Karpus Investment Management

Karpus Management as of Dec. 31, 2014

Portfolio Holdings for Karpus Management

Karpus Management holds 194 positions in its portfolio as reported in the December 2014 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Vanguard S&p 500 Etf idx (VOO) 12.2 $257M 1.4M 188.40
AllianceBernstein Income Fund 4.1 $87M 12M 7.47
Vanguard European ETF (VGK) 3.6 $76M 1.4M 52.41
Spdr S&p 500 Etf (SPY) 2.3 $48M 233k 205.54
BlackRock Income Trust 2.2 $47M 7.3M 6.40
Nuveen Div Adv Muni Fd 3 Ben Int (NZF) 2.0 $43M 3.1M 13.78
General American Investors (GAM) 2.0 $42M 1.2M 35.00
Vanguard Small-Cap ETF (VB) 1.8 $38M 323k 116.66
Vanguard Europe Pacific ETF (VEA) 1.7 $36M 960k 37.88
Tri-Continental Corporation (TY) 1.7 $36M 1.7M 21.41
Adams Express Company (ADX) 1.7 $36M 2.6M 13.68
BlackRock Enhanced Dividend Achievers Tr (BDJ) 1.7 $35M 4.3M 8.12
Invesco Van Kampen Municipal Trust (VKQ) 1.5 $33M 2.6M 12.66
Vanguard Pacific ETF (VPL) 1.5 $32M 565k 56.87
BlackRock Core Bond Trust (BHK) 1.5 $31M 2.3M 13.20
Montgomery Street Income Securities 1.4 $30M 1.8M 16.44
Wstrn Ast Clymr Infltn Lkd Opts & Inc (WIW) 1.4 $29M 2.6M 11.30
Nuveen Insd Dividend Advantage (NVG) 1.4 $29M 2.1M 14.11
Federated Enhanced Treasury 1.3 $28M 2.1M 13.32
Vanguard Emerging Markets ETF (VWO) 1.3 $27M 678k 40.02
Liberty All-Star Equity Fund (USA) 1.3 $27M 4.5M 5.98
Vanguard Mid-Cap ETF (VO) 1.2 $26M 214k 123.56
Nuveen Select Quality Municipal Fund 1.2 $25M 1.8M 13.96
Invesco Van Kampen Bond Fund (VBF) 1.2 $25M 1.4M 18.40
Nuveen Munpl Markt Opp Fund 1.2 $25M 1.8M 13.63
Cohen & Steers infrastucture Fund (UTF) 1.1 $23M 1.0M 22.72
Eaton V.Tax-Advantaged Dividend Inc Fund (EVT) 1.1 $23M 1.1M 20.80
Zweig Total Return 1.1 $23M 1.6M 14.01
Invesco Van Kampen Muni Opp Trust (VMO) 1.0 $22M 1.7M 12.86
Morgan Stanley income sec 1.0 $21M 1.2M 17.93
Invesco Quality Municipal Inc Trust (IQI) 1.0 $21M 1.6M 12.49
Nuveen Int Dur Qual Mun Trm 1.0 $21M 1.6M 12.65
Vanguard Information Technology ETF (VGT) 1.0 $20M 193k 104.48
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 0.9 $20M 823k 24.29
iShares MSCI Canada Index (EWC) 0.9 $20M 684k 28.86
Fort Dearborn Income Securities 0.9 $20M 1.4M 14.14
Nuveen Municipal Advantage Fund 0.9 $20M 1.4M 13.66
Putnam Municipal Opportunities Trust (PMO) 0.9 $19M 1.6M 11.99
BlackRock Credit All Inc Trust IV (BTZ) 0.9 $19M 1.4M 12.92
Eaton Vance Municipal Bond Fund (EIM) 0.9 $19M 1.4M 12.83
MFS InterMarket Income Trust I 0.9 $18M 2.2M 8.34
Boulder Total Return Fund 0.8 $18M 634k 27.75
Nuveen Quality Income Municipal Fund 0.8 $16M 1.2M 13.97
Swiss Helvetia Fund (SWZ) 0.8 $16M 1.5M 11.14
Cutwater Select Income 0.8 $16M 844k 19.34
BLACKROCK MUN TARGET TERM TR SHARES Of Ben (BTT) 0.8 $16M 802k 20.09
