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	108,023	21,226	24.46	653,466
VANGUARD INDEX FDS	S&P 500 ETF SH	106,344	33,389	45.77	1,405,550
SPDR SERIES TRUST	NUVN BRCLY MUNI	100,193	1,723	1.75	4,174,725
POWERSHARES GLOBAL ETF TRUST	INSUR NATL MUN	99,539	17,346	21.10	3,917,321
SPDR GOLD TRUST	GOLD SHS	49,201	8,380	20.53	367,827
VANGUARD TAX MANAGED INTL FD	MSCI EAFE ETF	37,694	3,299	9.59	991,163
VANGUARD INTL EQUITY INDEX FD	FTSE EUROPE ETF	34,126	3,464	11.30	656,262
VANGUARD INDEX FDS	SMALL CP ETF	33,844	7,578	28.85	357,269
ZWEIG TOTAL RETURN FD INC	COM NEW	22,292	2,313	11.58	1,683,652
ISHARES INC	MSCI CDA INDEX	21,924	662	3.11	783,011
VANGUARD INTL EQUITY INDEX FD	FTSE EMR MKT ETF	20,967	4,738	29.20	489,478
VANGUARD INTL EQUITY INDEX FD	MEGA CAP GRO ETF	20,281	970	5.03	345,862
WESTERN ASSET CLYM INFL OPP IN	COM	14,927	98	.66	1,159,860
ISHARES INC	MSCI UTD KINGD	13,174	301	2.34	690,077
SWISS HELVETIA FD INC	COM	13,088	397	3.13	1,027,337
NEW GERMANY FD INC	COM	12,801	236	1.88	724,059
ZWEIG FD	COM NEW	11,772	145	1.25	881,810
ISHARES INC	MSCI EMU INDEX	11,761	3,003	34.30	334,301
ISHARES INC	MSCI PAC J IDX	10,868	58	.54	228,272
ISHARES INC	MSCI JAPAN	10,083	4,423	78.16	884,073