KARPUS MANAGEMENT, INC.

183 SULLYS TRAIL, PITTSFORD, New York, 14534, (585) 586-4680

Report Date: 03/31/2013

Institutional Holdings information is filed by major institutions on form 13-F with the Securities and Exchange Commission.

Company	Class	Value of Shares ($1,000s)	Change in Value ($1,000s)	Change (%)	Shares Held
SPDR S&P 500 ETF TR	TR UNIT	107,456	21,114	24.46	653,466
VANGUARD INDEX FDS	S&P 500 ETF SH	105,838	33,231	45.77	1,405,550
SPDR SERIES TRUST	NUVN BRCLY MUNI	97,772	1,681	1.75	4,174,725
POWERSHARES GLOBAL ETF TRUST	INSUR NATL MUN	94,815	16,523	21.10	3,917,321
ALLIANCEBERNSTEIN INCOME FUND	COM	58,441	-6,046	(9.38)	7,649,375
SPDR GOLD TRUST	GOLD SHS	49,204	8,381	20.53	367,827
SPDR SERIES TRUST	NUVN BR SHT MUNI	41,551	-1,746	(4.03)	1,715,553
SPDR DOW JONES INDL AVRG ETF	UT SER 1	41,002	-10,009	(19.62)	270,139
VANGUARD TAX MANAGED INTL FD	FTSE DEV MKT ETF	37,179	3,254	9.59	991,163
VANGUARD INTL EQUITY INDEX FD	FTSE EUROPE ETF	34,007	3,452	11.30	656,262
VANGUARD INDEX FDS	SMALL CP ETF	33,883	7,587	28.85	357,269
ADAMS EXPRESS CO	COM	26,101	-1,313	(4.79)	2,157,127
WESTERN ASSET INFL MGMT FD INC	COM	25,224	-123	(0.48)	1,482,897
VANGUARD INDEX FDS	LARGE CAP ETF	23,966	-5,153	(17.7)	318,694
POWERSHARES ETF TR II	BUILD AMER ETF	22,650	-15,334	(40.37)	784,567
TRI CONTL CORP	COM	22,556	-6,046	(21.14)	1,243,459
ZWEIG TOTAL RETURN FD INC	COM NEW	22,342	2,318	11.58	1,683,652
VANGUARD INDEX FDS	MID CAP ETF	21,987	-4,085	(15.67)	227,613
LIBERTY ALL STAR EQUITY FD	SH BEN INT	21,673	-2,423	(10.05)	4,151,947
ISHARES INC	MSCI CDA INDEX	21,619	653	3.11	783,011