Nuveen Premium Income Muni Fund 2 0.7 $16M 1.1M 14.16
Nuveen Insured Quality Muncipal Fund 0.7 $15M 1.2M 13.18
First Tr Inter Duration Pfd & Income (FPF) 0.7 $15M 660k 22.71
Vanguard FTSE All-World ex-US ETF (VEU) 0.6 $13M 283k 46.86
Zweig Fund 0.6 $13M 866k 15.46
Nexpoint Credit Strategies 0.6 $12M 1.1M 11.23
Blackstone Gso Strategic (BGB) 0.6 $12M 744k 16.48
Vanguard Total Stock Market ETF (VTI) 0.6 $12M 114k 106.00
Gabelli Equity Trust (GAB) 0.6 $12M 1.8M 6.47
Blackrock Res & Commodities Strategy Tr (BCX) 0.6 $12M 1.2M 9.71
Vanguard Total Bond Market ETF (BND) 0.5 $12M 139k 82.37
Blackrock Muniholdings Insured Fund II (MUE) 0.5 $11M 824k 13.48
Invesco Van Kampen Trust For Inv Grd Mun (VGM) 0.5 $11M 809k 13.29
Ishares msci uk 0.5 $11M 592k 18.03
iShares Lehman 1-3 Year Treas.Bond (SHY) 0.5 $10M 123k 84.45
Japan Smaller Capitalizaion Fund (JOF) 0.5 $10M 1.1M 8.97
Western Ast Clymr Infl Lkd Sc & Incm (WIA) 0.5 $10M 875k 11.60
New Ireland Fund 0.5 $10M 797k 12.62
Cohen & Steers Total Return Real (RFI) 0.5 $9.9M 747k 13.20
Allianzgi Equity & Conv In 0.5 $9.8M 472k 20.68
Cornerstone Progressive Rtn 0.5 $9.7M 639k 15.21
Asia Pacific Fund 0.4 $9.3M 826k 11.28
Lennox International (LII) 0.4 $8.8M 93k 95.07
Nuveen Global Value Opportunities Fund 0.4 $8.5M 651k 13.01
MFS Intermediate Income Trust (MIN) 0.4 $7.8M 1.6M 4.78
Duff & Phelps Utility & Corp Bond Trust 0.4 $7.8M 797k 9.81
Eaton Vance New York Municipal Bond Fund (ENX) 0.4 $7.9M 625k 12.57
Vanguard Short-Term Bond ETF (BSV) 0.4 $7.7M 96k 79.95
Nuveen Multi-Strategy Inc & Growth Fd 2 (JQC) 0.4 $7.7M 876k 8.77
BlackRock Global Opportunities Equity Tr (BOE) 0.3 $7.2M 546k 13.13
Eaton Vance Natl Mun Opport (EOT) 0.3 $7.1M 337k 21.00
Boulder Growth & Income Fund (STEW) 0.3 $7.0M 776k 9.05
Van Kampen Advantage Muni Incm Tr II (VKI) 0.3 $7.1M 609k 11.60
European Equity Fund (EEA) 0.3 $6.7M 820k 8.23
Clearbridge Energy M 0.3 $6.8M 317k 21.39
New Germany Fund (GF) 0.3 $6.6M 473k 14.04
Nuveen Dividend Advantage Municipal Fd 2 0.3 $6.1M 430k 14.11
Singapore Fund 0.3 $6.2M 519k 11.92
WisdomTree Japan Total Dividend (DXJ) 0.3 $5.5M 113k 49.23
iShares MSCI Japan Index 0.2 $5.1M 454k 11.24
China Fund (CHN) 0.2 $5.1M 280k 18.23
Western Asset Income Fund (PAI) 0.2 $5.1M 381k 13.45
Transamerica Income Shares 0.2 $4.8M 235k 20.22
Eaton Vance Cali Muni Bnd Fnd (EVM) 0.2 $4.8M 407k 11.77
iShares MSCI EMU Index (EZU) 0.2 $4.5M 125k 36.33
BLACKROCK INTL GRWTH & INC T COM Bene Inter (BGY) 0.2 $4.7M 694k 6.74
Aberdeen Australia Equity Fund (IAF) 0.2 $4.5M 654k 6.86
Blackrock MuniHoldings Insured 0.2 $4.5M 341k 13.32
Nuveen Mtg opportunity term (JLS) 0.2 $4.3M 188k 23.15
Alliance New York Municipal Income Fund 0.2 $3.8M 283k 13.45
