UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F FORM 13F COVER PAGE Report for the Calendar Year or Quarter Ended: March 31, 2008 Check here if Amendment [ ]; Amendment Number: ____ This Amendment (Check only one.): [ ] is a restatement. [ ] adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Karpus Investment Management Address: 183 Sully's Trail Pittsford, New York 14534 Form 13F File Number: 28-11445 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: George W. Karpus Title: President / CEO Phone: 585-586-4680 Signature, Place, and Date of Signing: 05/14/2008 George Karpus Pittsford, New York 14534 [Date] [Signature] [City, State] Report Type (Check only one.): [x] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.] Form 13F File Number Name 28-________________ _________________________________________ [Repeat as necessary.] FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: N/A Form 13F Information Table Entry Total: 231 Form 13F Information Table Value Total: 1,114,873.14 List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] No. Form 13F File Number Name NONE [Repeat as necessary.] FORM 13F INFORMATION TABLE

Name of Issuer Title of CUSIP Value Shares/PRN Inv. Other Voting Class Amt Disc. Mgrs. Authority
3M COMPANY Common Stock 88579Y101 214.02 2,704 Sole N/a Sole ABERDEEN ASIA-PAC INCOME FD Common Stock 003009107 24,732.10 3,989,048 Sole N/a Sole ABERDEEN GLOBAL INCOME FUND Common Stock 003013109 1,133.81 94,170 Sole N/a Sole ADAMS EXPRESS COMPANY Common Stock 006212104 12,417.23 992,584 Sole N/a Sole ALLIANCE NATIONAL MUNI INC Common Stock 01864U106 1,340.96 96,750 Sole N/a Sole AMERICAN INCOME FUND INC Common Stock 02672T109 3,145.69 413,907 Sole N/a Sole AMERICAN STRATEGIC INCOME PT Common Stock 030098107 129.35 12,100 Sole N/a Sole ASA LTD Common Stock G3156P103 606.36 7,400 Sole N/a Sole BANCROFT FUND LTD Common Stock 059695106 348.21 19,345 Sole N/a Sole BANK OF NEW YORK MELLON CORPOR Common Stock 064058100 1,210.17 29,000 Sole N/a Sole BLACKROCK CALIF INSD 2008 Common Stock 09247G108 3,324.09 219,702 Sole N/a Sole BLACKROCK CORE BOND TRUST Common Stock 09249E101 10,681.92 906,015 Sole N/a Sole BLACKROCK DIVIDEND ACHIEVERS Common Stock 09250N107 2,157.62 189,265 Sole N/a Sole BLACKROCK FL MUNI 2020 TERM Common Stock 09250M109 1,195.47 93,250 Sole N/a Sole BLACKROCK FLORIDA INSD 2008 Common Stock 09247H106 16,931.57 1,154,950 Sole N/a Sole BLACKROCK FLORIDA INSD MUNI Common Stock 09250G102 511.11 40,500 Sole N/a Sole BLACKROCK FLORIDA INVT QUAL Common Stock 09247B109 640.69 58,887 Sole N/a Sole BLACKROCK INCOME OPPTY TRST Common Stock 092475102 460.30 47,210 Sole N/a Sole BLACKROCK INCOME TRUST Common Stock 09247F100 123.17 21,200 Sole N/a Sole BLACKROCK INSD MUNI 2008 TR Common Stock 09247K109 7,547.17 501,140 Sole N/a Sole