipal Fund. 0.0 $437k 33k 13.33
Nuveen Ins Ca Tx Fr Adv Mun (NKX) 0.0 $437k 31k 13.92
Mexico Equity and Income Fund (MXE) 0.0 $442k 27k 16.47
Eaton Vance Pa Muni Income T sh ben int 0.0 $471k 39k 12.05
First Tr Mlp & Energy Income 0.0 $496k 23k 21.39
Walt Disney Company (DIS) 0.0 $224k 2.5k 89.07
3M Company (MMM) 0.0 $227k 1.6k 141.88
Nucor Corporation (NUE) 0.0 $237k 4.4k 54.26
Air Products & Chemicals (APD) 0.0 $221k 1.7k 130.00
Pepsi (PEP) 0.0 $205k 2.2k 93.18
Sempra Energy (SRE) 0.0 $211k 2.0k 105.50
Aberdn Emring Mkts Telecomtions 0.0 $250k 18k 13.87
Blackrock Ny Mun Income Tr I 0.0 $264k 19k 13.89
BLACKROCK INTL GRWTH & INC T COM Bene Inter (BGY) 0.0 $115k 15k 7.54
Blackrock Muniyield Quality Fund II (MQT) 0.0 $167k 13k 12.77
Mfs Calif Mun 0.0 $290k 27k 10.76
Nuveen Premium Income Municipal Fund 0.0 $263k 20k 13.42
Gsi 0.0 $192k 17k 11.52
Blackrock New York Municipal Bond Trust 0.0 $207k 15k 13.71
Nuveen New York Perf. Plus Muni Fund 0.0 $162k 12k 13.92
Nuveen Ny Div Advantg Mun 0.0 $207k 16k 13.17
BlackRock MuniYield Michigan Insured Fnd (MIY) 0.0 $160k 12k 13.36
Nuveen New York Mun Value 0.0 $227k 16k 14.46
Nuveen Ga Div Adv Mun Fd 2 0.0 $190k 15k 12.75
Eaton Vance Mich Mun Bd 0.0 $235k 18k 12.99
Nuveen Pa Mun Value 0.0 $198k 13k 15.09
Dreyfus Mun Bd Infrastructure 0.0 $286k 24k 11.75