Eaton Vance Mun Income Term Tr (ETX) 0.2 $3.9M 221k 17.51
Templeton Dragon Fund (TDF) 0.2 $3.6M 149k 24.04
Nuveen PA Investnt Quality Municipal (NQP) 0.2 $3.6M 265k 13.73
Morgan Stanley Emerging Markets Fund 0.2 $3.3M 228k 14.55
BlackRock Insured Municipal Income Trust (BYM) 0.2 $3.3M 229k 14.38
Nuveen Nasdaq 100 Dynamic Over (QQQX) 0.2 $3.4M 176k 19.25
Invesco Van Kampen Trust for IGNYM Fund (VTN) 0.1 $3.1M 226k 13.67
BlackRock MuniHolding Insured Investm 0.1 $2.8M 198k 14.28
Nuveen Nj Div Advantage Mun (NXJ) 0.1 $2.7M 200k 13.47
BlackRock MuniYield Insured Investment 0.1 $2.7M 193k 13.76
Voya Infrastructure Industrial & Materia (IDE) 0.1 $2.6M 169k 15.66
MFS Investment Grade Municipal Trust (CXH) 0.1 $2.6M 277k 9.37
First Tr Mlp & Energy Income 0.1 $2.6M 120k 21.55
Morgan Stanley Asia Pacific Fund 0.1 $2.4M 159k 14.85
Source Capital (SOR) 0.1 $2.2M 31k 71.42
Japan Equity Fund ietf (JEQ) 0.1 $2.3M 342k 6.77
John Hancock Bank & Thrift Opportu. Fund (BTO) 0.1 $2.1M 91k 23.56
BlackRock LT Municipal Advantage Trust (BTA) 0.1 $2.1M 182k 11.30
DTF Tax Free Income (DTF) 0.1 $2.1M 135k 15.38
First Tr Energy Infrastrctr 0.1 $2.2M 92k 23.78
Cohen & Steers Mlp Fund 0.1 $2.2M 111k 19.62
Jpmorgan China Region 0.1 $2.1M 123k 16.91
Morgan Stanley China A Share Fund (CAF) 0.1 $2.0M 66k 30.36
Franklin Templeton (FTF) 0.1 $1.9M 158k 12.19
Lazard Global Total Return & Income Fund (LGI) 0.1 $1.9M 121k 15.81
Nuveen Div. Advantage Muni. Fund (NAD) 0.1 $2.0M 139k 14.33
BlackRock Muniyield Michigan Ins. Fnd II 0.1 $1.9M 148k 12.86
Nuveen Premier Mun Income 0.1 $1.7M 125k 13.97
Blackrock Muni Intermediate Drtn Fnd (MUI) 0.1 $1.7M 121k 14.40
Templeton Emerging Markets (EMF) 0.1 $1.7M 111k 15.42
Aberdeen Latin Amer Eqty 0.1 $1.7M 75k 22.57
BlackRock Insured Municipal Income Inves 0.1 $1.7M 119k 14.34
John Hancock Income Securities Trust (JHS) 0.1 $1.7M 117k 14.29
EATON VANCE MI Municipal 0.1 $1.4M 113k 12.71
Cohen & Steers Quality Income Realty (RQI) 0.1 $1.4M 117k 12.19
Nuveen Ins Ny Tx Fr Adv Mun (NRK) 0.1 $1.5M 114k 12.90
BlackRock New York Insured Municipal 0.1 $1.5M 115k 13.26
Nuveen Conn Prem Income Mun sh ben int 0.1 $1.5M 120k 12.54
Voya Emerging Markets High I etf (IHD) 0.1 $1.4M 136k 10.36
Voya Global Eq Div & Pr Opp (IGD) 0.1 $1.4M 172k 8.32
Exxon Mobil Corporation (XOM) 0.1 $1.3M 14k 92.44
iShares S&P Europe 350 Index (IEV) 0.1 $1.2M 29k 42.54
Gabelli Dividend & Income Trust (GDV) 0.1 $1.4M 63k 21.66
iShares MSCI ACWI ex US Index Fund (ACWX) 0.1 $1.2M 28k 43.01
Eaton Vance Tax-Managed Global Dive Eq (EXG) 0.1 $1.2M 131k 9.49
BlackRock MuniHoldings Fund (MHD) 0.1 $1.3M 77k 17.12
Nuveen Premium Income Municipal Fund 0.1 $1.4M 98k 13.86
First Trust Enhanced Equity Income Fund (FFA) 0.1 $1.3M 89k 14.34