BLACKROCK INSD MUNI TERM TR Common Stock 092474105 32,876.10 3,271,254 Sole N/a Sole BLACKROCK LNG-TM MUN ADV TST Common Stock 09250B103 430.04 38,090 Sole N/a Sole BLACKROCK MUNI INTERM DURATI Common Stock 09253X102 6,610.08 488,550 Sole N/a Sole BLACKROCK MUNIENHANCED FUND Common Stock 09253Y100 351.50 35,150 Sole N/a Sole BLACKROCK MUNIHOLDINGS CA INC Common Stock 09254L107 2,786.51 222,210 Sole N/a Sole BLACKROCK MUNIHOLDINGS FL INSU Common Stock 09254P108 10,929.07 902,483 Sole N/a Sole BLACKROCK MUNIHOLDINGS IN II Common Stock 09254C107 9,370.77 799,554 Sole N/a Sole BLACKROCK MUNIHOLDINGS INSUR Common Stock 09254A101 7,855.57 658,472 Sole N/a Sole BLACKROCK MUNIHOLDINGS NEW JER Common Stock 09254X101 418.26 31,330 Sole N/a Sole BLACKROCK MUNIHOLDINGS NY INSU Common Stock 09255C106 1,692.33 132,836 Sole N/a Sole BLACKROCK MUNIYIELD CA INSUR Common Stock 09254N103 2,216.91 173,875 Sole N/a Sole BLACKROCK MUNIYIELD FL FUND Common Stock 09254R104 3,753.91 302,247 Sole N/a Sole BLACKROCK MUNIYIELD FLORIDA Common Stock 09254T100 2,896.65 240,386 Sole N/a Sole BLACKROCK MUNIYIELD INSURED Common Stock 09254E103 980.85 79,037 Sole N/a Sole BLACKROCK MUNIYIELD MI INS 2 Common Stock 09254W103 482.31 39,085 Sole N/a Sole BLACKROCK MUNIYIELD MI INSUR Common Stock 09254V105 2,749.77 209,586 Sole N/a Sole BLACKROCK MUNIYIELD NY INSUR Common Stock 09255E102 450.70 36,553 Sole N/a Sole BLACKROCK MUNIYIELD PA INSUR Common Stock 09255G107 1,302.10 99,625 Sole N/a Sole BLACKROCK MUNIYIELD QUAL II Common Stock 09254G108 1,964.89 178,952 Sole N/a Sole BLACKROCK MUNIYIELD QUALITY Common Stock 09254F100 1,135.51 87,280 Sole N/a Sole BLACKROCK NEW YORK INSD 2008 Common Stock 09247L107 20,203.41 1,342,419 Sole N/a Sole BLACKROCK REAL ASSET EQUITY Common Stock 09254B109 332.88 20,510 Sole N/a Sole BLACKROCK STRAT DVD ACHV TRS Common Stock 09249Y107 10,223.04 893,622 Sole N/a Sole CAPITAL SOUTHWEST CORPORATION Common Stock 140501107 1,487.61 12,024 Sole N/a Sole CASTLE CONVERTIBLE FUND - FIDE Common Stock 148443104 331.39 15,500 Sole N/a Sole CENTRAL EUROPE & RUSSIA FUND Common Stock 153436100 532.00 11,219 Sole N/a Sole CHINA FUND INC Common Stock 169373107 289.06 9,090 Sole N/a Sole CISCO SYSTEMS, INC. Common Stock 17275R102 200.74 8,333 Sole N/a Sole CLAYMORE/RAYMOND JAM SB-1 EQ Common Stock 183833102 13,853.58 891,479 Sole N/a Sole COHEN & STEERS REIT UTI & INCO Common Stock 19247Y108 10,120.30 586,684 Sole N/a Sole COHEN & STEERS SEL UTILITY Common Stock 19248A109 2,568.46 112,209 Sole N/a Sole CONSUMER STAPLES SPDR Common Stock 81369Y308 9,698.32 348,109 Sole N/a Sole CORNING INC COM Common Stock 219350105 1,153.92 48,000 Sole N/a Sole DEFINED STRATEGY FUND INC Common Stock 24476Y100 15,412.29 867,809 Sole N/a Sole DELAWARE INV AZ MUNI INCM FD Common Stock 246100101 269.79 21,775 Sole N/a Sole DELAWARE INV FL INSD MUNI IN Common Stock 24610T108 155.95 13,050 Sole N/a Sole DIAMONDS TRUST SERIES I Common Stock 252787106 23,355.02 190,809 Sole N/a Sole DREYFUS MUNICIPAL INCOME INC Common Stock 26201R102 432.33 50,743 Sole N/a Sole DTF TAX-FREE INCOME INC Common Stock 23334J107 3,673.16 270,085 Sole N/a Sole DUFF & PHELPS UTILITY & CORPOR Common Stock 26432K108 233.56 21,175 Sole N/a Sole DWS GLBL COMMOD STOCK FD INC Common Stock 23338Y100 6,719.68 399,743 Sole N/a Sole DWS MUNICIPAL INCOME TRUST Common Stock 23338M106 8,030.85 763,389 Sole N/a Sole EATON VANCE FLORIDA PLUS MUNI Common Stock 27826B100 6,689.97 563,603 Sole N/a Sole EATON VANCE INSURED FLORIDA Common Stock 27828E102 4,030.56 338,987 Sole N/a Sole EATON VANCE MI MUNICIPAL INC Common Stock 27826D106 1,167.90 98,640 Sole N/a Sole EATON VANCE NJ MUNICIPAL INC Common Stock 27826V106 1,229.64 101,122 Sole N/a Sole EATON VANCE OH MUNICIPAL INC Common Stock 27826G109 577.42 45,900 Sole N/a Sole EATON VANCE PA MUNICIPAL INC Common Stock 27826T101 468.75 37,500 Sole N/a Sole EATON VANCE SHORT DUR DIV INCO Common Stock 27828V104 8,771.32 576,302 Sole N/a Sole EATON VANCE T/A GL DVD INCM Common Stock 27828S101 1,183.25 52,885 Sole N/a Sole EATON VANCE TAX MANAGED GLOBAL Common Stock 27829C105 595.15 37,431 Sole N/a Sole EATON VANCE TAX-ADV DVD INC Common Stock 27828G107 3,992.42 171,422 Sole N/a Sole EATON VANCE TAX-MANAGED BUY-WR Common Stock 27828Y108 748.10 47,080 Sole N/a Sole EMERGING MKTS TELECOMM FUND Common Stock 290890102 272.84 12,385 Sole N/a Sole ENERGY SERVICES ACQUISITION CO Common Stock 29271Q103 76.05 13,000 Sole N/a Sole ERHC ENERGY, INC. Common Stock 26884J104 5.40 10,000 Sole N/a Sole ESCROW SOUTHERN AFRICA FUND Common Stock 842ESC105 0.00 23,059 Sole N/a Sole EVERGREEN MULTI SECTOR INC F Common Stock 30024Y104 2,404.74 152,585 Sole N/a Sole EXXON MOBIL CORP Common Stock 30231G102 754.96 8,926 Sole N/a Sole FIRST NIAGARA FINANCIAL GRP Common Stock 33582V108 240.00 17,660 Sole N/a Sole FIRST TRUST ABERDEEN GLOBAL Common Stock 337319107 13,466.58 815,679 Sole N/a Sole FIRST TRUST ENH EQUITY INC Common Stock 337318109 1,630.46 113,700 Sole N/a Sole FLAH & CRUM/CLAYMORE PFD S I Common Stock 338478100 2,880.59 194,110 Sole N/a Sole FORT DEARBORN INCOME SEC Common Stock 347200107 5,097.62 355,235 Sole N/a Sole FRANKLIN STREET PROPERTIES COR Common Stock 35471R106 910.74 63,599 Sole N/a Sole FRANKLIN UNIVERSAL TRUST Common Stock 355145103 85.68 13,600 Sole N/a Sole GABELLI DIVIDEND & INCOME TR Common Stock 36242H104 6,912.88 387,928 Sole N/a Sole GABELLI GLOBAL DEAL FUND Common Stock 36245G103 351.14 21,960 Sole N/a Sole GABELLI GLOBAL MULTIMEDIA TR Common Stock 36239Q109 3,697.54 365,009 Sole N/a Sole GENERAL ELECTRIC CO Common Stock 369604103 515.25 13,922 Sole N/a Sole GSI