Nuveen Maryland Premium Income Municipal 0.1 $1.2M 98k 12.65
Nuveen Michigan Qlity Incom Municipal 0.1 $1.2M 88k 13.67
iShares MSCI Pacific ex-Japan Idx (EPP) 0.1 $1.1M 25k 43.94
Eaton Vance Tax Managed Diversified Eq. (ETY) 0.1 $1.1M 103k 11.17
Putnam High Income Securities Fund 0.1 $979k 121k 8.11
BlackRock Muni New York Intr. Dur. Fnd. 0.1 $1.1M 75k 14.04
Nuveen Intermediate 0.1 $995k 80k 12.50
iShares MSCI Emerging Markets Indx (EEM) 0.0 $936k 24k 39.27
Nuveen Ny Divid Advntg Mun F (NAN) 0.0 $781k 58k 13.54
Taiwan Fund (TWN) 0.0 $933k 57k 16.34
BlackRock Municipal Bond Investment Tst 0.0 $750k 51k 14.84
Kimberly-Clark Corporation (KMB) 0.0 $550k 4.8k 115.62
International Business Machines (IBM) 0.0 $562k 3.5k 160.39
Nuveen Select Tax-Free Income Portfolio (NXP) 0.0 $608k 43k 14.25
Nuveen Insured Tax-Free Adv Munici (NEA) 0.0 $569k 41k 13.81
Delaware Invt Nat Muni Inc F sh ben int (VFL) 0.0 $704k 54k 13.10
Ing Global Advantage And Premium Opportunity Fund (IGA) 0.0 $638k 56k 11.47
Voya Asia Pacific High Div Equity Income Fund (IAE) 0.0 $535k 47k 11.43
Walt Disney Company (DIS) 0.0 $442k 4.7k 94.16
Paychex (PAYX) 0.0 $343k 7.4k 46.14
Eaton Vance Tax-advntg Glbl Di (ETG) 0.0 $408k 25k 16.18
iShares Barclays TIPS Bond Fund (TIP) 0.0 $515k 4.6k 111.96
BlackRock MuniYield Pennsylvania Insured (MPA) 0.0 $450k 31k 14.33
Federated Premier Intermediate Municipal 0.0 $395k 31k 12.76
Nuveen Equity Premium and Growth Fund (SPXX) 0.0 $460k 32k 14.31
Alliance California Municipal Income Fun 0.0 $491k 36k 13.55
Nuveen Ins Ca Tx Fr Adv Mun (NKX) 0.0 $450k 31k 14.75
Blackrock New York Municipal Bond Trust 0.0 $502k 35k 14.28
Mexico Equity and Income Fund (MXE) 0.0 $338k 27k 12.60
Eaton Vance Pa Muni Income T sh ben int 0.0 $474k 39k 12.19
3M Company (MMM) 0.0 $281k 1.7k 164.04
Nucor Corporation (NUE) 0.0 $214k 4.4k 48.99
Pepsi (PEP) 0.0 $215k 2.3k 94.71
iShares MSCI EAFE Index Fund (EFA) 0.0 $256k 4.2k 60.95
Sempra Energy (SRE) 0.0 $223k 2.0k 111.50
Korea Equity Fund 0.0 $199k 26k 7.70
Aberdn Emring Mkts Telecomtions 0.0 $233k 18k 13.07
MUTUAL FUND Gabelli Healthcare & Wellnessr*x (GRX) 0.0 $192k 19k 10.40
Royce Value Trust (RVT) 0.0 $200k 14k 14.35
Blackrock Muniyield Quality Fund II (MQT) 0.0 $172k 13k 13.15
Mfs Calif Mun 0.0 $273k 25k 10.90
Gsi 0.0 $245k 17k 14.70
BlackRock MuniYield New York Insured Fnd (MYN) 0.0 $264k 20k 13.00
Nuveen Select Tax-Free Incom Portfolio 3 0.0 $312k 22k 14.24
Nuveen New York Perf. Plus Muni Fund 0.0 $221k 15k 14.41
Nuveen Ny Div Advantg Mun 0.0 $204k 15k 13.24
Nuveen Ga Div Adv Mun Fd 2 0.0 $183k 15k 12.56
Aberdeen Chile Fund (AEF) 0.0 $132k 18k 7.42
Eaton Vance Mich Mun Bd 0.0 $237k 18k 13.19
Kayne Anderson Mdstm Energy 0.0 $238k 7.0k 34.00