GROUP, INC. Common Stock 36229U102 638.44 81,434 Sole N/a Sole H & Q LIFE SCIENCES INVSTRS Common Stock 404053100 4,062.71 344,006 Sole N/a Sole HARBOR ACQUISITION CORPORATION Common Stock 41145X107 217.93 37,000 Sole N/a Sole HD PARTNERS ACQUISITION CORP. Common Stock 40415K100 105.34 13,250 Sole N/a Sole IDEATION ACQUISITION CORPORATI Common Stock 451665103 84.01 11,750 Sole N/a Sole INDONESIA FUND, INC. Common Stock 455778100 179.35 17,130 Sole N/a Sole ING PRIME RATE TRUST Common Stock 44977W106 1,798.77 330,050 Sole N/a Sole INSURED MUNI INCOME FUND Common Stock 45809F104 20,961.82 1,693,200 Sole N/a Sole INTEL CORP Common Stock 458140100 210.66 9,946 Sole N/a Sole INVESTMENT GRADE MUNI INC FD Common Stock 461368102 5,017.01 406,565 Sole N/a Sole ISHARES LEHMAN 20+ YR TREAS Common Stock 464287432 882.38 9,202 Sole N/a Sole ISHARES LEHMAN 7-10YR TREAS Common Stock 464287440 1,101.38 12,012 Sole N/a Sole ISHARES LEHMAN TRES INF PR S Common Stock 464287176 1,311.11 11,930 Sole N/a Sole ISHARES MSCI AUSTRALIA INDEX Common Stock 464286103 2,555.73 99,213 Sole N/a Sole ISHARES MSCI BRAZIL INDEX FUND Common Stock 464286400 331.85 4,308 Sole N/a Sole ISHARES MSCI EAFE INDEX FUND Common Stock 464287465 814.70 11,331 Sole N/a Sole ISHARES MSCI EMERGING MKT INDE Common Stock 464287234 298.59 2,222 Sole N/a Sole ISHARES MSCI EMU Common Stock 464286608 3,745.98 34,430 Sole N/a Sole ISHARES MSCI FRANCE INDEX FD Common Stock 464286707 5,175.70 148,131 Sole N/a Sole ISHARES MSCI HONG KONG INDEX Common Stock 464286871 2,138.38 119,130 Sole N/a Sole ISHARES MSCI JAPAN INDEX FD Common Stock 464286848 6,506.41 525,983 Sole N/a Sole ISHARES MSCI PACIFIC EX JPN Common Stock 464286665 1,841.18 13,580 Sole N/a Sole ISHARES MSCI SPAIN INDEX FD Common Stock 464286764 2,561.53 41,712 Sole N/a Sole ISHARES MSCI SWEDEN INDEX FD Common Stock 464286756 308.62 10,260 Sole N/a Sole ISHARES MSCI UNITED KINGDOM Common Stock 464286699 9,269.81 429,954 Sole N/a Sole ISHARES S&P EUROPE 350 Common Stock 464287861 4,599.96 43,805 Sole N/a Sole ISHARES S&P GLOBAL INFRASTRUCT Common Stock 464288372 3,706.91 82,321 Sole N/a Sole ISHARES S&P NATIONAL MUNICIPAL Common Stock 464288414 3,066.36 30,682 Sole N/a Sole JAPAN EQUITY FUND Common Stock 471057109 273.21 39,595 Sole N/a Sole JF CHINA REGION FUND INC Common Stock 46614T107 1,655.20 80,000 Sole N/a Sole JK ACQUISITION CORP. Common Stock 47759H106 107.82 18,000 Sole N/a Sole JOHN HAN PATR PREM DIV FD II Common Stock 41013T105 109.87 11,942 Sole N/a Sole JOHN HANCOCK T/A DVD INCOME Common Stock 41013V100 1,879.79 122,702 Sole N/a Sole JOHNSON & JOHNSON Common Stock 478160104 287.11 4,426 Sole N/a Sole KIMBERLY-CLARK CORPORATION Common Stock 494368103 669.32 10,369 Sole N/a Sole KOREA EQUITY FUND Common Stock 50063B104 129.68 11,963 Sole N/a Sole LATIN AMERICA EQUITY FD INC Common Stock 51827Q106 1,242.97 27,475 Sole N/a Sole LAZARD GLOBAL TOT RT & INC Common Stock 52106W103 5,770.85 299,008 Sole N/a Sole LENNOX INTERNATIONAL INC. Common Stock 526107107 379.05 10,538 Sole N/a Sole LIBERTY ALL STAR EQUITY FUND Common Stock 530158104 6,837.30 1,070,000 Sole N/a Sole LMP CAPITAL AND INCOME FUND Common Stock 50208A102 7,524.81 467,670 Sole N/a Sole MBIA CAP/CLAYMORE MGD DUR IN Common Stock 55266X100 5,273.46 445,770 Sole N/a Sole MEXICO EQUITY AND INCOME FD Common Stock 592834105 336.14 13,565 Sole N/a Sole MEXICO FUND INC Common Stock 592835102 2,027.76 58,538 Sole N/a Sole MFS CHARTER INCOME TRUST Common Stock 552727109 25,359.65 3,085,115 Sole N/a Sole MFS INTERMARKET INC TRUST I Common Stock 59318R103 759.40 96,370 Sole N/a Sole MFS INTERMEDIATE INC TRUST Common Stock 55273C107 87,491.12 13,756,466 Sole N/a Sole MFS MULTIMARKET INC TRUST Common Stock 552737108 15,676.89 2,755,165 Sole N/a Sole MONTGOMERY ST INCOME SEC INC Common Stock 614115103 3,336.59 207,758 Sole N/a Sole MORGAN STANLEY ASIA PACIFIC Common Stock 61744U106 15,002.10 831,141 Sole N/a Sole MORGAN STANLEY EMRG MARKETS Common Stock 61744G107 451.08 21,118 Sole N/a Sole MORGAN STANLEY HIGH YIELD FD Common Stock 61744M104 90.88 17,050 Sole N/a Sole MORGAN STANLEY INCOME SECS Common Stock 61745P874 1,042.61 70,399 Sole N/a Sole MORGAN STANLEY INDIA INVEST Common Stock 61745C105 272.62 7,195 Sole N/a Sole MORGAN STANLEY INSD MUNI BD Common Stock 61745P817 603.54 47,900 Sole N/a Sole MORGAN STANLEY INSD MUNI INC Common Stock 61745P791 1,083.34 81,700 Sole N/a Sole MORGAN STANLEY INSD MUNI TRS Common Stock 61745P866 924.21 71,700 Sole N/a Sole MORGAN STANLEY MUNI PREM INC Common Stock 61745P429 472.15 58,075 Sole N/a Sole MORGAN STANLEY NY QUAL MUNI Common Stock 61745P528 180.89 14,110 Sole N/a Sole MORGAN STANLEY QUAL MUNI INV Common Stock 61745P668 650.85 52,700 Sole N/a Sole MORGAN STANLEY QUAL MUNI SEC Common Stock 61745P585 955.62 72,450 Sole N/a Sole NEUBERGER BERMAN INTMD MUNI Common Stock 64124P101 1,618.78 122,080 Sole N/a Sole NEUBERGER BERMAN NY INTMD MU Common Stock 64124K102 1,352.90 107,203 Sole N/a Sole NEW GERMANY FUND Common Stock 644465106 14,155.23 916,196 Sole N/a Sole NEW IRELAND FUND INC Common Stock 645673104 1,360.40 70,670 Sole N/a Sole NICHOLAS-APPLE INTL & PR STR Common Stock 65370C108 246.44 12,200 Sole N/a Sole NUCOR CORPORATION Common Stock 670346105 304.69 4,498 Sole N/a Sole NUVEEN CA DVD ADV MUNI FD 2 Common Stock 67069X104 1,780.50 134,682 Sole N/a Sole NUVEEN CALIFORNIA SELECT QUALI Common Stock 670975101 485.52 36,950 Sole N/a Sole NUVEEN DIVIDEND ADV MUNI 3 Common Stock 67070X101 2,435.55 180,679 Sole N/a Sole NUVEEN DVD ADVANTAGE MUNI FD Common Stock 67066V101 3,887.60 291,862 Sole N/a Sole NUVEEN EQUITY PREMIUM & GROWTH Common Stock 6706EW100 1,217.76 76,110 Sole N/a Sole NUVEEN EQUITY PREMIUM ADVANTAG Common Stock 6706ET107 493.26 32,430 Sole N/a Sole NUVEEN EQUITY PREMIUM INCOME Common Stock 6706ER101 1,479.88 97,605 Sole N/a Sole NUVEEN EQUITY PREMIUM OPPORTUN Common Stock 6706EM102 1,805.85 117,876 Sole N/a Sole NUVEEN FLORIDA INV QUAL MUNI Common Stock 670970102 3,545.71 287,335 Sole N/a Sole NUVEEN FLORIDA QUAL INC MUNI Common Stock 670978105 4,805.58 382,610 Sole N/a Sole NUVEEN INS FL T/F ADV MUN FD Common Stock 670655109 667.94 53,650 Sole N/a Sole NUVEEN INSD DVD ADV MUNI FD Common Stock 67071L106 3,225.52 242,520 Sole N/a Sole NUVEEN INSD FLORIDA PREMIUM Common Stock 67101V108 4,641.46 357,035 Sole N/a Sole NUVEEN INSD MUNI OPPORTUNITY Common Stock 670984103 1,823.71 136,915 Sole N/a Sole NUVEEN INSD NEW YORK PREMIUM Common Stock 67101R107 1,197.48 90,925 Sole N/a Sole NUVEEN INSD PREM INC MUNI II Common Stock 6706D8104 2,804.77 240,134 Sole N/a Sole NUVEEN MD PREMIUM INC MUNI Common Stock 67061Q107 178.64 14,000 Sole N/a Sole NUVEEN MICHIGAN QUALITY INC MU Common Stock 670979103 304.87 23,670 Sole N/a Sole NUVEEN NEW YORK SELECT QUAL Common Stock 670976109 1,408.10 109,155 Sole N/a Sole NUVEEN NY DVD ADV MUNI FD 2 Common Stock 67070A101 140.83 10,800 Sole N/a Sole NUVEEN NY INV QUAL MUNI FD Common Stock 67062X101 456.19 34,850 Sole N/a Sole NUVEEN NY QUALITY INC MUNI Common Stock 670986108 3,535.44 277,725 Sole N/a Sole NUVEEN OHIO QUALITY INC MUNI Common Stock 670980101 363.38 25,900 Sole N/a Sole NUVEEN PA PREMIUM INC MUNI 2 Common Stock 67061F101 1,496.34 124,280 Sole N/a Sole NUVEEN PENN INV QUAL MUNI FD Common Stock 670972108 1,186.62 92,705 Sole N/a Sole NUVEEN PERFORMANCE PLUS MUNI Common Stock 67062P108 8,259.25 617,745 Sole N/a Sole NUVEEN PREMIER INSD MUNI INC Common Stock 670987106 2,797.08 214,500 Sole N/a Sole NUVEEN PREMIER MUNI INC FD Common Stock 670988104 5,925.47 470,275 Sole N/a Sole NUVEEN PREMIUM INC MUNI FD 4 Common Stock 6706K4105 8,391.45 740,640 Sole N/a Sole NUVEEN PREMIUM INC MUNI FUND Common Stock 67062T100 340.47 25,715 Sole N/a Sole NUVEEN QUALITY INCOME MUNI Common Stock 670977107 2,145.25 158,672 Sole N/a Sole PAYCHEX CORPORATION Common Stock 704326107 1,021.36 29,812 Sole N/a Sole PEPSICO INC Common Stock 713448108 303.10 4,198 Sole N/a Sole PIMCO MUNI ADVANTAGE FUND INC Common Stock 722015104 13,994.30 1,142,392 Sole N/a Sole PIMCO NEW YORK MUNICIPAL III Common Stock 72201E105 417.93 32,600 Sole N/a Sole PIONEER MUNICIPAL AND EQUITY I Common Stock 723761102 14,754.45 1,239,870 Sole N/a Sole PROCTER & GAMBLE CO Common Stock 742718109 367.10 5,239 Sole N/a Sole PROSPECT STREET INCOME SHRS Common Stock 743590101 1,174.10 245,627 Sole N/a Sole PUTNAM MANAGED MUNI INCM TRS Common Stock 746823103 834.32 119,701 Sole N/a Sole PUTNAM MUNI OPPORTUNITIES TR Common Stock 746922103 11,532.60 1,049,372 Sole N/a Sole PUTNAM PREMIER INCOME TRUST Common Stock 746853100 39,008.69 6,426,472 Sole N/a Sole ROYCE VALUE TRUST Common Stock 780910105 2,376.54 151,565 Sole N/a Sole S & P 500 DEP RECEIPT - FIDELI Common Stock 78462F103 27,276.88 206,690 Sole N/a Sole S&P 500 GEARED FUND INC Common Stock 78381R105 1,668.14 105,445 Sole N/a Sole SINGAPORE FUND INC Common Stock 82929L109 1,489.01 106,434 Sole N/a Sole SUNAMERICA FOCUSED ALPHA GR Common Stock 867037103 11,952.43 775,628 Sole N/a Sole SUNAMERICA FOCUSED ALPHA L/C Common Stock 867038101 1,617.02 100,001 Sole N/a Sole SWISS HELVETIA FUND Common Stock 870875101 11,778.71 725,737 Sole N/a Sole TAIWAN FUND INC Common Stock 874036106 282.09 15,166 Sole N/a Sole TAIWAN GREATER CHINA FUND Common Stock 874037104 982.08 142,331 Sole N/a Sole TECHNOLOGY SELECT SECT SPDR Common Stock 81369Y803 8,275.30 369,433 Sole N/a Sole TELECONNECT INC. Common Stock 879292100 1.80 200,000 Sole N/a Sole TEMPLETON DRAGON FUND INC Common Stock 88018T101 3,180.50 130,082 Sole N/a Sole TEMPLETON EMERGING MKTS FND Common Stock 880191101 825.49 41,882 Sole N/a Sole THAI CAPITAL FUND, INC. Common Stock 882905201 365.42 30,300 Sole N/a Sole THE EUROPEAN EQUITY FUND, INC Common Stock 298768102 1,365.59 127,625 Sole N/a Sole TRANSAMERICA INCOME SHARES Common Stock 893506105 818.16 44,225 Sole N/a Sole TRI-CONTINENTAL CORP. - FIDELI Common Stock 895436103 47,410.46 2,721,611 Sole N/a Sole VAN KAMPEN BOND FUND Common Stock 920955101 11,026.44 646,712 Sole N/a Sole VANGUARD EMERGING MARKET ETF Common Stock 922042858 2,699.32 28,707 Sole N/a Sole VANGUARD EUROPEAN ETF Common Stock 922042874 1,773.61 25,783 Sole N/a Sole VANGUARD LARGE-CAP ETF Common Stock 922908637 18,974.45 318,952 Sole N/a Sole VANGUARD PACIFIC ETF Common Stock 922042866 1,657.07 26,870 Sole N/a Sole VANGUARD SMALL-CAP ETF Common Stock 922908751 1,146.69 18,600 Sole N/a Sole WA/CLAY US INFL-LKD OPP&INC Common Stock 95766R104 22,701.45 1,896,529 Sole N/a Sole WA/CLAY US INFL-LKD SEC&INC Common Stock 95766Q106 10,115.28 843,643 Sole N/a Sole WESTERN ASSET 2008 WORLDWIDE Common Stock 95766W103 31,665.70 3,083,320 Sole N/a Sole WESTERN ASSET GLOBAL HIGH INC Common Stock 95766B109 3,655.10 331,679 Sole N/a Sole WESTERN ASSET INFLATION MANA Common Stock 95766U107 20,447.82 1,206,361 Sole N/a Sole WESTERN ASSET INTERMEDIATE Common Stock 958435109 1,064.64 123,795 Sole N/a Sole WESTERN ASSET MANAGED MUNICI Common Stock 95766M105 4,567.59 419,045 Sole N/a Sole WESTERN ASSET MUNI PARTNERS FU Common Stock 95766P108 16,532.86 1,303,853 Sole N/a Sole WESTERN ASSET VARIABLE RATE Common Stock 957667108 11,233.65 742,966 Sole N/a Sole ZWEIG FUND INC Common Stock 989834106 7,782.44 1,695,520 Sole N/a Sole Total Securities: 231 1,114,873.14